Re: | John Wiley & Sons, Inc. | ||||||||||
Form 10-K for the Fiscal Year Ended April 30, 2023 | |||||||||||
Filed June 26, 2023 | |||||||||||
File No. 001-11507 |
Three Months Ended January 31, | % Change Favorable (Unfavorable) | Constant Currency % Change Favorable (Unfavorable) | |||||||||||||||||||||
RESEARCH | 2024 | 2023 | |||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Research Publishing | $ | 216,586 | $ | 213,720 | 1 | % | 0 | % | |||||||||||||||
Research Solutions | 39,613 | 39,880 | (1) | % | (1) | % | |||||||||||||||||
Total Research Revenue | 256,199 | 253,600 | 1 | % | 0 | % | |||||||||||||||||
Cost of Sales | 69,906 | 70,806 | 1 | % | 2 | % | |||||||||||||||||
Operating Expenses | 117,961 | 114,045 | (3) | % | (2) | % | |||||||||||||||||
Amortization of Intangible Assets | 11,234 | 11,572 | 3 | % | 4 | % | |||||||||||||||||
Adjusted Contribution to Profit | 57,098 | 57,177 | 0 | % | 0 | % | |||||||||||||||||
Depreciation and amortization | 22,029 | 23,123 | 5 | % | 6 | % | |||||||||||||||||
Adjusted EBITDA | $ | 79,127 | $ | 80,300 | (1) | % | (2) | % | |||||||||||||||
Adjusted EBITDA Margin | 30.9% | 31.7% |
Three Months Ended January 31, | % Change Favorable (Unfavorable) | Constant Currency % Change Favorable (Unfavorable) | |||||||||||||||||||||
LEARNING | 2024 | 2023 | |||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Academic | $ | 87,216 | $ | 82,822 | 5 | % | 5 | % | |||||||||||||||
Professional | 59,118 | 60,421 | (2) | % | (3) | % | |||||||||||||||||
Total Learning Revenue | 146,334 | 143,243 | 2 | % | 2 | % | |||||||||||||||||
Cost of Sales | 38,744 | 40,731 | 5 | % | 5 | % | |||||||||||||||||
Operating Expenses | 67,794 | 70,297 | 4 | % | 4 | % | |||||||||||||||||
Amortization of Intangible Assets | 2,283 | 2,347 | 3 | % | 3 | % | |||||||||||||||||
Adjusted Contribution to Profit | 37,513 | 29,868 | 26 | % | 25 | % | |||||||||||||||||
Depreciation and amortization | 13,812 | 14,490 | 5 | % | 5 | % | |||||||||||||||||
Adjusted EBITDA | $ | 51,325 | $ | 44,358 | 16 | % | 15 | % | |||||||||||||||
Adjusted EBITDA Margin | 35.1% | 31.0% |
Three Months Ended January 31, | % Change Favorable (Unfavorable) | Constant Currency % Change Favorable (Unfavorable) | |||||||||||||||||||||
HELD FOR SALE OR SOLD | 2024 | 2023 | |||||||||||||||||||||
Total Held for Sale or Sold Revenue | $ | 58,172 | $ | 94,525 | (38) | % | (39) | % | |||||||||||||||
Cost of Sales | 35,012 | 62,514 | 44 | % | 45 | % | |||||||||||||||||
Operating Expenses | 19,042 | 29,527 | 36 | % | 37 | % | |||||||||||||||||
Amortization of Intangible Assets | — | 6,049 | # | # | |||||||||||||||||||
Adjusted Contribution to Profit | 4,118 | (3,565) | # | # | |||||||||||||||||||
Depreciation and amortization | — | 10,890 | # | # | |||||||||||||||||||
Adjusted EBITDA | $ | 4,118 | $ | 7,325 | (44) | % | (45) | % | |||||||||||||||
Adjusted EBITDA Margin | 7.1% | 7.7% |
Three Months Ended January 31, | % Change Favorable (Unfavorable) | Constant Currency % Change Favorable (Unfavorable) | |||||||||||||||||||||
CORPORATE EXPENSES | 2024 | 2023 | |||||||||||||||||||||
Operating Expenses | $ | 48,578 | $ | 38,258 | (27) | % | (26) | % | |||||||||||||||
Adjusted Contribution to Profit | (48,578) | (38,258) | (27) | % | (26) | % | |||||||||||||||||
Depreciation and amortization | 9,633 | 3,939 | # | # | |||||||||||||||||||
Adjusted EBITDA | $ | (38,945) | $ | (34,319) | (13) | % | (13) | % |
Sincerely, | ||||||||||||||
/s/ Christina Van Tassell | ||||||||||||||
Christina Van Tassell | ||||||||||||||
Executive Vice President and Chief Financial Officer |
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