HOBOKEN, N.J.--(BUSINESS WIRE)--John Wiley & Sons, Inc. (NYSE:JWA)(NYSE:JWB), a global research and
education company, today announced results for the fourth quarter and
fiscal year ended April 30, 2019.
FOURTH QUARTER 2019 HIGHLIGHTS
-
GAAP results: Revenue of $491 million (+3%), Operating Income of $80
million (+10%), and EPS of $1.10 (+19%)
-
Adjusted results excluding FX: Revenue +7%, Operating Income +14%, and
EPS +19%
-
Adjusted results excluding FX and impact from Learning House
acquisition: Revenue +3%, Operating Income +17%, and EPS +26%
-
Acquisition of Knewton on May 31 boosts competitive position in
adaptive learning and affordable content
FISCAL YEAR 2019 HIGHLIGHTS
-
GAAP results: Revenue of $1.8 billion (+0.2%), Operating Income of
$224 million (-3%), and EPS of $2.91 (-12%)
-
Adjusted results excluding FX: Revenue +2%, Operating Income -9%, and
EPS -8%
-
Adjusted results excluding FX and impact from Learning House
acquisition: Revenue +0.4%, Operating Income -6%, and EPS -4%
-
Acquisition of Learning House strengthens Wiley’s leadership position
in the rapidly-growing education services market for universities and
corporations
-
The Company’s transformation to digital continues with digital
products and tech-enabled services now accounting for 75% of total
revenue
MANAGEMENT COMMENTARY
“We are pleased with the momentum that we’re seeing across the Company,”
said Brian Napack, President and CEO. “We achieved our targets for
revenue and earnings and are seeing good growth in strategic areas such
as Research Open Access publishing, Education Services, Test Preparation
and Certification, and corporate training. We also made two important
acquisitions in education and began to see returns from our multi-year
business optimization program. We are executing well and are energized
by the results we are seeing from our strategic investments in the
important markets we serve – research and education.”
FINANCIAL SUMMARY
Wiley provides non-GAAP financial measures such as “Adjusted EPS,”
“Adjusted Operating Income,” “Adjusted EBITDA,” “Adjusted CTP,” “Free
Cash Flow less Product Development Spending,” and results on a constant
currency (“CC”) basis to assess underlying business performance and
trends. Management believes non-GAAP financial measures, which exclude
the impact of restructuring charges and credits and other items, provide
supplementary information to support analyzing operating results and
earnings. See the reconciliations of non-GAAP financials and
explanations of the uses of non-GAAP measures in the supplementary
information accompanying this press release.
Fourth Quarter Results
|
GAAP Measures
Unaudited ($millions except for EPS)
|
|
|
Q4 2019
|
|
Q4 2018
|
|
Change
|
|
Revenue
|
|
|
$491.2
|
|
$477.3
|
|
3%
|
|
Operating Income
|
|
|
$80.0
|
|
$72.7
|
|
10%
|
|
Diluted EPS
|
|
|
$1.10
|
|
$0.93
|
|
19%
|
|
Non-GAAP Measures
|
|
|
Q4 2019
|
|
Q4 2018
|
|
Change
CC
|
|
Change
CC/ex-acquisitions
|
|
Revenue
|
|
|
$491.2
|
|
$477.3
|
|
7%
|
|
3%
|
|
Adjusted Operating Income
|
|
|
$79.6
|
|
$74.7
|
|
14%
|
|
17%
|
|
Adjusted EPS
|
|
|
$1.05
|
|
$0.94
|
|
19%
|
|
26%
|
The above includes the fourth quarter impact of the Learning House
acquisition: +$18 million in revenue, -$2.8 million in operating income,
and - $0.06 in EPS. Wiley recorded unfavorable foreign currency
variances in the quarter of approximately $17 million in revenue, $5
million in operating income, and $0.07 in EPS.
-
Revenue reflected growth in Research (0% reported, 4% CC) and
Solutions (30% reported, 32% CC), partially offset by a decline in
Publishing (-3% reported, -1% CC). Excluding Learning House, total
revenue rose 3% on a constant currency basis.
-
Research (flat reported, +4% CC) was driven by Journal
Subscriptions (0% reported, +5% CC) and Open Access (+13%
reported, +19% CC).
-
Publishing (-3% reported, -1% CC) saw strong growth in Test
Preparation and Certification (+35% reported, +37% CC) offset by
declines in Education Publishing (-15% reported, -12% CC) and STM
and Professional Publishing (-5% reported, -2% CC). Course
Workflow/WileyPLUS rose 4%, or 5% at constant currency.
-
Solutions grew 30% on reported basis, or 32% at constant
currency (excluding Learning House, Solutions rose 3%, or 5% CC).
Growth in Education Services and Professional Assessment offset
declines in Corporate Learning.
-
GAAP Operating Income and Adjusted Operating Income
growth mainly reflected increased revenues, and lower operating and
administrative expenses.
-
Research CTP was essentially flat on a reported basis but
grew 6% on an adjusted basis at constant currency, reflecting
higher revenue at constant currency.
-
Publishing CTP rose 17% on a reported basis and 23%
adjusted at constant currency mainly due to lower employment costs.
-
Solutions CTP declined 22% or 25% adjusted at constant
currency due to the impact of the Learning House acquisition (-$3
million in non-cash amortization expense) and increased marketing
costs to drive future enrollment growth.
-
Corporate Expenses declined 11%, or 5% adjusted at constant
currency, primarily due to lower employment costs.
-
GAAP EPS and Adjusted EPS reflected higher operating
income.
