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Share Name | Share Symbol | Market | Type |
---|---|---|---|
John Wiley & Sons, Inc.(CL B) | NYSE:JWB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
Wiley (NYSE: JWA and JWB), a global leader in scientific research and career-connected education, today announced results for the second quarter ended October 31, 2021.
SUMMARY
MANAGEMENT COMMENTARY
“Wiley's strong performance reflects our continued effectiveness in helping the world’s leading universities and corporations to increase the impact of new scientific discoveries, improve the return on investment in education, and close critical skill and talent gaps,” said Brian Napack, President and CEO. “Our revenue growth in Research and Talent Development continues to be particularly noteworthy, driven by steady execution of our strategy and favorable market trends.”
SECOND QUARTER PERFORMANCE
GAAP Measures
Unaudited ($millions except for EPS)
Q2 2022
Q2 2021
Change
Revenue
$533.0
$491.0
+9%
Operating Income
$73.9
$69.9
+6%
Diluted EPS
$0.99
$1.22
(19%)
Non-GAAP Measures
Q2 2022
Q2 2021
Change Constant Currency
Revenue
$533.0
$491.0
+8%
Adjusted EBITDA
$127.1
$120.3
+7%
Adjusted EPS*
$1.29
$1.25
+6%
Excluding acquisitions and currency impact, revenue rose 5% for the quarter. Wiley recorded a favorable FX variance of $2.8 million in Revenue and unfavorable FX variances of $2.1 million in Adjusted EBITDA and $0.03 in Adjusted EPS.
*Adjusted EPS: Wiley’s Adjusted EPS metric excludes the impact of certain non-cash items directly related to acquisitions, most notably the amortization of acquired intangible assets. The Company does not consider these non-cash items to be indicative of its ongoing operating performance.
Revenue
Adjusted EBITDA
EPS
Balance Sheet, Cash Flow, and Capital Allocation
FISCAL YEAR 2022 OUTLOOK
Given performance through six months and leading indicators, the Company is reaffirming its full year outlook.
Metric ($millions, except EPS)
Fiscal 2020
Fiscal 2021
Fiscal 2022 Outlook
Revenue
$1,831
$1,942
$2,070 to $2,100
Adjusted EBITDA
$356
$419
$415 to $435
Adjusted EPS
$3.30
$4.00
$4.00 to $4.25
Free Cash Flow
$173
$257
$200 to $220
EARNINGS CONFERENCE CALL
Scheduled for today, December 7 at 10:00 am (ET). Access webcast at investors.wiley.com, or directly at https://event.on24.com/wcc/r/3551395/01DAF1B2966C0BBB1AB1A59ED5F92CBB. US callers, please dial (844) 418-0103 and enter the participant code 4565599#. International callers, please dial (236) 714-3019 and enter the participant code 4565599#.
ABOUT WILEY
Wiley is a global leader in research and education, unlocking human potential by enabling discovery, powering education, and shaping workforces. For over 200 years, Wiley has fueled the world’s knowledge ecosystem. Today, our high-impact content, platforms, and services help researchers, learners, institutions, and corporations achieve their goals in an ever-changing world. Visit us at Wiley.com, Like us on Facebook and Follow us on Twitter and LinkedIn
NON-GAAP FINANCIAL MEASURES
Wiley provides non-GAAP financial measures and performance results such as “Adjusted EPS,” “EBITDA”, “Adjusted EBITDA,” “Adjusted Contribution to Profit,” “Adjusted Income before Taxes,” “Adjusted Income Tax Provision,” “Adjusted Effective Tax Rate,” “Free Cash Flow less Product Development Spending,” “organic 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 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 2022 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.
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 by Wiley 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 2022 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 circumstances.
