Attached files
| file | filename |
|---|---|
| EX-99.10 - SLIDE PRESENTATION - JOHN WILEY & SONS, INC. | exhibit99_10.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
March 10, 2015
(Date of Report)
(Date of earliest event reported)
JOHN WILEY & SONS, INC.
(Exact name of registrant as specified in its charter)
New York
(State or jurisdiction of incorporation)
|
0-11507
|
13-5593032
|
|
|
----------------------------------------------------
|
---------------------------------------------
|
|
|
Commission File Number
|
IRS Employer Identification Number
|
|
|
111 River Street, Hoboken NJ
|
07030
|
|
|
----------------------------------------------------
|
---------------------------------------------
|
|
|
Address of principal executive offices
|
Zip Code
|
|
|
Registrant’s telephone number, including area code:
|
(201) 748-6000
|
|
|
---------------------------------------------
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
|
ITEM 7.01:
|
REGULATION FD DISCLOSURE
|
The information in this report is being furnished (i) pursuant to Regulation FD, and (ii) pursuant to item 12 Results of Operation and Financial Condition (in accordance with SEC interim guidance issued March 28, 2003). In accordance with General Instructions B.2 and B.6 of Form 8-K, the information in this report shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1934, as amended. The furnishing of the information set forth in this report is not intended to, and does not, constitute a determination or admission as to the materiality or completeness of such information.
On March 10, 2015, John Wiley & Sons Inc., a New York corporation (the “Company”), issued a press release announcing the Company’s financial results for the third quarter of fiscal year 2015. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and incorporated. Exhibit 99.10 is a copy of the slides furnished at the third quarter fiscal year 2015 earnings presentation.
|
Exhibit No.
|
Description
|
99.1 Press release dated March 10, 2015 titled “John Wiley & Sons, Inc. Reports Third Quarter Fiscal Year 2015 Results” (furnished and not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and not deemed incorporated by reference in any filing under the Securities Act of 1934, as amended).
99.10 Press release slideshow presentation (furnished and not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and not deemed incorporated by reference in any filing under the Securities Act of 1934, as amended).
Investor Contact: Media Contact:
Brian Campbell, Investor Relations Linda Dunbar, Media Relations
201.748.6874 201.748.6390
brian.campbell@wiley.com ldunbar@wiley.com
John Wiley & Sons, Inc. Reports Third Quarter Fiscal Year 2015 Results
|
·
|
Revenue of $466 million, up 5% over prior year on a constant currency basis
|
|
·
|
Journal subscription revenue of $154 million, up 4% on a constant currency basis
|
|
·
|
Adjusted EPS of $0.99, up 9% over prior year on a constant currency basis
|
|
·
|
Full year financial outlook reaffirmed
|
March 10, 2015 (Hoboken, NJ) – John Wiley & Sons, Inc. (NYSE: JWa and JWb), a global provider of knowledge and knowledge-enabled services that improve outcomes in research, professional practice, and education, today announced the following results for the third quarter of fiscal year 2015:
Change
|
$ millions
|
FY15
|
FY14
|
Excluding FX
|
Including FX
|
||
|
ADJUSTED
|
||||||
|
Revenue
Q3
9 Months
|
$466
$1,381
|
$458
$1,318
|
5%
5%
|
2%
5%
|
||
|
EPS
Q3
9 Months
|
$0.99
$2.45
|
$0.93
$2.28
|
9%
8%
|
6%
7%
|
||
|
US GAAP
|
||||||
|
Revenue
Q3
9 Months
|
$466
$1,381
|
$458
$1,318
|
5%
5%
|
2%
5%
|
||
|
EPS
Q3
9 Months
|
$0.72
$2.18
|
$0.88
$2.10
|
(16%)
5%
|
(18%)
4%
|
Please see the attached financial schedules for more detail
Management Commentary
“Revenue growth this quarter continued to be driven by the strength of our Research journals business, our 2014 acquisitions, and the continued double-digit growth of our Education solutions businesses, including Deltak Education Services and WileyPLUS Course Workflow Solutions,” said Mark Allin, Chief Operating Officer. “For the quarter, journal subscriptions revenue increased 4% on a constant currency basis, while Education Services (Deltak) secured eleven new online programs and another university partner. Our profitability also improved, with higher gross margins from digital products, cost savings from restructuring, and lower income tax rates resulting in another quarter of solid earnings growth for the Company.”
Fiscal Year 2015 Outlook
Wiley reaffirms its fiscal year 2015 outlook of mid-single-digit revenue growth on a constant currency basis and adjusted EPS in a range of $3.25 to $3.35.
Foreign Exchange (FX)
Throughout this report, references are made to variances “excluding foreign exchange” or “on a constant currency basis”; such amounts exclude both currency translation effects and transactional gains and losses.
Adjusted Results
The Company provides financial measures referred to as “adjusted” revenue, contribution to profit, and EPS, which exclude restructuring and impairment charges and deferred tax benefits related to a UK corporate income tax rate reduction. Variances to adjusted revenue, contribution to profit, and EPS are on a constant currency basis unless otherwise noted. Management believes the exclusion of such items provides additional information to facilitate the analysis of results. These non-GAAP measures are not intended to replace the financial results reported in accordance with GAAP.
Third Quarter and First Nine Months Summary
|
·
|
Third quarter revenue grew 5% on a constant currency basis, or 2% including the impact of foreign exchange, to $465.9 million. Growth in Research Communication/Journals (+5%) and Education Services-Deltak (+20%), as well as a five-month contribution from CrossKnowledge (+$16.2 million) offset a decline in books sales overall. As previously disclosed, financial results for the recently acquired CrossKnowledge had been reported on a two-month delay pending implementation of reporting process improvements. With these five months reported, CrossKnowledge reporting is now current on a year-to-date basis. Wiley revenue for the first nine months grew 5% on a constant currency and reported basis to $1.38 billion.
|
|
·
|
Organic revenue was essentially flat for the third quarter on a constant currency basis, but increased 1% for the nine months. Organic revenue excludes the combined contribution from CrossKnowledge and Profiles International of $22 million for the quarter and $49 million year-to-date.
|
|
·
|
Third quarter adjusted earnings per share (EPS) rose 9% on a constant currency basis, or 6% including foreign exchange, to $0.99. Adjusted EPS excludes certain one-time or unusual items in the current and prior year periods as further described in the attached reconciliation of US GAAP to Adjusted EPS. Adjusted EPS growth was due to higher gross margins from digital products, restructuring savings, and lower income tax rates, partially offset by investments in digital products and services and internal business systems, as well as the dilutive impact of the recent Talent Solutions acquisitions. Adjusted EPS for the first nine months rose 8% to $2.45.
