Wiley Reports Fourth Quarter and Fiscal Year 2023 Results

FOURTH QUARTER SUMMARY (results vs. prior year)
*GAAP Results: Revenue of $526 million (-4%), Operating income of $82 million (+41%), and EPS of $1.22 (+$0.46).
*Adjusted Results at Constant Currency: Revenue of $526 million (-2%), Adjusted EBITDA of $137 million (+23%), and Adjusted EPS of $1.45 (+32%).

FULL YEAR SUMMARY (results vs. prior year)
*GAAP Results: Revenue of $2,020 million (-3%), Operating income of $56 million (-$163 million), and EPS of $0.31 (-$2.31). GAAP earnings performance primarily due to $100 million ($1.77/share) of non-cash goodwill impairment in Education Services/University Services and restructuring charges totalling $49 million ($0.66/share).
*Adjusted Results at constant currency: Revenue of $2,020 million (0%), Adjusted EBITDA of $422 million (-2%), and Adjusted EPS of $3.84 (-8%).
*Cash from Operations of $277 million (-$62 million) and Free Cash Flow of$173 million (-$50 million) mainly due to higher restructuring payments and interest payments.

MANAGEMENT COMMENTARY
“Today we are announcing strategic actions that will make Wiley simpler, stronger, and more profitable by focusing on our long-standing position as a global leader in research, publishing and digital solutions that accelerate the creation and application of new knowledge,” said Brian Napack, President and CEO. “Our goal, as always, is to maximize value creation for our shareholders and deliver impact for all our stakeholders. The actions that we are now taking will allow us to materially improve our performance and margins in Fiscal 2025 and 2026 and position us for sustained, profitable growth in the years ahead. We look forward to discussing this at our investor day later this year.”
details at: https://newsroom.wiley.com/press-releases/press-release-details/2023/Wiley-Reports-Fourth-Quarter-and-Fiscal-Year-2023-Results/default.aspx

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