John Wiley & Sons, Inc. (NYSE:JW.A) Q2 2020 Earnings Conference Call - Preliminary Transcript

Dec 04, 2019 • 10:00 am ET

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John Wiley & Sons, Inc. (NYSE:JW.A) Q2 2020 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Good morning and welcome to Wiley's Second Quarter Fiscal Year 2020 Earnings Call. As a reminder, this conference is being recorded. At this time, I would like to introduce Wiley's Vice President, Investor Relations, Brian Campbell. Please go ahead.

Executive
Brian Campbell

Good morning and welcome to Wiley's Second Quarter Fiscal 20 Earnings Update. In the room with me are Brian Napack, President and CEO; and John Kritzmacher, CFO and EVP, Operations.

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, which generally exclude adjusted EPS, free cash flow, less product development spending, adjusted operating income and margin adjusted contribution of 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.

This should not be viewed as alternatives to measures under GAAP. Also note we abbreviate the 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 on 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 noise 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 webpage. I'll now turn the call over to Brian Napack, Wiley's President and CEO.

Executive
Brian Napack

Thanks, Brian. Let me start with a brief refresher about our business and our mission. In a sentence, Wiley empowers, researchers learners universities and corporations to achieve their goals in an ever-changing world. We do this by delivering research and education in the high demand subjects and careers that are fueling the global knowledge economy. We deliver (ph) must have content

platforms and services that drive real outcomes in these areas. And we are committed to delivering a compelling value proposition to our customers with business models and pricing that meet the needs of today's demanding markets.

In total Wiley accelerates scientific discovery and advances powerful career focused education. Our wonderful colleagues around the world is very proud of who we are