Wiley Reports Second Quarter Fiscal 2022 Results

Wiley (NYSE: JWA and JWB), a global leader in scientific research and career-connected education, today announced results for the second quarter ended October 31, 2021.


  • GAAP Results: Revenue of $533 million (+9%), Operating Income of $74 million (+6%), and EPS of $0.99 (-19%)
  • Adjusted Results (at constant currency): Revenue of $533 million (+8%), Adjusted EBITDA of $127 million (+7%), and Adjusted EPS of $1.29 (+6%)
  • CFO Transition: John Kritzmacher retiring from Company after eight years of service; Christina Van Tassell joins Wiley as successor


“Wiley’s strong performance reflects our continued effectiveness in helping the world’s leading universities and corporations to increase the impact of new scientific discoveries, improve the return on investment in education, and close critical skill and talent gaps,” said Brian Napack, President and CEO. “Our revenue growth in Research and Talent Development continues to be particularly noteworthy, driven by steady execution of our strategy and favorable market trends.”


GAAP Measures

Unaudited ($millions except for EPS)

Q2 2022

Q2 2021






Operating Income




Diluted EPS




Non-GAAP Measures

Q2 2022

Q2 2021


Constant Currency





Adjusted EBITDA




Adjusted EPS*




Excluding acquisitions and currency impact, revenue rose 5% for the quarter.

Wiley recorded a favorable FX variance of $2.8 million in Revenue and unfavorable FX variances of $2.1 million in Adjusted EBITDA and $0.03 in Adjusted EPS.

*Adjusted EPS:

Wiley’s Adjusted EPS metric excludes the impact of certain non-cash items directly related to acquisitions, most notably the amortization of acquired intangible assets. The Company does not consider these non-cash items to be indicative of its ongoing operating performance.


  • Research Publishing & Platforms rose 9% as reported and at constant currency and 4% excluding acquisitions, driven by strong growth in open access, corporate solutions, and research platforms.
  • Academic & Professional Learning grew 4% as reported and 3% at constant currency, driven by strong recovery in Professional Learning from prior-year COVID lockdown impacts. This more than offset a decline in Education Publishing due to softer US enrollment and some easing of prior-year COVID-related tailwinds in content and courseware.
  • Education Services increased 17% as reported and 15% at constant currency, driven by 3% growth in University Services (formerly OPM) and strong double-digit growth in Talent Development (formerly mthree).

Adjusted EBITDA

  • Research Publishing & Platforms rose 10% at constant currency, primarily driven by revenue growth.
  • Academic & Professional Learning rose 18% at constant currency, reflecting the Professional Learning recovery.
  • Education Services declined 35% at constant currency due to higher student acquisition costs in University Services and investments to accelerate growth in Talent Development.
  • Adjusted Corporate Expenses were up 12% mainly due to higher employee-related costs.


  • GAAP EPS was $0.99 as compared to $1.22 in the prior year period, which included a $0.25 discrete tax benefit related to the Coronavirus Aid, Relief, and Economic Security Act (CARES ACT).
  • Adjusted EPS of $1.29was up 6% at constant currency driven by higher adjusted EBITDA offsetting higher interest expense.

Balance Sheet, Cash Flow, and Capital Allocation

  • Net Debt-to-EBITDA ratio (trailing twelve months) at quarter-end was 2.1 compared to 1.9 in the prior year period.
  • Net Cash Used in Operating Activities (six months) was $76 million compared to $77 million in the prior year period, with higher cash earnings offset by higher annual incentive payments related to Fiscal 2021 outperformance. Note, Wiley’s seasonal use of cash in the first half of the fiscal year is driven by the timing of cash collections for annual research journal subscriptions.
  • Free Cash Flow less Product Development Spending (six months) was a use of $126 million as compared to a use of $124 million in the prior year.
  • Acquisitions: During the quarter, Wiley acquired research editorial services provider, J&J Editorial, for $12 million.
  • Share Repurchases: During the quarter,the Company utilized approximately $10 million to repurchase approximately 183,000 shares at an average cost per share of $54.54.


Given performance through six months and leading indicators, the Company is reaffirming its full year outlook.

($millions, except EPS)

Fiscal 2020

Fiscal 2021

Fiscal 2022 Outlook




$2,070 to $2,100

Adjusted EBITDA



$415 to $435

Adjusted EPS



$4.00 to $4.25

Free Cash Flow



$200 to $220


Scheduled for today, December 7 at 10:00 am (ET). Access webcast at investors.wiley.com, or directly at https://event.on24.com/wcc/r/3551395/01DAF1B2966C0BBB1AB1A59ED5F92CBB. US callers, please dial (844) 418-0103 and enter the participant code 4565599#. International callers, please dial (236) 714-3019 and enter the participant code 4565599#.


Wiley is a global leader in research and education, unlocking human potential by enabling discovery, powering education, and shaping workforces. For over 200 years, Wiley has fueled the world’s knowledge ecosystem. Today, our high-impact content, platforms, and services help researchers, learners, institutions, and corporations achieve their goals in an ever-changing world. Visit us at Wiley.com, Like us on Facebook

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