John Wiley & Sons : Q4 2024 Earnings Review

Fourth Quarter

and Fiscal 2024

Earnings Review

June 13, 2024

SAFE HARBOR STATEMENT

This presentation 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 2025 in connection with our multiyear Global Restructuring Program and planned dispositions; (xi) the possibility that the divestitures will not be pursued, failure to obtain necessary regulatory approvals or required financing or to satisfy any of the other conditions to planned dispositions; (xii) 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; (xiii) 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 any such forward-looking statements to reflect subsequent events or circumstances.

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NON-GAAP MEASURES

In this presentation, Wiley provides the following non-GAAP performance measures:

• Adjusted Revenue
• Adjusted Earnings Per Share ("Adjusted EPS");
• Free Cash Flow less Product Development Spending;
• Adjusted Operating Income and margin;
• Adjusted EBITDA and margin;
• Organic revenue; and
• Results on a constant currency ("CC") basis.

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 2025 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.

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The Knowledge Company

Wiley enables the creation of new knowledge and its

application in science,

learning, innovation, and other critical areas of the

digital knowledge

economy

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Executive Summary

Strong underlying momentum in Research and outperformance in Learning

GenAI demand accelerating with execution of Q4 content rights project for large tech company; second GenAI rights project executed to be recognized in Fiscal 2025

2 of 3 divestitures closed; Wiley reorganized into one Research & Learning team

Cost savings and right sizing program accelerated with $90M of $130M actioned

Returning cash to shareholders with share repurchases increased to $45M and dividend growth streak hitting 30 consecutive years

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Disciplined Execution for Meet and Exceed

METRIC	COMMITMENT	RESULT	OUTCOME
Adj. Revenue guidance	$1,580 to $1,630	$1,617M	Meets
Mid-to-high end of range
Adj. EBITDA guidance	Original: $305-$330M	$369M	Exceeds
Raised: $335-$355M
Adj. EPS guidance	Original: $2.05 to $2.40	$2.78	Exceeds
Raised: $2.45-$2.65
Q4 exit margin (Adj. EBITDA)	23.3%	28.3%*	Exceeds
In-year cost savings	$30 million	$60 million	Exceeds
Free Cash Flow	Approx. $100M	$114M	Exceeds
			*25.6% excluding the AI deal		5

Highly Valued and Well Positioned for AI

1. Wiley's content highly valued for training GenAI large language models
2. • Two GenAI content rights projects executed for previously-published content with limited duration and narrow use
   • 1. Learning content rights project for large tech company ($23 million realized in Q4 Fiscal 2024)
     2. Learning and Research content rights project for second large tech company ($21M realized in 1H Fiscal 2025)
   • Significant interest from other AI providers
3. AI initiatives underway to drive publishing innovation and colleague productivity
4. Piloting new AI-powered research integrity detection tool

Content		Product & Publishing		Business Model		Colleague
Licensing		Innovation		Innovation		Productivity
Train and fine tune		Transform the publishing		Develop new content		Empower colleagues, unlock
foundational GenAI models		experience for authors and		application models that bring		productivity gains, and improve
with our high-quality and		editors; add new customer		Wiley closer to the customer		customer experience
authoritative content		features

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Fourth Quarter Performance

GAAP Revenue	Adj. Revenue*		GAAP EPS	Adj. EPS*
▼11%	▲4%		▼$0.76	▲2%
$468M	$441M		$0.46	$1.21

Adj. EBITDA*

▲7%

$125M

*Adjusted Revenue, Adjusted EPS, and Adjusted EBITDA performance excludes businesses held for sale or sold. Adjusted numbers exclude impact of foreign exchange (+$0.7M favorable to revenue)

Q4

Summary

• GAAP Revenue performance due to completed sale and declines in Held for Sale businesses
• Adjusted Revenue growth driven by Learning content rights project for GenAI training models partly offset by Research timing issues and declines in ancillary print and licensing revenue
• GAAP EPS loss due to a valuation allowance on US deferred tax assets, restructuring charges, and a net increase in the loss on the sale of business
• Adjusted EPS growth driven by revenue performance partially offset by tech write-offs as part of our legacy decommissioning
• Adjusted EBITDA growth mainly due to Learning outperformance and cost savings

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Full Year Performance

GAAP Revenue	Adj. Revenue*		GAAP EPS	Adj. EPS*
▼7%	▼1%		▼$3.96	▼19%
$1,873M	$1,617M		($3.65)	$2.78

Adj. EBITDA*

▼3%

$369M

*Adjusted Revenue, Adjusted EPS, and Adjusted EBITDA performance excludes businesses held for sale or sold. Adjusted numbers exclude impact of foreign exchange (+$11M favorable to revenue)

Full Year Summary

• GAAP Revenue performance due to completed sale and declines in Held for Sale businesses
• Adjusted Revenue performance driven by outperformance in Learning and strong open access growth in Research offset by impact of Hindawi disruption and market conditions in Solutions
• GAAP EPS loss mainly due to charges related to held for sale or sold assets and restructuring
• Adjusted EPS performance further impacted by lower Adjusted Operating Income, higher interest and tax expense, and higher pension expense
• Adjusted EBITDA performance mainly due to revenue performance

8

Research Momentum

Significant momentum in Research after some unusual challenges this year

• Demand to publish strong with submissions +15%* and output accelerating. Q4 output up mid-single digits
• Robust recovery and growth across key geographies after slow start to FY24 from the unusual COVID publishing lag
• Institutional models (subscription plus transformational agreements) solid with moderate growth expected
• Gold Open Access* revenue growth to remain at or above 20%
• Wiley's journal quality and impact remains top-tier; another strong showing expected in annual rankings
• Research end-to-end platform development accelerating with first large scale journal migration; platform to transform author experience, publishing efficiency, and peer review

*TTM Excluding Hindawi

Learning Momentum

Significant momentum in Learning with more favorable market conditions and strong execution and focus

• Outperformance in FY24 with return to growth and margin expansion
• Strong digital content and courseware growth and inclusive access momentum
• US undergrad enrollment up for the first time since the pandemic
• Healthy demand to publish with new author and title signings
• Solid growth in Assessments from new partner signings
• Learning content highly valued for training GenAI Large Language Models