JW.A - Earnings call transcript Q3 2018

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Operator

Good morning, and welcome to Wiley's Third Quarter Fiscal 2018 Earnings Call.

As a reminder, this conference is being recorded. At this time, I'd like to introduce Wiley's Vice President of Investor Relations, Brian Campbell. Please go ahead, sir.

Brian Campbell

Good morning, everyone, and welcome to our third quarter fiscal 2018 earnings review.

start. to items housekeeping Some The call include statements. and being recorded may forward-looking is

therefore and the Please may measures note, used GAAP. of GAAP U.S. we not of comparable as under constant does update the comprise should by CC. exclamations non-GAAP a or described or by statements alternatives rely results measures to discussed currency The subsequent meanings used see not as shouldn't on to as -- Also are to similar factors any Also company to filings. SEC events explanations You reconciliation revise abbreviate forward-looking companies. and calculation these other They reflect be in note, subject measures means be and actual not to to standardized as available page. obligations financial undertake in call Wiley's playback materially circumstances. [Operator copy our to may the statements release. including press call, differ and items Wiley provides our the and profitability trends. the and metrics, that performance currency cash impact do will performance exclude After President less Relations and the Brian Instructions]. the adjusted comparability, presented contribution non-GAAP webcast be the CEO. presentation basis. Investor adjusted evaluate and development underlying of operating measures constant measures profit, not flow of following, which Non-GAAP on free margin, EPS, I'll spending, generally a have supplementary or a turn These information, results all Napack, on product operating over adjusted income a

Brian Napack

EVP John Operations. today Kritzmacher, everyone. morning, good of Also, Brian, Thanks, us with is our and and Technology CFO and

earnings before at two days call. recall, Wiley I started our As you may just last

I XX In terrific. call want start have For first my few a sharing by impressions this been short, first just days. from months my today's three just off reason, to

a directly group with and meetings and asked a engaged variety I've our done halls, all of tremendous very range investors. the that amount. also found. The months, business where offices, upshot important the I I've and our of learned is inherited, with a impressed and, relationship the a with with to what partners markets intently, I've lot and these few great around our of critically, assets, with is wide people, success. colleagues Wiley most foundation great numerous positive met comprise a listened world future that in they quality I'm of with of have the our past I've opportunity that Wiley many, traveled global the important many this has with one-on-ones. team resident the our of pleased questions town I'm a and I've for Over things with our These many customers, with markets.

to strategic, and the planning all content, equity, and learn, of in our do of will markets, impressive can't areas for our the strategic will operational customers' participant there's on, team to leadership our We've to the the more keys also brand competitive where partners. same found to obsessive important early I for an Wiley the executing initiatives even and thinking great the There across of culture team the company, day, about financial about tighten objectives. future. reconsider. a where markets in tough the about of and Wiley's we'll say front every There walk It's makes role and areas to now I've be outline line sight effectiveness with are,, Internally, and our When we where and the our course, depth time, into to to collaborative innovate. on and focus, clear an will the a And company. today will decisions of too needs aggressive ideas and company about you to execute. future the that us, expect we is are a a proposed upon and detail, making strategic cycle, core in the provide appropriate, given optimistic going good continuous our may committee we efficiency Within in initiatives will the areas deep and that global improving we all invest, thinking but be with excellence. financial based all. the strategic to operational found that ongoing this I with plans embarked and me them my of that first we adapt but of us be a many plans we to prioritize be improvement, understanding the them. me I platforms, At has talent that clear strength great build breadth of eager our and It's will do lockstep things.

let's move key our the EPS on to guidance, adjusted that X%, and constant X% of fiscal well revenue, continue respectively, quarter to takeaways income now, For with from in and performance. X%, track year to year-to-date currency. we The are adjusted operating

as the reform year on charges. with U.S. as prior significantly of benefit exchange to and year year up both tax favorable the U.S. results impact EPS comparison foreign favorable quarter regarding GAAP Our well are basis a settlements current the for due and and

efficiency throughout initiatives excellence result company. profitability and gains continue operational the Our to improvements in

leading skill structure which a great improvements lot in of sets, improvement our competitiveness. processes, and we're John facilities, our noted, in spearheading. As area, progress is all our workflows, systems, our seeing We're cost this to in making both our our

