First Aero-Medical Cessna SkyCourier to be Delivered to Tassili Travail Aérien in Africa, Launching New Era of Medevac Services
PARIS--(BUSINESS WIRE)-- Textron Aviation Inc., a Textron Inc. (NYSE: TXT) company, announced today at the Paris Air Show that Tassili Travail Aérien (TTA) has signed a purchase agreement for two new Cessna SkyCourier aircraft, marking the first order of an aero-medical equipped SkyCourier and the first SkyCourier order in Africa.
Tassili Travail Aérien (TTA) has signed a purchase agreement for two new Cessna SkyCourier aircraft, marking the first order of an aero-medical equipped SkyCourier and the first SkyCourier order in Africa.
Based in Algeria, TTA is a subsidiary of Sonatrach, the national state-owned oil and gas company. TTA provides passenger transportation, aero-medical evacuation, and other special mission services to the energy sector across Algeria.
The Cessna SkyCourier is designed and manufactured by Textron Aviation.
'The Cessna SkyCourier is a versatile aircraft capable of supporting challenging missions, high payloads and short, rough runways worldwide,' said Bob Gibbs, vice president, Special Mission Sales. 'TTA's mission package includes the advanced Lifeport PLUS Powered Medevac System, allowing TTA to quickly switch from passenger or cargo to medevac missions.'
The twin-engine, large utility Cessna SkyCourier turboprop will modernize TTA's fleet, offering improved efficiency and reliability, and lower operating costs, while supporting transportation and medevac missions. The aircraft will be based in Algiers and Hassi Messaoud, Algeria, and delivery is anticipated in 2026.
Endless Special Missions Possibilities
When government, military and commercial customers want airborne solutions for critical missions, they turn to Textron Aviation. The company's aviation solutions provide the high-performance and flight characteristics required to address the unique challenges of special missions operations. With unparalleled quality, versatility and low operating costs, Textron Aviation products are ideal for air ambulance, intelligence, surveillance and reconnaissance (ISR); utility transport, aerial survey, flight inspection; training and many other special operations.
About the Cessna SkyCourier
The Cessna SkyCourier twin-engine, high-wing turboprop offers a combination of performance and lower operating costs for air freight, commuter and special mission operators. It's available in both freighter and passenger variants, as well as a Combi configuration or with a gravel kit for maximum flexibility. The 19-passenger variant includes separate crew and passenger doors for smooth boarding, a large baggage compartment and large cabin windows for natural light and views.
The freighter variant features a flat-floor cabin that is sized to handle up to three LD3 shipping containers with an impressive 6,000 pounds of payload capability. Both variants offer a large cargo door and single-point pressure refueling to enable faster turnarounds.
The aircraft is powered by two wing-mounted Pratt & Whitney Canada PT6A-65SC turboprop engines and features the McCauley Propeller C779, a heavy-duty and reliable 110-inch aluminum four-blade propeller, which is full feathering with reversible pitch, designed to enhance the performance of the aircraft while hauling tremendous loads. The SkyCourier is operated with Garmin G1000 NXi avionics and has a maximum cruise speed of more than 200 ktas and a 900 nautical-mile maximum range.
About Textron Aviation
We inspire the journey of flight. For more than 95 years, Textron Aviation has empowered our collective talent across the Beechcraft, Cessna and Hawker brands to design and deliver the best aviation experience for our customers. With a range that includes everything from business jets, turboprops and high-performance pistons, to special missions, military trainer and defense products, Textron Aviation has the most versatile and comprehensive aviation product portfolio in the world and a workforce that has produced more than half of all general aviation aircraft worldwide. Customers in more than 170 countries rely on our legendary performance, reliability and versatility, along with our trusted global customer service network, for affordable, productive and flexible flight.
For more information, visit www.txtav.com | specialmissions.txtav.com | defense.txtav.com | scorpion.txtav.com.
About Textron Inc.
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Pipistrel, Jacobsen, Kautex, Lycoming, E-Z-GO, and Textron Systems.
For more information, visit: www.textron.com.
Certain statements in this press release may project revenues or describe strategies, goals, outlook or other non-historical matters; these forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update them. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, changes in aircraft delivery schedules or cancellations or deferrals of orders.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
20 minutes ago
- Business Wire
Jabil Posts Third Quarter Results
ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Today, Jabil Inc. (NYSE: JBL), reported preliminary, unaudited financial results for its third quarter of fiscal year 2025. Third Quarter of Fiscal Year 2025 Highlights: Net revenue: $7.8 billion U.S. GAAP operating income: $403 million U.S. GAAP diluted earnings per share: $2.03 Core operating income (Non-GAAP): $420 million Core diluted earnings per share (Non-GAAP): $2.55 "We delivered a strong third quarter, outperforming expectations across key end-markets such as cloud, data center infrastructure, and capital equipment,' said CEO Mike Dastoor. "Our Intelligent Infrastructure segment remains a critical growth engine, benefiting from accelerating AI-driven demand. Despite softness in areas like EVs, Renewables, and 5G, our diversified portfolio and operational discipline have us tracking toward record core earnings per share. Looking ahead, we remain focused on enhancing core margins, optimizing cash flow, and returning value to shareholders—primarily through share repurchases and targeted investments in higher-margin opportunities," he added. Fourth Quarter of Fiscal Year 2025 Outlook: ____________________ (1) Core operating income and core diluted earnings per share exclude anticipated adjustments of $17 million for amortization of intangibles (or $0.14 per diluted share) and $20 million for stock-based compensation expense and related charges (or $0.18 per diluted share) and $60 million to $40 million (or $0.53 to $0.35 per diluted share) for restructuring, severance and related charges. Expand Fiscal Year 2025 Outlook: (Definitions: 'U.S. GAAP' means U.S. generally accepted accounting principles. Jabil defines core operating income as U.S. GAAP operating income less amortization of intangibles, stock-based compensation expense and related charges, restructuring, severance and related charges, distressed customer charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, business interruption and impairment charges, net, (gain) loss from the divestiture of businesses, acquisition and divestiture related charges, plus other components of net periodic benefit cost. Jabil defines core earnings as core operating income, less loss on debt extinguishment, loss (gain) on securities, other components of net periodic benefit cost, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations and certain other expenses, net of tax and certain deferred tax valuation allowance charges. Jabil defines core diluted earnings per share as core earnings divided by the weighted average number of outstanding diluted shares as determined under U.S. GAAP. Jabil defines adjusted free cash flow as net cash provided by (used in) operating activities less net capital expenditures (acquisition of property, plant and equipment less proceeds and advances from sale of property, plant and equipment). Jabil