Full Year Results
|
GAAP Measures
Unaudited ($millions except for EPS)
|
|
|
FY 2019
|
|
FY 2018
|
|
Change
|
|
Revenue
|
|
|
$1,800.1
|
|
$1,796.1
|
|
0%
|
|
Operating Income
|
|
|
$224.0
|
|
$231.5
|
|
(3%)
|
|
Diluted EPS
|
|
|
$2.91
|
|
$3.32
|
|
(12%)
|
|
Cash Provided by Operating Activities
|
|
|
$250.8
|
|
$382.3
|
|
(34%)
|
|
Non-GAAP Measures
|
|
|
FY 2019
|
|
FY 2018
|
|
|
|
Change
CC
|
|
Change
CC/ ex-acquisitions
|
|
Revenue
|
|
|
$1,800.1
|
|
$1,796.1
|
|
|
|
2%
|
|
0%
|
|
Adjusted Operating Income
|
|
|
$227.1
|
|
$263.6
|
|
|
|
(9%)
|
|
(6%)
|
|
Adjusted EPS
|
|
|
$2.96
|
|
$3.43
|
|
|
|
(8%)
|
|
(4%)
|
|
Free Cash Flow less Product Development Spending
|
|
|
$149.2
|
|
$231.6
|
|
(36%)
|
|
|
|
|
The above includes the half year impact of the Learning House
acquisition: +$32 million in revenue, -$8 million in operating income,
and -$0.15 in EPS. Wiley recorded unfavorable foreign currency
variances in the year of approximately $35 million in revenue, $13
million in operating income, and $0.18 in EPS.
-
Revenue reflected growth in Research (0% reported, +3% CC) and
Solutions (+18% reported, +19% CC) offset by a decline in Publishing
(-7% reported, -6% CC).
-
Research segment results were driven by
growth in Open Access (+30% reported, +33% CC) and Atypon (+9%
reported and CC). Journal Subscriptions declined 2% on a reported
basis but were flat at constant currency.
-
Publishing segment performance primarily reflected declines
in STM and Professional Publishing (-8% reported, -6% CC) and
Education Publishing (-16% reported, -14% CC). Education
Publishing now represents less than 9% of total Wiley revenue.
These book revenue declines were partially offset by strong growth
in Test Preparation and Certification (+14% reported, +15% CC) and
higher revenue in WileyPLUS due largely to timing of revenue
recognition changes (+7%).
-
Solutions segment growth included higher revenue in all
three businesses: Education Services (+32%, or +6% excluding
Learning House), Corporate Learning (+2% reported, +6% CC), and
Professional Assessment (+8%).
-
GAAP Operating Income and Adjusted Operating Income
decline mainly reflected revenue performance.
-
Research CTP declined 5% on a reported basis and 1% on an
adjusted basis at constant currency. Performance reflected higher
society publishing royalties and investments in editorial
resources to support increased journal publishing, as well as
higher investment in sales and marketing resources.
-
Publishing CTP declined 2% on a reported basis and 8%
adjusted at constant currency, reflecting revenue performance.
-
Solutions CTP declined 32% on a reported basis and 39%
adjusted at constant currency due to dilution from the Learning
House acquisition (-$8 million, including $5 million of acquired
intangibles amortization) and investment to drive future
enrollment growth in Education Services.
-
Corporate Expenses decreased 8% on a reported basis due to
lower restructuring charges and decreased 1% on an adjusted basis
at constant currency.
-
GAAP EPS largely reflected lower reported operating income in
the current year and the initial benefit in the prior year from the US
Tax Cuts and Jobs Act, partially offset by lower restructuring charges
and foreign exchange losses in the year. Adjusted EPS declined
primarily due to lower adjusted operating income.
-
Net Cash Provided by Operating Activities declined by $131
million primarily due to lower earnings, including Learning House
(-$24 million), timing-related changes in working capital performance,
including unfavorable cash collections (-$57 million) and payables
(-$26 million). Also contributing to lower cash provided by operations
was, Learning House one-time closing costs (-$10 million), a
tax-advantaged contribution to the US pension plan (-$10 million) and
other working capital changes of (-$4 million). Approximately $35
million of cash collections for 2019 journal subscriptions collections
was delayed into fiscal 2020.
-
Free Cash Flow less Product Development Spending performance
declined due to lower cash provided by operating activities, which was
partially offset by reduced capital expenditures. Capital investment,
which includes Technology, Property, and Equipment, and Product
Development Spending, declined $49 million to $102 million due to the
completion of Wiley’s headquarters transformation, the May 2018
implementation of our ERP order-to-cash release for journal
subscriptions and reporting changes related to the adoption of ASC 606.
-
Financing Activities: On May 30, 2019, Wiley entered into
a credit agreement that amended and restated the existing agreement.
The credit agreement provides for senior unsecured credit facilities
comprised of a (i) five-year revolving credit facility in an aggregate
principal amount up to $1.25 billion, and (ii) a five-year term loan A
facility consisting of $250 million.
-
Shareholder Return: In fiscal 2019, Wiley raised its annual
dividend for the 25th consecutive year to $0.33 per quarter
(+3%). For the year, the Company utilized approximately $76 million of
cash for dividends and $60 million for share repurchases with an
average per share cost of $50.35, including $25 million for share
repurchases in the fourth quarter at an average per share cost of
$44.83
FISCAL YEAR 2020 OUTLOOK
Going forward, Wiley will be aligning its reporting with its strategic
focus areas – (1) Research Publishing and Platforms, which is
identical to the current “Research” business; (2) Education and
Professional Publishing, which consists of the current “Publishing”
segment plus Corporate Learning and Professional Assessment
sub-segments; and (3) Education Services, which is identical to
our current “Education Services” sub-segment and consists of online
program management (OPM) and other rapidly-growing services businesses.
