Revenue from Research was flat, Academic & Professional Learning declined 5%, and Education Services increased by 7%.
Total costs and expenses increased 12.8% Y/Y to $504.5 million.
Operating loss for the quarter was $(16.96) million versus a $40.9 million profit last year.
The company held $104.9 million in cash and equivalents as of July 31, 2022. Net cash used in operating activities for the quarter totaled $(89.9) million.
Adjusted EBITDA fell 33% to $64 million, and the adjusted EBITDA margin was 13.1% versus 19.5% a year ago.
Adjusted EPS of $0.36 missed the consensus of $0.67.
Outlook, reaffirmed: John Wiley sees FY23 sales of $2.125 billion – $2.165 billion, against the consensus of $2.14 billion and adjusted EPS of $3.70 – $4.05 against the estimate of $3.85.
Price Action: WLY shares traded lower by 12.82% at $40.20 on the last check Wednesday.
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