CATEGORY: ALL CORPORATE NEWS CATEGORY: EARNINGS RELEASES
JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1)(2) CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME (Dollars in thousands, except per share information) (unaudited) Three Months Ended Six Months Ended October 31, October 31,
2021
2020
2021
2020
Revenue, net
$
533,003
$
491,011
$
1,021,391
$
922,337
Costs and expenses: Cost of sales
174,782
154,853
340,738
299,662
Operating and administrative expenses
264,190
247,167
524,779
484,536
Restructuring and related (credits) charges
(1,333
)
1,920
(1,609
)
4,138
Amortization of intangible assets
21,476
17,166
42,627
34,057
Total costs and expenses
459,115
421,106
906,535
822,393
Operating income
73,888
69,905
114,856
99,944
As a % of revenue
13.9
%
14.2
%
11.2
%
10.8
%
Interest expense
(4,997
)
(4,461
)
(9,636
)
(9,075
)
Foreign exchange transaction losses
(1,370
)
(697
)
(1,000
)
(779
)
(Loss) gain on sale of certain assets
(56
)
-
3,694
-
Other income, net
3,150
3,766
6,703
8,157
Income before taxes
70,615
68,513
114,617
98,247
Provision for income taxes
14,648
81
44,820
13,481
Effective tax rate
20.7
%
0.1
%
39.1
%
13.7
%
Net income$
55,967
$
68,432
$
69,797
$
84,766
As a % of revenue
10.5
%
13.9
%
6.8
%
9.2
%
Earnings per share Basic$
1.00
$
1.22
$
1.25
$
1.51
Diluted
$
0.99
$
1.22
$
1.24
$
1.51
Weighted average number of common shares outstanding Basic
55,806
56,005
55,833
55,959
Diluted
56,388
56,165
56,477
56,182
Notes:
(1) The supplementary information included in this press release for the three and six months ended October 31, 2021 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.
In the three months ended October 31, 2021, we completed the acquisition of J&J Editorial Services, LLC, which is included in our Research Publishing & Platforms segment results.
(2) All amounts are approximate due to rounding. JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1) (2) RECONCILIATION OF US GAAP MEASURES to NON-GAAP MEASURES (unaudited) Reconciliation of US GAAP EPS to Non-GAAP Adjusted EPS Three Months Ended Six Months Ended October 31, October 31,
2021
2020
2021
2020
US GAAP Earnings Per Share - Diluted
$
0.99
$
1.22
$
1.24
$
1.51
Adjustments: Restructuring and related (credits) charges
(0.02
)
0.02
(0.02
)
0.05
Foreign exchange losses (gains) on intercompany transactions
0.01
0.01
-
(0.02
)
Amortization of acquired intangible assets (3)
0.31
0.25
0.60
0.50
Loss (gain) loss on sale of certain assets (4)
-
-
(0.05
)
-
Income tax adjustments (5) (6)
-
(0.25
)
0.37
(0.13
)
Non-GAAP Adjusted Earnings Per Share - Diluted$
1.29
$
1.25
$
2.14
$
1.91
Reconciliation of US GAAP Income Before Taxes to Non-GAAP Adjusted Income Before Taxes Three Months Ended Six Months Ended (amounts in thousands) October 31, October 31,
2021
2020
2021
2020
US GAAP Income Before Taxes
$
70,615
$
68,513
$
114,617
$
98,247
Pretax Impact of Adjustments: Restructuring and related (credits) charges
(1,333
)
1,920
(1,609
)
4,138
Foreign exchange losses (gains) on intercompany transactions
567
231
(228
)
(1,338
)
Amortization of acquired intangible assets
22,608
18,381
44,892
36,530
Loss (gain) loss on sale of certain assets (4)
56
-
(3,694
)
-
Non-GAAP Adjusted Income Before Taxes
$
92,513
$
89,045
$
153,978
$
137,577
Reconciliation of US GAAP Income Tax Provision to Non-GAAP Adjusted Income Tax Provision, including our US GAAP Effective Tax Rate and our Non-GAAP AdjustedEffective Tax Rate US GAAP Income Tax Provision
$
14,648
$
81
$
44,820
$
13,481
Income Tax Impact of Adjustments (7) Restructuring and related (credits) charges
(277
)
654
(232
)
1,397
Foreign exchange losses (gains) on intercompany transactions
120
122
19
(490
)
Amortization of acquired intangible assets
5,420
4,335
10,263
8,633
Loss (gain) loss on sale of certain assets (4)
14
-
(922
)
-
Income Tax Adjustments: Impact of increase in UK statutory rate on deferred tax balances (5)
-
(83
)
(20,726
)
(6,772
)
Impact of US CARES Act (6)
-
13,998
-
13,998
Non-GAAP Adjusted Income Tax Provision
$
19,925
$
19,107
$
33,222
$
30,247
US GAAP Effective Tax Rate
20.7
%
0.1
%
39.1
%
13.7
%
Non-GAAP Adjusted Effective Tax Rate
21.5
%
21.5
%
21.6
%
22.0
%
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 six months ended October 31, 2021 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
)
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 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 Income.(4
)
The gain on sale of certain assets is due to the sale of our world languages product portfolio which was included in our Academic & Professional Learning segment and resulted in a pretax gain of approximately $3.7 million during the six months ended October 31, 2021.(5
)
In the three months ended July 31, 2021, the UK enacted legislation that increased its statutory rate from 19% to 25% effective April 1, 2023. This resulted in a $20.7 million, or $0.37 per share non-cash deferred tax expense from the re-measurement of the Company’s applicable UK net deferred tax liabilities during the three months ended July 31, 2021. These adjustments impacted deferred taxes.
