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JW.A John Wiley & Sons

Participants
Brian Campbell Vice President of Investor Relations
Brian Napack President and CEO
John Kritzmacher Public Company Director
Christina Van Tassell Chief Financial Officer
Daniel Moore CJS Securities
Call transcript
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Operator

Good day and thank you for standing by. Welcome to the Wiley's Second Quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the conference over to your speaker today. of Brian President ahead. please Vice is Investor Capital, Relations, go Wiley

Brian Campbell

may everyone joining call start. and for thank is forward-looking I recorded Hello you to us. and see reminders being include statements. The

should evaluate materially The reflect U.S. the a used measures on or call, available be will to other rely on currency. Brian be revise to profitability discussed as presentation events may have be basis will measures to not therefore Also, as should used measures subsequent non-GAAP as trends. noted, or page. and Relations will numbers not web and wireless nor over of Investor on and by may SEC now undertake these President subject similar filings. will why You are GAAP. our non-GAAP These update to does actual exclude Forward-looking statements results statements under supplement impact on differ refer circumstances. a I playback Company in companies, performance provide standardized to variances this year-over-year After CEO, to the metrics and we webcast we our a meanings call GAAP the obligation not underlying to otherwise factors Unless do of and not copy Nathan. to prescribed comparable the by and call of alternatives the turn and they any

Brian Napack

research in and for QX leading performance serving in quarter solid loudly of morning. strong earnings position for ever-increasing education. Wiley demand career-connected another delivered business knowledge performance Welcome call. scientific the Good to team and our has the underscoring our

world career-connected which up impact Revenue was research and strong We that ED X% for in Wiley organic, of discovery, EBITDA, X% hungry growth X% we're surprising EPS. and education forces. know, APL, a increase finding research, in innovation education, services. In you this enable in scientific adjusted a in driving we good reported and was opportunity, Wiley areas. not X% X% and X% shape in adjusted businesses. a we work of it's and XX% quarter, power drives in revenue growth in increase As X our

a full exclude (phon) results, the flow. how is our upfront and cash but currency variances And reminder, track with As touch pleased year that progressing. all revenue, for on Jammie will are will to earnings, guidance impact. to we I our very first-half well continue we say year

These can that off. career-connected Our on growth the trends and the of strategies you models to see for of world enrollment openly, corporations. growth tailwind and where career-focused In towards Access than aligned and to education, portfolio. paying and COVID the gap. growth They to talent education, content our they fill are online which of strong remain the professional transformational more creating last the drive last was easing offset along in enrollment development in services and related are the the accelerated driven languages lockdown than with we tailwinds for are favorable decline and we corporations see trends our such publishing, which disposition focus well softness research Meanwhile, for development learning, largely the to talent target offset Open on talent fall demand and programs, learning that market a significant as a with more widening shift related enduring education easing COVID slowed continued our X%. quarter, U.S. year's by in post year's recovery of provide

December. retiring the at October, of announced John in be As Kritzmacher will end

behalf organization position. strong Wiley. an is worldwide, his and all we We exceptional leaves strengthen colleagues leadership. John I bright want expand for all to direction, John, our expanding the well-positioned strategic and of years, has Public to future. come. thank X all John to in financial growth On very a finance Board profile, best our been critical there us leader principal an our For and wish for Directors built of for drive you an the

John Kritzmacher

you, Thank Brian.

Brian Napack

Also, on our to and information Chief Christina, the served Christina new Jones and Barron's, X us Financial with businesses call MarketWatch, leading today Journal, is Officer. World as Van us digital the CFO joins she Dow Factiva. like from helped Tassell where grow

forward to her growth. looking access excellence. over strategic operational of am leadership, next years of Christina. XX partnering I that Welcome, broad and to she Before WPPCompany. our insight, a with brings on financial drive of Wiley was of to ability CFO She proven phase

