John Wiley & Sons, Inc. (NYSE:WLY) Q3 2024 Earnings Call Transcript
John Wiley & Sons, Inc. (NYSE:WLY) Q3 2024 Earnings Call Transcript March 7, 2024
John Wiley & Sons, Inc. misses on earnings expectations. Reported EPS is $-2.07756 EPS, expectations were $0.45. WLY isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good morning and welcome to Wiley's Q3 Fiscal 2024 Earnings Call. As a reminder, this conference is being recorded. At this time, I'd like to introduce Wiley's, Vice President of Investor Relations, Brian Campbell. Please go ahead.
Brian Campbell: Thank you and welcome everyone. With me today are Matt Kissner, Wiley's Interim President and CEO; Christina Van Tassell, Executive Vice President and CFO; and Jay Flynn, Executive Vice President and General Manager of Research and Learning. Note that our comments and responses to your questions reflect management's views as of today and will include forward-looking statements. Actual results may differ materially from those statements. The company does not undertake any obligation to update them to reflect subsequent events or circumstances. Also Wiley provide non-GAAP measures as a supplement to evaluate underlying operating profitability and performance trends. These measures do not have standardized meanings prescribed by U.S. GAAP and therefore, may not be comparable to similar measures used by other companies nor should they be viewed as alternatives to measures under GAAP.
Unless otherwise noted, we will refer to non-GAAP metrics on the call and variances are on a year-over-year basis and will exclude held-for-sale assets and the impact of currency. Additional information is included in our filings with the SEC. A copy of this presentation and transcript will be available on our Investor Relations web page at investors.wiley.com. I'll now turn the call over to Matt Kissner.
Matt Kissner: Thank you, Brian and hello everyone. I am fighting a bit of a cold this morning, so if I sound muted, you'll understand why. Let me start by saying we're seeing marked improvement as we enter the home stretch of this transition year. I'll talk about our overall progress to-date, review our third quarter performance, and recap our recent investor event. I'll also provide some additional color on how we view the evolving AI opportunity. Christina will walk through our VCP progress, segment performance, and full year outlook. We'll then open it up for questions and Jay will be joining us as well. 2024 marks Wiley's 217th year. As one of America's most enduring companies, Wiley is enabling the creation and curation of new knowledge and its application in critical areas of the knowledge economy in science, technology, and engineering and business, economics, and finance.
We are as relevant as ever. Let's turn to our progress to-date. We have moved decisively to improve the organization, divest non-core assets, and right-size Wiley for future success. We've now announced the sale of two of our three divestitures and closed on one of them. Our goal of course is to free ourselves of these non-core assets to focus on our profitable and cash generative core where we have clear competitive advantage, operating leverage, and growth opportunities. We've made very good progress on our $130 million cost savings program with 60% of it action to-date. We've moved more aggressively on it than originally planned, resulting in higher in-year savings, which Christina will talk to. Learning continues to outperform expectations and positive signs are emerging in Research with Publishing returning to growth this quarter and leading indicators favorable.
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