|
|
·
|
Third quarter adjusted shared services and administration costs grew 4% on a constant currency basis, or 2% including foreign exchange, to $121.4 million. Other Administration (+23%) and Technology and Content Management (+3%) costs offset lower Distribution and Operation Services (-13%) expenses. The increase in Other Administration expenses reflects the expiration of a real estate tax incentive related to the Company’s Hoboken headquarters, early stage investment in an Enterprise Resource Planning (ERP) implementation, and occupancy costs related to recent acquisitions. Note that adjusted shared services costs exclude restructuring charges principally related to the consolidation and disposition of real estate assets. For the first nine months, adjusted shared services and administrative costs, excluding the impact of currency, were up 1% compared to the prior year period.
|
|
·
|
Free Cash Flow was $80.0 million for the first nine months of the year compared to $84.6 million in the prior year period, mainly due to increased investment in technology.
|
|
·
|
Share Repurchases: Wiley repurchased 350,000 shares in the quarter at a cost of $20.4 million, or $58.42 per share. For the first nine months, Wiley repurchased 1,083,000 shares at a cost of $62.0 million, or $57.26 per share. Approximately 2.2 million shares remain in the current authorized program.
|
|
·
|
Management Update: On February 10, Wiley announced that President and Chief Executive Officer Stephen M. Smith was diagnosed with a recurrence of urological cancer and would be taking a period of medical leave in order to focus on treatment. In the interim, Wiley’s Executive Leadership Team will report to Mark Allin, the recently named Chief Operating Officer (COO), and Mr. Allin will report to the Executive Committee of the Board of Directors. Mr. Allin is a 14-year Wiley veteran and until recently served as the Executive Vice President of Professional Development. Prior to that, he was the Managing Director of Wiley Asia.
|
|
·
|
Third Quarter Restructuring Charge: As anticipated, the Company recorded a restructuring charge of approximately $24 million this quarter, with about half of the charge related to the completion of facility consolidations and dispositions in connection with prior restructuring actions and the remainder principally due to severance costs related to reorganization and consolidation.
|
RESEARCH
|
·
|
Revenue: Third quarter revenue of $246.5 million grew 3% on a constant currency basis and declined 1% including the impact of FX. Steady revenue growth continued in Journal Subscriptions (+4%), Funded Access (+46%), and Other Journal Revenue (+7%). Books and References revenue decreased 8% while Other Research Revenue grew 8%. For the first nine months, Research revenue increased 2% on a constant currency basis to $766.1 million.
|
|
·
|
Calendar Year 2015 Journal Subscriptions: Through January 31, calendar year 2015 journal subscription billings increased 1% over the prior year period on a constant currency basis with approximately 81% of expected 2015 business closed.
|
|
·
|
Adjusted Contribution to Profit: Third quarter adjusted contribution to profit after allocated shared service and administrative costs of $72.5 million increased 11% on a constant currency basis due to revenue growth and cost savings from procurement and outsourcing initiatives. For the first nine months, adjusted contribution to profit grew 7% to $220.9 million.
|
|
·
|
Society Business: Two new society journals were signed in the quarter with combined annual revenue of $0.2 million; 24 were renewed with combined annual revenue of $13 million; and three with combined annual revenue of $0.6 million were not renewed.
|
PROFESSIONAL DEVELOPMENT
|
·
|
Revenue: Third quarter revenue grew 17% on a constant currency basis (+15% including FX) to $108.6 million due to contribution from 2014 acquisitions, including three months of reported revenue contribution from Profiles International (+$5.8 million) and five months from CrossKnowledge (+$16.2 million) due to reporting improvements enabling elimination of the two-month reporting delay. Excluding the contributions from both acquisitions, revenue was down 7% from prior year as a decline in Book sales (-12%) exceeded growth in Online Test Preparation and Certification (+14%) and other Assessment revenue (+9%). Revenue for the first nine months increased 13% on a constant currency basis to $306.6 million, but declined 5% excluding the contributions from acquisitions.
|
|
·
|
Adjusted Contribution to Profit: Third quarter adjusted contribution to profit after allocated shared service and administrative costs rose 8% to $12.9 million primarily due to restructuring savings, partially offset by lower gross margins on lower book volume and the dilutive impact of the recent Talent Solutions acquisitions. Adjusted contribution to profit for the first nine months increased 27% on a constant currency basis.
|
|
·
|
Online Learning and Training: CrossKnowledge announced an agreement with Gavisus, a Scandinavian-based digital learning and talent development company. CrossKnowledge will provide Gavisus with the technology to plan, design and deliver online leadership training to clients in Norway, Sweden and Denmark.
|
|
·
|
Online Test Preparation: Wiley introduced the Wiley CFA Exam Review, an online test preparation product for the Chartered Financial Analyst (CFA) certification.
|
EDUCATION
|
·
|
Revenue: Third quarter revenue on a constant currency basis declined 2% (or 4% including FX) to $110.9 million, with a 14% decline in Books more than offsetting growth in Custom Products (+6%), Course Workflow Solutions (+13%), and Education Services-Deltak (+20%). Revenue for the first nine months grew 4% on a constant currency basis to $308.1 million.
|
|
·
|
Adjusted Contribution to Profit: Third quarter adjusted contribution to profit after shared service and administrative costs decreased 5% to $27.6 million, reflecting lower revenue and continued investment in Education Services (Deltak). Adjusted contribution to profit after shared services for the first nine months was down 1% to $55.8 million.
|
|
·
|
Education Services (Deltak): In the quarter, Education Services (Deltak) signed Manhattan College as a new online program partner and added eleven new programs for a total of 38 partners and 192 programs under contract (164 revenue-generating and 28 in development).
|
Earnings Conference Call
|
·
|
Scheduled for today, March 10, at 10:00 a.m. (ET)
|
|
·
|
Access the webcast at www.wiley.com> Investor Relations> Events and Presentations, or http://www.wiley.com/WileyCDA/Section/id-370238.html
|
|
·
|
U.S. callers, please dial (888) 572-7034 and enter the participant code 9356260#
|
|
·
|
International callers, please dial (719) 325-2432 and enter the participant code 9356260#.
|
|
·
|
An archive of the webcast will be available for a period of up to 14 days
|
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This release contains certain forward-looking statements concerning the Company's operations, performance, and financial condition. Reliance should not be placed on forward-looking statements, as actual results may differ materially from those in any forward-looking statements. Any such forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to uncertainties and contingencies, many of which are beyond the control of the Company, and are subject to change based on many important factors. Such factors include, but are not limited to (i) the level of investment in new technologies and products; (ii) subscriber renewal rates for the Company's journals; (iii) the financial stability and liquidity of journal subscription agents; (iv) the consolidation of book wholesalers and retail accounts; (v) the market position and financial stability of key online retailers; (vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwide economic and political conditions; (viii) the Company's ability to protect its copyrights and other intellectual property worldwide (ix) the ability of the Company to successfully integrate acquired operations and realize expected opportunities and (x) other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.