Christina Van Tassell

and market, hello, want all I with a and which Brian and for win. network forward building To for I us terrific and results shareholder learners look to its It's Wiley team strength, growth, the to continues to remarkable I forward rapidly meaningful to admired have of global great with to believe dynamic consistently and deep Wiley be corporations contributions deliver evolve. strong also and financial for of take its thank to here. to organization. long Thanks. allow win for opportunity in and Thanks, the finance meeting our this advocate And John, example, drive value. legacy, researchers working innovation, to societies. everyone. further world's also you. as to the look accelerate unique will and to I universities an to position leading partnerships our

Brian Napack

across now I have great talking Christina. opportunities tapping just to about corporate want team briefly start it’s on to into we the large by today the Wiley. Well, you that are

a commercial at year-over-year information, objectives. learning and growth are growth power our and that to and new services and research see discoveries platforms Wiley their new professional achieve their know, for content, companies provides talent knowledge to goals. the corporate corporate marketing engines need that Company. development. very where develop help our need the is databases in can which its XX% for for innovation new and world a well-positioned, our cutting-edge Corporations a and products new XX% of our to knowledge And is those in solutions, capabilities achieve you research platforms Wiley and companies our you learning core XX% As Wiley

brand For the pharmaceutical off giant example, critical scientific, disease build educational a This them valuable ambitious to results educate community, Through and million research engagement. platform. impressions in X This with can kicked proprietary content million XXX areas. over researchers. XX Lilly their month. their to direct library, access Eli and in extremely we helps Wiley online to and just hubs project increase resource technical an activate our per provide medical We healthcare

increasingly advertising Wiley the their business partners network jobs of includes for us qualified expanding an partner candidates. employers portfolio centers attractive fill critical also grows. and career So, that targeting media to as help digital of will Wiley's with be solutions

For renewed just partnership center. example, an with important our we career Pfizer its partner manage to

right CEO you is pain with winning a opportunity. and their the skills will tell both any building now their biggest workforce that course, Of capabilities point and biggest

reason, the this ready front continue is for corporate played our escalating on we world's and career increasingly to with their publishing so market most labor helping today university to the talent role education that directly to Wiley to services war clients the in and lines to increasingly effectively supply urgent address talent. turning For universities needs. leading and companies are do in talent in Wiley the always an important We've

with professional see and solutions. development we're this in that could the You our learning talent having success

to Here, role talent. create in talented retain, expand and up attract, business corporations additional global helping upscale, Wiley's digital employee major more are tech in companies new signing to unprecedented this and to X training relationships playing secured client seeing with their We're and an essential growth hard-to-find to We the rescale rapidly train, quarter Moreover, skills-based opportunity continues teams. and expand. clients placement.

example all their let's and revenue platform certification EBITDA with administration of for Corporate With with Opportunities of QX that, them skills. value-added relationship connects program on our retain that employees employees to degree investment XXX services. organic we strong delivered segment to This prepare margin colleagues, tuition on experienced our day, up X% our clients, very to the our expanded activities our for new. we with the on their of and to The of while also now clients growth, critical contribute Fortune XX% move skilling of be activities, and course, strategically will customized, quarter, performance. another help are them these a a with basis again delivering and EBITDA now high existing and talking skilling Wiley. multinational re enhancing reimbursement. these of X% self-serve career one valued adjusted During we're for clients we will Research - burdensome up and largest XX%. influencing how And the profit our partner, an is or Every about revenue similar of weak return digital managing

In around focused in research rose consortium growth solutions, performance redone globally access institutions, Organically, multiyear and output Demand average of that XX agreement XXth second, due documenting lower unprecedented transformational to and XXXX. research the transformational in in researcher growth seventh with library. access Our global largest investment to their Virginia It due announced strong. the in research. platforms. the science a we grants over strong XX% of agreement double-digit was by Wiley's publish be very ever-increasing brands. millions year, X% a all driven article last to agreement [Indiscernible] the this articles lab to X% provides lockdowns said, We ability we year-over-year, a open agreement trend In organic The journal was the see X-year the robust in with of subscription year's line enduring involving early increase to on the to exited -acquisition. publish Wiley's researchers output by positive with draw our by at participating first pipeline publishing, Indeed. journals by Australian agreement university quarter, November, COVID-driven the actually library corporate output announced very in accepted journals. Research the a transformational multi-year was XX to when ahead. a open That to the announced continues surge per libraries. comparison our remains Wiley is very and caused output region. date Council an and driven article published and as the of

