Earnings call transcript Q1 2024

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Operator

Good morning, and welcome to Wiley's First Quarter Fiscal 2024 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.

Brian Campbell

Thank you, and welcome, everyone. Brian Vice and President are Van and today Executive Tassell, and me Napack, CEO, President Christina With CFO. forward-looking today Note to that will of your responses include and questions reflect our management's views comments statements. and as Actual results statements. from differ may materially those undertake company update them or obligation to The any to subsequent reflect not events does circumstances.

may of nor trends. to should measures are also metrics by not alternatives refer do under and basis have measures measures currency. on meanings prescribed noted, non-GAAP as to impact exclude a evaluate non-GAAP other on provides otherwise measures we they supplement Wiley companies, be to comparable operating will to variances These underlying viewed GAAP GAAP. not and assets used by and therefore, Unless and US Also, similar year-over-year the call, held-for-sale a will the profitability be and performance standardized

in information investors.wiley.com. of transcript presentation and copy is with Relations Additional page A available Investor included the SEC. this our web be our will filings on at

I'll now over Napack. Brian to turn the call

Brian Napack

joining. on its Thanks that financial divesting Wiley important at can some that morning, for actions strengths everyone. greatest focus performance. announced we so deliver taking Last unlock to Wiley shareholders. assets quarter, These we're non-core value our biggest include opportunities its and to superior Good we for

to a real-world problems. a Wiley creation global knowledge company, of knowledge new solve Today's and is leader in distribution the

it and their research, top of that a ecosystem Speaking achieve to and the publisher, more of provider power a leading content. quality and also new leading knowledge people that help digital the academic practically, Complementing we're of use access role we're one to professional specifically publishers goals. solutions our knowledge as world's

generation. is content delivery largest journal and most knowledge world's consistently widely-used content the research most platform. the leading research healthy company grows and of research cash and strong, portfolios delivering market The it's balance maintaining sheet Research industry's fundamentally in a our at for has Wiley of The business, and new Wiley's one is company strategy. consistent core profitable the

revenue it Today, and of of digital over Wiley's XX% XX% recurring. is is

dividend that. now years is current say There of companies can yield Our and XX we aren't delivered too dividend that consecutive X%, many increases. have

centuries, market delivered matters. over Wiley our a to good reputation brand to to of drive our the this this increasing For us transition and to in the is are we in has the high-impact value. and and say new Wiley world, future retain all to knowledge The help to two to All shareholder win businesses. legacy that customers and position in win

expected. played lingering and at the of Publishing. and recruiting out We lines pause the profit reflect effect declines QX as largely in in Research's Hindawi advertising revenue and headwinds saw and also market publishing Academic year-on-year that

Access, pleased in strong in where in I'm and courseware. report All Open Assessments good by zyBooks publishing our that growth improving of publications. is to offset all article submissions measured continuing increasing regions demand we're Research, across volume as momentum seeing this and underlying

strength continued key Journal Further, we're driving new impact in gains scores, demand factor which signings. and seeing publishing are continuing our partner in to

later. As you two, to focused from our and reorganized we've recent We more saw strategy. Research reflect now Learning, the segments three of in filing, on to our business number new, reduced this more

We will also be held-for-sale segment. temporarily a reporting on businesses as our third

found for although processes challenging. the We're a and engagement, buyer remains level Services, sale market University We the through working CrossKnowledge of high Wiley Edge.

yet ongoing to processes, the timing provide expected Given we're able proceeds. or not

the we complete cost of can including As you moving base. transactions more full reap these we that are know, even so our eager aggressively benefits simplification, to on

part to of in Wiley. to our some very it see results. expected benefits is confident year 'XX transition a for full in We're 'XX said The time this the 'XX. the will with are As we in realization but in June, and latter fiscal direction, fiscal year take materialize

summarize for more excluding the her I'll quarter. in comments, detail held-for-sale be performance businesses specified. remarks. I'll will our except provide Christina where the now from my

X% which $XX to million. year's was impacted due Hindawi last performance As publishing by pause, revenue we expected, QX revenue adjusted down

in publishing, Excluding this Professional the was the in best by the growth had quarter up of and digital a seller Open declines event, decline growth The was Research segment offsetting driven Gold offsetting double-digit growth in saw in print XX%, assessments prior with flat that which Publishing courseware strong reflected line X% revenue slightly, in Access. we Academic, Learning our in year.

