Wiley Reports Third Quarter 2018 Results

John Wiley & Sons, Inc. (NYSE: JW-A and JW-B), a global research and learning company, today announced results for the third quarter ending January 31, 2018.
• Third quarter revenue up 4% to $455.7 million, or down 1% at constant currency
• Third quarter GAAP EPS up 45% to $1.19 primarily due to impact of the US Tax Act; Adjusted EPS down 14% at constant currency
• Year-to-date revenue up 4% to $1,318.9 million, or up 1% at constant currency
• Year-to-date GAAP EPS $2.39 compared to $1.15 in prior year; Adjusted EPS at constant currency up 1%
• Cash Provided by Operations for the nine months of $190.1 million, down from $229.2 million due to the timing of calendar year 2018 journal renewals; Free Cash Flow less Product Development Spending of $80.7 million, down from $119.5 million
• Full year 2018 outlook reaffirmed

MANAGEMENT COMMENTARY
“We continue to see good momentum in the business, with steady year-to-date growth in Research, improved profitability in Solutions, and better-than-expected results in Publishing,” said Brian Napack, Wiley’s President and CEO. “We are realizing operating margin and earnings growth while also making great progress in how we operate, invest, and innovate, positioning us to drive more value from our existing businesses and exploit new market opportunities.”

FINANCIAL SUMMARY
Wiley provides non-GAAP financial measures such as “Adjusted EPS,” “Adjusted Operating Income,” “Adjusted CTP,” “Free Cash Flow less Product Development Spending,” and results on a Constant Currency basis to assess underlying business performance and trends. Management believes non-GAAP financial measures, which exclude the impact of restructuring charges and credits and certain other items, provide for a more comparable basis to analyze 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.

• Revenue performance was mixed with growth in Research (+9% reported, or +1% at constant currency) and Solutions (+5%, or +2% constant currency) offset by a decline in Publishing (-1%, or -3% at constant currency).
• GAAP Operating Income growth resulted from favorable foreign exchange, favorable timing of restructuring charges, and savings from operational excellence initiatives and restructuring. Adjusted Operating Income growth was mainly due to savings in technology and prior restructuring activities.
• US Tax Act: As a result of the US Tax Cuts and Jobs Act (“the Tax Act”) enacted on December 22, 2017, the Company recorded an estimated non-cash tax benefit of $25 million, or $0.43 per share. Going forward, since most of the Company’s pre-tax income is earned outside the U.S., Wiley anticipates a small, favorable impact to its effective tax rate and cash taxes.
• GAAP EPS growth reflected the estimated non-cash tax credit of $0.43 per share due to the Tax Act and the favorable impact of foreign exchange. Adjusted EPS decline was primarily due to favorable tax credits of $0.12 per share in the prior year period.
more details at:  http://newsroom.wiley.com/press-release/all-corporate-news/wiley-reports-third-quarter-2018-results

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