reports core operating income, core earnings, core diluted earnings per share and adjusted free cash flow to provide investors an additional method for assessing operating income, earnings, diluted earnings per share and free cash flow from what it believes are its core manufacturing operations. See the accompanying reconciliation of Jabil's core operating income to its U.S. GAAP operating income, its calculation of core earnings and core diluted earnings per share to its U.S. GAAP net income and U.S. GAAP earnings per share and additional information in the supplemental information.) Forward Looking Statements: This release contains forward-looking statements, including those regarding our anticipated financial results for our third quarter of fiscal year 2025 and our guidance for future financial performance in our fourth quarter of fiscal year 2025 (including, net revenue, U.S. GAAP operating income, U.S. GAAP diluted earnings per share, core operating income (Non-GAAP), core diluted earnings per share (Non-GAAP) results and the components thereof, including but not limited to amortization of intangibles, stock-based compensation expense and related charges and restructuring, severance and related charges); and our full year 2025 (including net revenue, core operating margin (Non-GAAP), core diluted earnings per share (Non-GAAP), the components thereof and adjusted free cash flow (Non-GAAP)). The statements in this release are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially from our current expectations. Such factors include, but are not limited to: our determination as we finalize our financial results for our third quarter of fiscal year 2025 that our financial results and conditions differ from our current preliminary unaudited numbers set forth herein; scheduling production, managing growth and capital expenditures and maximizing the efficiency of our manufacturing capacity effectively; managing rapid declines or increases in customer demand and other related customer challenges that may occur; our dependence on a limited number of customers; our ability to purchase components efficiently and reliance on a limited number of suppliers for critical components; risks arising from relationships with emerging companies; changes in technology and competition in our industry; our ability to introduce new business models or programs requiring implementation of new competencies; competition; transportation issues; our ability to maintain our engineering, technological and manufacturing expertise; retaining key personnel; risks associated with international sales and operations, including geopolitical uncertainties; energy price increases or shortages; our ability to achieve expected profitability from acquisitions; risk arising from our restructuring activities; issues involving our information systems, including security issues; regulatory risks (including the expense of complying, or failing to comply, with applicable regulations; risk arising from design or manufacturing defects; risk arising from compliance, or failure to comply, with environmental, health and safety laws or regulations; risk arising from litigation; and intellectual property risk); financial risks (including customers or suppliers who become financially troubled; turmoil in financial markets; tax risks; credit rating risks; risks of exposure to debt; currency fluctuations; and asset impairment); changes in financial accounting standards or policies; risk of natural disaster, climate change or other global events; and risks arising from expectations relating to environmental, social and governance considerations. Additional factors that could cause such differences can be found in our Annual Report on Form 10-K for the fiscal year ended August 31, 2024 and our other filings with the Securities and Exchange Commission. We assume no obligation to update these forward-looking statements. Supplemental Information Regarding Non-GAAP Financial Measures: Jabil provides supplemental, non-GAAP financial measures in this release to facilitate evaluation of Jabil's core operating performance. These non-GAAP measures exclude certain amounts that are included in the most directly comparable U.S. GAAP measures, do not have standard meanings and may vary from the non-GAAP financial measures used by other companies. Management believes these 'core' financial measures are useful measures that facilitate evaluation of the past and future performance of Jabil's ongoing operations on a comparable basis. Jabil reports core operating income, core earnings, core diluted earnings per share and adjusted free cash flows to provide investors an additional method for assessing operating income, earnings, earnings per share and free cash flow from what it believes are its core manufacturing operations. Among other uses, management uses non-GAAP financial measures to make operating decisions, assess business performance and as a factor in determining certain employee performance when determining incentive compensation. The Company determines an annual normalized tax rate ('normalized core tax rate') for the computation of the non-GAAP (core) income tax provision to provide better consistency across reporting periods. In estimating the normalized core tax rate annually, the Company utilizes a full-year financial projection of core earnings that considers the mix of earnings across tax jurisdictions, existing tax positions, and other significant tax matters. The Company may adjust the normalized core tax rate during the year for material impacts from new tax legislation or material changes to the Company's operations. Detailed definitions of certain of the core financial measures are included above under 'Definitions' and a reconciliation of the disclosed core financial measures to the most directly comparable U.S. GAAP financial measures is included under the heading 'Supplemental Data' at the end of this release. Meeting and Replay Information: Jabil will hold a conference call today at 8:30 a.m. ET to discuss its earnings for the third quarter of fiscal year 2025. To access the live audio webcast and view the accompanying slide presentation, visit the Investor Relations section of Jabil's website, located at An archived replay of the webcast will also be available after completion of the call. About Jabil: At Jabil (NYSE: JBL), we are proud to be a trusted partner for the world's top brands, offering comprehensive engineering, supply chain, and manufacturing solutions. With over 50 years of experience across industries and a vast network of over 100 sites worldwide, Jabil combines global reach with local expertise to deliver both scalable and customized solutions. Our commitment extends beyond business success as we strive to build sustainable processes that minimize environmental impact and foster vibrant and diverse communities around the globe. Discover more at JABIL INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except for per share data) (Unaudited) Three months ended Nine months ended May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 Net revenue $ 7,828 $ 6,765 $ 21,550 $ 21,919 Cost of revenue 7,147 6,157 19,687 19,906 Gross profit 681 608 1,863 2,013 Operating expenses: Selling, general and administrative 274 268 835 890 Research and development 7 9 22 29 Amortization of intangibles 17 12 45 27 Restructuring, severance and related charges 16 55 144 252 Gain from the divestiture of businesses (45 ) — (45 ) (944 ) Acquisition and divestiture related charges 9 3 17 64 Operating income 403 261 845 1,695 Loss on securities 46 — 46 — Interest and other, net 67 60 186 197 Income before income tax 290 201 613 1,498 Income tax expense 68 72 174 248 Net income 222 129 439 1,250 Net income attributable to noncontrolling interests, net of tax — — — — Net income attributable to Jabil Inc. $ 222 $ 129 $ 439 $ 1,250 Earnings per share attributable to the