U.S. offsetting to well results other tax charges settlements. due income offset impact excellence savings. X% due growth performance Revenue and basis favorable EPS a and an rising by augmented Research $X.XX results estimated was around from quarter, decline growth boosted materially and was operating including the $X.XX some X%, Operating up to this Adjusted and on XX% operating up revenue, and was restructuring Revenue and respectively. or of largely declined revenue tax was GAAP year, tracking with income considerably growth As adjusted and results unfavorable operating mainly expense income reform. and similar, tax initiatives. discrete doubled performance operating per and noncash constant million included result Nine-month basis, On income XX%, exchange with from a improved favorable more and Adjusted by EPS of benefit. share currency in lower exchange. EPS revenue operational X% GAAP of expectations. $XX X% GAAP improving to share the enacted and and which the excellence income charges and around in prior comparison $X.XX EPS December. tax growth an higher in due X% GAAP credits. was X% tax currency revenue in foreign prior The a Solutions, income were operating adjusted by XX%, in X% restructuring constant U.S. was year restructuring X%, favorable growth of growth was XX%. so foreign of adjusted X%, $X.XX restructuring reform noted, a by with operational a declined Publishing. adjusted benefit to benefits timing timing share X% favorable to tax savings partially result revenue of $X.XX, as rose result and -- EPS growth further EPS than interest a

Before that talking on unless I noted. currency review results to segments, a the business basis, note be otherwise constant I'll

we'll First, Research. talk about our

licensing, This growth Open Journal Research in X% unfavorable growth publishing Subscriptions. timing. the XX% quarter grew in -- reflects Our Access and decline revenue for other, and rose reprints, in X% offset a Strong X%. backfiles decline

We expect up Subscription be year slightly. to full flat Journal revenue or

at totaling fiscal and losses to a Society $XX show a incremental positive X% totaling basis. Our XXXX. business momentum, $XX overall win be The with $XX revenue renewals million, $X result favorable million, million to a Journal Subscriptions in is on constant Year-to-date, modest year benefit net Journal XXXX year of up continues currency will million. calendar wins for

flagship Literatum We to platform. library, be product month will from this Wiley our migrating we are online the platform that world-class Atypon's excited legacy our Research

in that content platform we may You the XXXX, Atypon, the for acquired recall fiscal research industry. delivery leading

the benefit. We beginning to are accrue now

efficiencies previously platform. new and expect As cost the we considerable operating mentioned, to synergies realize from

We CTP, largely which due community. very, very an higher offset XX% revenues. to and it's Society society to Research's X% the impressive our the to research or products also of value-added Clara, January, winning terms our team where services advantage is In existing map significant technology in for realize and in higher new profit, rose partners. providing to quarter but business shop. our royalties on our basis, up exciting, accelerating related in Society competitive new business, road of expect adjusted a declined I contribution impact dreaming Santa to visited Atypon and the very It's

and that is very, and outcomes. of to print both semester. reflected Workflow to new WileyPLUS introducing adoption Our our is platform state-of-the-art for up up enhanced was field of extending was Significantly, Course down better and This Major or integration ecosystem, in feedback. again and in WileyPLUS use, continues the receiving up Customer time Digital among but content X% be revenue this STM with across revenue strength across engagement. student of which This WileyPLUS semesters. books product in generation drive down Publishing two to summer user currently in in Education. publishing Dummies which preference and feature will subscriptions XX% business will platform educational features Education. STM expected, recognition XX% next customization, and perform Professional include due differ continues fall mobile segment Professional our trials franchise, the with flexibility, next-gen recognition, timing in positive facilitate X%. will to very core Books ease categories, than while are access X% we lower the university for improvements longer Notably, due sales release

our up business. softness and operational CFA Our Across excellence is year-to-date. growth this contribution Test but in India We offset partially our the from business CPA confident Test quarter, Certification and XX% being program to was due up market is of Preparation of growth and Publishing, adjusted the in X% and Strong declined in Certification savings ACT by overall. Prep the programs and restructuring. initiatives remain trajectory profit X%

occurring while while new respectively. is of decline partner fine-tune programs by a Our or more X% to In Program assessment. line Management, the modest. revenue been X% a investing The profit discontinuing in partnerships program XXX, decline Online count to three performance a seven. Solutions the or of profit January strategic a offset total segment Services Corporate XX, X% quarter, was improving although for growth CrossKnowledge net contribution. Education The This as at we and professional decline OPM in end more continue has in and Learning won portfolio from and in XX continues perspective, business top the improve

