Management Commentary:
“Wiley’s strategic focus and solid execution in open research and online education continue to yield strong results,” said Brian Napack, President and CEO. “During the quarter, we accelerated our Research growth strategy with the acquisition of Hindawi, a rapidly-growing leader in open access publishing, and we strengthened the Wiley network with new university and corporate partners for online degree and talent development services.”
*Research Publishing & Platforms rose 3% as reported and 1% at constant currency, with strong growth in open access and inorganic contributions from acquisitions offsetting anticipated subscription revenue pressure.
*Academic & Professional Learning declined 2% as reported and 4% at constant currency mainly due to COVID-19 impact on test prep and in-person corporate training, and a decline in print book revenue, which offset continued growth in digital content and courseware.
*Education Services increased 25% as reported and 24% at constant currency, driven by organic revenue growth of 13% from strong online enrollment and new student starts, and the two-month inorganic contribution from mthree (+$8 million).
*GAAP EPS of $0.39 declined from $0.63 in the prior year, reflecting restructuring charges of $0.28 per share, primarily related to a previously disclosed reduction in Wiley’s real estate footprint.
*Net debt-to-EBITDA ratio (trailing twelve months) at quarter-end was 2.2 as compared to 1.8 at the end of the year-ago period.
*Available liquidity was approximately $620 million at quarter-end, including $91 million of cash on hand and $529 million of undrawn credit capacity.
details at: https://newsroom.wiley.com/press-releases/press-release-details/2021/Wiley-Reports-Third-Quarter-Fiscal-2021-Results/default.aspx