stockholders of Jabil Inc.: Basic $ 2.05 $ 1.08 $ 3.98 $ 10.01 Diluted $ 2.03 $ 1.06 $ 3.94 $ 9.86 Weighted average shares outstanding: Basic 108.0 119.9 110.2 124.9 Diluted 109.3 121.7 111.5 126.9 Expand JABIL INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (Unaudited) Nine months ended May 31, 2025 May 31, 2024 Cash flows provided by operating activities: Net income $ 439 $ 1,250 Depreciation, amortization, and other, net 622 557 Gain from the divestiture of businesses (45 ) (944 ) Change in operating assets and liabilities, exclusive of net assets acquired 36 318 Net cash provided by operating activities 1,052 1,181 Cash flows (used in) provided by investing activities: Acquisition of property, plant and equipment (299 ) (660 ) Proceeds and advances from sale of property, plant and equipment 60 115 Cash paid for business and intangible asset acquisitions, net of cash (393 ) (90 ) Proceeds from the divestiture of businesses, net of cash 54 2,108 Other, net — (6 ) Net cash (used in) provided by investing activities (578 ) 1,467 Cash flows used in financing activities: Borrowings under debt agreements 1,604 1,895 Payments toward debt agreements (1,720 ) (1,987 ) Payments to acquire treasury stock (975 ) (1,824 ) Dividends paid to stockholders (28 ) (32 ) Net proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan 33 31 Treasury stock minimum tax withholding related to vesting of restricted stock (41 ) (68 ) Other, net (38 ) (4 ) Net cash used in financing activities (1,165 ) (1,989 ) Effect of exchange rate changes on cash and cash equivalents 13 (6 ) Net (decrease) increase in cash and cash equivalents (678 ) 653 Cash and cash equivalents at beginning of period 2,201 1,804 Cash and cash equivalents at end of period $ 1,523 $ 2,457 Expand JABIL INC. AND SUBSIDIARIES SUPPLEMENTAL DATA RECONCILIATION OF U.S. GAAP FINANCIAL RESULTS TO NON-GAAP MEASURES (in millions, except for per share data) (Unaudited) Three months ended Nine months ended May 31, 2025 May 31, 2024 May 31, 2025 May 31, 2024 Operating income (U.S. GAAP) $ 403 $ 261 $ 845 $ 1,695 Amortization of intangibles 17 12 45 27 Stock-based compensation expense and related charges 19 3 84 72 Restructuring, severance and related charges (1) 16 55 144 252 Net periodic benefit cost — 2 1 7 Business interruption and impairment charges, net (2) 1 14 10 14 Gain from the divestiture of businesses (3) (45 ) — (45 ) (944 ) Acquisition and divestiture related charges (3) 9 3 17 64 Adjustments to operating income 17 89 256 (508 ) Core operating income (Non-GAAP) $ 420 $ 350 $ 1,101 $ 1,187 Net income attributable to Jabil Inc. (U.S. GAAP) $ 222 $ 129 $ 439 $ 1,250 Adjustments to operating income 17 89 256 (508 ) Loss on securities (4) 46 — 46 — Net periodic benefit cost — (2 ) (1 ) (7 ) Adjustments for taxes (6 ) 14 (18 ) 51 Core earnings (Non-GAAP) $ 279 $ 230 $ 722 $ 786 Diluted earnings per share (U.S. GAAP) $ 2.03 $ 1.06 $ 3.94 $ 9.86 Diluted core earnings per share (Non-GAAP) $ 2.55 $ 1.89 $ 6.48 $ 6.20 Diluted weighted average shares outstanding (U.S. GAAP and Non-GAAP) 109.3 121.7 111.5 126.9 Expand ____________________ (1) Charges recorded during the three months and nine months ended May 31, 2025 and May 31, 2024, primarily related to the 2025 Restructuring Plan and 2024 Restructuring Plan, respectively. (2) Charges recorded during the nine months ended May 31, 2025, relate primarily to costs associated with damage from Hurricanes Helene and Milton, which impacted our operations in St. Petersburg, Florida and Asheville and Hendersonville, North Carolina. Charges recorded during the three months and nine months ended May 31, 2024, related to costs associated with product quality liabilities. (3) We completed the divestiture of our Mobility Business and recorded a pre-tax gain of $944 million during the nine months ended May 31, 2024. Certain post-closing adjustments were realized in March 2025, which resulted in the recognition of a $54 million pre-tax gain during the three months ended May 31, 2025. We incurred transaction and disposal costs in connection with the sale of approximately $64 million during the nine months ended May 31, 2024. (4) Charges recorded during the three months and nine months ended May 31, 2025, relate to an impairment of an investment in Preferred Stock. Expand ____________________ (1) Certain customers co-invest in PP&E with us. As we acquire PP&E, we recognize the cash payments in acquisition of PP&E. When our customers reimburse us and obtain control, we recognize the cash receipts in proceeds and advances from the sale of PP&E. Expand
Yahoo
30 minutes ago
- Yahoo
Research Growth, AI Licensing, and Cost Reduction Drive Wiley's Fiscal 2025 Results
Exceeds Adjusted EPS Guidance, Significantly Expands Profit Margins, and Reaffirms Fiscal 2026 Growth Targets HOBOKEN, N.J., June 17, 2025--(BUSINESS WIRE)--Wiley (NYSE: WLY) today reported results for the fourth quarter and fiscal year ended April 30, 2025. FISCAL 2025 HIGHLIGHTS GAAP performance vs. prior year: Operating Income of $221 million vs. $52 million and Diluted Earnings Per Share (EPS) of $1.53 vs. ($3.65) Exceeded Adjusted EPS guidance, delivered at top end of range for Adjusted EBITDA margin, and achieved Free Cash Flow outlook Delivered Revenue and Adjusted EBITDA margin growth in both Research and Learning segments Achieved Adjusted Operating Margin expansion of 300 basis points Executed AI content licensing project this quarter with a third large tech company; $40 million in total AI licensing revenue realized in Fiscal 2025 compared to $23 million in Fiscal 2024 Drove a 34% increase in share repurchases and raised dividend for 31st consecutive year MANAGEMENT COMMENTARY "We delivered another strong year of execution as we met or exceeded our financial commitments, drove profitable growth in our core, expanded margins and free cash flow, and extended further into the corporate market through AI licensing and partnership, science analytics, and knowledge services," said Matthew Kissner, President and CEO. "Our multi-year journey of continuous improvement and innovation is yielding material gains in profitable revenue growth, margin expansion, and cash generation, and we remain steadfast and confident in our continued progress." FINANCIAL SUMMARY Please see accompanying financial tables for more detail. Q4 reported revenue of $443 million vs. $468 million due to foregone revenue from divestitures; Adjusted Revenue (excluding divestitures) essentially even with prior year at constant currency as expected; Research Publishing +4% constant currency. Q4 Operating Income of $76 million vs. $69 million; Adjusted Operating Income +15% with margin up 260bps. Diluted EPS of $1.25 vs. $0.46; Adjusted EPS +14% and Adjusted EBITDA essentially even. Full year reported revenue of $1,678 million vs. $1,873 million due to foregone revenue from divested businesses; Adjusted Revenue (excluding divestitures) +3% at constant currency. Full year Operating Income of $221 million vs. $52 million; Adjusted Operating Income +29% with margin up 300 basis points. Diluted EPS of $1.53 vs. ($3.65); Adjusted EPS +31% to $3.64, Adjusted EBITDA +8% to $398 million, and Cash from Operations of $203 million vs. $208 million; Free Cash Flow +10% to $126 million. RESEARCH Q4 Research revenue of $281 million was up 4% as reported and 3% at constant currency driven by solid growth in recurring revenue publishing models (calendar year 2025 journal renewals) and open access offsetting continued softness in backfiles, archives, and other ancillary products. Q4 Adjusted EBITDA of $97 million was up 4% as reported and at constant currency due to revenue growth. Adjusted EBITDA margin for the quarter rose modestly to 34.7%. Full year Research revenue was up 3% as reported and at constant currency driven by growth in publishing and solutions. Research Adjusted EBITDA was up 4% or 5% at constant currency with