Wiley Reports First Quarter Fiscal 2021 Results

Summary:
+GAAP Results: Revenue of $431 million (+2%) and EPS of $0.29 (+$0.23)
+Adjusted Results (at constant currency): Revenue +2% to $431 million, EBITDA +42% to $82 million, and EPS +124% to $0.42
+Research Publishing & Platforms (at constant currency): Revenue +6% and Adjusted EBITDA +19%
+Shareholder Return: Wiley among select group with 27 consecutive years of annual dividend increases

Management Commentary
“Wiley’s core strategies in open research and online education are paying off with unprecedented gains in Research article output and content consumption, strong online enrollment growth, and record new adoption of digital courseware,” said Brian Napack, President and CEO. “The Wiley team is executing well through the pandemic as we continue to take advantage of market-driven growth trends in Research and Education, while driving further efficiency gains across our business.”

Revenue
+Research Publishing & Platforms rose 5% as reported and 6% at constant currency with growth in open access and content platforms driving results. Note, approximately $4 million, or 2% of first quarter Research Publishing revenue, reflected carryover due to COVID-related delays from the prior quarter.
+Academic & Professional Learning declined 12% as reported and at constant currency mainly due to continued market pressures on print books and adverse COVID-19 impacts on Professional Learning, particularly in-person corporate training. In Education Publishing, digital content and courseware growth accelerated while print textbooks continued to decline sharply.
+Education Services increased 29% as reported and at constant currency, driven by the three-month inorganic contribution from mthree (+$12 million) and organic growth of 4% in Online Program Management (OPM) services.

Cash Flow and Return to Shareholders
+Net Cash Used in Operating Activities was $121 million compared to $94 million in the prior year period, primarily driven by the timing of working capital. Note, Wiley’s consistent use of cash in the first half of the fiscal year is driven by the timing of collections for annual journal subscriptions, which is concentrated in the third and fourth fiscal quarters.
+Free Cash Flow less Product Development Spending was a use of $145 million compared to a use of $125 million in the prior year. As a reminder, Wiley generated $173 million of Free Cash Flow in fiscal year 2020.
+Quarterly dividend was raised for the 27th consecutive year, declared on June 25, to $0.3425 per share on its Class A and Class B common stock.

details at: https://newsroom.wiley.com/press-releases/press-release-details/2020/Wiley-Reports-First-Quarter-Fiscal-2021-Results/default.aspx

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