to EPS related our $XXX impairment million held-for-sale was of and of a reflecting assets. Services $X.XX, University charges CrossKnowledge GAAP loss

We executed Services. divestitures. million Adjusted Learning we impact $XX $X our in $XX reductions EBITDA also consolidation of offsetting workforce targeted real or as a restructuring Shared recorded by EBITDA on was Hindawi's in advance XX%. Corporate and million and declined million, restructuring savings in estate charge

collectively and down XX% down million, Adjusted before. million was quarter, of million generated EPS year businesses interest and revenue, XX% lower higher adjusted a the of due held-for-sale expense EBITDA. up $X from $XX In the $X to loss EBITDA

separately, find reporting our As this these the tables can release. on businesses and earnings indicated, you to in we're attached

an on importance Publishing affected Research provide given have update that and our year-on-year its dynamics performance. near-term me the Let unusual

robust as remains First, output the emphasize higher I'll ever-increasing that driving always. research global with research spend, market R&D

the remains strong. are business, fundamental confident encouraged attributes by of which We and the

rearview in peer-reviewed demand COVID the growth. their mostly articles so our career drives increasing in short-term spike the because returning demand to submit publishing the their around continue and and they Wiley's success. point, world to snapback and we're mirror, consistent do are in Researchers journals, this volumes At journals to

note. to things few A

is very First, Wiley's program healthy. core publishing

As core We're by now showing output, volume lags naturally UK X% and US, including year-on-year submissions rebound the which Wiley in up publishing X%. submissions across expected, and article Germany. the important a the areas subject improvement up with article also are in seeing geographies, portfolio All we're seeing improvement.

reminder, a grow X% is this absent Research, As Hindawi, to projected year.

through was in appears Access OA-only up Gold XX% the OA this important ex is Open pay-to-publish of research revenue that journals. data quarter Gold Hindawi. Another piece which model Wiley's is

to consistent about makes OA in growth Gold Research and our Publishing While to expect revenue, of the is our it up come. drive it fastest-growing years area, we XX%

We benefit mix model across models and will remain for continue pay-to-read from future. industry's to continue the the this environment. and industry, foreseeable important the Subscriptions

As a models. under all of market prospers Wiley and leader, these player scaled

As you know, generated million fiscal 'XX, Hindawi $XX in approximately and EBITDA. $XX in million revenue in

this million year, For $XX revenue in loss we decline to a EBITDA. project to with moderate

'XX, recover fiscal to of we 'XX, were revenue expect 'XX. loss. by we fiscal ahead to And of be fiscal where For in we most expect the

XXX Hindawi journals their this publisher, top We impact first continue to factors. were of journal build especially is received quarter that out ranked journal XXX given when our as a we position noteworthy good on news

factor XX increase. seeing Additional journals for rated demand already saw scores their newly these We're impact increase journals.

journals our China. These key quality the speak world long-term Wiley's and for scores exceptional saw the growing important breadth of Wiley's confidence. to around also and in developments publishing We portfolio

segments, Research close growth, because synergies. is now us two has XX% into from and our a to and profit capture markets margin. operating of base lines alignment each focus high-value change reorganized represented similar ongoing driver and Wiley's Learning serve will our we've verticals. a complement remains reflecting and recurring indicated, There's Wiley greater they Research that related primary solutions The simplified both allow As deliver The businesses other delivered revenue our both two research. and a segment content to large revenue two-thirds Research down cost in It of digital. three, 'XX, The In segments, and structure. of fiscal XX% no revenue cash reporting flow. our EBITDA in in

by Professional, includes our EBITDA and two and ‘XX includes Academic Publishing Learning revenue and third Learning education Academic, segment a Our lines which is in lines. new which Learning is higher assessments. Learning publishing The delivered Wiley's of about was a Professional, professional its of revenue approximately reporting and fiscal XX% generated under 'XX, XX% margin Platforms, publishing, are adjusted digital.

managed Wiley's segments, led two one efforts team on market-facing Flynn. as be reporting be we'll will Jay by now While

will that investment previously teams You in for X we had mindshare. recall separate competing

better talented leader Jay and our has publishing. engine and publishing a an business innovation. to profitable of in I'm widely one team recognized research leading our years has scale in and unit in and leader. collective seasoned a the of strength into leadership XXXX, needle-moving overall. leverage of since and we over will as XX research has Wiley Now, been and growth very transformation experience solutions. our research market the and He's global digital as fortunate industry have at driven been He's Wiley, an

