Costco Wholesale Corporation Reports Fourth Quarter and Fiscal Year 2017 Operating Results and September Sales Results

Total revenues for the fourth quarter of 2020 increased 0.2 percent to $509.4 million from $508.4 million in the fourth quarter of 2019. Subscription revenues increased 14.7 percent to $315.8 million, advertising revenues decreased 18.7 percent to $139.3 million and other revenues decreased 12.1 percent to $54.3 million. Total operating costs decreased 0.4 percent in the fourth quarter of 2020 to $428.8 million compared with $430.4 million in the fourth quarter of 2019, while adjusted operating costs decreased 0.1 percent to $411.7 million from $412.0 million in the fourth quarter of 2019, in each case as a result of the factors discussed below.

Wiley announced its intent to enter a new five-year agreement with the DEAL Consortium, a countrywide consortium representative of more than 1,000 academic institutions in Germany, commencing January 2024. Wiley and DEAL are creating a blueprint for the next phase of open access publishing to better meet the evolving needs of the scholarly community. Their new agreement will continue to provide authors at German institutions with open access publishing options across Wiley’s portfolio. This includes read access to all Wiley journal content. Importantly, the new agreement will deliver ever-more benefits for the German research system by: *Supporting institutions in the transition to OA and honoring the immense value learned societies bring to the scholarly community. *Recognizing the unique investment needs of journals that deliver multiple forms of impact to their researcher communities. *Enhancing infrastructure, including robust workflows to support authors, readers, and librarians, as well as approval and oversight for administrators for OA articles. *Supporting participating institutions with bespoke training and deepening collaboration with the well-established Wiley DEAL Advisory Board to monitor success.

On Wednesday, Senator Ed Markey (D-Massachusetts), Senate Majority Leader Chuck Schumer (D-New York) and others filed a motion to reinstate the rules. The effort, spearheaded by Markey, has garnered support from all 49 Senate Democrats as well as Republican Senator Susan Collins of Maine. If Senator John McCain (R-Arizona) -- currently on a medical leave of absence -- doesn't vote, the measure is poised to pass the Senate by one vote. But passage is considered unlikely, given that only 160 House members have so far said they support the bill -- leaving it far short of the 218 votes needed to pass. The latest effort to enshrine net neutrality protections comes five months after the Federal Communications Commission voted to repeal Obama-era regulations that classified broadband as a utility service and imposed some common carrier rules on providers. Among other restrictions, the regulations prohibited broadband carriers from blocking or throttling online traffic and from charging companies higher fees for prioritized delivery. Click Read More below for additional information.