$WLY
JOHN WILEY & SONS, INC.

2022 Q3 Form 10-Q Financial Statement

#000010714022000038 Filed on September 07, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q3
Revenue $487.6M $545.7M $488.4M
YoY Change -0.17% 1.74% 13.23%
Cost Of Revenue $174.0M $187.0M $166.0M
YoY Change 4.87% 11.29% 14.61%
Gross Profit $313.5M $358.6M $322.4M
YoY Change -2.76% -2.59% 12.54%
Gross Profit Margin 64.31% 65.73% 66.02%
Selling, General & Admin $282.8M $279.3M $260.6M
YoY Change 8.5% -2.63% 9.77%
% of Gross Profit 90.18% 77.88% 80.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $58.28M $44.19M $54.57M
YoY Change 6.8% 0.67% 10.22%
% of Gross Profit 18.59% 12.32% 16.92%
Operating Expenses $282.8M $300.5M $281.7M
YoY Change 0.36% -2.59% 10.79%
Operating Profit -$16.97M $58.17M $40.97M
YoY Change -141.41% 13.6% 36.38%
Interest Expense $6.332M -$6.606M -$716.0K
YoY Change -984.36% 583.14% -115.52%
% of Operating Profit -11.36% -1.75%
Other Income/Expense, Net $526.0K $3.553M
YoY Change -85.2% -19.08%
Pretax Income -$23.39M $51.83M $44.00M
YoY Change -153.15% 3.09% 47.99%
Income Tax -$5.552M $8.679M $30.17M
% Of Pretax Income 16.75% 68.57%
Net Earnings -$17.84M $43.15M $13.83M
YoY Change -228.96% 4.22% -15.15%
Net Earnings / Revenue -3.66% 7.91% 2.83%
Basic Earnings Per Share -$0.32 $0.25
Diluted Earnings Per Share -$0.32 $757.6K $244.4K
COMMON SHARES
Basic Shares Outstanding 55.74M 55.87M
Diluted Shares Outstanding 55.74M 56.60M

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.5M $100.4M $82.98M
YoY Change 25.92% 7.04% -18.16%
Cash & Equivalents $104.5M $100.4M $82.98M
Short-Term Investments
Other Short-Term Assets $81.41M $81.92M $70.74M
YoY Change 15.09% 4.5% 19.49%
Inventory $33.42M $36.59M $40.39M
Prepaid Expenses
Receivables $281.4M $332.0M $284.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $500.8M $550.9M $478.7M
YoY Change 4.61% 4.67% -1.91%
LONG-TERM ASSETS
Property, Plant & Equipment $258.5M $271.6M $395.6M
YoY Change -34.67% -3.79% -9.11%
Goodwill $1.289B $1.302B $1.302B
YoY Change -0.95% -0.17%
Intangibles $895.8M $931.4M $995.6M
YoY Change -10.02% -8.26%
Long-Term Investments
YoY Change
Other Assets $181.8M $194.0M $114.6M
YoY Change 58.71% 80.1% 12.22%
Total Long-Term Assets $2.729B $2.811B $2.884B
YoY Change -5.39% -3.74% 11.75%
TOTAL ASSETS
Total Short-Term Assets $500.8M $550.9M $478.7M
Total Long-Term Assets $2.729B $2.811B $2.884B
Total Assets $3.229B $3.362B $3.363B
YoY Change -3.97% -2.46% 9.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.68M $77.44M $62.23M
YoY Change -8.92% -19.16% 18.31%
Accrued Expenses $295.1M $335.1M $260.3M
YoY Change 13.37% 2.58% 6.89%
Deferred Revenue $407.1M $538.1M $418.5M
YoY Change -2.71% -1.34% 2.32%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $21.88M $18.75M $12.50M
YoY Change 75.0% 50.0% 14.68%
Total Short-Term Liabilities $780.7M $969.4M $763.1M
YoY Change 2.31% -1.98% 6.56%
LONG-TERM LIABILITIES
Long-Term Debt $917.2M $768.3M $952.0M
YoY Change -3.65% -5.04% 13.91%
Other Long-Term Liabilities $84.72M $301.7M $380.9M
YoY Change -77.76% 227.52% -9.12%
Total Long-Term Liabilities $1.002B $768.3M $952.0M
YoY Change 5.25% -14.75% -24.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $780.7M $969.4M $763.1M
Total Long-Term Liabilities $1.002B $768.3M $952.0M
Total Liabilities $2.147B $2.219B $2.285B
YoY Change -6.04% -5.76% 9.05%
SHAREHOLDERS EQUITY
Retained Earnings $1.884B $1.921B
YoY Change 3.84%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $820.0M $813.2M
YoY Change 2.23%
Treasury Stock Shares
Shareholders Equity $1.082B $1.142B $1.078B
YoY Change
Total Liabilities & Shareholders Equity $3.229B $3.362B $3.363B
YoY Change -3.97% -2.46% 9.58%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q3
OPERATING ACTIVITIES
Net Income -$17.84M $43.15M $13.83M
YoY Change -228.96% 4.22% -15.15%
Depreciation, Depletion And Amortization $58.28M $44.19M $54.57M
YoY Change 6.8% 0.67% 10.22%
Cash From Operating Activities -$89.94M $180.6M -$84.77M
YoY Change 6.09% -11.94% -29.82%
INVESTING ACTIVITIES
Capital Expenditures $17.92M -$30.26M -$18.21M
YoY Change -198.45% -0.97% -195.82%
Acquisitions $96.00K $3.032M
YoY Change -96.83%
Other Investing Activities -$3.883M -$11.71M -$5.327M
YoY Change -27.11% 14.77% -42.72%
Cash From Investing Activities -$21.81M -$41.97M -$23.53M
YoY Change -7.33% 2.97% -16.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $10.00M
YoY Change
Debt Paid & Issued, Net $111.8M $41.30M
YoY Change 170.7%
Cash From Financing Activities 118.0M -144.7M 99.09M
YoY Change 19.07% -11.17% 127.79%
NET CHANGE
Cash From Operating Activities -89.94M 180.6M -84.77M
Cash From Investing Activities -21.81M -41.97M -23.53M
Cash From Financing Activities 118.0M -144.7M 99.09M
Net Change In Cash 4.259M -6.094M -9.217M
YoY Change -146.21% -533.12% -91.27%
FREE CASH FLOW
Cash From Operating Activities -$89.94M $180.6M -$84.77M
Capital Expenditures $17.92M -$30.26M -$18.21M
Free Cash Flow -$107.9M $210.9M -$66.57M
YoY Change 62.03% -10.51% -52.38%

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, 2022 as filed with the SEC on June 24, 2022 (2022 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>
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