John Wiley & Sons, Inc. (NYSE:WLY) Q4 2023 Earnings Conference Call June 15, 2023 10:00 AM ET

Company Participants

Brian Campbell - VP, IR

Brian Napack - President & CEO

Christina Van Tassell - EVP & CFO

Conference Call Participants

Daniel Moore - CJS Securities

Operator

Good morning, and welcome to Wiley's Q4 Fiscal 2023 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

Thank you, and welcome, everyone. Joining me today are Brian Napack, Wiley's President and CEO; and Christina Van Tassell, Executive Vice President, and CFO. Note that our comments and responses to your questions reflect management's views as of today and will include forward-looking statements. Actual results may differ materially from those statements. The company does not undertake any obligation to update them to reflect subsequent events or circumstances.

Also, 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.

Unless otherwise noted, we will refer to non-GAAP metrics on the call, and variances are on a year-over-year basis and will exclude the impact of currency. Additional information is included in our filings with the SEC. A copy of this presentation and transcript will be available on our Investor Relations web page at investors.wiley.com.

I'll now turn the call over to Brian Napack.

Brian Napack

Hello, everyone, and thanks for joining. We have a lot to talk about. As you saw in our press release, we're announcing today a set of actions that will unlock significant value for our shareholders. These actions will focus Wiley on its greatest strengths, its best opportunities and its most profitable business lines. They will significantly simplify Wiley and in doing so, increase both our competitive advantage and our financial performance.

Today, Wiley leans into its strength as a global knowledge company, a leader in research and the creation of new knowledge, and in the application of this knowledge to solve real world problems. We are very excited about the next phase of Wiley's journey, and we're looking forward to sharing this vision with you.

Before we dive all the way in, let me give you a top of the waves view of today's main messages. First, regarding performance, fiscal ‘23 did not play out as we expected. As discussed through the year, macro and market headwinds drove lower spending in our education markets.