About Wiley
Wiley is a global provider of knowledge and knowledge-enabled services that improve outcomes in areas of research, professional practice, and education. Through the Research segment, the Company provides digital and print scientific, technical, medical, and scholarly journals, reference works, books, database services, and advertising. The Professional Development segment provides digital and print books, online assessment and training services, and test prep and certification. In Education, Wiley provides education solutions including online program management services for higher education institutions and course management tools for instructors and students, as well as print and digital content.
|
JOHN WILEY & SONS, INC.
|
||||||||||||||||||
|
UNAUDITED SUMMARY OF OPERATIONS
|
||||||||||||||||||
|
FOR THE THIRD QUARTER AND NINE MONTHS ENDED
|
||||||||||||||||||
|
JANUARY 31, 2015 AND 2014
|
||||||||||||||||||
|
(in thousands, except per share amounts)
|
||||||||||||||||||
|
THIRD QUARTER ENDED JANUARY 31,
|
||||||||||||||||||
|
2015
|
2014
|
% Change
|
||||||||||||||||
| US GAAP | Adjustments (A) | Adjusted | US GAAP | Adjustments (A) | Adjusted | US GAAP |
Adjusted
excel. FX
|
|||||||||||
|
Revenue
|
$
|
465,905
|
-
|
465,905
|
457,933
|
-
|
457,933
|
2%
|
5%
|
|||||||||
|
Costs and Expenses
|
||||||||||||||||||
|
|
Cost of Sales
|
124,245
|
-
|
124,245
|
130,563
|
-
|
130,563
|
-5%
|
-2%
|
|||||||||
|
Operating and Administrative
|
250,479
|
-
|
250,479
|
238,569
|
-
|
238,569
|
5%
|
7%
|
||||||||||
|
Restructuring Charges (A)
|
24,034
|
(24,034)
|
-
|
4,256
|
(4,256)
|
-
|
||||||||||||
|
Amortization of Intangibles
|
13,105
|
-
|
13,105
|
11,165
|
-
|
11,165
|
17%
|
19%
|
||||||||||
|
Total Costs and Expenses
|
411,863
|
(24,034)
|
387,829
|
384,553
|
(4,256)
|
380,297
|
7%
|
4%
|
||||||||||
|
Operating Income
|
54,042
|
24,034
|
78,076
|
73,380
|
4,256
|
77,636
|
-26%
|
6%
|
||||||||||
|
Operating Margin
|
11.6%
|
16.8%
|
16.0%
|
17.0%
|
||||||||||||||
|
Interest Expense
|
(4,365)
|
-
|
(4,365)
|
(3,485)
|
-
|
(3,485)
|
25%
|
25%
|
||||||||||
|
Foreign Exchange Gain
|
2,783
|
-
|
2,783
|
29
|
-
|
29
|
||||||||||||
|
Interest Income and Other
|
800
|
-
|
800
|
466
|
-
|
466
|
72%
|
72%
|
||||||||||
|
Income Before Taxes
|
53,260
|
24,034
|
77,294
|
70,390
|
4,256
|
74,646
|
-24%
|
5%
|
||||||||||
|
Provision for Income Taxes (A)
|
10,712
|
7,678
|
18,390
|
17,901
|
1,347
|
19,248
|
-40%
|
-3%
|
||||||||||
|
Net Income
|
$
|
42,548
|
16,356
|
58,904
|
52,489
|
2,909
|
55,398
|
-19%
|
8%
|
|||||||||
|
Earnings Per Share- Diluted (A)
|
$
|
0.72
|
0.28
|
0.99
|
0.88
|
0.05
|
0.93
|
-18%
|
9%
|
|||||||||
|
Average Shares - Diluted
|
59,343
|
59,343
|
59,343
|
59,713
|
59,713
|
59,713
|
||||||||||||
|
NINE MONTHS ENDED JANUARY 31,
|
||||||||||||||||||
|
2015
|
2014
|
% Change
|
||||||||||||||||
| US GAAP | Adjustments (A) | Adjusted | US GAAP | Adjustments (A-C) | Adjusted | US GAAP |
Adjusted
excl. FX
|
|||||||||||
|
Revenue
|
$
|
1,380,794
|
-
|
1,380,794
|
1,318,106
|
-
|
1,318,106
|
5%
|
5%
|
|||||||||
|
Costs and Expenses
|
||||||||||||||||||
|
|
Cost of Sales
|
382,839
|
-
|
382,839
|
380,706
|
-
|
380,706
|
1%
|
0%
|
|||||||||
|
Operating and Administrative
|
755,541
|
-
|
755,541
|
713,090
|
-
|
713,090
|
6%
|
6%
|
||||||||||
|
Restructuring Charges (A)
|
23,879
|
(23,879)
|
-
|
27,327
|
(27,327)
|
-
|
||||||||||||
|
Impairment Charges (B)
|
-
|
-
|
-
|
4,786
|
(4,786)
|
-
|
||||||||||||
|
Amortization of Intangibles
|
38,859
|
-
|
38,859
|
33,066
|
-
|
33,066
|
18%
|
16%
|
||||||||||
|
Total Costs and Expenses
|
1,201,118
|
(23,879)
|
1,177,239
|
1,158,975
|
(32,113)
|
1,126,862
|
4%
|
4%
|
||||||||||
|
Operating Income
|
179,676
|
23,879
|
203,555
|
159,131
|
32,113
|
191,244
|
13%
|
9%
|
||||||||||
|
Operating Margin
|
13.0%
|
14.7%
|
12.1%
|
14.5%
|
||||||||||||||
|
Interest Expense
|
(13,015)
|
-
|
(13,015)
|
(10,348)
|
-
|
(10,348)
|
26%
|
26%
|
||||||||||
|
Foreign Exchange Gain
|
2,828
|
-
|
2,828
|
329
|
-
|
329
|
||||||||||||
|
Interest Income and Other
|
2,218
|
-
|
2,218
|
2,095
|
-
|
2,095
|
6%
|
6%
|
||||||||||
|
Income Before Taxes
|
171,707
|
23,879
|
195,586
|
151,207
|
32,113
|
183,320
|
14%
|
8%
|
||||||||||
|
Provision for Income Taxes (A-C)
|
41,736
|
7,654
|
49,390
|
26,588
|
21,126
|
47,714
|
57%
|
3%
|
||||||||||
|
Net Income
|
$
|
129,971
|
16,225
|
146,196
|
124,619
|
10,987
|
135,606
|
4%
|
9%
|
|||||||||
|
Earnings Per Share- Diluted (A-C)
|
$
|
2.18
|
0.27
|
2.45
|
2.10
|
0.19
|
2.28
|
4%
|
8%
|
|||||||||
|
Average Shares - Diluted
|
59,632
|
59,632
|
59,632
|
59,388
|
59,388
|
59,388
|
||||||||||||
| See the accompanying Notes to Unaudited Financial Statements for a description of each Adjustment. | ||||||||||||||||||
|
JOHN WILEY & SONS, INC.