In the three months ended July 31, 2020, the UK enacted legislation that increased its statutory rate from 17% to 19%. This resulted in a $6.7 million, or $0.12 per share non-cash deferred tax expense from the re-measurement of the Company’s applicable UK net deferred tax liabilities during the three months ended July 31, 2020. These adjustments impacted deferred taxes.
(6
)
In connection with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and certain regulations, we carried back our April 30, 2020 US net operating loss (NOL) to our year ended April 30, 2015 and claimed a $20.7 million refund. The refund plus interest was received in February 2021. The NOL was carried back to fiscal year 2015 when the US corporate tax rate was 35.0%. The carryback to a year with a higher rate, plus certain additional net permanent deductions included in the carryback resulted in a $14.0 million tax benefit, or $(0.25) per share, $8.4 million from current taxes and $5.6 million from deferred taxes, for the three and six months ended October 31, 2020.(7
)
For the three and six months ended October 31, 2021 and 2020, substantially all of the tax impact was from deferred taxes. JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1) RECONCILIATION OF US GAAP NET INCOME TO NON-GAAP EBITDA AND ADJUSTED EBITDA (unaudited) Three Months Ended Six Months Ended October 31, October 31,
2021
2020
2021
2020
Net Income
$
55,967
$
68,432
$
69,797
$
84,766
Interest expense
4,997
4,461
9,636
9,075
Provision for income taxes
14,648
81
44,820
13,481
Depreciation and amortization
54,555
48,430
109,121
97,937
Non-GAAP EBITDA
130,167
121,404
233,374
205,259
Restructuring and related (credits) charges
(1,333
)
1,920
(1,609
)
4,138
Foreign exchange transaction losses
1,370
697
1,000
779
Loss (gain) on sale of certain assets
56
-
(3,694
)
-
Other income, net
(3,150
)
(3,766
)
(6,703
)
(8,157
)
Non-GAAP Adjusted EBITDA$
127,110
$
120,255
$
222,368
$
202,019
Adjusted EBITDA Margin
23.8
%
24.5
%
21.8
%
21.9
%
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 six months ended October 31, 2021 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) SEGMENT RESULTS (in thousands) (unaudited) % Change Three Months Ended October 31, Favorable (Unfavorable)
2021
2020
Reported
Constant Currency
Research Publishing & Platforms: Revenue, net Research Publishing$
262,873
$
240,691
9%
9%
Research Platforms
12,281
10,643
15%
15%
Total Revenue, net$
275,154
$
251,334
9%
9%
Contribution to Profit$
77,031
$
74,088
4%
8%
Adjustments: Restructuring charges (credits)
22
(238
)
#
#
Non-GAAP Adjusted Contribution to Profit$
77,053
$
73,850
4%
8%
Depreciation and amortization
23,464
19,765
-19%
-18%
Non-GAAP Adjusted EBITDA$
100,517
$
93,615
7%
10%
Adjusted EBITDA margin
36.5
%
37.2
%
Academic & Professional Learning: Revenue, net Education Publishing (2)$
98,581
$
102,428
-4%
-5%
Professional Learning
77,948
67,485
16%
15%
Total Revenue, net$
176,529
$
169,913
4%
3%
Contribution to Profit$
41,071
$
30,007
37%
36%
Adjustments: Restructuring (credits) charges
(465
)
1,541
#
#
Non-GAAP Adjusted Contribution to Profit$
40,606
$
31,548
29%
28%
Depreciation and amortization
18,148
17,720
-2%
-2%
Non-GAAP Adjusted EBITDA$
58,754
$
49,268
19%
18%
Adjusted EBITDA margin
33.3
%
29.0
%
Education Services: Revenue, net University Services (3)$
58,081
$
56,261
3%
3%
Talent Development Services (2) (4)
23,239
13,503
72%
67%
Total Revenue, net$
81,320
$
69,764
17%
15%
Contribution to Profit$
721
$
7,296
-90%
-91%
Adjustments: Restructuring charges
6
84
93%
93%
Non-GAAP Adjusted Contribution to Profit$
727
$
7,380
-90%
-91%
Depreciation and amortization
8,813
7,210
-22%
-22%
Non-GAAP Adjusted EBITDA$
9,540
$
14,590
-35%
-35%
Adjusted EBITDA margin
11.7
%
20.9
%
Corporate Expenses:$
(44,935
)
$
(41,486
)
-8%
-8%
Adjustments: Restructuring (credits) charges
(896
)
533
#
#
Non-GAAP Adjusted Contribution to Profit$
(45,831
)
$
(40,953
)
-12%
-12%
Depreciation and amortization
4,130
3,735
-11%
-11%
Non-GAAP Adjusted EBITDA$
(41,701
)
$
(37,218
)
-12%
-12%
Consolidated Results: Revenue, net$
533,003
$
491,011
9%
8%
Operating Income$
73,888
