John Wiley & Sons, Inc. (NYSE:JW.A) Q1 2021 Earnings Conference Call - Final Transcript

Sep 03, 2020 • 10:00 am ET

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John Wiley & Sons, Inc. (NYSE:JW.A) Q1 2021 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning, and welcome to Wiley's First Quarter Fiscal Year 2021 Earnings Call. As a reminder, this conference is being recorded.

At this, I'd like to introduce Wiley's Vice President of Investor Relations, Brian Campbell. Please go ahead.

Executive
Brian Campbell

Thank you. Good morning, and welcome to Wiley's first quarter 2021 earnings update. On the call with me are Brian Napack, President and Chief Executive Officer; and John Kritzmacher, Chief Financial Officer.

A few reminders to start, 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.

Wiley provides 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.

Please see the reconciliation of all non-GAAP measures presented in the supplementary information included in our press release. Unless otherwise noted, we will refer to non-GAAP metrics on the call, and variances are on a year-over-year basis and won't exclude the impact of currency unless otherwise specified. After the call, a copy of this presentation and a playback of the webcast will be available on our Investor Relations web page.

I'll now turn the call over to Wiley's President and CEO, Brian Napack.

Executive
Brian Napack

Good morning, everyone. Right now, educators and students around the world are heading back to school and researchers are heading back into their labs in a world significantly altered by COVID-19. As they do, they're rewriting the playbooks for education and research. From our advantage point, it's clear that they're turning to digital content, platforms and services at unprecedented levels. And they're also turning to corporate partners such as Wiley, who can help them achieve their goals in a changed world. The result for Wiley is that across the Company, demand for our digital products and services has grown markedly. This unusual moment is moving our markets and proving that the strategies that we have been pursuing are not only right for the market today, they are right for where the market is going in the long-term.

We had a solid first quarter of revenue and earnings performance despite the disrupted environment. This demonstrated both resilience of our business and tight alignment of our strategies with the market's evolving needs. We'll talk specifics about our performance shortly, but it's important to note that today's acute health, economic and social problems serve to reinforce the value of Wiley's mission.

Over the past months, we've moved faster to validate and publish more research and have made thousands of critical COVID related research studies freely available. We've helped many university, schools and corporations around corporations around the world to more quickly migrate from traditional to