EX-99.2 3 exhibit99_2.htm PRESENTATION MATERIALS DATED SEPTEMBER 7, 2022
First Quarter Fiscal 2023 Earnings Review September 7, 2022

SAFE HARBOR STATEMENT This presentation contains certain forward-looking statements concerning the Company's operations, performance, and financial condition. Reliance should not be placed on forward-looking statements, as actual results may differ materially from those in any forward-looking statements. Any such forward-looking statements are based upon many assumptions and estimates that are inherently subject to uncertainties and contingencies, many of which are beyond the control of the Company and are subject to change based on many important factors. Such factors include, but are not limited to: (i) the level of investment in new technologies and products; (ii) subscriber renewal rates for the Company's journals; (iii) the financial stability and liquidity of journal subscription agents; (iv) the consolidation of book wholesalers and retail accounts; (v) the market position and financial stability of key retailers; (vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwide economic and political conditions; (viii) the Company's ability to protect its copyrights and other intellectual property worldwide (ix) the ability of the Company to successfully integrate acquired operations and realize expected opportunities; (x) the Company’s ability to realize operating savings over time and in fiscal year 2023 in connection with our multi-year Business Optimization Program and Fiscal Year 2023 Restructuring Program; (xi) the impact of COVID-19 on our operations, performance, and financial condition; and (xii) other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances. NON-GAAP MEASURES In this presentation, management provides the following non-GAAP performance measures: Adjusted Earnings Per Share (“Adjusted EPS”); Free Cash Flow less Product Development Spending; Adjusted Contribution to Profit (“Adjusted CTP”) and margin; Adjusted EBITDA and margin; Organic revenue; and Results on a constant currency (“CC”) basis. Management believes non-GAAP financial measures, which exclude the impact of restructuring charges and credits and other items, provide supplementary information to support analyzing operating results and earnings and are commonly used by shareholders to measure our performance. Free Cash Flow less Product Development Spending helps assess our ability over the long term to create value for our shareholders. Results on a constant currency basis removes distortion from the effects of foreign currency movements to provide better comparability of our business trends from period to period applying the same foreign currency exchange rates for the current and equivalent prior period. We have not provided our 2023 outlook for the most directly comparable U.S. GAAP financial measures, as they are not available without unreasonable effort due to the high variability, complexity, and low visibility with respect to certain items, including restructuring charges and credits, gains and losses on foreign currency, and other gains and losses. These items are uncertain, depend on various factors, and could be material to our consolidated results computed in accordance with U.S. GAAP.

Wiley is unlocking human potential by powering scientific research and career-connected education 215 Years in Business 83% Digital & Services* $2B+ Revenue* 58% Recurring Revenue* $220M+ Free Cash Flow* 29 Years Dividend Increases *Full year 2022 results

First Quarter Takeaways Revenue growth driven by continued strength in core growth areas offsetting challenges in enrollment-dependent lines Earnings performance largely as expected due to investment, higher employee costs, and increased travel and in-person activity Good momentum continuing in Research Publishing, Research Solutions, and Corporate Talent Development Reaffirming full year outlook given leading indicators and restructuring savings Strong balance sheet and cash flow enabling robust capital allocation; Wiley raises quarterly dividend for 29th consecutive year

First Quarter Performance Revenue* +4% $488M GAAP EPS** -$0.56 ($0.32) Adj. EPS -60% $0.36 Adj. EBITDA -34% $64M All variances at constant currency except GAAP EPS *Q1 organic revenue at CC +2% **GAAP EPS mainly due to $0.30/share restructuring charge and accelerated amortization of Mthree brand Q1 Summary Revenue growth driven by core areas of open research, research solutions, corporate talent development, and corporate training offsetting market-related challenges in university services Adjusted EBITDA and Adjusted EPS performance mainly due to investments in Research, higher employee costs, higher T&E spend related to the resumption of in-person activities, and market-related challenges in University Services

Segment ReviewFinancial ProfileOutlook

Research (millions) Q1 2023 Change Change CC Research Publishing $240 (2%) 2% Research Solutions** $35 12% 17% TOTAL REVENUE* $275 0% 4% ADJUSTED EBITDA $93 (9%) ADJ. EBITDA MARGIN 34% Research Publishing - growth driven by continued momentum in open access Research Solutions** – growth driven by acquisitions and organic growth in platforms and corporate career centers EBITDA performance largely as expected due to investments, higher employee costs, and increased travel and in-person expenses compared to prior year COVID period Q1 Summary *Organic revenue +2%. Organic revenue excludes acquisition and currency impacts **Research is now reported as Research Publishing and Research Solutions. Research Solutions includes platforms, corporate solutions and services for societies and other publishers. It replaces the Research Platforms reporting line.