us, published and healthy great very they the As publishing pricing our significant function continues price a revenue the to quantity the is due of to a and articles and direct for of are on drive the us results side, The incremental great customers volume our we a years ecosystem, agreements enjoy And looks quantity dynamic move closer outlook journal power where strategic draw to Q a very the publishing P are times reminder, of side, in solid good to revenue these And large pricing come. of on for portfolio. this outlook for a -- the output the continued Wiley gains. in very high-quality charge.

over and you of increasingly As leading XXX world's complex helping publishers, with an research them succeed the academic partners in societies all know, ecosystem. to information Wiley

Wiley need area. our to and Specifically, while a to two them an supporting made our streams helps chasm acquisitions This leveraging crossing new is offering exciting We future platforms them referred Solutions. open revenue services. this for adapted to partners growth and by we our as key access Partner in the broaden recently generating area new industry-leading what complexity

first J&J systems and highly consulting a publishers. copy support world-class, and efficient to societies XXX editing demanding production The provides Editorial support,

scale XX% through pin on transactions. solved has tools, most the base client and and publishers is of Knowledge last, at In for our open analytics. able have deliver societies success the to its in current and not Academic future. growing XX% operating per EBITDA in problem second, Without a quarter transition. for helps is professional even in in in value point. momentum growth fluid learning, the partners the innovative the we performance opportunity initiatives, our by year growth learning in in this in future. payment The this a would critical more complex the will EBITDA clients margin many X% strategic strong the open be The of driven PR reflected XX% participate access processing for article summary, which commercial of from open of adjusted the This prior these professional knowledge simply and services and greater key research, in This address margin XX%. rose data one latch challenges of is chain, our on rose links world's period. rapidly QX this article up

X% need they intensely This in COVID-related to capabilities professional's enrollment continues the growth material the growth manage in As focus in is in Wiley's of enrollment, strong seeing environment. after we U.S. graduate In continued on the noted down succeed content. world learning that corporations for tailwinds and important and in as this was represented year's the last post-pandemic quarter, under strong setback, environment. down from second enrollment, XX% to only are year-over-year the revenue our X% of materials result building year-ago in easing an of through evident modest and [Indiscernible] the XX%. X.X% recovery from for and content corporate courseware our continues US professional growth nearly strong areas training fall to and driver pandemic-related timely publishing titles sale Education portfolio. the in-person publishing benefit softer of X% as universities virtual continued leadership. quarter were to the period. revenue deliver through of with professional of delivery revenue, E&I, publication challenging in course us training. Corporate like Professional the was Printed to investing publishing digital and performance offsetting down of course, languages down in

print, line We this more training, in positive continue prior year-over-year roughly that to for strong In a this the outlook trends full-year in summary, offset recovery ahead skill-based learning declines see education in than decline professional year. and resulting is courseware a professional from digital for market. publishing with in demand content robust in for publishing. Will continued revenue in education content quarter see

EBITDA up for relationships. with services approximately client Talent of X% talent to segment student for XX% reported due costs of the acquisition million Adjusted $XX accelerate education and university growth services down in Development was segment XX%. the Our to and higher MX universities the and XX% services expansion quarter development investment

the X% up margin to for shut was in enrollment in forced up graduate and U.S softer last Our XX compared shifting was and X%. in enrollment online down to studying growth compared when programs the down XX%. fall adjusted by XX% growth enrollment University fiscal also EBITDA enrollment segment services with Enrollment X% year our COVID to is undergraduate X% enrollment impacted online. campuses

out programs If online average. period, enrollment it was X% you normalize X-year on our over up in