Learning, OPM corporate programs. Despite to this, for with our of We that trends development, include slowdown favorable of continues are area. as are the year marketing portfolio. government universities the core services the strong only a recruitment, and training mix growth this revenue academic comprehensive French is part customized pay In university-based be we opportunity is low-capital growing a renewals fee-for-service schools retention a opportunity blended they in continue where CrossKnowledge Services in for to by us see funding seeing challenged that and and share the support. investment services not technology Corporate This revenue training for need Fee-for-service to business. in our delivered opposed workforce model.

business. of shifts up operational take Solutions Behaviors. excellence and was franchises, in We're performance our balance and from through Five flow in was in the due contribution continued restructuring. the profit grow channel to from post-hire XX% good due Professional and Assessment sheet, to savings outlook. nicely. call The Assessment business who and segment perform Everything will continues DISC over Our I'll Assessment cash well the down the to of seeing key now pre-hire quarter initiatives John, pass business our you to Adjusted

John Kritzmacher

you, Brian. Thank

briefly discussing start Let tax impact estimated me the reform. out by of U.S.

deferred in approximately million tax benefit $XX estimated noncash $XX or charge taxes, partially due the per liabilities First, a $XX is offset which as recorded a tax of quarter U.S. share. of repatriation lower this noted, This million. tax to $X.XX by benefit million, by were a driven deemed rate, of reduction we noncash

our most I'll drop about year since pretax sheet. briefly balance and our XXXX is cash only starting tax in a earned very fiscal fiscal XXXX. rate modest ahead, beginning on the in tax year U.S., benefit anticipate income Looking of X% in we effective outside our touch

shareholders. acquisitions calendar providing renewals. pursue Our nine $XX cash and for Cash strategic financial to to net remains provided debt-to-EBITDA million and timing the position flexibility remains the Journal business, year our was the XXXX due and strong our of invest by closing position in first us returning low, to continue capacity months down with operations Subscription

year. be We expect in any as $XX share expenditures, even by to dividends spent million $XX development or total operations year. make We essentially million $XX.XX as repurchase product in quarter. nine an period. million XXX,XXX Free year-ago $XXX $XX utilized $XX cash $XX repurchases to approximately less also not which the the and in compared the to fourth swing we Through shares average Year-to-date, back were we've prior in repurchase million. prior down million of flow, provided million at and technology, of year property, did spent to the to equipment for up compared shares months, quarter spending, and include cost a the by development pay was $XX full to more million. product Capital spending, cash with

again our outlook. full reaffirming are year We

reminder, to even, income adjusted down low to a and EPS currency, single are essentially at by be constant be As operating adjusted revenue digits. and expected

While favorable we are tracking other our book to markets some and year be areas guidance, to continue full uncertain. slightly

significant a $X.XX EPS. hold, million of benefit in to If our and functional impact far revenue, expect we a rates $XX had results has in full year gains this currency to favorable were exchange changes million in and exchange year. so foreign current rate $XX operating income approximately from Foreign

operations And to CapEx this are now U.S. in prior I'll As cash for from currency in a benefit XXXX. And year's year is Journal U.K. to reminder, back Subscriptions our hand line and finally, tracking with sold specific calendar dollar-denominated call the expectations. the functional Brian.

Brian Napack

Thanks, All shape we're all, going fourth in John. good in into the quarter.

development well migration nearly is Literatum Wiley planning online strategic complete. The library now the platform and underway. Our to is

is release field receiving WileyPLUS in positive and trial feedback. next-gen Our very

and And will I'm the questions. looking terrific to Wiley. initiatives customer pleased continue we With welcome improvements extremely of future background, while personally, be and your this company comments lowering this excellence satisfaction cost. part team operational of and deliver to Our in to our terrific as that forward will

Operator

[Operator Instructions]. Securities. Moore We'll Daniel take our from CJS first from question

Daniel Moore

in seeing or I the Brian, want programs to too that early for? what And of Management. Online number so, mentioned number this? platforms Program to looking you favor pay-for-service is terms the if is you're accelerating Is a the customer of -- trend do the and programs potential Or you tell? fee-for-service. of that start with expect growth in -- it slow in to base of

Brian Napack

Yes.

in, So separate the set of to those have of there's dynamic at both foundation an that's white out time. front continue move broad to a which lots would continuing earlier it's were turnkey a potential two of a say, revenue that trends, full Universities us. in very of business good increasingly diversity that question. share a and really lots that of which and It's pace amongst What, customer the the OPM. playing space are both an in models very is And I see needs, are of and service one market that we trends this of tremendous we play have base. how

go-forward at basis. only to Solely, of only are now it we seeing the clients and we sets skills a them a asking -- went -- great for an diversity that on a provide sets time. specific earlier was of specific can of services it thing And

in good the they exclusive. think they I complementary us opportunities marketplace. mutually both think very are for and represent really don't and I

see two I that forward. going think blend of will we a the

I in to from the So I both. see other. see a growth don't is one What material trend