I'll point team out structure. our to a second change

led team supply is and and time, unified can here For with This service. is and chain, Wiley. overseeing Leavy. team, includes operating content customer excellence functions management we're operations such by see the group first operations as The efficiency Matt which operations across driving you operations, program creating charged

speed digital and and greater it's Beyond with uniquely Matt support infrastructure effective efficiencies this enables, execution, the a consolidation content market-facing businesses also one efficient industry. driving of team. decades obvious one experience our leading in is improved executive platform to

this, our unit to allowed this adapt effective to was very various to in Before helping revenue was challenges. changes he efficiency Wiley where and running driving consistent he us while significant market Academic offset

plan out value now we're So laid a executing recapping we unlock shareholders. our the June, for three-part in to program

in competitive advantage publishing on scale. and knowledge of and delivery focusing we we're Research Learning, First, areas solutions the Wiley have where and

three Second, core strategy. we're focused are more businesses divesting simplifying new, by our to that not Wiley

are material already which and and simplicity. realizing and substantial are we early improve drive their we're will efficiency, happen streamlining our focus from Third, actions speed are positive performance new margin not rightsizing of to overnight. seeing and These and swiftly Wiley moving execution, Nonetheless, signs improvement. and all benefits will

savings our outlook. over to cost turn now it to I'll and discuss performance, initiatives segment our Christina

Christina Van Tassell

Thank everyone. you, Brian, and hello,

performance drive and company now we've our to we greater core discussed, strengths As efficiency. improve focus capital operating to realigned the on while

new focused extract the sharply strategy of team Our benefits collaborating is leadership our and organization. to

where these execution simplified Leavy opportunities I towards Specifically, are invest and and our streamlining a with top organization infrastructure, connected tightly on Matt programs leaner driving insight. working to and is are growth processes priority. in The identify Jay Learning and Publishing Research in appropriate. together businesses lighter I of our Flynn while analytics and improved and

mainly year's X% our Publishing Research to Hindawi in start revenue performance up pause. Publishing of Let me this our with Absent was due impact Research. year-over-year last revenue in Hindawi, Research declined modestly. quarter,

pleased to our we our our market large China, with OA in also Gold XX% revenue trends this today. momentum, in with up which ex growth of our Open OA Hindawi. output in As research quarter Brian is up Access Gold the and journals noted, We're smart areas fastest-growing we're that proud the critical top Several good feel about Wiley XX% new factors, We fields. to in first in saw other build to the global and to their and as rankings manufacturing material received China knowledge sustainable materials say its economy. leadership scores were continues strong at on and impact their science of volume

spend The corporate process Publishing services lower Solutions this Open declined to manage their Research Services advertising which other Lower business, revenue X% and strong. partners offset growth and underlying and recruiting. society Access review revenue transactions. help peer our of on in business momentum this remains due quarter corporate publishers includes to

quarter, only customers During Publishing we new the We XX. into multiservice and Solutions additional five signed customers upsold converted four an partnerships.

include on As the services research peer-review a editorial delivery providing to reminder, and provide everything our content from support. platforms distributing we

QX. Our in was partner is pipeline well ahead where it of

During the up the career services also in several financial quarter, we sector. center signed partnerships

Adjusted declined XX%, Hindawi's EBITDA down EBITDA in by impact. this quarter Research $XX weighed million

up Excluding for X%. was this, adjusted Research EBITDA

year-over-year to QX adjusted XX.X% Research due Hindawi prior challenging another Of the to down have remaining year including the was period. in expect note, from quarter we Hindawi XX.X%, QX Our margin, impact. EBITDA in

expect favorable. improvement comps as grow second volumes and We article to become the continue in half

