EX-99.1 2 ex991.htm EX-99.1

JOHN WILEY & SONS, INC.

REVISED SEGMENT RESULTS (1)

(in thousands)

(unaudited)

			Q123						Q223
Research (2):
Revenue, net
Research Publishing			$	239,523					$	232,641
Research Solutions			35,390						38,718
Total Revenue, net			$	274,913					$	271,359
Contribution to Profit			$	69,023					$	73,279
Adjustments:
Restructuring charges			81						1,179
Non-GAAP Adjusted Contribution to Profit			$	69,104					$	74,458
Depreciation and amortization			23,801						23,384
Non-GAAP Adjusted EBITDA			$	92,905					$	97,842
Academic:
Revenue, net
Academic Publishing			$	104,366					$	121,798
University Services			46,771						57,170
Total Revenue, net			$	151,137					$	178,968
Contribution to Profit			$	(21,121)					$	23,385
Adjustments:
Restructuring charges			4,167						4,073
Non-GAAP Adjusted Contribution to Profit			$	(16,954)					$	27,458
Depreciation and amortization			20,919						20,706
Non-GAAP Adjusted EBITDA			$	3,965					$	48,164
Talent:
Total Revenue, net			$	61,519					$	64,509
Contribution to Profit			$	(463)					$	13,108
Adjustments:
Restructuring charges (credits)			2,456						(128)
Accelerated amortization of an intangible asset (3)			4,594						—
Non-GAAP Adjusted Contribution to Profit			$	6,587					$	12,980
Depreciation and amortization			4,809						4,421
Non-GAAP Adjusted EBITDA			$	11,396					$	17,401
Corporate Expenses:			$	(64,404)					$	(52,333)
Adjustments:
Restructuring charges			15,737						8,832
Non-GAAP Adjusted Contribution to Profit			$	(48,667)					$	(43,501)
Depreciation and amortization			4,156						3,910
Non-GAAP Adjusted EBITDA			$	(44,511)					$	(39,591)
Consolidated Results:
Revenue, net			$	487,569					$	514,836
Operating (Loss) Income			$	(16,965)					$	57,439
Adjustments:
Restructuring charges			22,441						13,956
Accelerated amortization of an intangible asset (3)			4,594						—
Non-GAAP Adjusted Operating Income			$	10,070					$	71,395
Depreciation and amortization			53,685						52,421
Non-GAAP Adjusted EBITDA			$	63,755					$	123,816

Notes:
(1) All amounts are approximate due to rounding.
(2) The Research segment was previously referred to as Research Publishing & Platforms.
(3) On January 1, 2020, Wiley acquired mthree, a talent placement provider that addresses the IT skills gap by finding, training, and placing job-ready technology talent in roles with leading corporations worldwide. Its results of operations are included in our Talent segment. In late May 2022, Wiley renamed the mthree talent development solution to Wiley Edge and discontinued use of the mthree trademark during the three months ended July 31, 2022. As a result of these actions, we determined that a revision of the useful life was warranted, and the intangible asset was fully amortized over its remaining useful life resulting in accelerated amortization expense of $4.6 million in the three months ended July 31, 2022.

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JOHN WILEY & SONS, INC.

REVISED SEGMENT RESULTS (1)

(in thousands)

(unaudited)

