$WLY
JOHN WILEY & SONS, INC.

2021 Q3 Form 10-Q Financial Statement

#000010714021000032 Filed on September 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $488.4M $431.3M
YoY Change 13.23% 1.85%
Cost Of Revenue $166.0M $144.8M
YoY Change 14.61% 1.19%
Gross Profit $322.4M $286.5M
YoY Change 12.54% 2.18%
Gross Profit Margin 66.02% 66.42%
Selling, General & Admin $260.6M $237.4M
YoY Change 9.77% -5.1%
% of Gross Profit 80.82% 82.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $54.57M $49.51M
YoY Change 10.22% 17.26%
% of Gross Profit 16.92% 17.28%
Operating Expenses $281.7M $254.3M
YoY Change 10.79% 1.65%
Operating Profit $40.97M $30.04M
YoY Change 36.38% 567.53%
Interest Expense -$716.0K $4.614M
YoY Change -115.52% -24.07%
% of Operating Profit -1.75% 15.36%
Other Income/Expense, Net $3.553M $4.391M
YoY Change -19.08%
Pretax Income $44.00M $29.73M
YoY Change 47.99% 649.53%
Income Tax $30.17M $13.40M
% Of Pretax Income 68.57% 45.07%
Net Earnings $13.83M $16.30M
YoY Change -15.15% 352.78%
Net Earnings / Revenue 2.83% 3.78%
Basic Earnings Per Share $0.25 $0.29
Diluted Earnings Per Share $244.4K $0.29
COMMON SHARES
Basic Shares Outstanding 55.87M 55.91M
Diluted Shares Outstanding 56.60M 56.19M

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.98M $101.4M
YoY Change -18.16% -2.5%
Cash & Equivalents $82.98M $101.4M
Short-Term Investments
Other Short-Term Assets $70.74M $59.20M
YoY Change 19.49% -3.43%
Inventory $40.39M $45.10M
Prepaid Expenses
Receivables $284.6M $282.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $478.7M $488.0M
YoY Change -1.91% -0.65%
LONG-TERM ASSETS
Property, Plant & Equipment $395.6M $435.3M
YoY Change -9.11% 48.8%
Goodwill $1.302B
YoY Change
Intangibles $995.6M
YoY Change
Long-Term Investments
YoY Change
Other Assets $114.6M $102.1M
YoY Change 12.22% 0.05%
Total Long-Term Assets $2.884B $2.581B
YoY Change 11.75% -1.83%
TOTAL ASSETS
Total Short-Term Assets $478.7M $488.0M
Total Long-Term Assets $2.884B $2.581B
Total Assets $3.363B $3.069B
YoY Change 9.58% -1.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $62.23M $52.60M
YoY Change 18.31% -12.64%
Accrued Expenses $260.3M $243.5M
YoY Change 6.89% -1.14%
Deferred Revenue $418.5M $409.0M
YoY Change 2.32% 0.08%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.50M $10.90M
YoY Change 14.68% 74.4%
Total Short-Term Liabilities $763.1M $716.1M
YoY Change 6.56% -2.28%
LONG-TERM LIABILITIES
Long-Term Debt $952.0M $835.8M
YoY Change 13.91% 15.39%
Other Long-Term Liabilities $380.9M $419.1M
YoY Change -9.12% 512.15%
Total Long-Term Liabilities $952.0M $1.255B
YoY Change -24.14% 58.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $763.1M $716.1M
Total Long-Term Liabilities $952.0M $1.255B
Total Liabilities $2.285B $2.095B
YoY Change 9.05% 5.39%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.078B $973.7M
YoY Change
Total Liabilities & Shareholders Equity $3.363B $3.069B
YoY Change 9.58% -1.64%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $13.83M $16.30M
YoY Change -15.15% 352.78%
Depreciation, Depletion And Amortization $54.57M $49.51M
YoY Change 10.22% 17.26%
Cash From Operating Activities -$84.77M -$120.8M
YoY Change -29.82% 28.28%
INVESTING ACTIVITIES
Capital Expenditures -$18.21M $19.00M
YoY Change -195.82% -21.49%
Acquisitions $3.032M
YoY Change
Other Investing Activities -$5.327M -$9.300M
YoY Change -42.72% -88.62%
Cash From Investing Activities -$23.53M -$28.30M
YoY Change -16.85% -73.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $41.30M
YoY Change
Cash From Financing Activities 99.09M 43.50M
YoY Change 127.79% -79.61%
NET CHANGE
Cash From Operating Activities -84.77M -120.8M
Cash From Investing Activities -23.53M -28.30M
Cash From Financing Activities 99.09M 43.50M
Net Change In Cash -9.217M -105.6M
YoY Change -91.27% -1048.36%
FREE CASH FLOW
Cash From Operating Activities -$84.77M -$120.8M
Capital Expenditures -$18.21M $19.00M
Free Cash Flow -$66.57M -$139.8M
YoY Change -52.38% 18.1%