It's QX our our typically lumpy, that our not to in full by Academic some note our quarter flat. smallest to very was accounts. our quarter a Academic was on for was in The Academic rate our in expectations. indicative for to sell-through of revenue was in key and Publishing print with performance the fall line QX of Professional say Contributing year of driven expectations. course is new all timing lower to XX% retail segment. decline is light materials order ordering is seasonally the important although Now was Learning quarter. down QX decline

recorded a another prior XX% new double-digit skills which over courseware in STEM Recently, would computer called zyLabs, we students year. up encounter to science help the a zyBooks they learn job. product designed quarter environment, cloud-based Our growth, on of launched coding

to problem we're real-world solvers. train knowledge applying Here, future

employees. new assessments for continuing over continue strong the year. team up in growth XX% In remains These delivering we are assessment training as companies learning year. prior good XX% quarter, invest to saw partners development. XXX to signed partners, up experiences team Professional independent or effectiveness distributors and Demand training prior products, over

compared as frontlist Learning last by to In was Adjusted quarter unusually backlist savings was Professional XX% a for the titles. restructuring up a primary Publishing, EBITDA with offset growth softer driver. year's strong this

from the margin prior XX.X%, adjusted year XX.X% up EBITDA QX was Our period. in

and $XXX Turning to due the quarter is of the driven flow from Free cash million, $XXX lower increase 'XX a for use sheet. by payments prior modest our in a cash million was flow balance fiscal improvement year. underperformance. to use of incentive compensation The

quarter. there we did year, businesses flow held million is first of the or not of to journal are a CapEx reminder, half flow timing the used note, As which quarters. the metric, sale our was and for provide cash no with cash collections the prior and $XX sold. an fourth include third so Also for adjusted year even in the due subscriptions, of in numbers concentrated the normally acquisitions for were

divestitures not so and a reorganization, this priority Our our main our be year. is right executing will focus acquisitions now

for As dividend repurchases buying raised is of year. million XXX,XXX $XX year, X%. this and yield current quarter, shares Brian we XXth mentioned, XXX,XXX now our We our in last QX towards the compared around straight to shares back allocated dividend share

debt-to-EBITDA compared to this are as transitional X.X% period. Net in the end We July we good a at ratio X.X% financial the prior in of was position navigate year.

including Solutions are modest scale our although at and using corporate proceeds expectations general divestitures, Finally, will reducing repurchasing we looking Research, our purposes, terms in and for Publishing to investing shares. debt, of be

to our multiyear optimization business program. savings and cost On

more and with cost in workforce for step right executing Our simpler and improved recent Research also in see capital leaner is a clear realize our businesses. realignment essential Publishing. across allow infrastructure. to means opportunity functional operating effectively, to where plan and will agile a our to our us modern synergies efficiencies have Publishing an I deploy more a win organization This towards we

from our to initiatives, expect We them and outlining margin improvement further forward and meaningful these Day. look performance I Investor at

some executing our we've divestitures, of this While on begun of timing work initiatives. is these already dependent on

our quarter, the space outlook. corporate the workforce are office current in we additional at and of our made most plan, During with and accordance reductions targeted rationalize savings level these reflected in

come. are actions restructuring still Additional to

through bucketed As million line expect rate areas. savings portfolio. of a these $XXX from fiscal run to are our These overhead three in with we generate reminder, One, in 'XX. smaller corporate efforts, reducing savings our

so right costs organization and we'll reduce this. sizing technology our base by operational realigned our Two, rationalizing revenue departmental three, particularly portfolio reflect to footprint. will a And approximately making reflect Our actions systems improvements XX%, estate corporate divestitures, functions. in focused stranded streamlining our processes, to the more be related redundancies, and eliminating to further and consolidating organization. These real and eliminating vendors include

sales cost management, Our reorg realize us to in also and allow synergies go-to-market. will like content areas

upgrading our We of efficiency reinvesting into profitable will be portion growth and improve these initiatives productivity. a systems and savings to

transition Moving year on our to outlook.

As for a sale. businesses excludes reminder, our held guidance the

leading we our and issues reaffirming timing QX Given indicators, guidance. are

X%, flat, Hindawi. excluding We be continue up revenue to project Research to but

improve the year the disruption fiscal of putting half back to Hindawi favorable. more as to returning 'XX. better and us and a We 'XX become Research look and in growth volumes expect forward comparisons year We behind continue to

products, In courseware for lower Learning, Academic by in demand digital offsetting continued and assessments. content, remains challenged growth print