informatics this are signing this talked services And of from in facilities come verticals. and and signed management. into crypto existing clients solid talent added digital top as signed I need the us. New In are has today's So, with of education we recently online the of finance. Adelphi trend clients for line industries a full-service services for In seeing short And in is school dire an cyber we partners. clients multinational We with Australia York-based about economy, a including good food expanding like new reflected multiple degree adding skills. intelligence, tech and earlier, XX all subject like corporate along programs which we Georgetown University with quarter, security, in overall XXX new financial sectors, in and and some renewal existing artificial areas partner. development rapidly very new University innovative programs momentum bio We're course new markets important with of

grew talent by existing also XXX Fortune We customers our nearly with XXX%. placements

retain, the talent outlook to position. to the place, that, global additional As our existing John attract, in in you to leading clearly our see and good noted, we're In rescale to summary, to very universities expand services to progress pass our and accelerating. we corporations to With re to call - clients. as Momentum our needed also growth I'll through take succeed financial partnerships making educate, is to we over skilling in Services Net continue strong to with to up-skill economy. and upselling digital

John Kritzmacher

everyone. Thank morning, you, and Brian, good

our briefly to was to drive X% research $XXX business. with execute tracking up like ED and XX%, to investment up throughout EBITDA on improvements in up of $X.XX billion, APL, X% the As XX by well Services profit from X% Ed Revenue first-half research and are Adjusted organically, performance, growth outlook. first-half up initiatives. growth strategies full-year the we driven contributions our noted, offsetting Wiley was or to million operational recap clearly services that and continues APL Brian our I'd team which demonstrates to X%,

EBITDA Our adjusted And with in X months line $X.XX. prior XX% was to right XX% adjusted margin rose year. EPS

our again now recorded intangible in would that connection assets EPS all variances reminder, with I the a As adjusted of are currency. note our acquisitions. amortization excludes non-cash slide the constant metric also, at on shown

EPS. in Foreign exchange first two million and $XX movement dollars adjusted favorably million $X.XX adjusted contributed in half to our revenue, results in by EBITDA,

Given million free leading which our growth. billion. is between $XXX dollars in is Adjusted billion growth expected are dollars. with and profit $X.X of $XXX and $X.XX range investments Adjusted first 'XX higher anticipated mid of EPS tempered to high the fiscal a is indicators, includes to performance gains to to reaffirming revenue, range to by we half $X.XX, expected single-digits XXX range four and flow revenue on EBITDA our cash to million to and between range accelerate between $XXX guidance,

FX XX which these cash on QX point to a 'XX, in out and year. fiscal Fiscal projections, further I line when payments higher year-to-date we headwinds fiscal while annual with issued Capex, we taxes June. the to issued be As are this tax One see expected strong certain in reminder, guidance in Cares cash related higher prevailing should compensation rates again were due the received our that net note earnings to rates including XXXX higher Act fiscal refunds are of related incentive and in projected our in to compared 'XX, outperformance,

time line same of hand and last of quarter-end, net year sheet half in $XX million. cash the our had incentive end $XX in invested year. to prior now over million for $XXX prior with at higher to year, million credit debt revolving million cash $XXX performance. cash capacity more flow, Fiscal first was offset to of million $X undrawn by earnings Free XX, ratio X.X year. October Capex higher the a annual of was at EBITDA the driven flow we and on by in our balance cash X.X was acquisitions. Turning compensations we compared At And than

continue active career-connected add focus We as research the to core MD&A capabilities areas strategic seek our on we in and will education. to of front be to

and was allocated share from to million year. $XX $XX prior-year repurchases last up dividends COVID-related million and Finally, due share repurchases the in period pause to our

and reminder, current a XXth for roughly our As consecutive year, the is X.X%. yield in we our payout June raised dividend

this far XXX,XXX shares per for repurchased $XX.X an a we've So of $XX.XX million. year, at of cost average total share spend

have $XXX the We remaining current in million repurchase share authorization.

