John Wiley & Sons, Inc. · NYSE:WLY
John Wiley & Sons — Q3 2025 Earnings Presentation
23 slides from John Wiley & Sons's earnings presentation, Mar 6, 2025
Slide 1: Third Quarter Fiscal 2025 Earnings Review
Third Quarter Fiscal 2025 Earnings Review March 6, 2025 NYSE: WLY
Slide 2: Safe Harbor Statement and Non-GAAP Measures
SAFE HARBOR STATEMENT NON-GAAP MEASURES This release contains certain forward-looking statements concerning the Company's In this presentation, Wiley provides the following non-GAAP performance operations, performance, and financial condition. Reliance should not be placed on measures: forward-looki
Slide 3: Authoritative content and data-driven insights for science, innovation and learning
Authoritative content and data-driven insights for the advancement of science, innovation and learning 3
Slide 4: Investment highlights
Consistent demand drivers correlated with global R&D investment Wide moat with must have content and brands Resilient, compounding growth in defensive markets Strong recurring revenue base geographically well distributed AI beneficiary with emerging long-term opportunity in corporate sector Strong f
Slide 5: Favorable Trends
Favorable Trends Global R&D Spend Demand to Publish Recurring Revenue Models Research output is tightly correlated Demand strong with +18% growth in Steady growth for recurring revenue with global R&D investment. Global submissions and +8% output. Output models, including subscriptions and TA R&D sp
Slide 6: Third Quarter Summary
Third Quarter Summary 1 Mid-single digit growth in Research; Learning softness as expected Calendar 2025 journal renewal season showing good momentum; healthy growth expected from 2 recurring revenue models; double digit growth in open access Expanded content licensing project for large AI developer
Slide 7: Third Quarter Performance
Third Quarter Performance Adj. Revenue* GAAP EPS Adj. EPS* Adj. EBITDA* ▲1% ▲$1.65 ▲39% ▲4% $405M ($0.43) $0.84 $94M *Adjusted Revenue, Adjusted EPS, and Adjusted EBITDA performance excludes businesses held for sale or sold. Adjusted numbers exclude impact of foreign exchange ▪ Adjusted Revenue grow
Slide 8: Consistent Execution and Progress
Consistent Execution and Progress OBJECTIVE YTD STATUS YTD PROGRESS • 3% growth in Research • Momentum accelerating in Research Publishing across recurring Drive recovery and growth revenue and volume-based models in Research • Growth improving in Research Solutions driven by database and content so
Slide 9: Scientific Research: A Robust Global Ecosystem
Scientific Research: A Robust Global Ecosystem North America US #2 source of research output* Steadily growing region 4. ROW EMEA UK #3 and Germany #4 in research output* 3. North America Steadily growing region Asia-Pacific China #1 and Japan #5 output* 1. APAC Fast growing region ROW Fast growing
Slide 10: The Research Funding Mix
The Research Funding Mix Over 70% of Research Publishing Revenue is in recurring models Recurring Open Access Revenue Models US US Corporate* Government Market size $10B $2B Universities 80% 20% Customer Corporations Labs of US of US Researchers R&D R&D* Governments Research grants *Expansive long-t
Slide 11: Momentum in Research
Momentum in Research Top 3 2K 12M+ 600+ 10K+ Market Position Scholarly Journals Researchers Society Partnerships Universities & Corporations ▪ Steady growth driven by global demand to read and publish Recurring Revenue ▪ Strong institutional renewal trends for CY25 bolstered by volume and pricing po
Slide 12: AI Growth: Emerging Corporate Opportunity
