John Wiley & Sons, Inc. (NYSE:WLY) Q1 2024 Earnings Call Transcript September 7, 2023 10:00 AM ET

Company Participants

Brian Campbell - VP of IR

Brian Napack - President and CEO

Christina Van Tassell - EVP and CFO

Conference Call Participants

Daniel Moore - CJS Securities

Operator

Good morning, and welcome to Wiley's First Quarter Fiscal 2024 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. With me today are Brian Napack, 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 US GAAP and therefore, may not be comparable to similar measures used by other companies, nor should they be viewed also 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 held-for-sale assets and 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

Good morning, everyone. Thanks for joining. Last quarter, we announced some important actions that we're taking at Wiley to unlock value for our shareholders. These include divesting non-core assets to focus Wiley on its greatest strengths and its biggest opportunities so that we can deliver superior financial performance.

Today's Wiley is a knowledge company, a global leader in the creation and distribution of new knowledge to solve real-world problems. Speaking more practically, we're one of the world's leading publishers of top quality research, academic and professional content. Complementing our role as a publisher, we're also a leading provider of digital solutions that power the knowledge ecosystem and that specifically help people to access new knowledge and use it to achieve their goals.

Research is Wiley's largest and most profitable business, and it's at the core of our knowledge company strategy. The market for new research content grows consistently and Wiley has one of the world's leading research journal portfolios in the industry's most widely-used research content delivery platform. The company is fundamentally strong, maintaining a healthy balance sheet and delivering consistent cash generation.