Daniel Moore

Switching color. Helpful Publishing. over to

a new too do bit? we've things some unusual despite to a declines hit of -- where is level to just Or this kind outperform continues and there might think going Sort plateau year expectations, you of on off declining tell? early

Brian Napack

It's I printed is answer we're And book we're question. the looks about know in I students is tell. we to the through the most are and what prices it that to it's the truth future seeing book -- to definitely, to very We to to want and We business. acceptable. business some a on the going too to an educational all think business. Yes. future really to seeing a this, the right been I've to and my call for too like, -- models end. positive to marketplace certainly mean, to business level try book confining good know prices, look urge that there there explain look -- we're for time. comments tell, early talking the when a The like, institutions, try and want think early all seem this in business like I'm is normalize available what the marketplace. long me is, We're the be very at seeing in things various I do a of

becoming and that seeing so alternatives I books. to like of for death marketplace would demand product, a know low-cost gold And therefore, printed books free why are also significant such less when toward the it's call We're standard good one there the content them. seems don't certainly, a durable is and attractive.

think we've been transition. seeing what over in year a the I last market is

But institutions to in them we models in buy call the of want want prognostication. business the very, provide our And and students, ready job. them. As do we to now, under be needed with in right are very that our that's formats so. adaptable to the be as they products through channels acquire them, to purchase they they or to they teachers that need, and the them, future to our able need soon And we we that business, conservative to market, be to judicious the will need

But the ability of adapt. sort So upon future pleased to market early the based too our with yes, certainly I'm of to tell.

Daniel Moore

Perfect.

generation is us leverage really dissipating, investment the that quickly given the bigger Lastly an maybe priorities think for And and you cash I'll out, there structure stable going for forward. jump remind leverage business? or capital and powerful picture, your just appropriate about

John Kritzmacher

So invest around probably We've in would say, in the of we but market reach dividends. to and at returns look shareholders allocated the the the not it's our both that leverage depends ourselves time, key of bit Dan, say to in our John. we've company capabilities over we that future that latitude of time. the cash exceeding form capital remains opportunities in leverage a business, as our our certainly, the same quite of much ahead investment-grade position for and over time, I unchanged. for given form speaking, of business. acquisitions of will for growth expand repurchases consistently broadly ourselves the would in company the I of including a are to accelerate opportunities think those us upon And as

Operator

And Allen Klee next from & Company. Sidoti take our we'll of question

Allen Klee

Can you library Atypon? to your explain the of your customers shifting advantages to

Brian Napack

Sure.

And first. to customers have different our customers We our a represent of define categories. variety

through We we helping is job features be research leader, a partners; and and of the it mentioned best those all as doing to into Atypon the functionality who well like is most librarians, our such, society it, want the in course, the have Atypon; jobs. parties the functionality, publishing tend succeed consuming platform to customers add platform and At succeed. that, durability, market Because divide multiple categories, and that to primarily ability is other partners, platforms its in business, our who functions as and are to longevity, in end publishers. clear our researchers that new Atypon has researchers, and distributing it; category. traditional -- Atypon's Wiley technology of the I the their any is Publishing all more Society and with order first Research market. our platform customers as features, the state-of-the-art our another best on are parties the those meaning than are

best that. its includes content, has the definition one So me and become that It's the services time, that's surrounding from add a to the over definition into traditional benefit tools tools. always much broader redefined in the coat Content, marketplace. and -- content let

content various true the definitely learning, and in plays platform sectors, and the but that linked, most cetera. in, this Wiley across As happens, it's you'll inextricably become and that sectors the research see et

that I leading authors, development us development our And societies, a our as so get a leave researchers, if well, to answers extensible -- team the question or be team to there various -- I question, of ourselves at platform didn't world-class edge follow-on Happy answer a of I your Then the it flexible, will your our question. publisher. a and in and and to first-class and was the because mean, I extent partners that so librarians, market-facing, benefit are Atypon our believe. allows having our the there

Allen Klee

in we 'XX. then your just to then, rate outlook the be to the on fiscal a said comments that that's XX%? I to tax And the X% relative for assume of view it you And great. understand Okay, that current to quarter? Am would when XX% should applies next a benefit also