AI Growth: Emerging Corporate Opportunity Active pipeline: Active pipeline: Active pipeline: technology companies pharmaceutical companies industrial companies • Expanded content licensing • Multi-year partnerships to connect • Multi-year partnerships to leverage agreement with one of the world’s Wi
Slide 13: Segment Performance, Outlook, Financial Position
Segment Performance Outlook Financial Position
Slide 14: Nine Month Performance: Growth Across All Metrics
Nine Month Performance: Growth Across All Metrics Adj. Revenue* GAAP EPS Adj. EPS* Adj. EBITDA* FCF ▲3% ▲$4.39 ▲43% ▲12% ▲$44M $1,218M $0.29 $2.28 $272M ($1M)** *Adjusted Revenue, Adjusted EPS, and Adjusted EBITDA performance excludes businesses held for sale or sold. Adjusted numbers exclude impact
Slide 15: Research Performance
Research Performance (millions) Q3 2025 Change Change CC YTD 2025 Change Change CC Research Publishing $226 4% 5% $680 3% 3% Research Solutions $42 5% 6% $115 3% 3% Total Revenue $268 4% 5% $795 3% 3% Adjusted EBITDA $88 12% $247 5% Adjusted EBITDA Margin 32.7% 31.1% Excluding one-time AI revenue, Q
Slide 16: Learning Performance
Learning Performance (millions) Q3 2025 Change Change CC YTD 2025 Change Change CC Academic $79 (10%) (9%) $234 4% 4% Professional $58 (1%) (1%) $189 5% 5% Total Revenue $137 (6%) (6%) $423 5% 4% Adjusted EBITDA $49 (5%) $149 17% Adjusted EBITDA Margin 35.4% 35.3% Excluding one-time AI, YTD Learning
Slide 17: FY25 Outlook: EBITDA Margin and EPS Trending Higher
FY25 Outlook: EBITDA Margin and EPS Trending Higher • Revenue: middle of range, equating to top line growth of around 3%. Research and Learning reaffirmed at low-to-mid single digit growth and low single digit growth • Adjusted EBITDA: middle of range, equating to high-single digit growth over prior
Slide 18: FY26 Targets: Raising Margin Outlook
FY26 Targets: Raising Margin Outlook Metric FY26 Target Q3’25 Update Free Cash Flow 250 Low-to-mid single $200M Adj. Revenue Reaffirmed digit growth 200 Working Lower 150 $125M Capital/ Restructuring Other 100 EBITDA Adj. EBITDA Growth 24-25% Raised to 25%+ margin 50 0 FY25 Guidance FY26 Target Free
Slide 19: Strong Financial Position and Return to Shareholders
Strong Financial Position and Return to Shareholders Operating Cash Flow Free Cash Flow* $50M $52M ($1M) ($45M) $24M YTD F24 YTD F25 YTD F24 YTD F25 Dividends and Repurchases Leverage Ratio** $93M $87M 1.9 2.0 YTD F24 YTD F25 TTM Jan 2024 TTM Jan 2025 *FCF regularly a use through 9 Months due to tim
Slide 20: Executive Summary
Executive Summary 1 Delivering resilient, compounding growth across economic cycles with wide moat and favorable market characteristics Research growth improving with healthy demand indicators and growth across 2 publishing models AI momentum continues with execution of content licensing agreements
Slide 21: Thank you for joining us
Thank you for joining us investors.wiley.com Contact: brian.campbell@wiley.com (201) 748.6874
Slide 22: Appendix – US GAAP to Non-GAAP EPS Reconciliation
Appendix – US GAAP to Non-GAAP EPS Reconciliation JOHN WILEY & SONS, INC. Notes: SUPPLEMENTARY INFORMATION (1) (2) (1) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of ea
Slide 23: Appendix – Net Income to Adjusted EBITDA
Appendix – Net Income to Adjusted EBITDA JOHN WILEY & SONS, INC. SUPPLEMENTARY INFORMATION (1) RECONCILIATION OF US GAAP NET (LOSS) INCOME TO NON-GAAP EBITDA AND ADJUSTED EBITDA (unaudited) Three Months Ended Nine Months Ended January 31, January 31, 2025 2024 2025 2024 Net (Loss) Income $ (22,954)