|
|
|
|
|
|
|
|
|
Item
|
|
FY19 Actual
|
|
FY20 Outlook
|
|
FY22 Target
|
|
Revenue
|
|
$1.80B
|
|
$1.84B-$1.87B
|
|
~$2.0B
|
|
Research Publishing & Platforms
|
|
$937M
|
|
$950-$960M
|
|
~$990M
|
|
Education & Professional Publishing
|
|
$705M
|
|
$690-$700M
|
|
~$720M
|
|
Education Services
|
|
$158M
|
|
$200-$210M
|
|
~$290M
|
|
Adjusted EBITDA
|
|
$388M
|
|
$360-$375M
|
|
~$440M
|
|
Adjusted EPS
|
|
$2.96
|
|
$2.45-$2.55
|
|
~$3.50
|
|
Free Cash Flow
|
|
$149M
|
|
$210-$230M
|
|
~$250M
|
|
|
|
|
|
|
|
|
-
FY20 Adjusted EPS is expected to decline primarily due to non-cash
amortization expense related to acquisitions and increased investment
to grow and optimize Research and Education Services
-
Forward-looking metrics include impact from Learning House and
Knewton acquisitions
-
FY20 numbers exclude Q1 2020 restructuring charge of
approximately $15-20M
-
FY20 Outlook and FY22 Target reflect FY19 average exchange rates
EARNINGS CONFERENCE CALL
-
Scheduled for today, June 11 at 10:00 a.m. (ET). Access the webcast at
wiley.com>Investor Relations> Events and Presentations, or https://www.wiley.com/en-us/investors.
U.S. and Canada callers, please dial 888-254-3590 and enter the
participant code 3028324#. International callers, please dial +1
856-344-9316 and enter the participant code 3028324#.
ABOUT WILEY
Wiley drives the world forward with research and education. Our
scientific, technical, medical, and scholarly journals and our digital
learning, certification, and student-lifecycle services and solutions
help students, researchers, universities, corporations to achieve their
goals in an ever-changing world. For more than 200 years, we have
delivered consistent performance to all of our stakeholders. The
Company's website can be accessed at www.wiley.com.
FORWARD-LOOKING STATEMENTS
This release contains certain forward-looking statements concerning the
Company's Fiscal Year 2020 Outlook, Fiscal Year 2022 Target, operations,
performance, financial condition. Reliance should not be placed on
forward-looking statements, as actual results may differ materially from
those in any forward-looking statements. Any such forward-looking
statements are based upon a number of assumptions and estimates that are
inherently subject to uncertainties and contingencies, many of which are
beyond the control of the Company and are subject to change based on
many important factors. Such factors include, but are not limited to (i)
the level of investment in new technologies and products; (ii)
subscriber renewal rates for the Company's journals; (iii) the financial
stability and liquidity of journal subscription agents; (iv) the
consolidation of book wholesalers and retail accounts; (v) the market
position and financial stability of key online retailers; (vi) the
seasonal nature of the Company's educational business and the impact of
the used book market; (vii) worldwide economic and political conditions;
(viii) the Company's ability to protect its copyrights and other
intellectual property worldwide (ix) the ability of the Company to
successfully integrate acquired operations and realize expected
opportunities and (x) other factors detailed from time to time in the
Company's filings with the Securities and Exchange Commission. The
Company undertakes no obligation to update or revise any such
forward-looking statements to reflect subsequent events or circumstances.
|
JOHN WILEY & SONS, INC.
|
|
SUPPLEMENTARY INFORMATION (1)(2)(3)
|
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
|
(in thousands, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
|
April 30,
|
|
April 30,
|
|
|
|
2019
|
|
2018 (4)(5)
|
|
2019
|
|
2018 (4)(5)
|
|
Revenue, net
|
|
$
|
491,179
|
|
$
|
477,253
|
|
$
|
1,800,069
|
|
$
|
1,796,103
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of sales (5)
|
|
|
150,528
|
|
|
136,579
|
|
|
554,722
|
|
|
531,024
|
|
Operating and administrative expenses (4)(5)
|
|
|
246,234
|
|
|
253,665
|
|
|
963,582
|
|
|
956,822
|
|
Restructuring and related (credits) charges
|
|
|
(444)
|
|
|
2,035
|
|
|
3,118
|
|
|
28,566
|
|
Amortization of intangibles
|
|
|
14,833
|
|
|
12,265
|
|
|
54,658
|
|
|
48,230
|
|
Total Costs and Expenses
|
|
|
411,151
|
|
|
404,544
|
|
|
1,576,080
|
|
|
1,564,642
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
80,028
|
|
|
72,709
|
|
|
223,989
|
|
|
231,461
|
|
As a % of revenue
|
|
|
16.3%
|
|
|
15.2%
|
|
|
12.4%
|
|
|
12.9%
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(4,371)
|
|
|
(3,251)
|
|
|
(16,121)
|
|
|
(13,274)
|
|
Foreign exchange transaction losses
|
|
|
(1,708)
|
|
|
(1,235)
|
|
|
(6,016)
|
|
|
(12,819)
|
|
Interest and other income (4)
|
|
|
3,383
|
|
|
1,869
|
|
|
11,100
|
|
|
8,563
|
|
Income Before Taxes
|
|
|
77,332
|
|
|
70,092
|
|
|
212,952
|
|
|
213,931
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
14,090
|
|
|
16,032
|
|
|
44,689
|
|
|
21,745
|
|
Effective tax rate
|
|
|
18.2%
|
|
|
22.9%
|
|
|
21.0%
|
|
|
10.2%
|
|
Net Income
|
|
$
|
63,242
|
|
$
|
54,060
|
|
$
|
168,263
|
|
$
|
192,186
|
|
As a % of revenue
|
|
|
12.9%
|
|
|
11.3%
|
|
|
9.3%
|
|
|
10.7%
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average Shares - Diluted
|
|
|
57,341
|
|
|
58,090
|
|
|
57,840
|
|
|
57,888
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share - Diluted
|
|
$
|
1.10
|
|
$
|
0.93
|
|
$
|
2.91
|
|
$
|
3.32
|
|
(1) The supplementary information included in this press release for
the three months and year ended April 30, 2019 is preliminary and
subject to change prior to the filing of our upcoming Annual Report
on Form 10-K with the Securities and Exchange Commission. We
completed the acquisition of The Learning House on November 1, 2018
and, as a result, we have included the results of Learning House in
our consolidated financial results for fiscal year 2019 as of that
date. Learning House's revenue and operating (loss) included in our
Solutions segment results for the three months ended April 30, 2019
was $18.1 million and $(2.8) million, respectively. Learning House's
revenue and operating (loss) included in our Solutions segment
results for the year ended April 30, 2019 was $31.5 million and
$(8.0) million, respectively.