On fiscal $X.XX refresh, from more we're anticipating our adjusted $X.XX. than 'XX. To a expand exit margin of XX.X% We in 'XX XX% puts continue in is in range anticipated EBITDA range down low 'XX margin Adjusted of for of from single-digit a This and to the fiscal to the XX.X% recover to fiscal $XXX decline the EBITDA EPS, we anticipate EBITDA, in as XX%, to expect be million. million to divestitures, excluding to of $XXX we range fiscal segment 'XX. there.

of higher of impact, weighing $X.XX of have on and $X.XX $X.XX pension tax including expense. non-operational EPS, $X.XX higher We expense items of interest

Again, before continue we year-over-year visibility weigh free regard QX favorable to expect to our flow, With to the on Hindawi more become in limited. publishing in our cash QX. pause remains comparisons performance

the our timing can't of and project through restructuring adequately scope programs. We divestitures our are at working and

report metric. As free don't adjusted I noted, cash flow an we just

do For to this combination significant this it issues to higher payments. this cash earnings, year's materially unable said, given at change. projected provide temporary time. transition year, expect and lower interest we of cash be meaningful free restructuring these That lower outlook are in we're the a reasons, These mainly payments structural flow in

fully we As our our and way we're in trajectory the our 'XX make 'XX, in and of generation confident into fiscal margin core business. cash

Day. will free at be 'XX flow target We our providing Investor a fiscal cash

I'll that, Brian. to pass with And it back

Brian Napack

up dynamics following Research year. strength underlying momentum open for we performance before by unusual summarize was the I To continuing increasing the largely past QX Christina. of are in it and what questions. expected, we encouraged Thanks, the and

We the drive more company focused are to reflect our strategy structure efficiency. actively simplifying and

forward, and one global be will the operations coordination greater enabling have go-to-market supported enabling efficiency product efforts. operational we group, Going across and one of will team, driving group by This market-facing excellence company.

our We're in for Fiscal Processes characterized actions engagement, through well year market remains substantial going our of to as with and challenging. mid-process buyer Wiley as are core assets. a 'XX although work efforts non-core is divest now rebound. in good drivers we several our these as transition

We and expect margin gains 'XX in 'XX. to deliver fiscal performance acceleration and

we businesses, for operational After targets. will and fiscal October which headquarters our all Investor Wiley, will XX a As on a provide at and our attendees. we'll our lunch for an hold on share outline corporate in detail reminder, to presentations, Jersey. Hoboken, At go-forward Learning from X we're vision Thursday, hosting initiatives event, Eastern, that run critical we'll the networking improvement financial Day introduce New our XX, Research 'XX noon

company. other each and want perseverance, always, for to dedication tireless colleagues this their our thank to global As special very to their I and work

I'll to and now the questions. comments floor open

Operator

from from Daniel line of your the Securities. Moore And Instructions] [Operator CJS question comes first

is open. Your line

Daniel Moore

Good morning, Brian. Good Christina. morning,

mute had just jump there. off I to Sorry,

the I Research. appreciate with start me commentary. Let

publishing there improvement tough other we pandemic-driven Just factors OA percentage year? in we're simply little What pause experienced you of the and HX? remind Gold your last kind comps a And of bit what the generally you we versus to confidence Was us now can say as it are revenue in from half Research maybe a as now? that look spike where is the or removed that of are? just back in just further

Brian Napack

first of thanks as joining Yeah, the questions always. Dan, all, for

and we've core understand strategy growth just right at the business. of Research in starting And Publishing when business OA. Wiley the You're the It's important from and the look future really Research come future our will company of that is we and that the refocused around place. to core and profitability our

we're starting So in right the place.

So with XXs OA of overall OA our high overall And Publishing third Research overall revenues. revenue, Gold is revenues. of research OA is a XX% overall Research our XX%, now and of around I around our XX% XX%, guess, our of revenues

saw So that's very something rapidly. XX% areas where growth very a OA we stand. very as nicely growing nicely, And of of I we Gold OA and Those growing think or excluding Hindawi overall well. are is

up what what is road business. down the A are It and patterns, and unusual a expected which for was normal seeing, we changes. So what the seeing we period very across us. to return see we're and to

major So very in very UK, We're India. -- like high-growth and doing across Germany. the markets the well the China we're doing markets, US, Western well

means And wherever period, where during growth. returning normalcy, they the -- and they're that to so now were COVID to

our It's subject for what the revenue major earlier many So what there's to exactly been it's -- and we're comments while. in what growth comments, But in all see, in to in it's market. areas, and about of said that a exactly a prepared we expected wanted talking go the we growth. see. we've Obviously, return seeing to this dynamics I as on every in every in region, volume area,

foundation. give So you that should a

Daniel Moore

to helpful. to switch, Hindawi. with Very but Staying Research, shifting just

that million said is Just to an clarify, think quarter? you $XX it $XX year-over-year Or it this I impact? was was million loss impact, of a in