|
||||||||||||
|
FOR THE THIRD QUARTER AND NINE MONTHS ENDED
|
||||||||||||
|
JANUARY 31, 2015 AND 2014
|
||||||||||||
|
RECONCILIATION OF US GAAP TO ADJUSTED EPS - DILUTED (UNAUDITED)
|
||||||||||||
|
Third Quarter Ended
|
Nine Months Ended
|
|||||||||||
|
January 31,
|
January 31,
|
|||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||
|
US GAAP Earnings Per Share - Diluted
|
$
|
0.72
|
$
|
0.88
|
$
|
2.18
|
$
|
2.10
|
||||
|
Adjusted to exclude the following:
|
||||||||||||
|
Restructuring Charges (A)
|
(0.28)
|
(0.05)
|
(0.27)
|
(0.31)
|
||||||||
|
Impairment Charges (B)
|
-
|
-
|
-
|
(0.06)
|
||||||||
|
Deferred Income Tax Benefit on UK Rate Change (C)
|
-
|
-
|
-
|
0.18
|
||||||||
|
Adjusted Earnings Per Share - Diluted
|
$
|
0.99
|
$
|
0.93
|
$
|
2.45
|
$
|
2.28
|
||||
|
NOTES TO UNAUDITED FINANCIAL STATEMENTS
|
||||||||||||
|
Adjustments:
|
||||||||||||
|
(A)
|
RESTRUCTURING CHARGES: The adjusted results for the three and nine months ended January 31, 2015 and the three and nine months ended January 31, 2014 exclude restructuring charges related to the Company's Restructuring and Reinvestment Program of $24.0 million or $0.28 per share, $23.9 million or $0.27 per share, $4.3 million or $0.05 per share, and $27.3 million or $0.31 per share, respectively.
|
|||||||||||
|
(B)
|
IMPAIRMENT CHARGES: The adjusted results for the nine months ended January 31, 2014 exclude impairment charges related to certain technology investments of $4.8 million or $0.06 per share.
|
|||||||||||
|
(C)
|
Deferred Income Tax Benefit on UK Rate Change: The adjusted results for the nine months ended January 31, 2014 exclude deferred tax benefits of $10.6 million, or $0.18 per share, associated with tax legislation enacted in the United Kingdom that reduced the U.K. corporate income tax rates by 3%. The benefits reflect the remeasurement of the Company's deferred tax balances to the new income tax rates of 21% effective April 1, 2014 and 20% effective April 1, 2015 and had no current cash tax impact.
|
|||||||||||
|
Non-GAAP Financial Measures:
|
||||||||||||
|
In addition to providing financial results in accordance with GAAP, the Company has provided adjusted financial results that exclude the impact of other nonrecurring items described in more detail throughout this press release. These non-GAAP financial measures are labeled as "Adjusted" and are used for evaluating the results of operations for internal purposes. These non-GAAP measures are not intended to replace the presentation of financial results in accordance with GAAP. Rather, the Company believes the exclusion of such items provides additional information to investors to facilitate the comparison of past and present operations. Unless otherwise noted, adjusted amounts in the attached schedules include foreign exchange.
|
||||||||||||
|
JOHN WILEY & SONS, INC.
|
||||||||||||||||||
|
UNAUDITED SEGMENT RESULTS
|
||||||||||||||||||
|
FOR THE THIRD QUARTER AND NINE MONTHS ENDED
|
||||||||||||||||||
|
JANUARY 31, 2015 and 2014
|
||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||
|
THIRD QUARTER ENDED JANUARY 31,
|
||||||||||||||||||
|
2015
|
2014
|
% Change
|
||||||||||||||||
| US GAAP | Adjustments (A) | Adjusted | US GAAP | Adjustments (A) | Adjusted | US GAAP |
Adjusted
excl. FX
|
|||||||||||
|
Revenue
|
||||||||||||||||||
|
Research
|
$
|
246,454
|
-
|
246,454
|
248,797
|
-
|
248,797
|
-1%
|
3%
|
|||||||||
|
Professional Development
|
108,587
|
-
|
108,587
|
94,201
|
-
|
94,201
|
15%
|
17%
|
||||||||||
|
Education
|
110,864
|
-
|
110,864
|
114,935
|
-
|
114,935
|
-4%
|
-2%
|
||||||||||
|
Total
|
$
|
465,905
|
-
|
465,905
|
457,933
|
-
|
457,933
|
2%
|
5%
|
|||||||||
|
Direct Contribution to Profit
|
||||||||||||||||||
|
Research
|
$
|
108,727
|
4,507
|
113,234
|
111,318
|
(782)
|
110,536
|
-2%
|
7%
|
|||||||||
|
Professional Development
|
35,214
|
3,588
|
38,802
|
38,886
|
(833)
|
38,053
|
-9%
|
4%
|
||||||||||
|
Education
|
46,415
|
1,033
|
47,448
|
48,411
|
117
|
48,528
|
-4%
|
0%
|
||||||||||
|
Total
|
$
|
190,356
|
9,128
|
199,484
|
198,615
|
(1,498)
|
197,117
|
-4%
|
4%
|
