Wiley Reports Fourth Quarter and Fiscal Year 2018 Results

John Wiley & Sons, Inc. (NYSE:JWA)(NYSE:JWB), a global research and education company, today announced results for the fourth quarter and fiscal year ended April 30, 2018.

FOURTH QUARTER 2018 HIGHLIGHTS
• Reported results (GAAP) reflected growth in Revenue (+6%), Operating Income (+18%) and EPS (+16%), driven by strong operational performance and favorable impacts from foreign currency.
• At constant currency, growth in Revenue (+1%), Adjusted Operating Income (+15%) and Adjusted EPS (+6%) resulted from strong performance in Research, growth in Solutions, and broader operating efficiencies.
• A signature milestone was achieved with the launching of Wiley Online Library, one of the largest and most authoritative collections of online research journals, books, and resources, on Wiley’s industry-leading Atypon Literatum platform.

FISCAL YEAR 2018 HIGHLIGHTS
• Reported results (GAAP) reflected growth in Revenue (+5%), Operating Income (+16%) and EPS (+70%), driven by strong operational performance, benefits from foreign currency, and a one-time benefit from US tax reform.
• At constant currency, growth in Revenue (+1%), Adjusted Operating Income (+7%) and Adjusted EPS (+3%) resulted from strong performance in Research, growth in Solutions, and broader operating efficiencies, partially offset by higher taxes.
• Cash Provided by Operating Activities (+19% to $374 million) and Free Cash Flow less Product Development Spending (+35% to $224 million) grew as a result of earnings performance and working capital improvements.
• The Company’s transformation to digital continues with revenue from digital products now 73% of total revenue, up from 68% in prior year.

MANAGEMENT COMMENTARY

“We are pleased with our team’s performance this year, which landed us ahead of guidance, and we are energized about the future,” said Brian Napack, President and CEO. “Wiley’s strong brands, publishing assets, technology platforms, market relationships and capacity to invest position us well to benefit from the ongoing transformations in research and education. We will continue to invest in the success of our customers in critical areas such as open access publishing, researcher and student productivity, classroom-to-career pathways and workforce reskilling and upskilling. We are also investing in business optimization and operational excellence across the organization, which will result in improved speed, agility, and effectiveness.”

• Revenue increased due to growth in Research (+10% reported, +5% constant currency) and Solutions (+6% reported, +2% constant currency), which more than offset a decline in Publishing (-2% reported, -5% constant currency). ◦ Research growth was driven by Open Access (+59% reported, +51% constant currency) and Journal Subscriptions (+7% reported, +2% constant currency).
◦ Publishing performance reflected a decline in STM and Professional Publishing (-5% reported, -10% constant currency), which more than offset growth in Educational Publishing (+5% reported, +2% constant currency) and Course Workflow/WileyPLUS (+13% reported, +12% constant currency).
◦ Solutions businesses all exhibited growth with increases in Education Services (+1% reported and constant currency), Professional Assessment (+5% reported, +4% constant currency), and Corporate Learning (+15% reported, +2% at constant currency).

• GAAP Operating Income performance reflected favorable foreign exchange (+$6 million), which offset the impact of a $2.0 million restructuring charge and a $1.7 million restructuring credit in the prior year. Adjusted Operating Income growth was mainly due to savings from efficiency gains and higher revenue. ◦ Research Contribution to Profit (CTP) grew +6% on a reported basis, but declined -2% adjusted at constant currency. Revenue growth was offset by higher royalty costs in licensed society publishing.
◦ Publishing CTP declined -10% on a reported basis, -19% adjusted at constant currency due to lower revenue.
◦ Solutions CTP grew +81% on a reported basis, 80% adjusted at constant currency due to higher revenue and increased operating efficiency.
◦ Corporate Expenses reduced by 10% on a reported basis and 22% on an adjusted basis at constant currency largely due to the timing of charges in the prior year.

• GAAP EPS growth primarily reflected the fourth quarter impact of favorable foreign exchange (+$0.07 per share), which offset the impact of restructuring charges in 2018 and credits in 2017 (+0.04 per share). Adjusted EPS growth was due to higher adjusted operating income.
more detail at: http://newsroom.wiley.com/press-release/all-corporate-news/wiley-reports-fourth-quarter-and-fiscal-year-2018-results

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