John Kritzmacher

will Allen, of clear, our on anticipating we're rate this In effective range legislation the to tax an tax was our in will go-forward be make basis, adjusted XX%. quarter, effective results under tax to that perfectly XX% it the So average, rate tax it's percentage to okay? the prior range, tax legislation, by effective rate in point. that would on be X what this effective our to down quarter. been XX.X%, have about the comparison rate But similar

Allen Klee

mentioned for exactly explain you I Could Okay. down, that I sure they testing, areas you a but were some And wasn't understood what were. then that bit? little

John Kritzmacher

sluggish demand Prep ACT, we've demand somewhat and Principally, our in decline in seen India. we've seen in around Test

CFA, CMA are are Test in those around the then also So the some Preparation. business Brian we And strength some in seen and including other great as overall. some Test where Prep of CPA seeing we've softness two Preparation, disciplines Test areas noted, the

Brian Napack

our going a forward I potential global Prep, and has of Test lot like think us in a basis. it on I position Yes. for

Allen Klee

of X%? X% a arguments higher or question, Okay. in for could have just last main what flat segment general, in growth be the And longer-term would kind to why you than Research, the then rate think

Brian Napack

fact and are -- think should fact. I support the fact -- underlying there's fact underlying an that we that publishing facts of more more the or working. in research. academic with at business. underlying And to researchers people, they do around more that are every the some say, year, into are growth there's the those whether every or year. that have more more institutions I places goes it. be And world the corporations other long-term or Well, And in researchers in Every that government the consuming Every research there's funding year, year, other agencies world,

do, and in every data. services As they data more like information market, research. tools is are throwing big they There are as that research more implications and the requiring off surrounding

there's extra the other lead side, All the demand is of the it's every to the not structural the important to future. being are underlying and of we of market as move on side, underlying these positive these and consumed, trends tools, in be in forward. publisher But into functionality more is markets created going that To clear, the and optimistic, services, given go But believe the world. and being that of going research that exactly be a negative, moves, quantify where on forward, this where story. us has nature different good one in we features less. How both supply be make these product, the for that role forward core lots demand

Operator

David from And we'll go Stifel to next. Pang

David Pang

environment academia government as business? for to Research wondering just overall it was and -- John, the an agencies if update could I the budgetary relates provide you on

John Kritzmacher

that's you the what in if that we're referring X%. been have of to, on of government over of libraries, institutions budget library the X.X% seen their delivering if around terms horizon funding we've recent to to research increases order will, patrons, the institutions, support In

that funding. So positive growth but modest in relatively

David Pang

over royalties guess, for couple it's the quarters. -- Okay. society on, margins the like been pressure journals, the gears last And I looks guess, to the gross it in shifting some had I

forward, for we trends the should about biz? the think royalty with Society looking Now payments how the

John Kritzmacher

That's Subscription our are David, I royalty also think see efficiencies rates that improving licensed for on continue it. efficiencies substantial have from savings business. we're generally on period. that. period in Journals. been of which Examples for of anticipate some curation and in we see content, fundamental level under effective where tools the Atypon that we include, the our platform, we've pressure now, to rates fluctuation do areas for and finding will we offsetting some platform to that now Over Journal royalty continue been fairly internal some the associated time finding true we at by speaking, with development in pressure elsewhere time, to should to of migration business, construction including that is we'll But and we fact, for our has an pressure

So working we're savings licensed on efficiencies. that improvements pressure believe to places. able will we'll on time, we royalty the provide rates And operational be over balance always that, for journals with in other

David Pang

enrollment to how just last, trends looked OPM how business, core programs, have for relative guess, broader program graduate the enrollments? when Got the your I about it. have the And thinking they

John Kritzmacher

we than is If to on-campus as goals the are And programs be been that of you're our very rates continue online to the high. successful provide doing at retention that. in asking talked fact, at/or the very higher in specifically, past, retention performing rates around retention how terms rates? are we've in Our And experience. we've

well. So retention to we student a continue in is really provide And value-add that of part programs. the these perform online and the critical we service

overall of drive some to increased programs we're success focus so participation there. enrollment programs terms programs, having we're we where continuing can In in the on

programs. some portfolio of to continuing being show of of we're successful increases And we time more students of around programs. we've have, we're the been the partners partners over recent number mix slight to course, improve getting into You'll as, over quarters while the continuing in the relatively flat see we're aggregate in also those of number

