Wiley Reports Fourth Quarter and Fiscal Year 2020 Results

John Wiley & Sons, Inc. (NYSE:JWA)(NYSE:JWB), a global leader in research and education, today announced results for the fourth quarter and fiscal year ended April 30, 2020.

Fourth Quarter 2020 Summary:
*GAAP Results: Revenue of $475 million (-3%) and EPS of -$2.83, primarily due to impact of unusual items totalling -$3.49 per share, including non-cash goodwill and trade name impairments
*Adjusted Results (at constant currency): Revenue -2%, EBITDA -23%, and EPS -44%, mainly reflecting the COVID-19 impact on print books, test prep, and corporate training
*Strong momentum in Open Access research publishing and digital courseware
*Addition of four new university partners in Education Services (Drake University, University of Iowa, Methodist University, and Point University)

Fiscal Year 2020 Symmary:
*GAAP results: Revenue of $1,831 million, and EPS of -$1.32 primarily due to fourth quarter non-cash goodwill and trade name impairments
*Adjusted results (at constant currency): Revenue +3%, EBITDA -8%, and EPS -21%
*Free Cash Flow of $173 million, up $24 million (+16%) from prior year
*Digital products and tech-enabled services rose to nearly 80% of total revenue

Management commentary:
“I am proud of our team’s accomplishments during this difficult period, including the steady execution of our strategy to gain scale in research, accelerate digital courseware adoption, and expand our university partner base,” said Brian Napack, President and CEO. “With the onset of the pandemic, our colleagues mobilized rapidly to help researchers rush critical peer-reviewed research to market and to enable our university partners to pivot quickly to online education. Their work has been essential to ensure that scientific inquiry and essential education continue unabated through this period of health, economic and social crisis.”

Mr. Napack continued: “While the broad shutdown caused by COVID-19 has created near-term headwinds and uncertainty, our financial position is strong and our strategic plans are tightly aligned with important trends in peer-reviewed research and outcome-oriented online education which are continuing to progress through this crisis.”
details at: https://newsroom.wiley.com/press-release/all-corporate-news/wiley-reports-fourth-quarter-and-fiscal-year-2020-results

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