margin up 30 basis points to 32.1%. Key performance indicators remained strong for the year, with submissions up 19% and output up 8%. LEARNING Q4 Learning revenue of $162 million was down 5% as reported and at constant currency as expected due to a $23 million AI licensing agreement in the prior year, partially offset by growth in Academic and additional AI licensing revenue this quarter. Academic growth excluding AI licensing was driven by strong demand for inclusive access and digital courseware. Professional performance excluding AI licensing was impacted by retail channel softness. Q4 Adjusted EBITDA of $70 million for the quarter was down 6% as reported and at constant currency due to lower revenues. Adjusted EBITDA margin was 43.0% compared to 43.5% in prior year period. Full year Learning revenue of $585 million was up 2% as reported and at constant currency driven by growth in Academic and AI licensing. Learning Adjusted EBITDA of $219 million for the year was up 9% as reported and at constant currency. Adjusted EBITDA margin rose 250 basis points to 37.4%. CORPORATE EXPENSES "Corporate Expenses" are the portion of shared services costs not allocated to segments. Q4 Corporate Expenses declined by 8% or 7% at constant currency due to lower depreciation and amortization, or 3% on an Adjusted EBITDA basis at constant currency due to restructuring savings. Full year Corporate Expenses declined by 3% as reported and at constant currency due to lower depreciation and amortization, but rose 2% on an Adjusted EBITDA basis at constant currency due to enterprise modernization. BALANCE SHEET, CASH FLOW, AND CAPITAL ALLOCATION Net Debt-to-EBITDA Ratio was 1.8 compared to 1.7 in the year-ago period. Net Cash provided by Operating Activities was $203 million compared to $208 million primarily due to spend on cloud-based solutions related to targeted enterprise modernization work. This spend is capitalized and amortized, like capex, but reported in this section of the cash flow statement. Otherwise, cash flow benefited from higher adjusted EBITDA and favorable working capital movements. Free Cash Flow was up 10% to $126 million primarily driven by lower capex. Fiscal 2025 capex was $77 million vs. $93 million in prior year, however, capitalization between the two years were comparable when capex and cloud-based solution spend are combined. Returns to Shareholders: Wiley allocated $137 million toward dividends and share repurchases, up from $122 million in the prior year. $60 million was allocated to share repurchases at an average cost basis of $44.16. This allocation is up from $45 million in the prior year period. Divestiture Proceeds: After the year closed, Wiley received $120 million in cash proceeds related to the University Services divestiture, with the total outstanding note paid in full. FISCAL 2026 OUTLOOK Metric Fiscal 2024 Results Fiscal 2025 Results Fiscal 2026 Outlook Adj. Revenue $1,617M $1,660M Low to mid-single digit growth Adj. EBITDA Margin 22.8% 24% 25.5% to 26.5% Adj. EPS $2.78 $3.64 $3.90 to $4.35 Free Cash Flow $114M $126M Approximately $200M Note, growth outlook is comprehensive and includes adverse variances, including AI revenue in Fiscal 2025. Adjusted metrics exclude impact of divestitures, which were primarily completed in Fiscal 2024 with remainder completed in first half of Fiscal 2025. Approximately $17 million of divestiture-related revenue was recorded in Fiscal 2025. Adjusted Revenue – growth expectation driven by demand to publish and Calendar Year 2025 journal renewal growth in Research Publishing, steady market trends in Academic, and continued demand for our content and data in AI development, partially offset by large AI agreements in prior year. Adjusted EBITDA Margin – initial margin target was a range of 24 to 25% (January 2024). Wiley raised the target to 25%+ in March 2025, and this quarter to a range of 25.5% to 26.5%. Outlook is driven by anticipated cost savings, efficiency gains, and revenue growth. Adjusted EPS – growth expectation driven by higher expected Adjusted Operating Income. Free Cash Flow – growth outlook driven by expected Adjusted EBITDA growth, lower restructuring payments, and favorable working capital. EARNINGS CONFERENCE CALL Scheduled for today, June 17 at 10:00 am (ET). Access webcast at Investor Relations at or directly at U.S. callers, please dial (888) 210-3346 and enter the participant code 2521217#. International callers, please dial (646) 960-0253 and enter the participant code 2521217#. ABOUT WILEY Wiley (NYSE: WLY) is one of the world's largest publishers and a trusted leader in research and learning. Our industry-leading content, services, platforms, and knowledge networks are tailored to meet the evolving needs of our customers and partners, including researchers, students, instructors, professionals, institutions, and corporations. We enable knowledge-seekers to transform today's biggest obstacles into tomorrow's brightest opportunities. For more than two centuries, Wiley has been delivering on its timeless mission to unlock human potential. Visit us at and NON-GAAP FINANCIAL MEASURES Wiley provides non-GAAP financial measures and performance results such as "Adjusted EPS," "Adjusted Operating Income," "Adjusted EBITDA," "Adjusted Income before Taxes," "Adjusted Income Tax Provision," "Adjusted Effective Income Tax Rate," "Free Cash Flow less Product Development Spending," "organic revenue," "Adjusted Revenue," and results on a Constant Currency basis to assess underlying business performance and trends. Management believes non-GAAP financial measures, which exclude the impact of restructuring charges and credits and certain other items, and the impact of divestitures and acquisitions provide a useful comparable basis to analyze operating results and earnings. See the reconciliations of non-GAAP financial measures and explanations of the uses of non-GAAP measures in the supplementary information. We have not provided our 2026 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. FORWARD-LOOKING STATEMENTS This release 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 a number of 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 online 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 ability to realize operating savings over time and in fiscal year 2026 in connection with our multiyear Global Restructuring Program and completed dispositions; (xi) cyber risk and the failure to maintain the integrity of our operational or security systems or infrastructure, or those of third parties with which we do business; (xii) as a result of acquisitions, we have and may record a significant amount of goodwill and other identifiable intangible assets and we may never realize the full carrying value of these assets; and (xiii) 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 forward-looking statements to reflect subsequent events. CATEGORY: EARNINGS RELEASES JOHN WILEY & SONS, INFORMATION (1)(2)CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME (LOSS)(Dollars in thousands, except per share information)(unaudited) Three Months EndedApril 30, Year EndedApril 30, 2025 2024 2025 2024 Revenue, net $ 442,579 $ 468,461 $ 1,677,609 $ 1,872,987 Costs and expenses: Cost of sales 110,941 123,345 431,380 579,722 Operating and administrative expenses 229,767 252,062 947,437 1,013,520 Impairment of goodwill(3) - - - 108,449 Restructuring and related charges 12,490 11,008 25,561 63,041 Amortization of intangible assets 12,909 13,264 51,822 55,994 Total costs and expenses 366,107 399,679 1,456,200 1,820,726 Operating income 76,472 68,782 221,409 52,261 As a % of revenue 17.3 % 14.7 % 13.2 % 2.8 % Interest expense (11,270 ) (11,411 ) (52,547 ) (49,003 ) Net foreign exchange transaction (losses) gains (826 ) 530 (8,142 ) (2,959 ) Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale(3) (13,580 ) (3,642 ) (23,340 ) (183,389 ) Other income (expense), net 