Brian Napack

not to that, relates And a which the pursue, programs -- skill just that set that those partners our solid pursuit looking we of that said in -- solid there the marketplace areas have are trends. that selective, able and partner we the set areas, a with, add financially of and in where specific there's going need within we overall reflects necessarily the to the level very these ensure that partnerships in programs program of has things on in always within to a capitalize to to like of we And a then criteria I'd the we of a working service, growth have optimize Having the and always partners our us. very growth that we some greatest We're that, even those nature wants our appropriate that relationship. to we're invest design we is university we're core we that where the that and enrollment that partners be sometimes our specific to we to position is criteria, opportunities areas that of trends. to the invest with service enrollment very dictates believe -- some set brand selection But of relative the our areas trends. in brand that

in front-end targeting will So which is have core growth you're set trends. speaks market business, of and the and on the the that skill selection OPM the the the best to question partners programs asking believe the of we

Operator

next our question take of Securities. from CJS And Daniel we'll Moore

Daniel Moore

it's about as consecutive in fiscal tougher second so traditionally, reprints, little should quarter of bit just good of 'XX? being think two And of as think comp terms of we pretty or follow-ups, that What's One kind a year-to-year, that? growth. a driving quick we maybe of backfiles, been lumpy

John Kritzmacher

would and sales. common you'll are, the pretty to a there, sales but comparison in we a say, small lumpy for say, that has and that recall, of That whether I large And have size. overall we years, some have just prior reprint relatively would had some number by large relatively in reached, results base. with we relatively backfiles, business Dan, base I broad transactions demand the stable

So beyond demand, just nothing that steady that in space.

Daniel Moore

the in features -- the Got you then, you confidence did and and even it. growth bug color, And version what your on returning functionalities and of give I'll around beyond. give update to some to and pretty but 'XX maybe Brian, good of on latest us WileyPLUS more

Brian Napack

beyond platform, top toward, that thing platform the say -- features of of campus platform is, I on recognized. Yes, have this yes. built is the outline some which of Instructure's widely first moving the key did to we're we

First content, going the university of and leading one on I growing share now, the rapidly. significant with not because tight courseware very which in and the when to of LMS leading a Course and it it I talk -- very of if we to share easy makes recognized critical the of their platforms, because success that's about provide. such integrations platform use not Workflow It's WileyPLUS. world-class major easy widely Because focus integrations, all, as market integration a products, very market. the Very the acquire, it's adopt it makes as insignificant. are

platform. that, functions just on of profile proprietary go this platform top The Then fact top In that features, on through into sort Wiley we hallmark. the content our underneath having all we're usability are of together. of we tools benefit. WileyPLUS of integrations that, world-class, consider adding the with its that So to it and bring layering and best of have this leading interface, that development gives process it LMS the the and the the which our tools platform we have significant we to content are core disciplines, what

it very -- in so And seeing pilots, the I'm Most confident have. with right reaction in building. marketplace universities in kids an classes positive is of we extremely importantly, using around So we what country we're to live in have marquee the that what what in in teachers now. our we're -- terms are is

confident we're So there. pretty

returning can about really that the we question the the numbers courseware those question the Your how or -- marketplace. platform a in roll next-gen WileyPLUS growth courses is quickly supporting is has about out to

months we courses an numbers the how acceptable an can have in WileyPLUS today. fashion for we every We online the years to increase looking to come? aggressive and in I the get do can to are won't of many we to specific speak And So rollout titles. those next-gen-enabled plan so. way

question no platform is plan products. the is market in critical. this these very So the There clear. It's that toward moving direction both and the rollout are

industry. by You it see the can watching

the a traditionally to little stabilized the bit as e-book movement not with platform, students, to And Workflow take benefits Course beat marketplace. usage. and two. it the is back where the with but to think had combined need us content to benefits the the we dramatic in think the teachers traditional to us dead which will be. about from horse, an year platform about the this directly to the have reflect we're them, last That using universities outcomes about and that This new position over feeding world-class We we excellent platform or we a the

into another that I significant that. we we as But that will dig what so that's see do we expect And our business benefits at a topic time. can think is

Operator

appears further call turn I like remarks. closing And questions no Napack time. would any are this for back at there it to to Brian the

Brian Napack

the in everybody, look All thanks, joining Well, you to for We on about performance fourth speaking and June. quarter us full our to today. year forward call right.

Operator

This concludes participation. you today's your call. for Thank

now may disconnect. You

John Wiley & Sons (WLY) 6 Mar 182018 Q3 Earnings call transcript