JOHN WILEY & SONS, INC.
REVISED SEGMENT RESULTS (1)
(in thousands)
(unaudited)

Q123Q223Q323Q423FY23FY22
Research:  
Revenue, net  
Research Publishing$239,523 $232,641 $213,720 $240,889 $926,773 $963,715 
Research Solutions35,390 38,718 39,880 39,550 153,538 147,628 
Total Revenue, net$274,913 $271,359 $253,600 $280,439 $1,080,311 $1,111,343 
Contribution to Profit$69,023 $73,279 $56,860 $82,640 $281,802 $294,989 
Adjustments:
Restructuring charges81 1,179 317 605 2,182 238 
Non-GAAP Adjusted Contribution to Profit $69,104 $74,458 $57,177 $83,245 $283,984 $295,227 
Depreciation and amortization23,801 23,384 23,123 22,700 93,008 94,899 
Non-GAAP Adjusted EBITDA$92,905 $97,842 $80,300 $105,945 $376,992 $390,126 
Learning:
Revenue, net   
Academic$58,748 $82,256 $82,822 $80,807 $304,633 $331,931 
Professional60,899 57,393 60,421 63,049 241,762 249,277 
Total Revenue, net$119,647 $139,649 $143,243 $143,856 $546,395 $581,208 
Contribution to Profit$610 $29,912 $28,453 $33,387 $92,362 $111,530 
Adjustments:
Restructuring charges (credits)3,131 3,664 1,415 (472)7,738 (418)
Non-GAAP Adjusted Contribution to Profit$3,741 $33,576 $29,868 $32,915 $100,100 $111,112 
Depreciation and amortization14,055 13,900 14,490 15,253 57,698 58,691 
Non-GAAP Adjusted EBITDA$17,796 $47,476 $44,358 $48,168 $157,798 $169,803 
Held for Sale or Sold:
Total Revenue, net$93,009 $103,828 $94,525 $101,832 $393,194 $390,377 
Contribution to Profit$(22,194)$6,581 $(103,873)$10,641 $(108,845)$4,123 
Adjustments:
Restructuring charges (credits)3,492 281 508 1,356 5,637 (29)
Impairment of goodwill— — 99,800 — 99,800 — 
Accelerated amortization of an intangible asset4,594 — — — 4,594 — 
Non-GAAP Adjusted Contribution to Profit$(14,108)$6,862 $(3,565)$11,997 $1,186 $4,094 
Depreciation and amortization11,673 11,227 10,890 7,701 41,491 45,027 
Non-GAAP Adjusted EBITDA$(2,435)$18,089 $7,325 $19,698 $42,677 $49,121 
Corporate Expenses:$(64,404)$(52,333)$(48,496)$(44,196)$(209,429)$(191,366)
Adjustments:
Restructuring charges (credits)15,737 8,832 6,567 2,696 33,832 (1,218)
Legal settlement— — 3,671 — 3,671 — 
Non-GAAP Adjusted Contribution to Profit$(48,667)$(43,501)$(38,258)$(41,500)$(171,926)$(192,584)
Depreciation and amortization4,156 3,910 3,939 4,457 16,462 16,553 
Non-GAAP Adjusted EBITDA$(44,511)$(39,591)$(34,319)$(37,043)$(155,464)$(176,031)
Consolidated Results:   
Revenue, net$487,569 $514,836 $491,368 $526,127 $2,019,900 $2,082,928 
Less: Held for Sale or Sold Segment (93,009)(103,828)(94,525)(101,832)(393,194)(390,377)
Adjusted Revenue$394,560 $411,008 $396,843 $424,295 $1,626,706 $1,692,551 
Operating (Loss) Income$(16,965)$57,439 $(67,056)$82,472 $55,890 $219,276 
Adjustments:
Restructuring charges (credits)22,441 13,956 8,807 4,185 49,389 (1,427)
Impairment of goodwill— — 99,800 — 99,800 — 
Legal settlement— — 3,671 — 3,671 — 
Accelerated amortization of an intangible asset4,594 — — — 4,594 — 
Held for Sale or Sold Segment Adjusted Contribution to Profit 14,108 (6,862)3,565 (11,997)(1,186)(4,094)
Non-GAAP Adjusted Operating Income$24,178 $64,533 $48,787 $74,660 $212,158 $213,755 
Depreciation and amortization53,685 52,421 52,442 50,111 208,659 215,170 
Less: Held for Sale or Sold Segment depreciation and amortization(11,673)(11,227)(10,890)(7,701)(41,491)(45,027)
Non-GAAP Adjusted EBITDA$66,190 $105,727 $90,339 $117,070 $379,326 $383,898 
Reconciliation of US GAAP EPS to Non-GAAP Adjusted EPS
US GAAP (Loss) Earnings Per Share - Diluted$(0.32)$0.68 $(1.29)$1.22 $0.31 $2.62 
Adjustments:
Impairment of goodwill — — 1.69 0.09 1.77 — 
Legal settlement— — 0.05 — 0.05 — 
Pension income related to the wind up of the Russia plan— — — (0.02)(0.02)— 
Restructuring and related charges (credits)0.30 0.19 0.12 0.06 0.66 (0.02)
Foreign exchange losses (gains) on intercompany transactions, including the write off of certain cumulative translation adjustments0.01 0.03 (0.03)(0.01)0.01 0.02 
Amortization of acquired intangible assets0.36 0.30 0.29 0.26 1.21 1.21 
Gain on sale of businesses and certain assets— — — (0.11)(0.11)(0.05)
Income tax adjustments— — — (0.04)(0.04)0.38 
Held for Sale or Sold segment Adjusted Net Loss (Income) (2)
0.10 (0.18)(0.04)(0.26)(0.36)(0.41)
EPS impact of using weighted-average dilutive shares for adjusted EPS calculation0.01 — 0.02 — — — 
Non-GAAP Adjusted Earnings Per Share - Diluted$0.46 $1.02 $0.81 $1.19 $3.48 $3.75 
Notes:
(1) All amounts are approximate due to rounding.                                                    
(2) Our Adjusted EPS excludes the Adjusted Net Loss (Income) of our Held for Sale or Sold segment.