$
69,905
6%
9%
Adjustments: Restructuring (credits) charges
(1,333
)
1,920
#
#
Non-GAAP Adjusted Contribution to Profit$
72,555
$
71,825
1%
4%
Depreciation and amortization
54,555
48,430
-13%
-12%
Non-GAAP Adjusted EBITDA$
127,110
$
120,255
6%
7%
Adjusted EBITDA margin
23.8
%
24.5
%
Notes: (1) The supplementary information included in this press release for the three and six months ended October 31, 2021 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) In May 2021, we moved the WileyNXT product offering from Academic & Professional Learning – Education Publishing to Education Services – Talent Development Services. As a result, the prior period results related to the WileyNXT product offering have been included in Education Services - Talent Development Services. The Revenue, Adjusted Contribution to Profit and Adjusted EBITDA for WileyNXT was $0.7 million, $(0.1) million, and $(0.1) million, respectively, for the three months ended October 31, 2020. The Revenue, Adjusted Contribution to Profit and Adjusted EBITDA for WileyNXT was $1.2 million, $(0.2) million, and $(0.2) million, respectively, for the six months ended October 31, 2020. There were no changes to our total consolidated financial results. (3) University Services was previously referred to as Education Services OPM. (4) Talent Development Services was previously referred to as mthree. #Variance greater than 100% JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1) SEGMENT RESULTS (in thousands) (unaudited) % Change Six Months Ended October 31, Favorable (Unfavorable)
2021
2020
Reported
Constant Currency
Research Publishing & Platforms: Revenue, net Research Publishing$
526,231
$
471,155
12%
9%
Research Platforms
23,679
20,989
13%
13%
Total Revenue, net$
549,910
$
492,144
12%
10%
Contribution to Profit$
155,839
$
143,906
8%
9%
Adjustments: Restructuring charges (credits)
238
(435
)
#
#
Non-GAAP Adjusted Contribution to Profit$
156,077
$
143,471
9%
9%
Depreciation and amortization
47,226
39,466
-20%
-18%
Non-GAAP Adjusted EBITDA$
203,303
$
182,937
11%
11%
Adjusted EBITDA margin
37.0
%
37.2
%
Academic & Professional Learning: Revenue, net Education Publishing (2)$
164,961
$
166,031
-1%
-3%
Professional Learning
150,832
130,314
16%
14%
Total Revenue, net$
315,793
$
296,345
7%
5%
Contribution to Profit$
49,223
$
29,729
66%
61%
Adjustments: Restructuring (credits) charges
(294
)
1,574
#
#
Non-GAAP Adjusted Contribution to Profit$
48,929
$
31,303
56%
52%
Depreciation and amortization
36,512
36,524
0%
1%
Non-GAAP Adjusted EBITDA$
85,441
$
67,827
26%
23%
Adjusted EBITDA margin
27.1
%
22.9
%
Education Services: Revenue, net University Services (3)$
112,475
$
106,523
6%
5%
Talent Development Services (2)(4)
43,213
27,325
58%
50%
Total Revenue, net$
155,688
$
133,848
16%
14%
Contribution to Profit$
(1,106
)
$
7,752
#
#
Adjustments: Restructuring (credits) charges
(28
)
223
#
#
Non-GAAP Adjusted Contribution to Profit$
(1,134
)
$
7,975
#
#
Depreciation and amortization
17,116
14,489
-18%
-17%
Non-GAAP Adjusted EBITDA$
15,982
$
22,464
-29%
-30%
Adjusted EBITDA margin
10.3
%
16.8
%
Corporate Expenses:$
(89,100
)
$
(81,443
)
-9%
-9%
Adjustments: Restructuring (credits) charges
(1,525
)
2,776
#
#
Non-GAAP Adjusted Contribution to Profit$
(90,625
)
$
(78,667
)
-15%
-14%
Depreciation and amortization
8,267
7,458
-11%
-11%
Non-GAAP Adjusted EBITDA$
(82,358
)
$
(71,209
)
-16%
-15%
Consolidated Results: Revenue, net$
1,021,391
$
922,337
11%
9%
Operating Income$
114,856
$
99,944
15%
15%
Adjustments: Restructuring (credits) charges
(1,609
)
4,138
#
#
Non-GAAP Adjusted Contribution to Profit$
113,247
$
104,082
9%
9%
Depreciation and amortization
109,121
97,937
-11%
-10%
Non-GAAP Adjusted EBITDA$
222,368
$
202,019
10%
9%
Adjusted EBITDA margin
21.8
%
21.9
%
#Variance greater than 100% JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1) CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in thousands) (unaudited) October 31, April 30,2021
2021
Assets: Current assets Cash and cash equivalents$
100,898
$
93,795
Accounts receivable, net
291,891
311,571
Inventories, net
39,725
42,538
Prepaid expenses and other current assets