|||||||||
|
Contribution to Profit (After Allocated Shared Services and Admin. Costs)
|
||||||||||||||||||
|
Research
|
$
|
67,999
|
4,507
|
72,506
|
69,233
|
(782)
|
68,451
|
-2%
|
11%
|
|||||||||
|
Professional Development
|
9,307
|
3,588
|
12,895
|
13,279
|
(833)
|
12,446
|
-30%
|
8%
|
||||||||||
|
Education
|
26,581
|
1,033
|
27,614
|
29,851
|
117
|
29,968
|
-11%
|
-5%
|
||||||||||
|
Total
|
$
|
103,887
|
9,128
|
113,015
|
112,363
|
(1,498)
|
110,865
|
-8%
|
6%
|
|||||||||
|
Unallocated Shared Services and Admin. Costs
|
(49,845)
|
14,906
|
(34,939)
|
(38,983)
|
5,754
|
(33,229)
|
28%
|
7%
|
||||||||||
|
Operating Income
|
$
|
54,042
|
24,034
|
78,076
|
73,380
|
4,256
|
77,636
|
-26%
|
6%
|
|||||||||
|
Total Shared Services and Admin. Costs by Function
|
||||||||||||||||||
|
Distribution and Operation Services
|
$
|
(25,257)
|
4,052
|
(21,205)
|
(25,244)
|
17
|
(25,227)
|
0%
|
-13%
|
|||||||||
|
Technology and Content Management
|
(61,171)
|
1,842
|
(59,329)
|
(60,658)
|
2,283
|
(58,375)
|
1%
|
3%
|
||||||||||
|
Finance
|
(13,793)
|
164
|
(13,629)
|
(14,194)
|
882
|
(13,312)
|
-3%
|
5%
|
||||||||||
|
Other Administration
|
(36,093)
|
8,848
|
(27,245)
|
(25,139)
|
2,572
|
(22,567)
|
44%
|
23%
|
||||||||||
|
Total
|
$
|
(136,314)
|
14,906
|
(121,408)
|
(125,235)
|
5,754
|
(119,481)
|
9%
|
4%
|
|||||||||
|
NINE MONTHS ENDED JANUARY 31,
|
||||||||||||||||||
|
2015
|
2014
|
% Change
|
||||||||||||||||
| US GAAP | Adjustments (A) | Adjusted | US GAAP | Adjustments (A-B) | Adjusted | US GAAP |
Adjusted
excel. FX
|
|||||||||||
|
Revenue
|
||||||||||||||||||
|
Research
|
$
|
766,149
|
-
|
766,149
|
747,532
|
-
|
747,532
|
2%
|
2%
|
|||||||||
|
Professional Development
|
306,581
|
-
|
306,581
|
270,832
|
-
|
270,832
|
13%
|
13%
|
||||||||||
|
Education
|
308,064
|
-
|
308,064
|
299,742
|
-
|
299,742
|
3%
|
4%
|
||||||||||
|
Total
|
$
|
1,380,794
|
-
|
1,380,794
|
1,318,106
|
-
|
1,318,106
|
5%
|
5%
|
|||||||||
|
Direct Contribution to Profit
|
||||||||||||||||||
|
Research
|
$
|
344,155
|
4,322
|
348,477
|
334,179
|
4,590
|
338,769
|
3%
|
3%
|
|||||||||
|
Professional Development
|
104,354
|
3,833
|
108,187
|
100,075
|
4,834
|
104,909
|
4%
|
4%
|
||||||||||
|
Education
|
114,721
|
1,084
|
115,805
|
113,041
|
375
|
113,416
|
1%
|
4%
|
||||||||||
|
Total
|
$
|
563,230
|
9,239
|
572,469
|
547,295
|
9,799
|
557,094
|
3%
|
3%
|
|||||||||
|
Contribution to Profit (After Allocated Shared Services and Admin. Costs)
|
||||||||||||||||||
|
Research
|
$
|
216,603
|
4,322
|
220,925
|
204,646
|
4,590
|
209,236
|
6%
|
7%
|
|||||||||
|
Professional Development
|
26,630
|
3,833
|
30,463
|
19,513
|
4,834
|
24,347
|
-
|
27%
|
||||||||||
|
Education
|
54,757
|
1,084
|
55,841
|
57,502
|
375
|
57,877
|
-5%
|
-1%
|
||||||||||
|
Total
|
$
|
297,990
|
9,239
|
307,229
|
281,661
|
9,799
|
291,460
|
6%
|
7%
|
|||||||||
|
Unallocated Shared Services and Admin. Costs
|
(118,314)
|
14,640
|
(103,674)
|
(122,530)
|
22,314
|
(100,216)
|
-3%
|
3%
|
||||||||||
|
Operating Income
|
$
|
179,676
|
23,879
|
203,555
|
159,131
|
32,113
|
191,244
|
13%
|
9%
|
|||||||||
|
Total Shared Services and Admin. Costs by Function
|
||||||||||||||||||
|
Distribution and Operation Services
|
$
|
(71,760)
|
4,436
|
(67,324)
|
(78,334)
|
2,591
|
(75,743)
|
-8%
|
-11%
|
|||||||||
|
Technology and Content Management
|
(182,445)
|
1,285
|
(181,160)
|
(191,325)
|
13,243
|
(178,082)
|
-5%
|
1%
|
||||||||||
|
Finance
|
(40,252)
|
71
|
(40,181)
|
(40,436)
|
882
|
(39,554)
|
0%
|
2%
|
||||||||||
|
Other Administration
|
(89,097)
|
8,848
|
(80,249)
|
(78,069)
|
5,598
|
(72,471)
|
14%
|
11%
|
||||||||||
|
Total
|
$
|
(383,554)
|
14,640
|
(368,914)
|
(388,164)
|
22,314
|
(365,850)
|
-1%
|
1%
|
|||||||||
| See the accompanying Notes to Unaudited Financial Statements for a description of each Adjustment. Certain prior year amounts have been reclassified to conform to the current year's presentation. | ||||||||||||||||||
|
UNAUDITED ADJUSTED CONTRIBUTION TO PROFIT
|
||||||||||||||||||
|
INCLUDING ALLOCATED SHARED SERVICES AND ADMINISTRATIVE COSTS
|
||||||||||||||||||
|
FOR THE THIRD QUARTER AND NINE MONTHS ENDED