Christina Van Tassell

Hi, this Christina. was quarter. a was It loss it's loss. It a Dan,

Daniel Moore

I to… it. you helpful. And just need That's Got

Brian Napack

were our a X%, low provide while context, we growth Hindawi to significant remember experiencing of Research And of Hindawi, important revenue. out X% to little single-digits, that coming it's represents

We certainly the lament And we're revenue. we to where put to now come of want loss need So in to the just I business, want context back coming to that them to and single-digits see see that metrics see starting to Research context. low our overall that be always talking we're But we'll put of back. just about we number. that in and

Daniel Moore

'XX gave but for just Of numbers, course. think embedded I we terms what's off of year remind loss of that the about point for sort know so EBITDA And 'XX. guide, for you Hindawi us, jumping Christina, in the full

Christina Van Tassell

Sure.

to and in first for it on $XX loss call, the for we'll expected full have about EBITDA is -- So recover million, to and will the the $XX the and talked year. and back half modest decline this full revenue million And as about tough $XX be I million the year see next quarter year. of a the quarter, this some year comps

Brian Napack

$XX million, $XX not decline million. from Decline by

Christina Van Tassell

From to $XX million $XX million. Yeah.

Daniel Moore

Yeah. Perfect.

Brian Napack

What question Dan, see is we're know the to go because going we're it's where next with expecting to it. I

it's coming over so, And plan, our the executing -- and nicely. Hindawi revitalization along we're

We to be to to first in get bad as and go we'll were then and we most of ourselves half. before. see we see comparison the above XX, 'XX through back expect into where And through the

coming its the way, -- little in right it get it be conservatively to because while be just business, to the 'XX. return right you about it to above where lags 'XX we Wiley's know above do want in all to to in through words. be So we're to it growth but and to my we're due not contribution the was back takes expect was be it a away going -- to and 'XX where clear I it

Daniel Moore

of terms in progression. right, Right, the

XX% was said shifting I overall, then digital. Learning, And think Okay. to you

took three five to [indiscernible] -- XX% the to with way I continues there, the there the And down years? driven but what's by opportunity about time its digital? quarter, the over versus it down mix understand another just about leg Academic, print next starting this timing, over secular Just of obviously which kind is talk work

Brian Napack

timing. businesses of print was right? Print its year. XX%. to continue not not with year quarter You business, in expect seeing the all now a about those very and a bet. us, is beyond small of which issue, slow It's is happened time nonetheless, for know. unusual as decline. Part a of at the very represents continue What We're representative being timing, digital quarter it digital timing, combination see the to a XX% to And continues to own that close is grow we full But its decline. of for of you

continues So go to that on. transition

continue go that We on. the is decline. not expect the continue expect it of to to to It's to offsetting another not -- reflective we migration basically this one digital but the do from print with quarter progression, revenue

Daniel Moore

What And you is timing. like and saved And for steady? or one growth? this that just quarters of inflect do to kind remain in terms higher you the of that that digital experiencing expect revenue are

Brian Napack

We it to remain expect steady.

We where strong zyBooks. pockets like we very where have growth of are we fantastic products -- have

up to pace say, If think imprecise, growing offset should low it declines. of We those I is to hope -- is continue that in the the it's not the kind of more In and more the I'm to mid-XXs. in of single-digit marketplace, products up I be is mid-XXs. a print now. which than it, of proportion adoption zyBooks balance

driver very print. will So what with will very growth of We generation in it offsetting I something profitability really It business represents digital contributes is I want that empire. good a pace to that expect see But for be do don't to a an business inflation generally it's overall perspective. with It characteristics the solid future. we're expectation think for cash setting not keep with -- and good us the going characteristics the Academic segment Wiley from because to about to important say okay.