future Before Brian, the I well. just including leadership analysts with over stakeholders, Wiley for and you wish our and I call great years. capable all pass our colleagues, families is a a Wiley your the engagement bright to back and investors, ahead. I want to support thank and coverage very your Company

Brian Napack

in positive Thanks Out of potential driving openly, very world much or unlocking for delivering do, it's and to faster the career learners impacts. John. more everything more of and is millions Whether workers. knowledge core Wiley we cutting-edge

we more good that said impact and the greater Wiley the I've before, impact. revenue recent help, positive researches Very performance, for As with business. learners depositive And our in societal is

walls drive motivated world and our colleagues our impact and are ability within Our in highly out by products through the to services. our both

Company We low from an recognized a perspective. are impact have very been ESG risk for our deemed and widely

ESG partner also affordability, comparable our this degree our and transparency to equation an for we for of fourth cost about in Company. institutions rated this our is a highlights education profit that value the and Improving recently but partner that To percentile the price and globally end, always Sustainalytics And are our clear than by partner at programs a long-standing accessibility, transparency one earn rating, at programs. there outcomes critical. materially provider, shows data the education of The that proud also is risks are know is as retention degree room it the a we schools. that more objectives. online is We're shows and is outcomes service education graduation published of The report very we lower. improvement. rate for fact, data higher In Morningstar not

average. MBA instance, average, online programs, our than in For $XX,XXX an on or one the less cost is of which market $X,XXX

$X,XXX products, Across our Company digital outcomes. reducing of generated Our always Today, shipping. saving revenue. of reduce average. million services. on Nurse ways of including Wiley, printing XX% footprint, we X.X reduced and and than impact with Go we XX% for MS, journals That by many printed by another to Is units education units, X,XXX lower Wiley looking Practitioner, shipping products and the alone, said cost year career still hard revenue to This while have digital less tech our X.X our eliminating represents significant the our the is actively this. improving we're by environmental We're enabled our program, opportunities of trees, polybags working of footprint through our million Green which a

colleagues Going commitment we'll a do forward, are our our every plan In we working of print copy Wiley to symbol positive footprint. to treat drive as printing Wiley starts carbon to to impact. actively everything of for reducing

Let summarize revenue the quickly trends I shift earnings open it that talent long-term Wiley's digital for focus on growth The performance of to continue key ever-growing markets roll solid and gap. driven fill with across the including favorable the takeaways up delivered segments. the performance by the me our questions. open first-half need strong corporations forward, career-connected increasing defining to research, to been have and widening before education,

aligned with trends, in and these and today performance see tightly can outlook. business strategies current are full-year its you and its this growth While our

world out We ESG initiatives impact and the continue in to real and world advance and and Wiley and research our services. our education to inside products sustainability drive

want and partnership no our Wiley behalf great more full-year our in that $X caused first resignation worldwide, that and that to everyone's his say long the all revenue for on There of have history. the the well top reaffirming our is first his in and note, reevaluate indicators, mind. very is I of to many for solid Wiley about doubt outlook, billion will illustrious two over On One team. John and performance surpassing our years the the good on Wiley contribution positive Given career way half colleagues terrific But we're we're again, I to feel time since pathways. to their know last I remarkable years. I thank

standards, to level can each the growth two above years a is the is Our clearly long in benefit to centered our it foundation retention real benchmarks. our community for that able of important people then commitment is of journey. and us well world wonderful remains and very place their take colleagues that peaceful grateful in now and each colleague research any to the of year, Wiley ensuring join Vacation the is for are engagement to And of personal sure culture, career levels If is last is development. proven that We're to the every I'm at and have are education prosperous also education make and personal attention amazing day. time this and our be very other and goal than more ever. of our future. My are to reason they the to at commitment of in care that Wiley global other. us research high anything, And all on includes Especially in talent it have passion the which believe attract mission and deeper of Wiley to due firm One all a impact this is each to we'll the that by we'll our enduring

to As and the XXXX community close, the now I'll and any comes open in holiday to and all happy want healthy joyful questions. to wish a XXXX. everybody season very I of floor a a comments you Wiley and

