John Wiley & Sons (WLY) 5 Dec 242025 Q2 Earnings call transcript

Good morning, and welcome to Wiley's Q2 Fiscal 2025 Earnings Call.

As a reminder, this conference is being recorded. At this time, I'd like to introduce Wiley's Vice President of Investor Relations, Brian Campbell. Please go ahead.

Thank you, and hello, everyone. Wiley's Flynn, CEO; General Executive Research Learning. Kissner, CFO; Caridi, Manager Matt and Jay and Vice with President Christopher and Interim of I'm President and of and management's Note forward-looking responses our will include comments views that as today and statements. reflect materially differ statements. those may results from Actual subsequent supplement trends. The does to operating and performance reflect evaluate any provides non-GAAP update them obligation underlying company Wiley to measures undertake to not events. Also, as a profitability U.S. These measures standardized have do meanings prescribed by not to similar alternatives GAAP used may GAAP. and be comparable they as therefore companies, other viewed should to measures nor not by under be measures Unless refer a the year-over-year noted, of assets non-GAAP on call, will and metrics impact exclude divested otherwise on we will basis and are and variances the to currency.

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and everyone. the you, Thank midpoint continued pleased with of we're year, hello, our Brian, progress. At the

Our remain margin profit starting and growth to material our compounding off, expectations, time. to over full pay line investments we in revenue deliver with performance in trajectory. We're are our and year working and expansion confident our are

recession-tolerant. Our knowledge businesses remain

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Let's talk our about leadership changes, finance. with starting

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margin driving growth be financial talk focus outlook, to turn performance, continues Our our call the position. about initiatives. expansion to and I'll in Chris to over reinvesting sustainable segment now while on

everyone. Thank you, Matt, and hello,

As although there in and expectations, remain Matt phasing noted, results outlook our cash are unusual discuss. with full we flow quarterly line profit, to revenue, year confident is our in and some

with Research start performance. Let's

quarter Second X%, year-to-date and up revenue were and respectively. X%

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going an As to a are we'll expenses reminder, certainly at corporate business. be area Corporate looking expenses these allocated are not the forward. that

the year. about of talk Let's remainder the

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due our onetime QX the deal of our That year we investments. in performance current typically indicators. and the revenue headwinds along Solutions. in adjusted renewals offset Research Solutions underlying reminder, all our to full given leading market year, in of metrics, lighter is Publishing core a challenged our first Learning fluctuations AI across and down by our will in prior QX be to the million strong EBITDA said, with guidance business. This to expected in we're year Learning improvement seeing QX reaffirming journal were quarter due revenue As $XX year. business This, and are half is momentum last and in seasonal growth a certain timing and

EBITDA X%. full $X.XX line X summarize X executed, to first in $XXX million rate me of target billion to a quickly growth the a to XX%. XX% to year offset X% already revenue of billion XX%. comparisons. $XXX expected and half $X.XX of be each this largely million X to for year-on-year AI in the QX in We're top for of our of outlook. of other projects in X% is Adjusted reflects Let range margin a This The full projecting year to growth year

reinvestment half we million. of reinvesting million to or are from million. On but savings QX we're reminder, in a year $XX of of that realize of proceeds deal reinvesting top the our for total $XX $XX million in-year this, $XX As expect cost AI of

so we are noted, in opportunities Matt on strengthening of the As the core market. underinvestment decisively position growth moving and come multiyear we of a period out our in

period. million, due capital annual that payments of that a EPS As payments, expense. annual reminder, compared the cash operating improved is and our XX% plan. the be our $XXX is compensation for XX% tax lower be year incentive of and are higher prior expected primary offsetting and working to is Note prior in to cash with growth this in accrued higher to incentive fiscal $X.XX income working XX% to margin the expansion to a for to offsetting million. expected income beyond from to of that. Adjusted multiyear 'XX higher and goal objective year flow continuously expand XX%. QX XX% to anticipated to of This us, Free drivers divestitures, year over made in XX% to and payouts restructuring are $X.XX incentive adjusted interest The approximately is range XX% up for from interest performance, colleagues $XXX rising are in