1,469 (257 ) 5,498 (3,957 ) Income (loss) before taxes 52,265 54,002 142,878 (187,047 ) (Benefit) provision for income taxes (15,828 ) 28,737 58,717 13,272 Effective tax rate -30.3 % 53.2 % 41.1 % -7.1 % Net income (loss) $ 68,093 $ 25,265 $ 84,161 $ (200,319 ) As a % of revenue 15.4 % 5.4 % 5.0 % -10.7 % Earnings (loss) per share Basic $ 1.27 $ 0.46 $ 1.56 $ (3.65 ) Diluted(4) $ 1.25 $ 0.46 $ 1.53 $ (3.65 ) Weighted average number of common shares outstanding Basic 53,683 54,591 54,054 54,945 Diluted(4) 54,458 55,356 54,830 54,945 Notes: (1) The supplementary information included in this press release for the three months and year ended April 30, 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission. (2) All amounts are approximate due to rounding. (3) Net loss on sale of businesses, assets, and impairment charges related to assets held-for-saleFor the three months and year ended April 30, 2025 and 2024, we recorded net pretax (loss) gain on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: Three Months EndedApril 30, Year EndedApril 30, 2025 2024 2025 2024 Wiley Edge $ (74 ) $ 1,275 $ (14,852 ) $ (19,401 ) University Services (13,428 ) (5,636 ) (12,578 ) (107,048 ) CrossKnowledge (78 ) 719 4,119 (55,440 ) Tuition Manager - - 120 (1,500 ) Sale of assets - - (149 ) - Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale $ (13,580 ) $ (3,642 ) $ (23,340 ) $ (183,389 ) As previously announced in fiscal year 2024, we executed a plan to divest non-core businesses included in our Held for Sale or Sold segment, including University Services, Wiley Edge, and CrossKnowledge. These three businesses met the held-for-sale criteria starting in the first quarter of fiscal year 2024. We measured each disposal group at the lower of carrying value or fair value less costs to sell prior to its disposition. On January 1, 2024, we completed the sale of University Services. On June 5, 2025, Wiley entered into an agreement to sell the Seller Note, the fiscal year 2026 earnout, the TVG Investment, and agreed on the fiscal year 2025 earnout for total cash consideration of $119.5 million, which was fully paid in June 2025. In the year ended April 30, 2025, due to the process of selling these assets, as well as third-party customer consents, working capital adjustments, and changes in the costs to sell, we recognized an additional net loss on sale and impairments of assets of $12.6 million. In the three months ended April 30, 2025, we recognized an additional net loss of $13.4 million. On May 31, 2024, we completed the sale of Wiley Edge, with the exception of its India operations which sold on August 31, 2024. Upon the completion of the sale, we recognized a net loss of $14.9 million in the year ended April 30, 2025 primarily due to subsequent changes in the fair value less costs to sell including reducing the fair value of the contingent consideration in the form of an earnout from $15.0 million to zero in the third quarter of fiscal year 2025, partially offset by the sale of the India operations. On August 31, 2024, we completed the sale of CrossKnowledge. On May 31, 2023, we completed the sale of Tuition Manager. In the second quarter of fiscal year 2025, we sold a facility which was reflected in Technology, property, and equipment, net in our Unaudited Condensed Consolidated Statements of Financial Position. Impairment of goodwill In fiscal year 2024, we reorganized our segments and recorded pretax noncash goodwill impairments of $108.4 million which included $81.7 million related to Wiley Edge, $11.4 million related to University Services, and $15.3 million related to CrossKnowledge. (4) In calculating diluted net loss per common share for the year ended April 30, 2024, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was antidilutive. This occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive. JOHN WILEY & SONS, INFORMATION (1) (2)RECONCILIATION OF US GAAP MEASURES to NON-GAAP MEASURES(unaudited) Reconciliation of US GAAP Earnings (Loss) per Share to Non-GAAP Adjusted EPS Three Months EndedApril 30, Year EndedApril 30, 2025 2024 2025 2024 US GAAP Earnings (Loss) Per Share - Diluted $ 1.25 $ 0.46 $ 1.53 $ (3.65 ) Adjustments: Impairment of goodwill - - - 1.90 Restructuring and related charges 0.14 0.16 0.36 0.85 Foreign exchange losses on intercompany transactions, including the write off of certain cumulative translation adjustments (3) (0.01 ) 0.01 0.08 0.02 Amortization of acquired intangible assets (4) 0.15 0.02 0.76 0.68 Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale (5) 0.18 0.04 0.38 2.81 Held for Sale or Sold segment Adjusted Net (Income) Loss (5) - (0.03 ) 0.05 (0.42 ) Income tax adjustments (0.34 ) 0.55 0.48 0.54 EPS impact of using weighted-average dilutive shares for adjusted EPS calculation (6) - - - 0.05 Non-GAAP Adjusted Earnings Per Share - Diluted $ 1.37 $ 1.21 $ 3.64 $ 2.78 Reconciliation of US GAAP Income (Loss) Before Taxes to Non-GAAP Adjusted Income Before Taxes (amounts in thousands) Three Months EndedApril 30, Year EndedApril 30, 2025 2024 2025 2024 US GAAP Income (Loss) Before Taxes $ 52,265 $ 54,002 $ 142,878 $ (187,047 ) Pretax Impact of Adjustments: Impairment of goodwill - - - 108,449 Restructuring and related charges 12,490 11,008 25,561 63,041 Foreign exchange losses on intercompany transactions, including the write off of certain cumulative translation adjustments (3) - 815 5,590 1,903 Amortization of acquired intangible assets (4) 12,908 13,324 51,864 57,874 Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale (5) 13,580 3,642 23,340 183,389 Held for Sale or Sold segment Adjusted (Income) Loss Before Taxes (5) - (2,409 ) 3,578 (30,661 ) Non-GAAP Adjusted Income Before Taxes $ 91,243 $ 80,382 $ 252,811 $ 196,948 Reconciliation of US GAAP Income Tax (Benefit) Provision to Non-GAAP Adjusted Income Tax Provision, including our US GAAP Effective Tax Rate and our Non-GAAP Adjusted Effective Tax Rate US GAAP Income Tax (Benefit) Provision $ (15,828 ) $ 28,737 $ 58,717 $ 13,272 Income Tax Impact of Adjustments (7) Impairment of goodwill - 255 - 2,953 Restructuring and related charges 4,633 2,425 5,947 15,662 Foreign exchange losses on intercompany transactions, including the write off of certain cumulative translation adjustments (3) 571 471 1,170 582 Amortization of acquired intangible assets (4) 4,720 11,459 10,231 20,127 Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale (5) 3,715 1,197 2,368 26,908 Held for Sale or Sold segment Adjusted Tax (Provision) Benefit (5) - (622 ) 807 (7,140 ) Income Tax Adjustments Impact of valuation allowance on the US GAAP effective tax rate (8) 18,776 (30,249 ) (26,008 ) (30,249 ) Impact of change in certain US state tax rates in 2025 (8) (117 ) - (117 ) - Non-GAAP Adjusted Income Tax Provision $ 16,470 $ 13,673 $ 53,115 $ 42,115 US GAAP Effective Tax Rate -30.3 % 53.2 % 41.1 % -7.1 % Non-GAAP Adjusted Effective Tax Rate 18.1 % 17.0 % 21.0 % 21.4 % Notes: (1) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors. The supplementary information included in this press release for the three months and year ended April 30, 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission. (2) All amounts are approximate due to rounding. (3) In fiscal year 2023 due to the closure of our operations in Russia, the Russia entity was deemed substantially liquidated. The formal liquidation was completed in the fourth quarter of fiscal year 2025. In the three months and year ended April 30, 2025, we wrote off an additional $1.1 million and $1.4 million, respectively, of cumulative translation adjustments in earnings. In the three months and year ended April 30, 2024, we wrote off an additional $0.2 million and $1.0 million, respectively, of cumulative translation adjustments in earnings. These amounts are reflected in Net foreign exchange transaction (losses) gains on our Condensed Consolidated Statements of Net Income (Loss). (4) Reflects