|
||||||||||||||||||
|
JANUARY 31, 2015 and 2014
|
||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||
|
Third Quarter Ended
|
Nine Months Ended
|
|||||||||||||||||
|
January 31,
|
January 31,
|
|||||||||||||||||
|
2015
|
2014
|
%
Change
|
|
% Change excel. FX |
|
2015
|
2014
|
%
Change
|
|
% Change excl. FX
|
||||||||
|
Research:
|
||||||||||||||||||
|
Direct Contribution to Profit
|
108,727
|
111,318
|
-2%
|
2%
|
344,155
|
334,179
|
3%
|
3%
|
||||||||||
|
Restructuring (Credits) Charges (A)
|
4,507
|
(782)
|
4,322
|
4,590
|
||||||||||||||
|
Adjusted Direct Contribution to Profit
|
113,234
|
110,536
|
2%
|
7%
|
348,477
|
338,769
|
3%
|
3%
|
||||||||||
|
Allocated Shared Services and Admin. Costs:
|
||||||||||||||||||
|
Distribution and Operation Services
|
(10,722)
|
(11,406)
|
-6%
|
-2%
|
(34,141)
|
(34,801)
|
-2%
|
-2%
|
||||||||||
|
Technology and Content Management
|
(24,254)
|
(24,888)
|
-3%
|
0%
|
(75,440)
|
(75,969)
|
-1%
|
-1%
|
||||||||||
|
Occupancy and Other
|
(5,752)
|
(5,791)
|
-1%
|
3%
|
(17,971)
|
(18,763)
|
-4%
|
-5%
|
||||||||||
|
Adjusted Contribution to Profit (after allocated
|
72,506
|
68,451
|
6%
|
11%
|
220,925
|
209,236
|
6%
|
7%
|
||||||||||
|
Shared Services and Admin. Costs)
|
||||||||||||||||||
|
Professional Development:
|
||||||||||||||||||
|
Direct Contribution to Profit
|
35,214
|
38,886
|
-9%
|
-7%
|
104,354
|
100,075
|
4%
|
5%
|
||||||||||
|
Restructuring (Credits) Charges (A)
|
3,588
|
(833)
|
3,833
|
4,834
|
||||||||||||||
|
Adjusted Direct Contribution to Profit
|
38,802
|
38,053
|
2%
|
4%
|
108,187
|
104,909
|
3%
|
4%
|
||||||||||
|
Allocated Shared Services and Admin. Costs:
|
||||||||||||||||||
|
Distribution and Operation Services
|
(7,401)
|
(9,634)
|
-23%
|
-20%
|
(23,671)
|
(28,790)
|
-18%
|
-18%
|
||||||||||
|
Technology and Content Management
|
(12,550)
|
(11,834)
|
6%
|
6%
|
(35,347)
|
(37,872)
|
-7%
|
-7%
|
||||||||||
|
Occupancy and Other
|
(5,956)
|
(4,139)
|
44%
|
44%
|
(18,706)
|
(13,900)
|
35%
|
35%
|
||||||||||
|
Adjusted Contribution to Profit (after allocated
|
12,895
|
12,446
|
4%
|
8%
|
30,463
|
24,347
|
25%
|
27%
|
||||||||||
|
Shared Services and Admin. Costs)
|
||||||||||||||||||
|
Education:
|
||||||||||||||||||
|
Direct Contribution to Profit
|
46,415
|
48,411
|
-4%
|
-2%
|
114,721
|
113,041
|
1%
|
3%
|
||||||||||
|
Restructuring Charges (A)
|
1,033
|
117
|
1,084
|
375
|
||||||||||||||
|
Adjusted Direct Contribution to Profit
|
47,448
|
48,528
|
-2%
|
0%
|
115,805
|
113,416
|
2%
|
4%
|
||||||||||
|
Allocated Shared Services and Admin. Costs:
|
||||||||||||||||||
|
Distribution and Operation Services
|
(3,341)
|
(4,098)
|
-18%
|
-16%
|
(9,886)
|
(11,987)
|
-18%
|
-17%
|
||||||||||
|
Technology and Content Management
|
(12,815)
|
(11,935)
|
7%
|
8%
|
(39,630)
|
(34,979)
|
13%
|
14%
|
||||||||||
|
Occupancy and Other
|
(3,678)
|
(2,527)
|
46%
|
46%
|
(10,448)
|
(8,573)
|
22%
|
23%
|
||||||||||
|
Adjusted Contribution to Profit (after allocated
|
27,614
|
29,968
|
-8%
|
-5%
|
55,841
|
57,877
|
-4%
|
-1%
|
||||||||||
|
Shared Services and Admin. Costs)
|
||||||||||||||||||
|
Total Adjusted Contribution to Profit (after
|
113,015
|
110,865
|
2%
|
6%
|
307,229
|
291,460
|
5%
|
7%
|
||||||||||
|
allocated Shared Services and Admin. Costs)
|
||||||||||||||||||
|
Unallocated Shared Services and Admin. Costs:
|
||||||||||||||||||
|
Unallocated Shared Services and Admin. Costs
|
(49,845)
|
(38,983)
|
28%
|
29%
|
(118,314)
|
(122,530)
|
-3%
|
-4%
|
||||||||||
|
Restructuring Charges (A)
|
14,906
|
5,754
|
14,640
|
17,528
|
||||||||||||||
|
Impairment Charges (B)
|
-
|
-
|
-
|
4,786
|
||||||||||||||
|
Adjusted Unallocated Shared Services and Admin. Costs
|
(34,939)
|
(33,229)
|
5%
|
7%
|
(103,674)
|
(100,216)
|
3%
|
3%
|
||||||||||
|
Adjusted Operating Income
|
78,076
|
77,636
|
1%
|
6%
|
203,555
|
191,244
|
6%
|
9%
|
||||||||||
| See the accompanying Notes to Unaudited Financial Statements for a description of each Adjustment. Certain prior year amounts have been reclassified to conform to the current year's presentation. | ||||||||||||||||||
|
JOHN WILEY & SONS, INC.
