Good morning, and welcome to Wiley's Fourth Quarter and Fiscal Year 2019 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.
Hello, everyone, and welcome to Wiley's fourth quarter and fiscal 2019 earnings update. A few reminders to start. First, the call is being recorded and may include forward-looking statements. You shouldn't rely on these statements as actual results may differ materially and are subject to factors discussed in our SEC filings. The company does not undertake any obligations to update or revise forward-looking statements to reflect subsequent events or circumstances.
Second, Wiley provides non-GAAP measures as a supplement to evaluate underlying operating profitability and performance trends. Non-GAAP metrics, which generally exclude items that impact comparability, comprise the following; adjusted EPS, free cash flow less product development spending, adjusted operating income and margin, adjusted contribution to profit, adjusted EBITDA, and results on a constant currency basis and results excluding the impact of acquisitions. These performance measures do not have standardized meanings prescribed by US GAAP and therefore may not be comparable to the calculation of similar measures used by other companies. They should not be viewed as alternatives to measures under GAAP.
Also note, we abbreviate constant currency as CC. Please see the reconciliation and explanations of all non-GAAP financial measures presented in the supplementary information included in our press release. Important to note, all variances in this presentation exclude the impact of currency unless otherwise noted.
For those who prefer to listen to the call over the phone, but still want to view the slides, we recommend that you click on the gears icon located in the lower portion of the left-hand side window and select Live Phone. This will eliminate any delays in viewing the slide transitions as well as remove any potential background if you prefer to ask a question. After the call, a copy of the presentation and a playback of the webcast will be available on our Investor Relations web page.
I'll now turn the call over to Brian Napack, Wiley's President and CEO.
Brian A. Napack
Thanks, Brian, and thank you all for joining us today. Let me start by saying that I'm proud of our team and the performance that they delivered this past fiscal year. Our mission is to support and drive research and education around the globe, and I'm very optimistic about our future.
Let me quickly run through some takeaways as we end the year. First, we achieved our fiscal '19 revenue and earnings targets. We missed on an updated cash flow target mainly due to some timing-related changes in working capital performance. We'll touch on this a bit later.
We see revenue growth accelerating in fiscal '20, '21 and '22 after several years of little to no growth. We're seeing strong growth in critical areas of the business and we intend to build on this momentum. We've returned some businesses to growth in fiscal
Vice President of Investor Relations
Brian A. Napack
President and Chief Executive Officer
Chief Financial Officer and Executive Vice President, Operations
Adrien de Saint Hilaire
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