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| Statement |
|---|
| These submission numbers point to good underlying progress in our author marketing efforts editorial commissioning and refer transfer activities |
| I feel very good about the progress we've made so far |
| We're also raising our adjusted EPS guidance to a range of $2.45 to $2.65, up from $2.05 to $2.40, due to a higher-than-expected adjusted operating income and accrued interest income from our University Services divestiture |
| The primary drivers of that are obviously our improvement in our revenue recovery as well as the impact of our cost-out programs and that taking full effect |
| Research Publishing returned to year-over-year growth this quarter and we continue to see good momentum in our key leading indicators |
| Adjusted EBITDA from learning remains a positive story, up 15% this quarter and year-to-date with revenue growth and restructuring savings as the primary drivers |
| We've made very good progress on our $130 million cost savings program with 60% of it action to-date |
| In summary, I'm very pleased with how we as an organization are executing on multiple levels while tackling our cost structure |
| Learning continues to outperform expectations and positive signs are emerging in Research with Publishing returning to growth this quarter and leading indicators favorable |
| Finally, given revenue expectations and accelerated in-year savings, we are raising our full year earnings outlook |
| In summary, while much work remains, we're pleased with our progress and continued momentum |
| In Research, we saw a return to year-on-year growth for Publishing, driven by double-digit gold open access growth, and positive contribution from our multiyear institutional models |
| Our businesses are fundamentally strong, built on long-term relationships with research institutions, academic societies and R&D-driven corporations |
| So we feel good about the improvement in our core |
| As laid out in January, we're targeting significant free cash flow improvement in fiscal 2025 and again in fiscal 2026 |
| Our zyBooks STEM courseware and inclusive access sales model continue to show strong gains |
| We are pleased for example with how the marketing reorg has improved our technical capabilities and simplified our focus, attracting more authors and submissions as evident in our 13% submissions growth year-to-date |
| Submissions were up 13% year-to-date, and output continues to improve as we work through the long lead time to convert a submitted article into a published one |
| Our improved outlook reflects the $15 million of additional in-year cost savings from our value creation plan and a full year outperformance in learning including the Q4 content deal |
| Our academic line continues to perform well up 5% in the quarter driven by double-digit growing digital courseware, digital content and licensing |
| We are focused on our strongest and most profitable businesses in Research and Learning, where we have our strongest opportunities moats and margins |
| In summary, we're excited and confident in our position in this evolving new digital economy |
| On revenue, we anticipate low single-digit growth in fiscal 2025 as our core drivers in Publishing continue to rebound, increasing to low to mid-single-digit revenue growth in fiscal 2026 |
| Obviously, we're feeling good about the last quarter of the year |
| For the year, we continue to see outperformance in learning |
| As we make our way into fiscal 2025 and through 2026, we're confident in our ability to deliver on our revenue, our margin expansion and our cash flow trajectory |
| We're pleased with the improvement and underlying momentum we're seeing in Research and our continued outperformance in Learning |
| And finally, what we do is good for the world |
| And of course, we're driving cost savings and efficiency gains across the organization |
| We are confident that the advancement of these technologies will be a contributor to productivity and growth in the years to come |
| Statement |
|---|
| Revenue declined 1% this quarter due to continued market softness in both advertising and our projects business in the health care sector |
| Professional declined 3% in the quarter driven by softness in business and technology publishing categories |
| Adjusted EPS was down 27% as expected, primarily due to higher tax expense related to geographic mix and lower adjusted operating income |
| GAAP revenue was down 6% impacted by the sale of our University Services business, and a decline in our held-for-sale assets given market conditions |
| Our Q3 adjusted EBITDA margin was 30.9% down from 31.7% in the prior period |
| This summer is unusually low for Wiley, given the combination of lower cash earnings, higher restructuring payments and higher interest payments |
| GAAP EPS declined by $0.79 a share for a GAAP loss of $2.08, primarily due to material non-cash impairments and loss on sale related to our divestitures |
| Adjusted EBITDA in research this quarter declined 2% mainly driven by higher editorial and marketing costs and the impact of Hindawi |
| We saw a $4 million increase over prior year due to unfavorable comps, notably the materially lower incentive accrual in the prior year period |
| As stated before, this is an industry-wide issue and a top priority for us and our solutions customers |
| The other thing to note there is that that will come back down in fiscal year 2026 as we continue to normal out |
| We've had some lower-than-expected cash flow needs for things like restructuring payments and interest has been higher than expected |
| CapEx of $70 million is tracking $5 million below prior year |
| Let me acknowledge the obvious that it's been a long stretch of write-downs and impairments related to these divestitures |
| So we -- as we've said before, our Hindawi recovery is a bit slower than expected, but we are expecting some future improvement in 2026 and beyond |
| We're closing in on the end of what has been a demanding, but pivotal year, and I couldn't be prouder of how our global colleagues have responded to the changes and risen to the challenges |
| The negative variance was driven by the timing of closing journal subscription renewal and the higher restructuring payments related to our value creation plan |
| This offset restructuring savings |
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