John Wiley & Sons, Inc. (NYSE:JW.A) Q3 2020 Earnings Conference Call - Final Transcript

Mar 04, 2020 • 10:00 am ET


John Wiley & Sons, Inc. (NYSE:JW.A) Q3 2020 Earnings Conference Call - Final Transcript


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Good morning and welcome to Wiley's Third Quarter Fiscal Year 2020 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

Good morning and welcome to Wiley's third quarter fiscal 2020 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 measures, 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; 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 note: all variances in this presentation exclude the impact of currency, unless otherwise noted. After the call, a copy of this 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.

Brian Napack

Thanks, Brian. Good morning, everyone, and thanks for joining.

Let me start off by underscoring the valuable role that our business plays in the global knowledge economy. At its core, Wiley powers two essential drivers of the economy: scientific research and career focused education. Our Research business is a critical enabler of scientific, technological and medical discoveries, and these drive innovation, growth and human advancement. Our Education business helps people gain the specific skills and knowledge they need to succeed in their careers.

It's an exciting time for the global research industry. R&D spending continues to rise as institutions, companies and even nations compete to achieve breakthroughs that will lead to improvements in the human condition and economic gain. This competition drives steady growth of the research output that we publish. It also drives the need to continually improve and accelerate the research process itself. New fields of study are forming and existing research methods are being improved. Wiley plays a critical role in this ecosystem as a leading publisher of validated research and as a provider of the platforms on which the research output is created, endorsed, shared and consumed.

In many ways, Wiley directly helps researchers succeed in their careers, while also helping universities to improve their standing, and corporations to accelerate