2 September 2021
John Wiley & Sons, Inc. has announced results for the first quarter ended July 31, 2021.
SUMMARY
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GAAP Results: Revenue of $488 million (+13%), Operating Income of $41 million (+36%), and EPS of $0.24 (-17%)
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Adjusted Results (at constant currency): Revenue of $488 million (+9%), Adjusted EBITDA of $95 million (+12%), and Adjusted EPS of $0.54 (+17%)
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Dividend: 28th consecutive raise in annualized dividend to $1.38 per share
MANAGEMENT COMMENTARY
"Wiley’s steady execution of growth strategies in open research, online education, and talent development drove another quarter of strong revenue and profit gains," said Brian Napack, President and CEO. "Our strategies continue to be tightly aligned with accelerating long-term trends across academic and corporate markets, and we are well-positioned to drive social impact by enabling discovery, powering education and shaping workforces."
FIRST QUARTER PERFORMANCE
GAAP Measures Unaudited ($millions except for EPS) |
Q1 2022 |
Q1 2021 |
Change |
|||
Revenue |
$488.4 |
$431.3 |
+13% |
|||
Operating Income |
$41.0 |
$30.0 |
+36% |
|||
Diluted EPS |
$0.24 |
$0.29 |
(17%) |
|||
Non-GAAP Measures |
Q1 2022 |
Q1 2021 |
Change |
|||
Revenue |
$488.4 |
$431.3 |
+9% |
|||
Adjusted EBITDA |
$95.3 |
$81.8 |
+12% |
|||
Adjusted EPS |
$0.54 |
$0.42 |
+17% |
Excluding acquisitions and currency impact, revenue rose 7% for the quarter. Wiley recorded a favorable FX variance of $16.7 million in Revenue, $3.7 million in Adjusted EBITDA, and $0.05 in Adjusted EPS.
Revenue
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Research Publishing & Platforms rose 14% as reported, 10% at constant currency and 5% excluding acquisitions, driven by strong growth in open research, platforms and corporate sales.
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Academic & Professional Learning grew 10% as reported and 7% at constant currency, driven by strong growth in digital courseware and professional publishing, accompanied by further recovery in corporate training.
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Education Services increased 16% as reported and 13% at constant currency, driven by growth in university services (formerly OPM) and talent development (formerly mthree).