67,952
78,393
Total current assets
500,466
526,297
Product development assets, net
46,274
49,517
Royalty advances, net
15,260
39,582
Technology, property and equipment, net
271,774
282,270
Intangible assets, net
970,036
1,015,302
Goodwill
1,302,234
1,304,340
Operating lease right-of-use assets
121,708
121,430
Other non-current assets
118,279
107,701
Total assets$
3,346,031
$
3,446,439
Liabilities and shareholders' equity: Current liabilities Accounts payable$
51,271
$
95,791
Accrued royalties
102,137
78,582
Short-term portion of long-term debt
12,500
12,500
Contract liabilities
267,890
545,425
Accrued employment costs
85,890
144,744
Accrued income taxes
12,862
8,590
Short-term portion of operating lease liabilities
22,353
22,440
Other accrued liabilities
89,606
80,900
Total current liabilities
644,509
988,972
Long-term debt
1,032,505
809,088
Accrued pension liability
126,198
146,247
Deferred income tax liabilities
187,931
172,903
Operating lease liabilities
143,638
145,832
Other long-term liabilities
104,585
92,106
Total liabilities
2,239,366
2,355,148
Shareholders' equity
1,106,665
1,091,291
Total liabilities and shareholders' equity$
3,346,031
$
3,446,439
Notes: (1) The supplementary information included in this press release for October 31, 2021 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) Six Months Ended October 31,
2021
2020
Operating activities: Net income
$
69,797
84,766
Amortization of intangible assets
42,627
34,057
Amortization of product development assets
18,088
17,448
Depreciation and amortization of technology, property, and equipment
48,406
46,432
Other noncash charges
56,311
51,624
Net change in operating assets and liabilities
(310,851
)
(310,949
)
Net cash used in operating activities
(75,622
)
(76,622
)
Investing activities: Additions to technology, property, and equipment
(37,676
)
(36,430
)
Product development spending
(13,001
)
(10,999
)
Businesses acquired in purchase transactions, net of cash acquired
(13,615
)
(229
)
Proceeds related to the sale of certain assets
3,375
-
Acquisitions of publication rights and other
(1,654
)
(14,021
)
Net cash used in investing activities
(62,571
)
(61,679
)
Financing activities: Net debt borrowings
227,476
59,590
Cash dividends
(38,619
)
(38,480
)
Purchases of treasury shares
(17,367
)
-
Other
(24,444
)
(2,511
)
Net cash provided by financing activities
147,046
18,599
Effects of exchange rate changes on cash, cash equivalents and restricted cash
(1,742
)
3,301
Change in cash, cash equivalents and restricted cash for period
7,111
(116,401
)
Cash, cash equivalents and restricted cash - beginning
94,359
203,047
Cash, cash equivalents and restricted cash - ending
$
101,470
$
86,646
CALCULATION OF NON-GAAP FREE CASH FLOW LESS PRODUCT DEVELOPMENT SPENDING (2) Six Months Ended October 31,
2021
2020
Net cash used in operating activities
$
(75,622
)
$
(76,622
)
Less: Additions to technology, property, and equipment
(37,676
)
(36,430
)
Less: Product development spending
(13,001
)
(10,999
)
Free cash flow less product development spending$
(126,299
)
$
(124,051
)
Notes: (1) The supplementary information included in this press release for the six months ended October 31, 2021 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 Contribution to Profit 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 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 Contribution to Profit. We present both Adjusted Contribution to Profit and Adjusted EBITDA for each of our reportable segments since we believe Adjusted EBITDA provides additional useful information to certain investors and financial analysts for operational trends and comparisons over time as it removes the impact of depreciation and amortization expense, as well as a consistent basis to evaluate operating profitability and comparing our financial performance to that of our peer companies and competitors. For example:
View source version on businesswire.com: https://www.businesswire.com/news/home/20211207005620/en/
Brian Campbell Investor Relations brian.campbell@wiley.com 201.748.6874
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