Facts In Submission

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<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Note 1 </span>—<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Basis of Presentation</span></div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Throughout this report, when we refer to “Wiley,” the “Company,” “we,” “our,” or “us,” we are referring to John Wiley &amp; Sons, Inc. and all our subsidiaries, except where the context indicates otherwise.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Our Unaudited Condensed Consolidated Financial Statements include all the accounts of the Company and our subsidiaries. We have eliminated all intercompany transactions and balances in consolidation. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Unaudited Condensed Consolidated Financial Condition, Results of Operations, Comprehensive Income and Cash Flows for the periods presented. Operating results for the interim period are not necessarily indicative of the results expected for the full year. All amounts are in thousands, except per share amounts, and approximate due to rounding. These financial statements should be read in conjunction with the most recent audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2021 as filed with the SEC on July 6, 2021 (2021 Form 10-K).</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Our Unaudited Condensed Consolidated Financial Statements were prepared in accordance with the interim reporting requirements of the SEC. As permitted under those rules, annual footnotes or other financial information that are normally required by US GAAP have been condensed or omitted. The preparation of our Unaudited Condensed Consolidated Financial Statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Certain prior year amounts have been reclassified to conform to the current year’s presentation.</span></div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In the fourth quarter of fiscal year 2021, a UK entity acquired in connection with the acquisition of mthree, which was acquired <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">on </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">January 1, 2020</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">, </span>was erroneously dissolved by the Company in accordance with UK Companies Act regulations while still holding assets. This entity, along with its subsidiaries, (the entity) had various net intercompany receivables owed to them from other Wiley companies of approximately $188.8 million as of April 30, 2021 (approximately $189.1 million as of July 31, 2021), which upon a dissolution technically revert to the British Crown (Crown). Wiley has petitioned to Companies House to reinstate the entity without prejudice. The Company believes the likelihood that reinstatement will not occur is remote as it entails an administrative exercise to remedy, not a negotiation.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As a result of these events, the Company evaluated whether it was appropriate to consolidate the assets, liabilities, and operations of the entity as part of its consolidated financial statements as of April 30, 2021 and for the period from the entity being dissolved through April 30, 2021, and also whether there was a liability to the Crown and a related loss associated with the dissolution of the entity under US GAAP in the fiscal year 2021.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company evaluated the criteria in <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 810</span>, “Consolidations” to determine if consolidating the entity was appropriate under US GAAP. Based on that evaluation and the administrative nature of the process to restore, the Company concluded that although the entity was dissolved, we maintained control of the assets of the entity and, therefore, appropriately consolidated the assets, liabilities and operations of the entity in our consolidated financial statements as of April 30, 2021. In connection with that conclusion, the Company also concluded that it does not have conditions to require a loss or liability to the Crown to be recorded in fiscal year 2021, other than immaterial fees associated with the restoration process. The Company anticipates the restoration of the entity, with the entirety of its net assets, to be completed by the second quarter of fiscal year 2022.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As of July 31, 2021, there has been no change in the Company’s conclusions or in the expected timing of the restoration of the entity as described above. Accordingly, the Company continued to consolidate the assets, liabilities and operations of the entity in its consolidated financial statements as of July 31, 2021.</div>
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DefinedContributionPlanAdministrativeExpenses
6600000
CY2021Q3 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
-22000
CY2020Q3 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
-25000
CY2021Q3 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-1897000
CY2020Q3 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-1987000
CY2021Q3 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-2854000
CY2020Q3 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-2562000
CY2021Q3 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
4500000
CY2020Q3 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
5100000
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
964500000
CY2021Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
500000
CY2021Q3 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
LongtermDebtPercentageBearingVariableInterestAmount
965000000.0
CY2020Q3 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0

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