as and -- forces as a supporting combined. some and with see content a who that, should to a start we university we But some as combined, other do and always we word a books, combine operating things better expense for like than one we us a is their toward shouldn't we're move need synergies is see and they like the PhD that out to was say sales notion, strong we'll expect aligned what things Wiley I of benefits platforms As from one business, infrastructure author real see at publishes example, whole to for looking well as, do. which revenue savings research

the going expect we we trying our as growth for expectations overall from, role where to is to of forward I'm profitability going academic going of to see and where some So is from. so our that provide know that our Again, to the context well. come come

Daniel Moore

mind, Absolutely. And for if wouldn't of the same Professional? you outlook kind

Brian Napack

Professional profitability. bit expect expect as story. contribute a little you that very and format, a Yeah. in than group, modest the or books, a similar is a mostly of team a we development assessments again internally good which our growth Professional more business. Publishing, our It's to combination would out is call print digital our we both and business, what of Academic And and segment

or such of the be business, the call one-third brand have advantage to of real That business. it, tends smaller development and -- We competitive a great and our a have part characteristics. where business, profitability that is as team and we areas certain Professional strength smaller

grow book continues expect And don't outsized business book out book as again, growth grows. we, business, publishing. but business The the we to that of like our

Our book demand. it. publishing. publishing has We is professional in well book It very do consistent

our We of in the say leader professional off, competitors to area. probably commitment book one a publishing. recently are probably backed the I'd world's it's

in So now a we're definitely area. that leader

modest again, profit very And growth on Is to good a with enough detail. I'm expect be it business, we but Dan? but -- that, characteristics. that so go just to happy we into more

Daniel Moore

what October? terms in and off the in at hook upcoming One here. say general just let might Yep. you of to I'll No, but you or what strategy you more, But might numbers, of Day not helps. -- convey kind that hope two preview Investor anything the of

Brian Napack

by in, strategy forward our a a it Publishing really believe brand-new from businesses, and believe some like great endemic a Dan, giving Publishing there endemic in additional growth seeing and say on of the Publishing believe case building of more Knowledge part, expect significant in I Wiley at so we question, businesses. that business, business, characteristics our most forth. with we Yeah, Day. our before, supported our the the would characteristics I've orthogonal we've the what big businesses we're areas to area to unfamiliar and areas And deeply growth can for way am particularly reveal building areas than it's our importantly, say Research businesses attractive Solutions portfolio us consistent expand and that at brands opportunity generate Learning opportunity and our our that about and lots looking those that cash that the Research characteristics We business profitability of Investor the like for to financial believe adjacencies people to to shareholders. significant those would or of spoken flow due wouldn't I with us. for there -- provide most starting We value we by and I meaning the a solutions, is are very partner said I characteristics, it's enough growth provide

before. And new are just appointed talked We result it. summarize just came excellence critical of and company strategy we've from up of just as who's our I opens well remarks, know themes as operational we we lot saying of focus operational those opportunities, there simplicity. to But about head I that these is that way. dedicated execute about our through a on to an that's and are well, that talked a would in a driving operations, reorganization going can internal as part We've excellence. which our a of We're

the Wiley's see. part So we that's us is improve as to important just leverage, the our strategy all because want operating external our which strategy what what of allows part as internal is of to

Daniel Moore

Perfect. Last on the maybe, one I Hindawi. for Christina, me, appreciate commentary

So The – the about just looking a filed importantly, at that the numbers kind half. may the that EBITDA X-K in to revenue overall improvement Is adjusted relative for in it? an bit right back fair assume to of more way the QX, week think and to with the be down that year-over-year you more cadence? -- little last

Christina Van Tassell

right. That's right. That's

another [Technical year-on-year half the see that we'll down, Difficulty]. quarter next year. will of -- in and another see stabilize we'll the So back

Daniel Moore

you. Thank

Brian Napack

Thanks very much, Dan.

Christina Van Tassell

you. Thank

Operator

will further no Napack call time. for over back questions now And to some there final this comments. closing turn the at are I Mr.

Brian Napack

thank Investor reporting not and attend you our Well, joining enough look much results if forward seeing lucky that moment. on at for We you right. you're today. we to All at QX forward that, next to very Day, to look on

joining, So have great a and thank for again you day.

Operator

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

disconnect. now may You

John Wiley & Sons (WLY) 7 Sep 232024 Q1 Earnings call transcript