Wiley, a trusted leader in research and learning, today reported results for the first quarter ended July 31, 2024.
HIGHLIGHTS
Strong year-over-year financial performance driven by solid growth in Research Publishing, AI-related demand for Learning content, and continued execution of the Value Creation Plan
Third and final divestiture closed and remainder of $130 million cost savings program actioned
Second GenAI content rights project executed with large tech company
FIRST QUARTER PERFORMANCE
GAAP Results (including Held for Sale or Sold businesses): Revenue of $404 million (-10%), Operating Income of $29 million (+$45 million), and EPS loss of ($0.03) (+$1.64).
Adjusted Results at Constant Currency (excluding Held for Sale or Sold businesses, restructuring costs and other adjusted items): Revenue of $390 million (+6%), Adjusted EBITDA of $73 million (+22%), and Adjusted EPS of $0.47 (+74%).
MANAGEMENT COMMENTARY
“The Wiley leadership team and I are pleased with how we started the year, as measured by both our performance indicators and financial results,” said Matthew Kissner, Wiley President and CEO. “Research delivered solid growth driven by robust demand to publish in our journals and execution of our publishing and go-to-market strategies. Learning delivered strong growth as it sees continued demand for its authoritative content in training GenAI models and core growth in Academic. Finally, we closed our third and final divestiture and actioned the remainder of our $130 million cost savings program, positioning us for further performance and profit improvement.”