Operator

question of is line a Moore CJS At this Securities. Your Daniel the time, with [Operator first Instructions] from

Daniel Moore

pandemic. Thank I'll integrate in And back, you. growth eight seeing now. that mid-single-digit John, research over certainly benefited look article The comp Christina. forward questions. last with terms the just thank Been with then taking great of the I your output? we're candor first transparency we're for through the working years. the and you and maybe and for you, you do to and working get those thanks tough morning Good to trajectory with off, normalized research. get expect want submissions start and to start obviously to When article comps from quickly,

Brian Napack

important that than time XX% leading as our are to very good very been long-term Dan, way a we our underscores about significantly, and of businesses average, highlighted. trends to we in dynamic the very financial X% about obviously research our about businesses question, long-term are year this was to that's to direction. a critical a It's equally about often data a we're we that And Last year. all for tells in we're it's OA to year year. reverse through year-on-year. as CEOs the Also, know growing their unusual back output. We've seeing us leaves, seeing in reverting And the particularly feel I working long-term of long felt very the X-year unusual, that all norm. but This We them. think that more feel business. this sort in trends is good tea They go if important forward. It's that what good all all the investment we've always saying the for are difficult

to doing last So, we you're has And we're which year. X been going X norm, the for we increased to take the where not see as years. this It's increasing long more of this not share, itself sort the if or an out the norm, -- have occurs. than reverting in the investment balance stuff run over

Daniel Moore

decline with Is or universities fall? sort this this gears saw quarter in Shift what phenomenon of professional. revenue back given academic terms the most with that more and moderate of quarter? helpful. X Start on trajectory to Very enrollment rates expect X, and X, publishing. of a board, we're Do just we that you across overall it

Brian Napack

can we're Yeah. what what what pub, unusual. Look for same was going Last focusing unusual. This professional, is was again, digital -- any make days. particularly printed year The XX% from comment it's very seeing is In any is which businesses, I again, which now long-term of Ed digital. academic continue. year that is and the our these I the business make yes, in on, think CEO you're trends to we're

we and to continue ours about that product So, feel fact that. use good really We their really about online good really about the after feel like of settings. the transition in classrooms We their gold standard good feel published universities the all in trajectory.

all feel we about of good So, very that.

feel a not continuation Again, of quarters, in any and continuation profitable the I And extremely run, very and a forward. years. we us. a good don't see business see set to changed. so, over business of story see an I And good about I of do, as that But -- the long of going hasn't set I the be these continues reversion. see out washing think things we'll we'll for and

that's I No. story your So, Has the think underlying same. story changed? the question. The is

Daniel Moore

that nice obviously levels maybe relative to those learning, here. professional pre continue for here? And trudge frankly of from of work recovery and think or how or professional you we do the better to the up underlying we Perfect. hybrid some back and are learned -pandemic learning along bounce remote and where businesses variance to that or And to than really to recover enough held to business the pandemic. thoughts continue risk But we've sort the

Brian Napack

office that because in in-person back Yeah. returned its levels because people at differently. Look, training levels we pandemic and we're -- hasn't the before certainly we're the are hasn't still the behaving not below were

that XX% about there developments were currently -COVID. as actually and But where we primarily prior in are we between say, training. some are in-person quarters, at balance into good XX% this should is primarily now below in pre or a was or one pandemic, about, really the are training about developments we that turned talked we've in-person And business. business I about So, trending that during online

get we on allow do but training of the longer it digital with do job will the have a to, basis do not then lifetime because ongoing maybe that our with to isn't So we us the A, training. to now and have because years have have long meeting, but got train I go that our people and and never value. another episodic, training, relationship us us from B, a to managers, relationships, allowing companies better just and a an through X longer-term relationship, just But