the amortization of intangible assets established on the opening balance sheet for an acquired business. This includes the amortization of intangible assets such as developed technology, customer relationships, tradenames, etc., which is reflected in the "Amortization of intangible assets" line in the Condensed Consolidated Statements of Net Income (Loss). It also includes the amortization of acquired product development assets, which is reflected in Cost of sales in the Condensed Consolidated Statements of Net Income (Loss). (5) For the three months and year ended April 30, 2025 and 2024, we recorded net pretax loss (gain) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: Three Months EndedApril 30, Year EndedApril 30, 2025 2024 2025 2024 Wiley Edge $ 74 $ (1,275 ) $ 14,852 $ 19,401 University Services 13,428 5,636 12,578 107,048 CrossKnowledge 78 (719 ) (4,119 ) 55,440 Tuition Manager - - (120 ) 1,500 Sale of assets - - 149 - Net pretax loss on sale of businesses, assets, and impairment charges related to assets held-for-sale $ 13,580 $ 3,642 $ 23,340 $ 183,389 For the three months and year ended April 30, 2025 and 2024, we recorded income tax benefit (provision) on sale of businesses, assets, and impairment charges related to assets held-for-sale as follows: Three Months EndedApril 30, Year EndedApril 30, 2025 2024 2025 2024 Wiley Edge $ 263 $ 890 $ (1,054 ) $ 890 University Services 3,109 307 3,109 25,643 CrossKnowledge 344 - 344 - Tuition Manager - - (30 ) 374 Sale of assets - - - - Benefit on sale of businesses, assets, and impairment charges related to assets held-for-sale $ 3,715 $ 1,197 $ 2,368 $ 26,908 In addition, our Adjusted EPS excludes the Adjusted Net Income or Loss of our Held for Sale or Sold segment. (6) Represents the impact of using diluted weighted-average number of common shares outstanding (55.7 million for the year ended April 30, 2024) included in the Non-GAAP Adjusted EPS calculation in order to apply the dilutive impact on adjusted net income due to the effect of unvested restricted stock units and other stock awards. This impact occurs when a US GAAP net loss is reported and the effect of using dilutive shares is antidilutive. (7) For the three months and year ended April 30, 2025 and 2024, respectively, substantially all of the tax impact was from deferred taxes. (8) In fiscal year 2024, due to temporary differences in the US, our deferred taxes reversed from a net deferred tax liability position to a net deferred tax asset position. Due to losses in the US resulting from impairments, restructuring, and acceleration of amortization expense on capitalized software, we concluded it was more-likely-than-not that all or a portion of our deferred tax asset may not be realized. As a result, we established a valuation allowance of $30.2 million. During fiscal year 2025 we increased this valuation allowance by $26.0 million, because of an increase in the US net deferred tax asset attributable primarily to interest expense disallowance and intangible and fixed assets. In connection with the increase in certain US state tax apportionment factors and state rate changes in 2025, we recorded income tax expense of $0.1 million for the three months and year ended April 30, 2025. JOHN WILEY & SONS, INFORMATION (1)RECONCILIATION OF US GAAP NET INCOME (LOSS) TO NON-GAAP EBITDA AND ADJUSTED EBITDA(unaudited) Three Months Ended Year Ended April 30, April 30, 2025 2024 2025 2024 Net Income (Loss) $ 68,093 $ 25,265 $ 84,161 $ (200,319 ) Interest expense 11,270 11,411 52,547 49,003 (Benefit) provision for income taxes (15,828 ) 28,737 58,717 13,272 Depreciation and amortization 36,681 47,613 147,126 176,989 Non-GAAP EBITDA 100,216 113,026 342,551 38,945 Impairment of goodwill - - - 108,449 Restructuring and related charges 12,490 11,008 25,561 63,041 Net foreign exchange transaction losses (gains) 826 (530 ) 8,142 2,959 Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale 13,580 3,642 23,340 183,389 Other (income) expense, net (1,469 ) 257 (5,498 ) 3,957 Held for Sale or Sold segment Adjusted EBITDA (2) - (2,409 ) 3,578 (32,148 ) Non-GAAP Adjusted EBITDA $ 125,643 $ 124,994 $ 397,674 $ 368,592 Adjusted EBITDA Margin 28.4 % 28.3 % 24.0 % 22.8 % Notes: (1) See Explanation of Usage of Non-GAAP Performance Measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors. The supplementary information included in this press release for the three months and year ended April 30, 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission. (2) Our Non-GAAP Adjusted EBITDA excludes the Held for Sale or Sold segment Non-GAAP Adjusted EBITDA. JOHN WILEY & SONS, INFORMATION (1) (2)SEGMENT RESULTS(in thousands)(unaudited) % Change Three Months EndedApril 30, Favorable(Unfavorable) 2025 2024 Reported Constant Currency Research: Revenue, net Research Publishing $ 243,061 $ 233,455 4 % 4 % Research Solutions 37,660 37,577 0 % 0 % Total Revenue, net $ 280,721 $ 271,032 4 % 3 % Non-GAAP Adjusted Operating Income $ 75,168 $ 68,282 10 % 10 % Depreciation and amortization 22,303 25,513 13 % 13 % Non-GAAP Adjusted EBITDA $ 97,471 $ 93,795 4 % 4 % Adjusted EBITDA margin 34.7 % 34.6 % Learning: Revenue, net Academic $ 100,146 $ 98,908 1 % 1 % Professional 61,712 71,237 -13 % -14 % Total Revenue, net $ 161,858 $ 170,145 -5 % -5 % Non-GAAP Adjusted Operating Income $ 58,715 $ 57,682 2 % 1 % Depreciation and amortization 10,948 16,358 33 % 33 % Non-GAAP Adjusted EBITDA $ 69,663 $ 74,040 -6 % -6 % Adjusted EBITDA margin 43.0 % 43.5 % Held for Sale or Sold: Total Revenue, net $ - $ 27,284 # # Non-GAAP Adjusted Operating Income $ - $ 2,409 # # Depreciation and amortization - - # # Non-GAAP Adjusted EBITDA $ - $ 2,409 # # Adjusted EBITDA margin 0.0 % 8.8 % Corporate Expenses: Non-GAAP Adjusted Corporate Expenses $ (44,921 ) $ (48,583 ) 8 % 7 % Depreciation and amortization 3,430 5,742 40 % 40 % Non-GAAP Adjusted EBITDA $ (41,491 ) $ (42,841 ) 3 % 3 % Consolidated Results: Revenue, net $ 442,579 $ 468,461 -6 % -6 % Less: Held for Sale or Sold Segment (3) - (27,284 ) # # Adjusted Revenue, net $ 442,579 $ 441,177 0 % 0 % Operating Income $ 76,472 $ 68,782 11 % 11 % Adjustments: Restructuring charges 12,490 11,008 -13 % -13 % Held for Sale or Sold Segment Adjusted Operating Income (3) - (2,409 ) # # Non-GAAP Adjusted Operating Income $ 88,962 $ 77,381 15 % 15 % Adjusted Operating Income margin 20.1 % 17.5 % Depreciation and amortization 36,681 47,613 23 % 23 % Less: Held for Sale or Sold Segment depreciation and amortization (3) - - # # Non-GAAP Adjusted EBITDA $ 125,643 $ 124,994 1 % 0 % Adjusted EBITDA margin 28.4 % 28.3 % Notes: (1) The supplementary information included in this press release for the three months and year ended April 30, 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission. (2) All amounts are approximate due to rounding. (3) Our Adjusted Revenue, Adjusted Operating Income and Adjusted EBITDA excludes the impact of our Held for Sale or Sold segment Revenue, Adjusted Operating Income or Loss and Adjusted EBITDA results. # Variance greater than 100% JOHN WILEY & SONS, INFORMATION (1) (2)SEGMENT RESULTS(in thousands)(unaudited) % Change Year EndedApril 30, Favorable(Unfavorable) 2025 2024 Reported Constant Currency Research: Revenue, net Research Publishing $ 922,553 $ 892,784 3 % 3 % Research Solutions 152,906 149,921 2 % 2 % Total Revenue, net $ 1,075,459 $ 1,042,705 3 % 3 % Non-GAAP Adjusted Operating Income $ 255,580 $ 237,763 7 % 8 % Depreciation and amortization 89,302 93,422 4 % 5 % Non-GAAP Adjusted EBITDA $ 344,882 $ 331,185 4 % 5 % Adjusted EBITDA margin 32.1 % 31.8 % Learning: Revenue, net Academic $ 333,693 $ 323,541 3 % 3 % Professional 251,075 251,198 0 % 0 % Total Revenue, net $ 584,768 $ 574,739 2 % 2 % Non-GAAP Adjusted Operating Income $ 174,850 $ 142,733 23 % 22 % Depreciation and amortization 43,900 57,696 24 % 24 % Non-GAAP Adjusted EBITDA $ 218,750 $ 200,429 9 % 9 % Adjusted EBITDA margin 