|
|
(2) All amounts are approximate due to rounding.
|
|
|
(3) On May 1, 2018, we adopted the U.S. accounting standard
regarding revenue recognition ("Topic 606," or "ASC 606"). The
adoption of Topic 606 did not have a material impact to our
consolidated results of operations. Refer to our upcoming Annual
Report on Form 10-K for further details.
|
|
(4) Due to the retrospective adoption of ASU 2017-07, total net
benefits of $2.1 million and $8.1 million related to defined benefit
and other post-employment benefit plans were reclassified from
operating and administrative expenses to interest and other income
for the three months and year ended April 30, 2018, respectively.
Total net benefits were $2.1 million and $8.8 million for the three
months and year ended April 30, 2019, respectively.
|
|
(5) In connection with the acquisition of The Learning House on
November 1, 2018, we changed our accounting policy for certain
advertising and marketing costs related to the Education Services
business. Under the new accounting policy, these costs are included
in cost of sales whereas they were previously included in operating
and administrative expenses on the Condensed Consolidated Statements
of Income. The amount reclassified for the three months and year
ended April 30, 2018 was $11.1 million and $45.8 million,
respectively. This reclassification had no impact on revenue, net,
operating income, net income, or earnings per share.
|
|
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JOHN WILEY & SONS, INC.
|
|
SUPPLEMENTARY INFORMATION (1)
|
|
RECONCILIATION OF GAAP EPS to NON-GAAP ADJUSTED EPS - DILUTED
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Three Months Ended
|
|
Year Ended
|
|
|
|
|
April 30,
|
|
April 30,
|
|
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
GAAP Earnings Per Share - Diluted
|
|
$
|
1.10
|
|
$
|
0.93
|
|
$
|
2.91
|
|
$
|
3.32
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Restructuring and related charges (A)
|
|
|
-
|
|
|
0.02
|
|
|
0.04
|
|
|
0.39
|
|
|
Foreign exchange (gains) losses on intercompany transactions (B)
|
|
|
-
|
|
|
(0.01)
|
|
|
0.06
|
|
|
0.15
|
|
|
Impact of Tax Cuts and Jobs Act (C)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(0.43)
|
|
|
Impact of reduction in certain U.S. state tax rates in 2019 (D)
|
|
|
(0.05)
|
|
|
-
|
|
|
(0.05)
|
|
|
-
|
|
Non-GAAP Adjusted Earnings Per Share - Diluted
|
|
$
|
1.05
|
|
$
|
0.94
|
|
$
|
2.96
|
|
$
|
3.43
|
|
|
|
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Notes:
|
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(A)
|
Adjusted results exclude restructuring and related (credits) charges
associated with our Restructuring and Reinvestment Program. For the
three months ended April 30, 2019 and 2018, there were credits of
$0.4 million, or no impact per share and charges of $2.0 million or
$0.02 per share, respectively. For the year ended April 30, 2019 and
2018, there were charges of $3.1 million or $0.04 per share, and
charges of $28.6 million or $0.39 per share, respectively.
|
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(B)
|
Adjusted results exclude foreign exchange (gains) and losses
associated with intercompany transactions. For the three months
ended April 30, 2019 and 2018, there were losses of $0.2 million or
no impact per share and gains of $0.9 million or $(0.01) per share,
respectively. For the year ended April 30, 2019 and 2018, there were
losses of $4.2 million or $0.06 per share, and losses of $10.7
million or $0.15 per share, respectively.
|
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(C)
|
In connection with the Tax Cuts and Jobs Act enacted on December 22,
2017, for the three months ended April 30, 2018, we recorded an
income tax provision of $0.1 million, or no impact per share. We did
not record an income tax provision for the three months ended April
30, 2019. For the year ended April 30, 2019 and 2018, we recorded an
income tax provision of $0.2 million, or no impact per share, and an
income tax provision of $25.1 million, or $(0.43) per share,
respectively.
|
|
(D)
|
In connection with the reduction in certain U.S. state tax
apportionment factors in 2019, for the three months and year ended
April 30, 2019, we recorded an income tax benefit of $2.9 million,
or $(0.05) per share.
|
|
(1) See Explanation of Usage of Non-GAAP performance measures
included in this supplementary information for additional details on
the reasons why management believes presentation of each non-GAAP
performance measure provides useful information to investors. The
supplementary information included in this press release for the
three months and year ended April 30, 2019 is preliminary and
subject to change prior to the filing of our upcoming Annual Report
on Form 10-K with the Securities and Exchange Commission.
|
|
|
|
|
|
JOHN WILEY & SONS, INC.
