JW.A John Wiley & Sons

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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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

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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

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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

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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

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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%,

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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

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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


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


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,


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


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

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