|
|||||||||||||||||||
|
SEGMENT REVENUE by PRODUCT/SERVICE
|
|||||||||||||||||||
|
FOR THE THIRD QUARTER AND NINE MONTHS ENDED
|
|||||||||||||||||||
|
JANUARY 31, 2015 and 2014
|
|||||||||||||||||||
|
(in thousands)
|
|||||||||||||||||||
|
Third Quarter
|
Nine Months
|
||||||||||||||||||
|
Ended January 31,
|
% of
|
% Change |
|
Ended January 31,
|
% of
|
% Change
|
|||||||||||||
|
2015
|
2014
|
Revenue |
|
excl. FX |
|
2015
|
2014
|
Revenue |
|
excl. FX
|
|||||||||
|
RESEARCH
|
|||||||||||||||||||
|
Research Communication:
|
|||||||||||||||||||
|
Journal Subscriptions
|
$
|
153,755
|
154,035
|
62%
|
4%
|
$
|
490,893
|
478,374
|
64%
|
2%
|
|||||||||
|
Funded Access
|
6,066
|
4,347
|
2%
|
46%
|
16,562
|
11,538
|
2%
|
43%
|
|||||||||||
|
Other Journal Revenue
|
27,833
|
27,393
|
11%
|
7%
|
90,720
|
76,487
|
12%
|
19%
|
|||||||||||
|
187,654
|
185,775
|
76%
|
5%
|
598,175
|
566,399
|
78%
|
5%
|
||||||||||||
|
Books and References:
|
|||||||||||||||||||
|
Print Books
|
27,743
|
30,990
|
11%
|
-8%
|
80,658
|
89,483
|
11%
|
-10%
|
|||||||||||
|
Digital Books
|
10,941
|
12,636
|
4%
|
-9%
|
30,154
|
31,588
|
4%
|
-4%
|
|||||||||||
|
38,684
|
43,626
|
16%
|
-8%
|
110,812
|
121,071
|
14%
|
-8%
|
||||||||||||
|
Other Research Revenue
|
20,116
|
19,396
|
8%
|
8%
|
57,162
|
60,062
|
7%
|
-4%
|
|||||||||||
|
Total Revenue
|
$
|
246,454
|
248,797
|
100%
|
3%
|
$
|
766,149
|
747,532
|
100%
|
2%
|
|||||||||
|
PROFESSIONAL DEVELOPMENT
|
|||||||||||||||||||
|
Knowledge Services:
|
|||||||||||||||||||
|
Print Books
|
$
|
55,955
|
64,497
|
52%
|
-11%
|
$
|
164,567
|
180,599
|
54%
|
-9%
|
|||||||||
|
Digital Books
|
11,352
|
13,102
|
10%
|
-13%
|
36,316
|
38,739
|
12%
|
-6%
|
|||||||||||
|
Online Test Preparation and Certification
|
4,030
|
3,545
|
4%
|
14%
|
12,517
|
10,666
|
4%
|
17%
|
|||||||||||
|
Other Knowledge Service Revenue
|
8,164
|
6,573
|
8%
|
26%
|
20,479
|
19,203
|
7%
|
7%
|
|||||||||||
|
79,501
|
87,717
|
73%
|
-8%
|
233,879
|
249,207
|
76%
|
-6%
|
||||||||||||
|
Talent Solutions:
|
|||||||||||||||||||
|
Assessment
|
12,891
|
6,484
|
12%
|
99%
|
41,200
|
21,625
|
13%
|
91%
|
|||||||||||
|
Online Learning and Training (A)
|
16,195
|
-
|
15%
|
31,502
|
10%
|
||||||||||||||
|
29,086
|
6,484
|
27%
|
349%
|
72,702
|
21,625
|
24%
|
236%
|
||||||||||||
|
Total Revenue
|
$
|
108,587
|
94,201
|
100%
|
17%
|
$
|
306,581
|
270,832
|
100%
|
13%
|
|||||||||
|
EDUCATION
|
|||||||||||||||||||
|
Books:
|
|||||||||||||||||||
|
Print Textbooks
|
$
|
40,473
|
54,389
|
36%
|
-23%
|
$
|
126,786
|
140,963
|
41%
|
-9%
|
|||||||||
|
Digital Books
|
11,042
|
7,962
|
10%
|
41%
|
25,196
|
21,522
|
8%
|
18%
|
|||||||||||
|
51,515
|
62,351
|
46%
|
-14%
|
151,982
|
162,485
|
49%
|
-5%
|
||||||||||||
|
Custom Products
|
13,625
|
12,892
|
12%
|
6%
|
49,560
|
43,966
|
16%
|
13%
|
|||||||||||
|
Course Workflow Solutions (WileyPLUS)
|
20,841
|
18,575
|
19%
|
13%
|
40,552
|
35,587
|
13%
|
15%
|
|||||||||||
|
Education Services (Deltak)
|
22,974
|
19,144
|
21%
|
20%
|
58,908
|
50,395
|
19%
|
17%
|
|||||||||||
|
Other Education Revenue
|
1,909
|
1,973
|
2%
|
-3%
|
7,062
|
7,309
|
2%
|
-3%
|
|||||||||||
|
Total Revenue
|
$
|
110,864
|
114,935
|
100%
|
-2%
|
$
|
308,064
|
299,742
|
100%
|
4%
|
|||||||||
|
Note: Segment Revenue Categorization
|
|||||||||||||||||||
|
Wiley has modified its segment product revenue categories to reflect recent changes to the business, including acquisitions and restructuring. All prior periods have been revised to reflect the new categorization.
|
|||||||||||||||||||
|
(A) Quarter to date results include five months for the Company's most recent acquisition, CrossKnowledge Group, Ltd, aquired in May 2014, which was previously reported on a two-month lag
|
|||||||||||||||||||
|
JOHN WILEY & SONS, INC.