|
|
SUPPLEMENTARY INFORMATION (1)
|
|
RECONCILIATION OF GAAP NET INCOME to NON-GAAP EBITDA AND ADJUSTED
EBITDA
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
April 30,
|
|
|
|
|
2019
|
|
Net Income
|
|
$
|
168,263
|
|
|
Interest expense
|
|
|
16,121
|
|
|
Provision for income taxes
|
|
|
44,689
|
|
|
Depreciation and amortization
|
|
|
161,155
|
|
Non-GAAP EBITDA
|
|
|
390,228
|
|
|
Restructuring and related (credits) charges
|
|
|
3,118
|
|
|
Foreign exchange transaction losses
|
|
|
6,016
|
|
|
Interest and other income
|
|
|
(11,100)
|
|
Non-GAAP Adjusted EBITDA
|
|
$
|
388,262
|
|
|
|
|
|
|
Notes:
|
|
|
|
(1) See Explanation of Usage of Non-GAAP performance measures
included in this supplementary information for additional details on
the reasons why management believes presentation of each non-GAAP
performance measure provides useful information to investors. The
supplementary information included in this press release for the
three months and year ended April 30, 2019 is preliminary and
subject to change prior to the filing of our upcoming Annual Report
on Form 10-K with the Securities and Exchange Commission.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JOHN WILEY & SONS, INC.
|
|
SUPPLEMENTARY INFORMATION (1)
|
|
SEGMENT RESULTS
|
|
(in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended April 30,
|
|
|
% Change
|
|
|
|
|
|
|
2019
|
|
2018 (2)
|
|
|
Reported
|
|
Constant
Currency
|
|
Research:
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, net
|
|
|
|
|
|
|
|
|
|
|
|
|
Journal Subscriptions
|
|
|
$
|
179,055
|
|
$
|
178,910
|
|
|
0%
|
|
5%
|
|
|
Open Access
|
|
|
|
15,754
|
|
|
13,939
|
|
|
13%
|
|
19%
|
|
|
Licensing, Reprints, Backfiles, and Other
|
|
|
|
53,578
|
|
|
57,212
|
|
|
-6%
|
|
-2%
|
|
|
|
Total Journal Revenue
|
|
|
|
248,387
|
|
|
250,061
|
|
|
-1%
|
|
4%
|
|
|
Publishing Technology Services (Atypon)
|
|
|
|
8,936
|
|
|
8,348
|
|
|
7%
|
|
7%
|
|
Total Revenue, net
|
|
|
$
|
257,323
|
|
$
|
258,409
|
|
|
0%
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution to Profit (2)
|
|
|
$
|
82,310
|
|
$
|
82,465
|
|
|
0%
|
|
6%
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring (credits) charges
|
|
|
|
(120)
|
|
|
119
|
|
|
|
|
|
|
Non-GAAP Adjusted Contribution to Profit
|
|
|
$
|
82,190
|
|
$
|
82,584
|
|
|
0%
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Publishing:
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, net
|
|
|
|
|
|
|
|
|
|
|
|
|
STM and Professional Publishing
|
|
|
$
|
68,154
|
|
$
|
71,480
|
|
|
-5%
|
|
-2%
|
|
|
Education Publishing
|
|
|
|
29,843
|
|
|
35,285
|
|
|
-15%
|
|
-12%
|
|
|
Courseware (WileyPLUS)
|
|
|
|
21,343
|
|
|
20,549
|
|
|
4%
|
|
5%
|
|
|
Test Preparation and Certification
|
|
|
|
11,263
|
|
|
8,367
|
|
|
35%
|
|
37%
|
|
|
Licensing, Distribution, Advertising and Other
|
|
|
|
15,534
|
|
|
15,460
|
|
|
0%
|
|
3%
|
|
Total Revenue, net
|
|
|
$
|
146,137
|
|
$
|
151,141
|
|
|
-3%
|
|
-1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution to Profit (2)
|
|
|
$
|
32,020
|
|
$
|
27,361
|
|
|
17%
|
|
21%
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring credits
|
|
|
|
(85)
|
|
|
(490)
|
|
|
|
|
|
|
Non-GAAP Adjusted Contribution to Profit
|
|
|
$
|
31,935
|
|
$
|
26,871
|
|
|
19%
|
|
23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Solutions:
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, net
|
|
|
|
|
|
|
|
|
|
|
|
|
Education Services
|
|
|
$
|
52,305
|
|
$
|
30,815
|
|
|
70%
|
|
70%
|
|
|
Professional Assessment
|
|
|
|
18,222
|
|
|
17,158
|
|
|
6%
|
|
6%
|
|
|
Corporate Learning
|
|
|
|
17,192
|
|
|
19,730
|
|
|
-13%
|
|
-5%
|
|
Total Revenue, net
|
|
|
$
|
87,719
|
|
$
|
67,703
|
|
|
30%
|
|
32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution to Profit
|
|
|
$
|
8,121
|
|
$
|
10,355
|
|
|
-22%
|
|
-23%
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring (credits) charges
|
|
|
|
(36)
|
|
|
248
|
|
|
|
|
|
|
Non-GAAP Adjusted Contribution to Profit
|
|
|
$
|
8,085
|
|
$
|
10,603
|
|
|
-24%
|
|
-25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Expenses (2):
|
|
|
$
|
(42,423)
|
|
$
|
(47,472)
|
|
|
-11%
|
|
-9%
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring (credits) charges
|
|
|
|
(203)
|
|
|
2,158
|
|
|
|
|
|
|
Non-GAAP Adjusted Corporate Expenses
|
|
|
$
|
(42,626)
|
|
$
|
(45,314)
|
|
|
-6%
|
|
-5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consolidated Revenue, net
|
|
|
$
|
491,179
|
|
$
|
477,253
|
|
|
3%
|
|
7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Operating Income (2)
|
|
|
$
|
80,028
|
|
$
|
72,709
|
|
|
10%
|
|
17%
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring (credits) charges
|
|
|
|
(444)
|
|
|
2,035
|
|
|
|
|
|
|
Non-GAAP Adjusted Operating Income
|
|
|
$
|
79,584
|
|
$
|
74,744
|
|
|
6%
|
|
14%
|
|
As a % of revenue
|
|
|
|
16.2%
|
|
|
15.7%
|
|
|
|
|
|
|
(1) The supplementary information included in this press release for
the three months ended April 30, 2019 is preliminary and subject to
change prior to the filing of our upcoming Annual Report on Form
10-K with the Securities and Exchange Commission.