37.4 % 34.9 % Held for Sale or Sold: Total Revenue, net $ 17,382 $ 255,543 -93 % -93 % Non-GAAP Adjusted Operating (Loss) Income $ (3,578 ) $ 28,711 # # Depreciation and amortization - 3,437 # # Non-GAAP Adjusted EBITDA $ (3,578 ) $ 32,148 # # Adjusted EBITDA margin -20.6 % 12.6 % Corporate Expenses: Non-GAAP Adjusted Corporate Expenses $ (179,882 ) $ (185,456 ) 3 % 3 % Depreciation and amortization 13,924 22,434 38 % 38 % Non-GAAP Adjusted EBITDA $ (165,958 ) $ (163,022 ) -2 % -2 % Consolidated Results: Revenue, net $ 1,677,609 $ 1,872,987 -10 % -10 % Less: Held for Sale or Sold Segment (3) (17,382 ) (255,543 ) -93 % -93 % Adjusted Revenue, net $ 1,660,227 $ 1,617,444 3 % 3 % Operating Income $ 221,409 $ 52,261 # # Adjustments: Restructuring charges 25,561 63,041 59 % 59 % Impairment of goodwill - 108,449 # # Held for Sale or Sold Segment Adjusted Operating Loss (Income) (3) 3,578 (28,711 ) # # Non-GAAP Adjusted Operating Income $ 250,548 $ 195,040 28 % 29 % Adjusted Operating Income margin 15.1 % 12.1 % Depreciation and amortization 147,126 176,989 17 % 17 % Less: Held for Sale or Sold depreciation and amortization (3) - (3,437 ) # # Non-GAAP Adjusted EBITDA $ 397,674 $ 368,592 8 % 8 % Adjusted EBITDA margin 24.0 % 22.8 % # Variance greater than 100% JOHN WILEY & SONS, INFORMATION (1)CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(in thousands)(unaudited) April 30, April 30, 2025 2024 Assets: Current assets Cash and cash equivalents $ 85,882 $ 83,249 Accounts receivable, net 228,410 224,198 Inventories, net 22,875 26,219 Prepaid expenses and other current assets 102,717 85,954 Current assets held-for-sale - 34,422 Total current assets 439,884 454,042 Technology, property and equipment, net 162,125 192,438 Intangible assets, net 595,044 615,694 Goodwill 1,121,505 1,091,368 Operating lease right-of-use assets 66,128 69,074 Other non-current assets 306,780 283,719 Non-current assets held-for-sale - 19,160 Total assets $ 2,691,466 $ 2,725,495 Liabilities and shareholders' equity: Current liabilities Accounts payable $ 60,948 $ 55,659 Accrued royalties 109,765 97,173 Short-term portion of long-term debt 10,000 7,500 Contract liabilities 462,693 483,778 Accrued employment costs 93,117 96,980 Short-term portion of operating lease liabilities 18,282 18,294 Other accrued liabilities 66,051 76,266 Current liabilities held-for-sale - 37,632 Total current liabilities 820,856 873,282 Long-term debt 789,435 767,096 Accrued pension liability 71,899 70,832 Deferred income tax liabilities 105,145 97,186 Operating lease liabilities 81,482 94,386 Other long-term liabilities 70,443 71,760 Long-term liabilities held-for-sale - 11,237 Total liabilities 1,939,260 1,985,779 Shareholders' equity 752,206 739,716 Total liabilities and shareholders' equity $ 2,691,466 $ 2,725,495 Notes: (1) The supplementary information included in this press release for April 30, 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission. JOHN WILEY & SONS, INFORMATION (1)CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(unaudited) Year EndedApril 30, 2025 2024 Operating activities: Net income (loss) $ 84,161 $ (200,319 ) Impairment of goodwill - 108,449 Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale 23,340 183,389 Amortization of intangible assets 51,822 55,994 Amortization of product development assets 16,610 22,835 Amortization of cloud computing arrangements 1,081 1,210 Depreciation and amortization of technology, property, and equipment 78,694 98,160 Other noncash charges 101,808 106,507 Net change in operating assets and liabilities (154,925 ) (168,587 ) Net cash provided by operating activities 202,591 207,638 Investing activities: Additions to technology, property, and equipment (61,473 ) (76,080 ) Product development spending (15,228 ) (17,262 ) Businesses acquired in purchase transactions, net of cash acquired (3,602 ) (3,116 ) Net cash transferred related to the sale of businesses and assets (7,642 ) (1,771 ) Acquisitions of publication rights and other (6,073 ) (8,414 ) Net cash used in investing activities (94,018 ) (106,643 ) Financing activities: Net debt borrowings 13,509 27,767 Cash dividends (76,101 ) (76,964 ) Purchases of treasury shares (60,421 ) (45,050 ) Other (2,317 ) (12,974 ) Net cash used in financing activities (125,330 ) (107,221 ) Effects of exchange rate changes on cash, cash equivalents and restricted cash 3,146 (1,493 ) Change in cash, cash equivalents and restricted cash for period (13,611 ) (7,719 ) Cash, cash equivalents and restricted cash - beginning 99,543 107,262 Cash, cash equivalents and restricted cash - ending $ 85,932 $ 99,543 CALCULATION OF NON-GAAP FREE CASH FLOW LESS PRODUCT DEVELOPMENT SPENDING (2) Year Ended April 30, 2025 2024 Net cash provided by operating activities $ 202,591 $ 207,638 Less: Additions to technology, property, and equipment (61,473 ) (76,080 ) Less: Product development spending (15,228 ) (17,262 ) Free cash flow less product development spending $ 125,890 $ 114,296 Notes: (1) The supplementary information included in this press release for the year ended April 30, 2025 is preliminary and subject to change prior to the filing of our upcoming Annual Report on Form 10-K with the Securities and Exchange Commission. (2) See Explanation of Usage of Non-GAAP Performance Measures included in this supplemental information. JOHN WILEY & SONS, OF USAGE OF NON-GAAP PERFORMANCE MEASURES In this earnings release and supplemental information, management may present the following non-GAAP performance measures: Adjusted Earnings Per Share (Adjusted EPS); Free Cash Flow less Product Development Spending; Adjusted Revenue; Adjusted Operating Income and margin; Adjusted Income Before Taxes; Adjusted Income Tax Provision; Adjusted Effective Tax Rate; EBITDA, Adjusted EBITDA and margin; Organic revenue; and Results on a constant currency basis. Management uses these non-GAAP performance measures as supplemental indicators of our operating performance and financial position as well as for internal reporting and forecasting purposes, when publicly providing our outlook, to evaluate our performance and calculate incentive compensation. We present these non-GAAP performance measures in addition to US GAAP financial results because we believe that these non-GAAP performance measures provide useful information to certain investors and financial analysts for operational trends and comparisons over time. The use of these non-GAAP performance measures may also provide a consistent basis to evaluate operating profitability and performance trends by excluding items that we do not consider to be controllable activities for this purpose. The performance metric used by our chief operating decision maker to evaluate performance of our reportable segments is Adjusted Operating Income. We present both Adjusted Operating Income and Adjusted EBITDA for each of our reportable segments as we believe Adjusted EBITDA provides additional useful information to certain investors and financial analysts for operational trends and comparisons over time. It removes the impact of depreciation and amortization expense, as well as presents a consistent basis to evaluate operating profitability and compare our financial performance to that of our peer companies and competitors. For example: Adjusted EPS, Adjusted Revenue, Adjusted Operating Income, Adjusted Income Before Taxes, Adjusted Income Tax Provision, Adjusted Effective Tax Rate, Adjusted EBITDA, and organic revenue (excluding acquisitions) provide a more comparable basis to analyze operating results and earnings and are measures 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 as it represents cash available to repay debt, pay common stock dividends, and fund share repurchases and acquisitions. Results on a constant currency basis remove distortion from the effects of foreign currency movements to provide better comparability of our business trends from