Academic & Professional Learning Q1 Summary Education Publishing – decline in print course material offset growth in digital content and courseware Professional Learning – strong growth in corporate training offset a moderate decline in professional publishing and corporate e-learning EBITDA performance due to the timing of spend, higher employee costs, and increased travel and in-person expenses compared to prior year COVID period (millions) Q1 2023 Change Change CC Education Publishing $63 (5%) (2%) Professional Learning $70 (4%) 0% TOTAL REVENUE $133 (5%) (1%) ADJUSTED EBITDA $18 (30%) ADJ. EBITDA MARGIN 13%

Education Services Q1 Summary Talent Development – growth driven by continued strong demand from existing corporate clients and new clients University Services – decline mainly due to market-related enrollment challenges EBITDA performance mainly due to revenue decline in University Services and investments in Corporate Talent Development (millions) Q1 2023 Change Change CC University Services $48 (13%) (12%) Talent Development $32 64% 76% TOTAL REVENUE* $80 7% 11% ADJUSTED EBITDA ($3) # ADJ. EBITDA MARGIN (3%) *Organic revenue +7% #Variance greater than 100%

Financial Position and Capital Allocation Modest Leverage: Net Debt/EBITDA ratio of 2.1 (TTM) compared to 2.0 in prior year period Free Cash Flow: Use of $114M (vs. use of $108M in Q1’22). FCF historically a use through 1H due to timing of annual journal subscription receipts. Wiley FCF outlook for Fiscal 2023 is $210M to $235M. M&A: M&A focused on adding scale or capabilities in key strategic areas of Research and Corporate Talent Development Dividends: Wiley raised dividend for 29th consecutive year. Yield at 3% (as of Sept 2, 2022). Share Repurchases: Acquired 212K shares for $10M at an average cost of $47.12/share $27M $29M Dividends and Repurchases Q1 Allocation

Operational Excellence Focus Area Q1 Activity Restructuring Targeted workforce reduction and real estate optimization resulted in Q1 charge of $22M Expected run rate savings of $35M (approx. $25M realized in FY23) Real Estate Optimization Wiley has reduced its office footprint by 28% since Spring 2020 Further consolidation expected Operating Efficiency/ Simplification Simplifying, standardizing and automating workflows in our publishing processes and back-office operations

Fiscal 2023 Outlook Reaffirmed Metric (Millions, except EPS) Fiscal 2022* Fiscal 2023 Outlook* At constant currency FX Impact** Q1 average rates Fiscal 2023 Outlook^ Q1 average rates Revenue $2,083 $2,175 to $2,215 ($50) $2,125 to $2,165 Adjusted EBITDA $433 $425 to $450 Immaterial $425 to $450 Adjusted EPS $4.16 $3.70 to $4.05 Immaterial $3.70 to $4.05 Free Cash Flow $223 $210 to $235 Immaterial $210 to $235 At Constant Currency: Revenue: mid-single digit growth mainly driven by Research and Corporate Talent Development EBITDA: higher revenue partially offset by higher employee costs and targeted growth investments EPS: impacted by higher interest expense, higher tax expense, and lower pension income (combined -$0.35) FCF: positive cash earnings and lower incentive payouts offset by higher cash taxes, interest and capex *Based on Fiscal 2022 average rates of 1.15 euro and 1.36 British pound **Variance between Fiscal 2022 average rates and average Q1 rates: 1.04 euro and 1.23 British pound ^Fiscal 2023 outlook at average Q1 rates

Fiscal 2023 Commitments Career-Connected Education Drive publishing growth to meet global demand Extend transformational agreements globally Drive growth and go-to-market in Research Solutions Continue to streamline publishing operations Expand corporate client base for talent development Drive university partnerships and programs Drive differentiated courseware offerings Drive efficiency gains across Ed Services and APL Scientific Research

Research Commitments FY23 Commitment Q1 Progress Drive publishing growth to meet global demand Grew article submissions by 7% and open access publishing output by 25%. Overall publishing output down due to timing; steady output growth expected in FY23 Extend transformational agreements globally Announced 3 transformational agreements with large university consortia and institutions in France, Italy, and Mexico, although closed in Q4; now totaling over 40 agreements globally Drive growth and go to market in Research Solutions Signed 6 new solutions partners and expanded 4 existing multi-solution partnerships; strong pipeline of potential new partners and cross-sell opportunities Continue to streamline publishing operations 65% of rejected manuscripts now offered a referral and transfer option vs. 53% in prior quarter

Education Commitments FY23 Commitment Q1 Progress Expand corporate client base for talent development Signed 3 major multinational corporations as clients – two in insurance and one in financial services; strong pipeline across industry verticals Drive university partnerships and programs Signed 47 new programs with existing partners including degrees in Nursing, Business, and Education. Renewed 3 long term partnerships Drive differentiated courseware offerings Grew zyBooks digital courseware revenue by 25%+; Knewton Alta awarded the prestigious ‘Best Science Instructional Solution of 2022’ Drive efficiency gains across Ed Services and APL Redesigning processes in Talent Development to scale more effectively; continuously improving publishing efficiency in Ed Publishing

Fiscal 2023: Driving Growth and Optimization 16 Driving solid organic revenue growth through consistent strategies aligned with market trends Navigating market-related enrollment challenges in our university-focused offerings Accelerating operational excellence initiatives and focusing on margin expansion beyond Fiscal 2023 Prioritizing investment in Research Publishing & Solutions, and Corporate Talent Development Balancing capital allocation for profitable growth investments and return to shareholders Company to host Fiscal 23 Investor Day in April 2023

Thanks for joining us. IR website at https://investors.wiley.com/ Contact us for follow-up at: brian.campbell@wiley.com Direct +1 (201) 748-6874

Appendix – US GAAP to Non-GAAP EPS See accompanying notes on following page

Appendix – US GAAP to Non-GAAP EPS

Appendix – Net (Loss) Income to Adjusted EBITDA