|
|
(2) Due to the retrospective adoption of ASU 2017-07, total net
benefits of $2.1 million related to defined benefit and other
post-employment benefit plans were reclassified from operating and
administrative expenses to interest and other income for the three
months ended April 30, 2018. The impact of the reclassification on
contribution to profit by segment for the three months ended April
30, 2018 was $1.1 million in Research, $0.6 million in Publishing,
and $0.4 million in Corporate Expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JOHN WILEY & SONS, INC.
|
|
SUPPLEMENTARY INFORMATION (1)
|
|
SEGMENT RESULTS
|
|
(in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended April 30,
|
|
|
% Change
|
|
|
|
|
|
|
2019
|
|
2018 (2)
|
|
|
Reported
|
|
Constant
Currency
|
|
Research:
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, net
|
|
|
|
|
|
|
|
|
|
|
|
|
Journal Subscriptions
|
|
|
$
|
661,055
|
|
$
|
677,685
|
|
|
-2%
|
|
0%
|
|
|
Open Access
|
|
|
|
54,671
|
|
|
41,997
|
|
|
30%
|
|
33%
|
|
|
Licensing, Reprints, Backfiles, and Other
|
|
|
|
185,619
|
|
|
181,806
|
|
|
2%
|
|
4%
|
|
|
|
Total Journal Revenue
|
|
|
|
901,345
|
|
|
901,488
|
|
|
0%
|
|
3%
|
|
|
Publishing Technology Services (Atypon)
|
|
|
|
35,968
|
|
|
32,907
|
|
|
9%
|
|
9%
|
|
Total Revenue, net
|
|
|
$
|
937,313
|
|
$
|
934,395
|
|
|
0%
|
|
3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution to Profit (2)
|
|
|
$
|
258,875
|
|
$
|
271,326
|
|
|
-5%
|
|
0%
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges
|
|
|
|
1,131
|
|
|
5,257
|
|
|
|
|
|
|
Non-GAAP Adjusted Contribution to Profit
|
|
|
$
|
260,006
|
|
$
|
276,583
|
|
|
-6%
|
|
-1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Publishing:
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, net
|
|
|
|
|
|
|
|
|
|
|
|
|
STM and Professional Publishing
|
|
|
$
|
265,719
|
|
$
|
287,315
|
|
|
-8%
|
|
-6%
|
|
|
Education Publishing
|
|
|
|
157,579
|
|
|
187,178
|
|
|
-16%
|
|
-14%
|
|
|
Courseware (WileyPLUS)
|
|
|
|
63,485
|
|
|
59,475
|
|
|
7%
|
|
7%
|
|
|
Test Preparation and Certification
|
|
|
|
40,606
|
|
|
35,534
|
|
|
14%
|
|
15%
|
|
|
Licensing, Distribution, Advertising and Other
|
|
|
|
46,803
|
|
|
48,146
|
|
|
-3%
|
|
-1%
|
|
Total Revenue, net
|
|
|
$
|
574,192
|
|
$
|
617,648
|
|
|
-7%
|
|
-6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution to Profit (2)
|
|
|
$
|
118,901
|
|
$
|
121,639
|
|
|
-2%
|
|
-1%
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges
|
|
|
|
650
|
|
|
6,443
|
|
|
|
|
|
|
|
Publishing brand impairment charge
|
|
|
|
-
|
|
|
3,600
|
|
|
|
|
|
|
Non-GAAP Adjusted Contribution to Profit
|
|
|
$
|
119,551
|
|
$
|
131,682
|
|
|
-9%
|
|
-8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Solutions:
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, net
|
|
|
|
|
|
|
|
|
|
|
|
|
Education Services
|
|
|
$
|
157,549
|
|
$
|
119,131
|
|
|
32%
|
|
32%
|
|
|
Professional Assessment
|
|
|
|
65,889
|
|
|
61,094
|
|
|
8%
|
|
8%
|
|
|
Corporate Learning
|
|
|
|
65,126
|
|
|
63,835
|
|
|
2%
|
|
6%
|
|
Total Revenue, net
|
|
|
$
|
288,564
|
|
$
|
244,060
|
|
|
18%
|
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution to Profit
|
|
|
$
|
14,967
|
|
$
|
22,099
|
|
|
-32%
|
|
-33%
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges
|
|
|
|
878
|
|
|
3,695
|
|
|
|
|
|
|
Non-GAAP Adjusted Contribution to Profit
|
|
|
$
|
15,845
|
|
$
|
25,794
|
|
|
-39%
|
|
-39%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Expenses (2):
|
|
|
$
|
(168,754)
|
|
$
|
(183,603)
|
|
|
-8%
|
|
-7%
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges
|
|
|
|
459
|
|
|
13,171
|
|
|
|
|
|
|
Non-GAAP Adjusted Corporate Expenses
|
|
|
$
|
(168,295)
|
|
$
|
(170,432)
|
|
|
-1%
|
|
-1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consolidated Revenue, net
|
|
|
$
|
1,800,069
|
|
$
|
1,796,103
|
|
|
0%
|
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Operating Income (2)
|
|
|
$
|
223,989
|
|
$
|
231,461
|
|
|
-3%
|
|
2%
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charges
|
|
|
|
3,118
|
|
|
28,566
|
|
|
|
|
|
|
|
Publishing brand impairment charge
|
|
|
|
-
|
|
|
3,600
|
|
|
|
|
|
|
Non-GAAP Adjusted Operating Income
|
|
|
$
|
227,107
|
|
$
|
263,627
|
|
|
-14%
|
|
-9%
|
|
As a % of revenue
|
|
|
|
12.6%
|
|
|
14.7%
|
|
|
|
|
|
|
(1) The supplementary information included in this press release for
the year ended April 30, 2019 is preliminary and subject to change
prior to the filing of our upcoming Annual Report on Form 10-K with
the Securities and Exchange Commission.