			Q122						Q222						Q322						Q422						FY22						FY21
Research (2):
Revenue, net
Research Publishing (3)			$	243,284					$	238,853					$	224,553					$	257,025					$	963,715					$	892,176
Research Solutions (3)			31,472						36,301						38,788						41,067						147,628						123,173
Total Revenue, net			$	274,756					$	275,154					$	263,341					$	298,092					$	1,111,343					$	1,015,349
Contribution to Profit			$	78,808					$	77,031					$	62,165					$	76,985					$	294,989					$	273,059
Adjustments:
Restructuring charges (credits)			215						22						—						—						237						(36)
Non-GAAP Adjusted Contribution to Profit			$	79,023					$	77,053					$	62,165					$	76,985					$	295,226					$	273,023
Depreciation and amortization			23,762						23,464						23,914						23,759						94,899						83,866
Non-GAAP Adjusted EBITDA			$	102,785					$	100,517					$	86,079					$	100,744					$	390,125					$	356,889
Academic:
Revenue, net
Academic Publishing			$	110,751					$	146,406					$	143,583					$	130,965					$	531,705					$	538,643
University Services			54,959						58,608						55,435						58,405						227,407						230,371
Total Revenue, net			$	165,710					$	205,014					$	199,018					$	189,370					$	759,112					$	769,014
Contribution to Profit			$	2,035					$	35,429					$	31,711					$	22,542					$	91,717					$	113,548
Adjustments:
Restructuring (credits) charges			(138)						(470)						261						(123)						(470)						3,457
Non-GAAP Adjusted Contribution to Profit			$	1,897					$	34,959					$	31,972					$	22,419					$	91,247					$	117,005
Depreciation and amortization			20,718						21,211						19,693						20,099						81,721						77,823
Non-GAAP Adjusted EBITDA			$	22,615					$	56,170					$	51,665					$	42,518					$	172,968					$	194,828
Talent:
Total Revenue, net			$	47,922					$	52,835					$	53,525					$	58,191					$	212,473					$	157,138
Contribution to Profit			$	4,290					$	6,363					$	5,717					$	7,566					$	23,936					$	(4,731)
Adjustments:
Restructuring charges (credits)			275						11						(41)						(221)						24						577
Non-GAAP Adjusted Contribution to Profit			$	4,565					$	6,374					$	5,676					$	7,345					$	23,960					$	(4,154)
Depreciation and amortization			5,949						5,750						5,605						4,693						21,997						23,828
Non-GAAP Adjusted EBITDA			$	10,514					$	12,124					$	11,281					$	12,038					$	45,957					$	19,674
Corporate Expenses:			$	(44,165)					$	(44,935)					$	(53,604)					$	(48,662)					$	(191,366)					$	(196,365)
Adjustments:
Restructuring (credits) charges			(629)						(896)						228						79						(1,218)						29,312
Non-GAAP Adjusted Contribution to Profit			$	(44,794)					$	(45,831)					$	(53,376)					$	(48,583)					$	(192,584)					$	(167,053)
Depreciation and amortization			4,137						4,130						4,151						4,135						16,553						14,672
Non-GAAP Adjusted EBITDA			$	(40,657)					$	(41,701)					$	(49,225)					$	(44,448)					$	(176,031)					$	(152,381)
Consolidated Results:
Revenue, net			$	488,388					$	533,003					$	515,884					$	545,653					$	2,082,928					$	1,941,501
Operating Income			$	40,968					$	73,888					$	45,989					$	58,431					$	219,276					$	185,511
Adjustments:
Restructuring (credits) charges			(277)						(1,333)						448						(265)						(1,427)						33,310
Non-GAAP Adjusted Operating Income			$	40,691					$	72,555					$	46,437					$	58,166					$	217,849					$	218,821
Depreciation and amortization			54,566						54,555						53,363						52,686						215,170						200,189
Non-GAAP Adjusted EBITDA			$	95,257					$	127,110					$	99,800					$	110,852					$	433,019					$	419,010

Notes:
(1) All amounts are approximate due to rounding.
(2) The Research segment was previously referred to as Research Publishing & Platforms.
(3) As previously announced in May 2022, our revenue by product type previously referred to as Research Platforms was changed to Research Solutions. Research Solutions includes infrastructure and publishing services that help societies and corporations thrive in a complex knowledge ecosystem. In addition to Platforms (Atypon), certain product offerings such as corporate sales which included the recent acquisitions of Madgex Holdings Limited (Madgex), and Bio-Rad Laboratories Inc.’s Informatics products (Informatics) that were previously included in Research Publishing moved to Research Solutions to align with our strategic focus. Research Solutions also includes product offerings related to certain recent acquisitions such as J&J, and EJP. Prior period results have been revised to the new presentation. There were no changes to the total Research segment or our consolidated financial results. The revenue was $20.1 million, $24.0 million, $24.3 million, and $24.9 million for the three months ended July 31, 2021, October 31, 2021, January 31, 2022, and April 30, 2022, respectively. The revenue was $93.3 million and $80.3 million for the years ended April 30, 2022 and 2021, respectively.