Wiley Reports Second Quarter Fiscal 2019 Results

John Wiley & Sons, Inc. (NYSE: JW-A and JW-B), a global leader in research and education, today announced results for the second quarter ended October 31, 2018.

SECOND QUARTER 2019 HIGHLIGHTS
• Reported results (GAAP): Revenue of $449 million (-1% vs. prior year), Operating Income of $57 million (-29%), and EPS of $0.76 (-27%), with earnings performance impacted by $10 million in restructuring charges in the current quarter
• Non-GAAP results (constant currency): Revenue +1%, Adjusted Operating Income -10%, and Adjusted EPS -9%, with lower adjusted earnings performance primarily due to investments in growth initiatives, including publishing more in Research and driving enrollment growth in Education Services
• Acquisition of The Learning House (completed on November 1) strengthens Wiley’s leadership in the rapidly-growing $10 billion education services market for universities and corporations
• Full-year guidance reaffirmed (excluding Learning House acquisition)

FIRST HALF 2019 HIGHLIGHTS
• Reported results (GAAP): Revenue of $860 million (flat with prior year), Operating Income of $94 million (flat), and EPS of $1.21 (+1%), with earnings performance impacted by higher restructuring charges in prior year
• Non-GAAP results (constant currency): Revenue flat, Adjusted Operating Income -16%, and Adjusted EPS -17%, with lower adjusted earnings performance primarily due to investments in growth initiatives, including publishing more in Research and driving enrollment growth in Education Services
• Calendar Year 2019 society journal publishing net wins +$3 million; Open Access growth +36%
• New Education Services partnership agreements signed with Michigan State University, University of Glasgow, and University of Bath; long-term partnership extensions signed with Our Lady of the Lake University (TX) and Saint Mary’s University (MN)

MANAGEMENT COMMENTARY
“We continued to make good progress in the second quarter, with 3% constant currency growth in Research, fueled by double-digit growth in Open Access and Atypon, and 9% constant currency growth in our Solutions segment,” said Brian Napack, Wiley’s President and CEO. “We are successfully signing high-profile university partners, winning new research publishing business and growing in important areas such as Open Access publishing, Corporate Learning, WileyPLUS, Test Prep, and Professional Assessment. We are also making important progress on our operational effectiveness and cost reduction initiatives. We are particularly excited about our acquisition of The Learning House, which strengthens our leadership position in a rapidly-growing $10 billion market for tech-enabled services that help universities and corporations deliver powerful, career-enhancing learning, and expands our education delivery offerings to include career-enhancing short courses, certification programs, and continuing education programs.”
more detail at: https://newsroom.wiley.com/press-release/all-corporate-news/wiley-reports-second-quarter-fiscal-2019-results

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