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(2) Due to the retrospective adoption of ASU 2017-07, total net
benefits of $8.1 million related to defined benefit and other
post-employment benefit plans were reclassified from operating and
administrative expenses to interest and other income. The impact of
the reclassification on contribution to profit by segment for the
year ended April 30, 2018 was $4.2 million in Research, $2.3 million
in Publishing, and $1.6 million in Corporate Expenses.
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JOHN WILEY & SONS, INC.
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SUPPLEMENTARY INFORMATION (1)(2)
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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
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(in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
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April 30,
|
|
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April 30,
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|
|
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2019
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|
|
2018
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Assets:
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
92,890
|
|
|
$
|
169,773
|
|
|
Accounts receivable, net (2)
|
|
|
294,867
|
|
|
|
212,377
|
|
|
Inventories, net
|
|
|
35,582
|
|
|
|
39,489
|
|
|
Prepaid expenses and other current assets
|
|
|
67,441
|
|
|
|
58,332
|
|
|
Total Current Assets
|
|
|
490,780
|
|
|
|
479,971
|
|
Product Development Assets
|
|
|
62,470
|
|
|
|
78,814
|
|
Royalty Advances, net
|
|
|
36,185
|
|
|
|
37,058
|
|
Technology, Property and Equipment, net
|
|
|
289,021
|
|
|
|
289,934
|
|
Intangible Assets, net
|
|
|
865,572
|
|
|
|
848,071
|
|
Goodwill
|
|
|
|
1,095,666
|
|
|
|
1,019,801
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|
Other Non-Current Assets
|
|
|
97,308
|
|
|
|
85,802
|
|
|
Total Assets
|
|
$
|
2,937,002
|
|
|
$
|
2,839,451
|
|
|
|
|
|
|
|
|
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Liabilities and Shareholders' Equity:
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
90,980
|
|
|
$
|
90,097
|
|
|
Accrued royalties
|
|
|
78,062
|
|
|
|
73,007
|
|
|
Contract liability (Deferred revenue) (2)
|
|
|
507,365
|
|
|
|
486,353
|
|
|
Accrued employment costs
|
|
|
97,230
|
|
|
|
116,179
|
|
|
Accrued income taxes
|
|
|
21,025
|
|
|
|
13,927
|
|
|
Other accrued liabilities
|
|
|
75,900
|
|
|
|
94,748
|
|
|
Total Current Liabilities
|
|
|
870,562
|
|
|
|
874,311
|
|
Long-Term Debt
|
|
|
478,790
|
|
|
|
360,000
|
|
Accrued Pension Liability
|
|
|
166,331
|
|
|
|
190,301
|
|
Deferred Income Tax Liabilities
|
|
|
143,775
|
|
|
|
143,518
|
|
Other Long-Term Liabilities
|
|
|
96,197
|
|
|
|
80,764
|
|
|
Total Liabilities
|
|
|
1,755,655
|
|
|
|
1,648,894
|
|
Shareholders' Equity
|
|
|
1,181,347
|
|
|
|
1,190,557
|
|
|
Total Liabilities and Shareholders' Equity
|
|
$
|
2,937,002
|
|
|
$
|
2,839,451
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(1) The supplementary information included in this press release for
April 30, 2019 is preliminary and subject to change prior to the
filing of our upcoming Annual Report on Form 10-K with the
Securities and Exchange Commission.
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(2) On May 1, 2018, we adopted Topic 606. The impact to the
Condensed Consolidated Statements of Financial Position was not
material by line item, except for the reclassification of the sales
return reserve provision, which increased accounts receivable, net
and contract liability (deferred revenue) by $28.3 million. As of
April 30, 2019, the amount of the sales return provision included in
contract liability was $25.9 million. Refer to our upcoming Annual
Report on Form 10-K for the annual period ended April 30, 2019 for
further details of our adoption of Topic 606.
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|
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JOHN WILEY & SONS, INC.