period to period. We measure our performance excluding the impact of foreign currency (or at constant currency), which means that we apply the same foreign currency exchange rates for the current and equivalent prior period. In addition, we have historically provided these or similar non-GAAP performance measures and understand that some investors and financial analysts find this information helpful in analyzing our operating margins and net income, and in comparing our financial performance to that of our peer companies and competitors. Based on interactions with investors, we also believe that our non-GAAP performance measures are regarded as useful to our investors as supplemental to our US GAAP financial results, and that there is no confusion regarding the adjustments or our operating performance to our investors due to the comprehensive nature of our disclosures. We have not provided our 2026 outlook for the most directly comparable US 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 US GAAP. Non-GAAP performance measures do not have standardized meanings prescribed by US GAAP and therefore may not be comparable to the calculation of similar measures used by other companies and should not be viewed as alternatives to measures of financial results under US GAAP. The adjusted metrics have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, US GAAP information. It does not purport to represent any similarly titled US GAAP information and is not an indicator of our performance under US GAAP. Non-GAAP financial metrics that we present may not be comparable with similarly titled measures used by others. Investors are cautioned against placing undue reliance on these non-GAAP measures. View source version on Contacts Brian CampbellInvestor Sign in to access your portfolio
Business Wire
35 minutes ago
- Business Wire
Yum! Brands Appoints Chris Turner as Chief Executive Officer Effective October 1, 2025
LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) today announced that its Board of Directors has unanimously elected Chris Turner, 50, as Chief Executive Officer, effective October 1, 2025. Turner, who currently serves as Chief Financial & Franchise Officer for Yum! Brands, will succeed current Chief Executive Officer David Gibbs, who, in March 2025, informed the Board of Directors of his intention to retire in the next year after 37 years with the Company and a successful tenure as CEO. 'I'm deeply honored to step into the role of CEO at Yum! Brands and incredibly grateful for the opportunity to lead this global company with such iconic brands,' said Turner. 'I want to sincerely thank David Gibbs for his exceptional leadership and partnership. I'm excited to build on all that we've accomplished together alongside our talented teams and in partnership with our franchisees around the world, as we innovate, grow our brands and continue delivering exceptional experiences for our consumers.' Turner has served as Yum! Brands' Chief Financial Officer since 2019 and expanded his role to include Chief Franchise Officer in 2024, with responsibilities for finance, corporate strategy, supply chain, franchise standards and support. In recent years, he has been instrumental in driving bold actions that leverage Yum!'s scale, such as accelerating the Company's digital and technology transformation through initiatives like the establishment of Byte by Yum!, an AI-driven restaurant technology platform; launching a centralized, global Supply Chain Center of Excellence; and the creation of Saucy by KFC, a bold new restaurant concept. He has worked closely with Gibbs and the entire Yum! Brands leadership team to drive growth through unit development, deliver strong shareholder returns and foster a people-first culture of collaboration. 'It has been the privilege of a lifetime to lead Yum! Brands and work with such passionate, talented people across our global system throughout my almost 37 years with the Company,' said Gibbs. 'I'm incredibly proud of what we've accomplished together and am confident that the best is yet to come. During my time partnering with Chris, he's demonstrated deep knowledge of our business, strong values and a clear commitment to our growth. I can't think of a better person to guide Yum! into its next chapter, and I look forward to supporting a smooth and successful transition.' Gibbs has served as Yum! Brands' CEO since January 2020. As CEO, Gibbs was instrumental in architecting and leading the Company's digital transformation and tripled the pace of Yum! Brands' annual net new unit development, leading to nearly 61,000 restaurant units worldwide. Gibbs also successfully navigated the Company through the COVID-19 pandemic and an increasingly complex operating environment, making Yum! a top performer in the restaurant industry. During Gibbs' tenure, digital sales surpassed $30 billion in 2024, with over 50% of sales through digital channels. Gibbs remains CEO until September 30, 2025, and will serve as an adviser to the Company until the end of 2026 to ensure a seamless transition. 'On behalf of the Board, I want to extend our deepest gratitude to David Gibbs for his outstanding visionary leadership, and the lasting impact he's made on Yum! Brands,' said Brian Cornell, Non-Executive Chairman of the Yum! Brands Board of Directors. 'David led the Company during unprecedented times all while strengthening, transforming and growing the business, with Chris as a key partner. During his tenure, Yum! delivered strong performance and advanced its growth strategy that has helped attract and retain the best talent in the industry. We are thrilled to appoint Chris as the next CEO — a proven leader with a deep understanding of the business, strategic expertise, financial acumen and unique perspectives that will help accelerate our growth. The Board is confident that Chris is the right leader to take Yum! Brands forward and accelerate the Company's momentum.' As Yum! Brands CEO, Turner will focus on executing Yum!'s mission of growing the most loved, trusted and connected restaurant brands globally. He will be responsible for driving the Company's Good Growth strategy, which includes ongoing digital initiatives, scaling bold innovation to power the Company's iconic brands and delivering long-term results. Turner's career has spanned leadership roles for major global brands like PepsiCo and its sub-brands. Prior to joining Yum! Brands, Turner led PepsiCo's retail and e-commerce business with Walmart in the U.S. and more than 25 countries, and across PepsiCo's brands in the beverage, snack and nutrition categories. He also spent more than 13 years with McKinsey & Co., where he served as Partner in the firm's Dallas office and led the Service Operations practice in North America, the Restaurant Service Line, the Retail Operations team and recruiting for all Southern U.S offices. About Yum! Brands Yum! Brands, Inc., based in Louisville, Kentucky, and its subsidiaries franchise or operate a system of nearly 61,000 restaurants in more than 155 countries and territories under the company's concepts – KFC, Taco Bell, Pizza Hut and Habit Burger & Grill. The Company's KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-inspired food and pizza categories, respectively. Habit Burger & Grill is a fast casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. In 2024, Yum! was named to the Dow Jones Sustainability Index North America, Newsweek's list of America's Most Responsible Companies, USA Today's America's Climate Leaders and 3BL's list of 100 Best Corporate Citizens. In 2025, the Company was recognized among TIME magazine's list of Best Companies for Future Leaders. In addition, KFC, Taco Bell and Pizza Hut led Entrepreneur's Top Global Franchises 2024 list and were ranked in the first 25 of Entrepreneur's 2025 Franchise 500, with Taco Bell securing the No. 1 spot in North America for the fifth consecutive year.
