John Wiley and Sons, Inc. and Iowa State University today announced the signing of a three-year transitional open access agreement, among the first-of-its-kind in the United States. The agreement will advance Iowa State University’s goal to increase open access publishing and expand its open access offerings, allowing peer-reviewed articles to be read and shared immediately, and making important research broadly available. The multi-year agreement, which will run from January 1, 2021 through 2023, will allow the University to accelerate the number of open access articles it publishes, by increasing its publishing funds toward open access articles in Wiley’s hybrid and gold open access journals. This agreement builds on the University’s current partnership with Wiley, which gives faculty, researchers, and students access to Wiley’s leading portfolio of journals.
“Wiley’s strong performance reflects our continued effectiveness in helping the world’s leading universities and corporations to increase the impact of new scientific discoveries, improve the return on investment in education, and close critical skill and talent gaps,” said Brian Napack, President and CEO. “Our revenue growth in Research and Talent Development continues to be particularly noteworthy, driven by steady execution of our strategy and favorable market trends.”
*Research Publishing & Platforms rose 9% as reported and at constant currency and 4% excluding acquisitions, driven by strong growth in open access, corporate solutions, and research platforms.
*Academic & Professional Learning grew 4% as reported and 3% at constant currency, driven by strong recovery in Professional Learning from prior-year COVID lockdown impacts. This more than offset a decline in Education Publishing due to softer US enrollment and some easing of prior-year COVID-related tailwinds in content and courseware.
*Education Services increased 17% as reported and 15% at constant currency, driven by 3% growth in University Services (formerly OPM) and strong double-digit growth in Talent Development (formerly mthree).
GAAP EPS was $0.99 as compared to $1.22 in the prior year period, which included a $0.25 discrete tax benefit related to the Coronavirus Aid, Relief, and Economic Security Act (CARES ACT).
Net Cash Used in Operating Activities (six months) was $76 million compared to $77 million in the prior year period, with higher cash earnings offset by higher annual incentive payments related to Fiscal 2021 outperformance. Note, Wiley’s seasonal use of cash in the first half of the fiscal year is driven by the timing of cash collections for annual research journal subscriptions.
Free Cash Flow less Product Development Spending (six months) was a use of $126 million as compared to a use of $124 million in the prior year.
details at: https://newsroom.wiley.com/press-releases/press-release-details/2021/Wiley-Reports-Second-Quarter-Fiscal-2022-Results/default.aspx