|
|
SUPPLEMENTARY INFORMATION (1)
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
|
|
(in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
|
April 30,
|
|
|
|
|
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2019
|
|
|
2018 (2)
|
|
Operating Activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
168,263
|
|
|
$
|
192,186
|
|
|
Amortization of intangibles
|
|
|
|
54,658
|
|
|
|
48,230
|
|
|
Amortization of product development assets
|
|
|
|
37,079
|
|
|
|
41,432
|
|
|
Depreciation of technology, property, and equipment
|
|
|
|
69,418
|
|
|
|
64,327
|
|
|
Other non-cash charges and credits
|
|
|
|
19,939
|
|
|
|
26,883
|
|
|
Net change in operating assets and liabilities
|
|
|
|
(98,526)
|
|
|
|
9,264
|
|
|
Net Cash Provided by Operating Activities
|
|
|
|
250,831
|
|
|
|
382,322
|
|
|
|
|
|
|
|
|
|
|
Investing Activities:
|
|
|
|
|
|
|
|
|
Additions to technology, property, and equipment
|
|
|
|
(77,167)
|
|
|
|
(114,225)
|
|
|
Product development spending
|
|
|
|
(24,426)
|
|
|
|
(36,503)
|
|
|
Business acquired in purchase transaction, net of cash acquired
|
|
|
|
(190,415)
|
|
|
|
-
|
|
|
Acquisitions of publication rights and other
|
|
|
|
(9,494)
|
|
|
|
(26,683)
|
|
|
Net Cash Used in Investing Activities
|
|
|
|
(301,502)
|
|
|
|
(177,411)
|
|
|
|
|
|
|
|
|
|
|
Financing Activities:
|
|
|
|
|
|
|
|
|
Net debt borrowings (repayments)
|
|
|
|
120,074
|
|
|
|
(8,611)
|
|
|
Cash dividends
|
|
|
|
(75,752)
|
|
|
|
(73,542)
|
|
|
Purchase of treasury shares
|
|
|
|
(59,994)
|
|
|
|
(39,688)
|
|
|
Other
|
|
|
|
(1,923)
|
|
|
|
25,010
|
|
|
Net Cash Used In Financing Activities
|
|
|
|
(17,595)
|
|
|
|
(96,831)
|
|
|
|
|
|
|
|
|
|
|
Effects of Exchange Rate Changes on Cash, Cash Equivalents and
Restricted Cash
|
|
|
|
(8,443)
|
|
|
|
3,661
|
|
|
|
|
|
|
|
|
|
|
Change in Cash, Cash Equivalents and Restricted Cash for Period
|
|
|
|
(76,709)
|
|
|
|
111,741
|
|
|
|
|
|
|
|
|
|
|
Cash, Cash Equivalents and Restricted Cash - Beginning
|
|
|
|
170,257
|
|
|
|
58,516
|
|
Cash, Cash Equivalents and Restricted Cash - Ending
|
|
|
$
|
93,548
|
|
|
$
|
170,257
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF NON-GAAP FREE CASH FLOW LESS PRODUCT DEVELOPMENT
SPENDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
|
|
April 30,
|
|
|
|
|
|
2019
|
|
|
2018 (2)
|
|
Net Cash Provided By Operating Activities
|
|
|
$
|
250,831
|
|
|
$
|
382,322
|
|
Less:
|
Additions to technology, property, and equipment
|
|
|
|
(77,167)
|
|
|
|
(114,225)
|
|
Less:
|
Product development spending (3)
|
|
|
|
(24,426)
|
|
|
|
(36,503)
|
|
Free Cash Flow less Product Development Spending
|
|
|
$
|
149,238
|
|
|
$
|
231,594
|
|
|
|
|
|
|
|
|
|
|
See Explanation of Usage of Non-GAAP Measures included in this
supplemental information.
|
|
|
|
|
|
(1) The supplementary information included in this press release for
the year ended April 30, 2019 is preliminary and subject to change
prior to the filing of our upcoming Annual Report on Form 10-K with
the Securities and Exchange Commission.
|
|
(2) Due to the retrospective adoption of ASU 2016-18, we are now
required to include restricted cash as part of the change in cash,
cash equivalents and restricted cash. As a result, amounts which
were previously classified as cash flows from operating activities
have been reclassified as they are recognized in the total change in
cash, cash equivalents and restricted cash. Restricted cash was $0.7
million as of April 30, 2019 and $0.5 million as of April 30, 2018
and is included in prepaid expenses and other current assets.
|
|
(3) Due to the adoption of Topic 606, certain costs to fulfill
contracts, which were previously included in product development
spending are now included in net cash provided by operating
activities.
|
|
JOHN WILEY & SONS, INC.
|
|
Explanation of Usage of NON-GAAP Performance Measures
|
|
|
|
In this earnings release and supplemental information, management
presents the following non-GAAP performance measures:
|
|
• Adjusted Earnings Per Share (“Adjusted EPS”);
|
|
• Free Cash Flow less product development spending;
|
|
• Adjusted Revenue;
|
|
• Adjusted Operating Income and margin;
|
|
• Adjusted Contribution to Profit ("CTP") and margin;
|
|
• EBITDA and Adjusted EBITDA; and
|
|
• Results on a constant currency basis.
|
|
|
|
Management uses these non-GAAP performance measures as supplemental
indicators of our operating performance and financial position as
well for internal reporting and forecasting purposes, when publicly
providing its outlook, to evaluate the Company's performance and to
evaluate and calculate incentive compensation. Non-GAAP performance
measures do not have standardized meanings prescribed by US GAAP and
therefore may not be comparable to the calculation of similar
measures used by other companies, and should not be viewed as
alternatives to measures of financial results under US GAAP.
|
|
|
|
The Company presents these non-GAAP performance measures in addition
to GAAP financial results because it believes that these non-GAAP
performance measures provide useful information to certain investors
and financial analysts for operational trends and comparisons across
accounting periods. The use of these non-GAAP performance measures
provides a consistent basis to evaluate operating profitability and
performance trends by excluding items that we do not consider to be
controllable activities for this purpose. For example:
|
|
|
|
• Adjusted EPS, Adjusted Revenue, Adjusted Operating Profit,
Adjusted Contribution to Profit, Adjusted EBITDA provide a
comparable basis to analyze operating results and earnings and are
measures commonly used by shareholders to measure our performance.
|
|
|
|
• Free Cash Flow less product development spending helps assess
our ability, over the long term, to create value for our
shareholders as it represents cash available to repay debt, pay
common dividends and fund share repurchases and new acquisitions.
|
|
|
|
• Results on a constant currency basis removes distortion from the
effects of foreign currency movements to provide better
comparability of our business trends from period to period. We
measure our performance before the impact of foreign currency (or
at “constant currency”), which means that we apply the same
foreign currency exchange rates for the current and equivalent
prior period.
|
|
|
|
In addition, the Company has historically provided these or similar
non-GAAP performance measures and understands that some investors
and financial analysts find this information helpful in analyzing
the Company's operating margins, and net income and comparing the
Company's financial performance to that of its peer companies and
competitors. Based on interactions with investors, we also believe
that our non-GAAP performance measures are regarded as useful to our
investors as supplemental to our GAAP financial results, and that
there is no confusion regarding the adjustments or our operating
performance to our investors due to the comprehensive nature of our
disclosures.
|
Brian Campbell, Investor Relations
201.748.6874
brian.campbell@wiley.com