|
|||||||
|
UNAUDITED STATEMENTS OF FINANCIAL POSITION
|
|||||||
|
(in thousands)
|
|||||||
|
January 31,
|
April 30,
|
||||||
|
2015
|
2014
|
2014
|
|||||
|
Current Assets
|
|||||||
|
Cash & cash equivalents
|
$
|
260,215
|
315,985
|
486,377
|
|||
|
Accounts receivable
|
220,311
|
205,796
|
149,733
|
||||
|
Inventories
|
65,027
|
79,168
|
75,495
|
||||
|
Prepaid and other
|
68,369
|
60,540
|
78,057
|
||||
|
Total Current Assets
|
613,922
|
661,489
|
789,662
|
||||
|
Product Development Assets
|
71,124
|
89,142
|
82,940
|
||||
|
Technology, Property and Equipment
|
187,643
|
181,092
|
188,718
|
||||
|
Intangible Assets
|
933,299
|
961,931
|
984,661
|
||||
|
Goodwill
|
964,818
|
856,707
|
903,665
|
||||
|
Income Tax Deposits
|
60,133
|
61,086
|
64,037
|
||||
|
Other Assets
|
63,069
|
61,799
|
63,682
|
||||
|
Total Assets
|
2,894,008
|
2,873,246
|
3,077,365
|
||||
|
Current Liabilities
|
|||||||
|
Short-term debt
|
100,000
|
-
|
-
|
||||
|
Accounts and royalties payable
|
202,173
|
205,154
|
142,534
|
||||
|
Deferred revenue
|
307,783
|
279,681
|
385,654
|
||||
|
Accrued employment costs
|
79,063
|
88,514
|
118,503
|
||||
|
Accrued income taxes
|
9,450
|
6,802
|
13,324
|
||||
|
Accrued pension liability
|
4,567
|
4,386
|
4,671
|
||||
|
Other accrued liabilities
|
61,025
|
48,017
|
64,901
|
||||
|
Total Current Liabilities
|
764,061
|
632,554
|
729,587
|
||||
|
Long-Term Debt
|
588,111
|
634,000
|
700,100
|
||||
|
Accrued Pension Liability
|
144,818
|
195,037
|
164,634
|
||||
|
Deferred Income Tax Liabilities
|
222,922
|
199,660
|
222,482
|
||||
|
Other Long-Term Liabilities
|
89,016
|
76,005
|
78,314
|
||||
|
Shareholders' Equity
|
1,085,080
|
1,135,990
|
1,182,248
|
||||
|
Total Liabilities & Shareholders' Equity
|
$
|
2,894,008
|
2,873,246
|
3,077,365
|
|||
|
JOHN WILEY & SONS, INC.
|
|||||
|
UNAUDITED STATEMENTS OF FREE CASH FLOW
|
|||||
|
(in thousands)
|
|||||
|
Nine Months Ended
|
|||||
|
January 31,
|
|||||
|
2015
|
2014
|
||||
|
Operating Activities:
|
|||||
|
Net income
|
$
|
129,971
|
124,619
|
||
|
Amortization of intangibles
|
38,859
|
33,066
|
|||
|
Amortization of composition costs
|
30,695
|
33,940
|
|||
|
Depreciation of technology, property and equipment
|
46,225
|
43,596
|
|||
|
Restructuring and impairment charges
|
23,879
|
32,113
|
|||
|
Restructuring payments
|
(25,473)
|
(20,136)
|
|||
|
Deferred tax benefits on U.K. rate changes
|
-
|
(10,634)
|
|||
|
Share-based compensation expense
|
11,778
|
10,995
|
|||
|
Excess tax (benefits) charges from share-based compensation
|
(2,487)
|
2,880
|
|||
|
Royalty advances
|
(77,265)
|
(83,237)
|
|||
|
Earned royalty advances
|
77,755
|
77,663
|
|||
|
Other non-cash charges and credits
|
30,407
|
37,766
|
|||
|
Change in deferred revenue
|
(62,822)
|
(91,174)
|
|||
|
Income tax deposit
|
(6,814)
|
(10,433)
|
|||
|
Net change in operating assets and liabilities, excluding acquisitions
|
(60,557)
|
(27,227)
|
|||
|
Cash Provided by Operating Activities
|
154,151
|
153,797
|
|||
|
Investments in organic growth:
|
|||||
|
Composition spending
|
(26,872)
|
(30,460)
|
|||
|
Additions to technology, property and equipment
|
(47,293)
|
(38,733)
|
|||
|
Free Cash Flow
|
79,986
|
84,604
|
|||
|
Other Investing and Financing Activities:
|
|||||
|
Acquisitions, net of cash
|
(172,661)
|
(5,150)
|
|||
|
Escrowed proceeds from sale of consumer publishing programs
|
1,100
|
-
|
|||
|
Repayment of long-term debt
|
(550,083)
|
(486,600)
|
|||
|
Borrowings of long-term debt
|
435,700
|
447,600
|
|||
|
Borrowings of short-term debt
|
100,000
|
-
|
|||
|
Change in book overdrafts
|
(8,742)
|
(21,859)
|
|||
|
Cash dividends
|
(51,491)
|
(44,182)
|
|||
|
Purchase of treasury shares
|
(61,981)
|
(38,533)
|
|||
|
Proceeds from exercise of stock options and other
|
24,492
|
48,540
|
|||
|
Excess tax benefits (charges) from share-based compensation
|
2,487
|
(2,880)
|
|||
|
Cash Used for Investing and Financing Activities
|
(281,179)
|
(103,064)
|
|||
|
Effects of Exchange Rate Changes on Cash
|
(24,969)
|
305
|
|||
|
Decrease in Cash and Cash Equivalents for Period
|
$
|
(226,162)
|
(18,155)
|
||
|
RECONCILIATION TO GAAP PRESENTATION
|
|||||
|
Investing Activities:
|
|||||
|
Composition spending
|
$
|
(26,872)
|
(30,460)
|
||
|
Additions to technology, property and equipment
|
(47,293)
|
(38,733)
|
|||
|
Acquisitions, net of cash
|
(172,661)
|
(5,150)
|
|||
|
Escrowed proceeds from sale of consumer publishing programs
|
1,100
|
-
|
|||
|
Cash Used for Investing Activities
|
$
|
(245,726)
|
(74,343)
|
||
|
Financing Activities:
|
|||||
|
Cash Used for Investing and Financing Activities
|
$
|
(281,179)
|
(103,064)
|
||
|
Excluding:
|
|||||
|
Acquisitions, net of cash
|
(172,661)
|
(5,150)
|
|||
|
Escrowed proceeds from sale of consumer publishing programs
|
1,100
|
-
|
|||
|
Cash Used for Financing Activities
|
$
|
(109,618)
|
(97,914)
|
||
|
Note: The Company’s management evaluates performance using free cash flow. The Company believes free cash flow provides a meaningful and comparable measure of performance. Since free cash flow is not a measure calculated in accordance with GAAP, it should not be considered as a substitute for other GAAP measures, including cash used for or provided by operating activities, investing activities and financing activities, as an indicator of performance.
|
|||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized
|
JOHN WILEY & SONS, INC.
|
|
|
Registrant
|
|
By
|
/s/ Mark Allin
|
||
|
Mark Allin
|
|||
|
Chief Operating Officer and
|
|||
| Acting Chief Executive Officer |
|
By
|
/s/ John A. Kritzmacher
|
||
|
John A. Kritzmacher
|
|||
|
Executive Vice President and
|
|||
|
Chief Financial Officer
|
|||
|
Dated: March 10, 2015
|