Wed, Jun 26, 7:50 PM (117 days ago)
John Wiley & Sons, Inc. (Wiley) reported financial results for the fiscal year ended April 30, 2024. Revenue decreased by 7% to $1,873.0 million, primarily due to declines in the Held for Sale or Sold segment. Adjusted revenue excluding this segment was $1,617.4 million, down 1% on a constant currency basis. Operating income fell by 6% to $52.3 million, while net income swung to a loss of $200.3 million, largely due to impairment charges and losses on the sale of businesses. Adjusted EBITDA dropped 3% to $368.6 million. The company’s Research segment saw a 3% decline in revenue, while Learning segment revenue grew 5%, driven by digital content. Held for Sale or Sold segment revenue declined 35%. Wiley executed a global restructuring program impacting real estate and workforce, expected to yield $65 million in annualized savings. The company’s liquidity remains robust with $99.4 million in cash and $718.3 million in unused credit facilities. Future outlook focuses on digital growth, cost management, and divestitures.