we visibility our year QX in March. report full when results more have will We

ahead year-to-date half Let's a cash free reminder, flow million, Free slightly use historically for of prior are QX. $XXX to concentrated the earnings Also, to cash half use assets. subscription position. CapEx timing. is due year. QX a the from cash we due a foregone cash turn timing to our flow Always in financial of annual first of was which Lower journal of some was in have and divested the receipts,

share adjust the the can million at shares XXX,XXX up its say we prior raised of an dividends that As in $XX cost year. cash from acquire $XX repurchases, June Wiley flow. Year-to-date, average to dividend $XX towards we was In Not share million year. a don't for million reminder, allocated that. Approximately many XXst companies and XXXX, consecutive in small-cap $XX.XX. out per used

Matt. Finally, X.X our net of end debt-to-EBITDA prior compared to over And pass the period. the in ratio was year to it I'll with at that, October X.X

you, Thank Chris.

briefly me Let summarize.

victory. to said I As good off a start we're quarter, last we're declaring but not

performance early revenue come. adopter licensing We detection. to They full do more Still, and our in work Agentforce a and customer deal our our various confident good execution an of first their optimization. our publishers margin the be an with We're core and we which multiyear potential, cited lot in to on an a Salesforce's are alignment one We're our this in LLM making with through mover close fraud AI-driven to organization. We're improvement even margin execution we area. to effort. recent in other developers, progress service large of a market our good trends working indicators, example demand We're feel the achieve earnings to as for early will our early research have more AI. call. about pipeline remain We're and and opportunities and

We leaner, we're team focused off have a and now running. executive and more

the to An they do a your and floor company significant wish historically of good today. at date in you we families safe colleagues comments improvement forefront continuum. I'll operating our have world. leverage, and multiyear to any you X- us structure. a not everything is doing confident We're where as trajectory, is for season. Wiley. by finish cost and it's Wiley thanking or joining reinvesting our continuously want the Wiley, a all happy competitive a to the This to achieving outlook. in questions. evaluating performance I'll Continuous now drumbeat. X-year change, advantage make and I is and we Thank holiday in our expected open our are for we're Our company

of We'll Daniel take [Operator first with question the Instructions] line CJS from our Moore Securities.

may I that's morning You have ground lot few covered if of this a okay. as so well a questions

are fine, you? That's How Dan.

the with momentum in that business. the you're start Maybe seeing Learning well. Very

confidence but the some a of little as bit maybe in growth that elaborate going drivers, your talked well of You as forward. sustainability the about

Sure.

I'm Jay Jay ask with also so going on We to that. have us to comment

has this morning, focus our driven thanks for coverage. the track part a Learning. guidance, performance on team talk great The by done in I margin to the side. been to for and on cost to and to a XX the the same you strong has We And performance over feel optimistic really that job to in continue months continued by top second time. the leadership drive to achieve effort and there. Nice structure line that a at our last interest we're want adjust part of again the

in continued an noted AI. is Chris core seeing in underinvested us. a are in his remarks, Learning better performance business, We area been well in as as driver growth as science, trade recovery our platform in our of which, prepared science, zyBooks a computer for data had That

feel are good very new signings, in that in us. also content We good for which indicator in about the a acquisition, progress forward-looking is the particular, making team

good from So that stabilized with when tailwinds always to on AI see feel we nice in is exactly we're journey. which and revenue, is that Learning. some what we we a growth all the on business, taken in business We've like started that added predicted footing return this together to

say limited you're what in is more as your trends of And can helpful. well as the for about you expectations to little you When this as in Maybe interesting. more potential, submissions as but about a have see seeing that impact agreement in then that bit certainly secondarily, might you growth Very the at that maybe point, well say growth article Research. switching margin new any opportunity? type from talk overall. India potential And to then just

Great.

a kind second we'll backwards. work Let me just of then start India for with and

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have of in article markets Asia seeing the what the growing terms are in markets out West the markets submissions, In overall, recovered. we're same. the point is But pattern in The faster like holds in what to the I'd than that West.

