Fri, Sep 6, 4:07 PM (105 days ago)
In the quarterly report for July 31, 2024, John Wiley & Sons, Inc. reported a revenue decline of 10% year-over-year, totaling $403.8 million, primarily driven by divestitures and lower sales in its Held for Sale segment. Adjusted revenue, excluding these segments, increased by 6% year-over-year. Operating income improved significantly to $29 million from a loss of $16.4 million in the prior year, aided by reduced costs and no goodwill impairments this quarter. The company recorded a net loss of $1.4 million, a notable improvement from the prior year's loss of $92.3 million. Cash flow from operations was negative at $88.7 million, reflecting seasonal trends in subscription collections. The company's restructuring program aims to yield annualized savings of approximately $75 million, with $70 million expected in the current fiscal year. Debt increased to $918.6 million, with $388.1 million in unused credit. The effective tax rate soared to 106.2%, influenced by a valuation allowance against deferred tax assets. Overall, Wiley's financial health shows resilience despite revenue challenges and strategic divestitures impacting short-term performance.