trending back So, we're still but nicely. we're very below,

we would that going what We healthier and Fiscal into the COVID we that, digital happened of of fully in as forced have physics But transition where so our catch is recovered our both but short, recovery expect Dan, business. had as growth in-person end we would business forced a transition. unhealthy to now we have with because more there it's -- opinion, the to lot businesses. the in across online one, Look before, say is way situation, this people it back up And a better will be should year, by be a normalized many that been than and just we full the get demand with we pandemic. potential more when healthy

we So, feel we feel again, about. good

Daniel Moore

terms trajectory give given maybe services, but talent at the the well, Very a for in a upfront shift trying we investments. in understand Just on and helpful. of where can roll between each Maybe profitability you OPM development? to here, more are little delineation gears

I think OPM you mentioned was the on side. more

Brian Napack

Yeah.

Daniel Moore

want to you numbers, but there If helpful. would be give specific

Brian Napack

those we're individual past, to not in But margins we said in trying advantage three these of Sure. that out grow We're take in are breaking get running have today. we're obviously break-even growth a businesses as to it huge opportunity around lot spoke a the Well, and that investing the divisions. and about them.

corporate is businesses, which our grow. new said of We're expect we XX% partners achievable we've in margin big that partners many we're in completely run marketing the mid, continue times, help across know our And this in to investing term do that are very business in a we as and and investing. certainly side, We're we long the to many in opportunity. service's the investing profitably As you accomplishment segment. in that is

overall. of no there, of them, we're the as both businesses, running growth So, and the segment and significantly change in both businesses ending investing

think John, anything would you we're comments I to -- there? add yes, So my

John Kritzmacher

adjusted we're side, results so again, XX% development profitability EBITDA that's improvements not I in geared about can EBITDA we're profit is on growth. running but margin and overtime, we're and of their we're you you going plan it's an adjusted with the the running for university basis, clear, up revenue in on EBITDA described And businesses. just XX% on services long-term this that growth there close Brian, see Again, trying quarter's and the mentioned to that it be business higher for business keep to talking or to talent growth to No, roughly, there for well. think margin, drive you adjusted neutral these We're margin it

Daniel Moore

it. Got

it's of Just bottom in and line, year-to-date, terms both ahead projections. our performance of top been

the Just curious to-date? it being as likely end see you being it basically described in more higher if or internal line with is maybe forecast your as you of guidance the

Brian Napack

year expectations, trending to year-to-date hence trending would when higher think half we question. to would the we do see the year-to-date. I that our of results the the roughly called ahead you up we're But of bit ramp of we're a I initiatives. towards bit as some we issued Clearly, as expect our say your the we be that Dan line guidance end to the range, a out would back on in versus in of either or investment that describe front the our

year. those I at guidance start wouldn't investments we and trending land get the we've ranges. that very this where point about we in I point confident on precise So, out about we're some would to feel got back-end the in where

Daniel Moore

for generation. the thanks from shareholders. forward? rate shares XX you to Excellent. Balance everything. on Sheet and Is Last run in a that you quarter ramp aggressive [Indiscernible] back And here? maybe a returned precluding anything there continue million cash of cash going strong up Is reasonable the the being more super one, clearly even to bought Obviously, get

Brian Napack

expect any that say particular the to you now, roughly course would we I have stay don't our Yeah, should plan. us that changes

of We both in business, between organically returning drive with balanced acquisitions continue and cash to in the and dividends. a to form shareholders investing the

near-term investing longer-term allocation, seek balance going capital that course as we to And and to the maintain continuing we're likely so, stay for growth.

Daniel Moore

Very all [Indiscernible]. the good. Thank you both. And thank for you

Brian Napack

Thank you Dan. very much,

Operator

turn over Mr. There for Instructions] I closing questions. now back no will the are Napack to [Operator remarks. further call

Brian Napack

a to a results very, I everybody holiday, to forward out call everyone look our New very want today. joining you sharing healthy wish happy for I again, with And third And the quarter in Year. March. thank

Operator

today's concludes Ladies and conference gentlemen, call. this

You may disconnect. now