China, return So the continued India, like in Japan. from also digits and we've in of tailwinds Western kind mid-single seen to fact, a places markets most the of excitingly in growth

about our good for feeling really demand services. we're So continued

like and that. it underlies subscription engine not that it's to go lot but to business, we out, As bolster of a to core going pop so continues articles to Journals as in also open these continue Chris of incremental our did point as underpin from we value our the year. for revenue, author-paid the particular, prior prepared to see growth access in business, then said Q and the remarks, that nice revenue and, author-paid in the And streams in expect his we throughout Wiley

of there's even have is the maturity the rates, which western the approval important markets in those Yes, nuance because though to the lower higher articles have rates. an volume, markets, that science Western also Dan, of growth

many It's -- mix as how It's, around do it's this So dynamics we talked the about article articles complex both. accept. there's in some past, have the plus we pipeline.

No, to reminder. but cost management that's not touched probably intuitive opportunity? rationalization, but my a Where additional cost yours, And most do word, opportunities. Maybe you great or on you see reduction the just you and reduction you quantify initiatives? expect to incremental position cost additional of savings leg ongoing? be more targeted second Or a be kind expect of do to in of a do kind

comment. I'll see particularly to ask we A board. technology We of us and across Chris our couple focus an of opportunities infrastructure. the We as is then perspectives modernize for area

We have a to of are seeing when that. forward substantial of think those to And we are in I don't year investment infrastructure but now margin -- separate going in margins obviously important is here. X some the It's projects it view improve completed. But a looking probably benefits improvement as modernization. on projects really effort message we more or a is way life continuous And the year-on-year.

is get and among good the -- it. news that it. we're goal about It's we and team the all so shared And a excited

to the business. how margin how look you as years more we're our in later So visibility anything next reinvest growth core to we to But year this landing year like the that? and into about this we plays drive continue few add Chris, what in want point out. excited we give see as will the to improvement opportunity

No, necessarily premature area opportunities, this to a on would shared to numbers point. and where I more to an we is specific the I general say in at services a see bit have it's just don't put Matt. that, add anything lot

Makes the sale of collections sense. on businesses? potential divested Any update from

funds the we on which point, anticipate largest have We to outstanding business. balance, was that our related At do Services not are us. getting timing the owed necessarily this to University

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Appreciate back as $XX you allocation the for color. From year typical, much including half to of million a cash sense. in to obviously, perspective, cash Makes is continue heavier flow the return buybacks. the but capital shareholders, more

going priorities Just talk about forward.

comes would would but be terms I be internal have are As continue to should in -- returning investment about? of leverage? cash thinking reduce you You be do further or Or to that areas of other cash you aggressive investments, there shareholders? in, content to

we came as We've that a that had very continue look balanced cash and to approach in. would traditionally

investments look opportunities are unique it come to for future. have but used of most secure be be the We ability always future to down anything shareholders. returns solid to make deploy out to pay likely our growth into for to Would that, evaluating to and able debt initially

X been for Understood. The portfolio Last has reshaped. made me. We've progress. ton of a

then. a down It's Investor your further path to terms restructuring ton's getting while since outreach? Relations a did Obviously, for since the You're of plans in Investor changed Day. activities Analyst Any been more an growth. pivoting we aggressive

fiscal as just what maybe that front thinking So we wondering head is you're into 'XX. on

I've I more we place. leadership agree you. become We been team We've a Yes, focused. have different in do with --

do share. is when Investor want in lot the the on evaluating year. be that best But to time will to we we're have Day do an to of because really we do So It want things this. we good a going next calendar sometime

the do when new to calendar the would time But I the question best is X year. in that. expect is So

to working Very with good. you. Chris, look forward

Thanks, Dan.

back session. that to I'll for over any our Kissner closing call And Matt conclude the question-and-answer And turn remarks. will now

happy joining we to look this Well, and March. sharing on journey. and Wishing your thanks a our holiday in season, more in for forward QX healthy earnings families and us you

call. for all you joining today's Thank

You disconnect. may now