Company Quick10K Filing
Wiley John & Sons
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 57 $2,648
10-Q 2020-03-06 Quarter: 2020-01-31
10-Q 2019-12-05 Quarter: 2019-10-31
10-Q 2019-09-06 Quarter: 2019-07-31
10-K 2019-07-01 Annual: 2019-04-30
10-Q 2019-03-08 Quarter: 2019-01-31
10-Q 2018-12-06 Quarter: 2018-10-31
10-Q 2018-09-07 Quarter: 2018-07-31
10-K 2018-06-29 Annual: 2018-04-30
10-Q 2018-03-07 Quarter: 2018-03-07
10-Q 2017-12-08 Quarter: 2017-12-06
10-Q 2017-09-07 Quarter: 2017-08-31
10-K 2017-06-29 Annual: 2017-06-29
10-Q 2017-03-10 Quarter: 2017-03-10
10-Q 2016-12-12 Quarter: 2016-12-09
10-Q 2016-09-08 Quarter: 2016-08-29
10-K 2016-06-29 Annual: 2016-06-29
10-Q 2016-03-10 Quarter: 2016-02-29
10-Q 2015-12-10 Quarter: 2015-12-02
10-Q 2015-09-09 Quarter: 2015-09-08
10-K 2015-06-26 Annual: 2015-04-30
10-Q 2015-03-11 Quarter: 2015-03-11
10-Q 2014-12-10 Quarter: 2014-10-31
10-Q 2014-09-09 Quarter: 2014-07-31
10-K 2014-06-27 Annual: 2014-06-27
10-Q 2014-03-12 Quarter: 2014-01-31
10-Q 2013-09-09 Quarter: 2013-08-28
10-K 2013-06-26 Annual: 2013-06-12
10-Q 2013-03-11 Quarter: 2013-03-01
10-Q 2012-12-10 Quarter: 2012-11-30
10-Q 2012-09-10 Quarter: 2012-07-31
10-K 2012-06-26 Annual: 2012-04-30
10-Q 2012-03-09 Quarter: 2012-01-31
10-Q 2011-12-12 Quarter: 2011-10-31
10-Q 2011-09-08 Quarter: 2011-07-31
10-K 2011-06-24 Annual: 2011-04-30
10-Q 2011-03-14 Quarter: 2011-01-31
10-Q 2010-12-09 Quarter: 2010-10-31
10-Q 2010-09-09 Quarter: 2010-07-31
10-K 2010-06-23 Annual: 2010-04-30
10-Q 2010-03-11 Quarter: 2010-01-31
8-K 2020-03-18 Other Events, Exhibits
8-K 2020-03-04 Earnings, Exhibits
8-K 2020-01-30 Officers
8-K 2020-01-06 Regulation FD, Exhibits
8-K 2019-12-04 Earnings, Exhibits
8-K 2019-11-06 Other Events, Exhibits
8-K 2019-10-04 Regulation FD, Exhibits
8-K 2019-09-26 Shareholder Vote
8-K 2019-09-05 Earnings, Exhibits
8-K 2019-08-15 Regulation FD, Exhibits
8-K 2019-06-28 Officers
8-K 2019-06-28 Other Events, Exhibits
8-K 2019-06-11 Earnings, Exhibits
8-K 2019-06-05 Enter Agreement, Exhibits
8-K 2019-05-07 Regulation FD, Exhibits
8-K 2019-03-05 Earnings, Exhibits
8-K 2019-02-28 Officers
8-K 2019-02-07 Officers, Regulation FD, Exhibits
8-K 2019-01-18 Regulation FD, Exhibits
8-K 2018-12-06 Earnings, Exhibits
8-K 2018-11-01 Regulation FD, Exhibits
8-K 2018-10-09 Regulation FD, Exhibits
8-K 2018-10-01 Officers, Exhibits
8-K 2018-09-28 Shareholder Vote
8-K 2018-09-05 Earnings, Exhibits
8-K 2018-09-05 Earnings, Exhibits
8-K 2018-06-21 Other Events, Exhibits
8-K 2018-06-12 Earnings, Exhibits
8-K 2018-03-06 Earnings, Exhibits
JWA 2020-01-31
Part I - Financial Information
Note 1 - Basis of Presentation
Note 2 - Recent Accounting Standards
Note 3 - Acquisitions
Note 4 - Revenue Recognition, Contracts with Customers
Note 5 - Operating Leases
Note 6 - Stock-Based Compensation
Note 7 - Accumulated Other Comprehensive Loss
Note 8 - Reconciliation of Weighted Average Shares Outstanding
Note 9 - Restructuring and Related Charges
Note 10 - Segment Information
Note 11 - Inventories
Note 12 - Goodwill and Intangible Assets
Note 13 - Income Taxes
Note 14 - Retirement Plans
Note 15 - Debt and Available Credit Facilities
Note 16 - Derivative Instruments and Hedging Activities
Note 17 - Capital Stock and Changes in Capital Accounts
Note 18 - Commitments and Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ex31_1.htm
EX-31.2 ex31_2.htm
EX-32.1 ex32_1.htm
EX-32.2 ex32_2.htm

Wiley John & Sons Earnings 2020-01-31

JWA 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
MZOR 2,794 131 17 0 0 0 0 2,794 0%
SFR 2,707 851 524 124 0 103 149 3,080 0% 20.7 12%
SYNT 2,670 488 423 966 363 178 271 2,592 38% 9.6 37%
JWA 2,612 3,083 1,904 1,830 1,249 147 338 3,299 68% 9.8 5%
CVET 1,318 3,328 1,989 2,027 397 -916 -858 2,438 20% -2.8 -28%
LPNT 2,572 6,277 3,845 4,730 0 46 517 5,298 0% 10.3 1%
HAWK 2,552 2,726 2,037 2,254 1,814 -158 -9 2,906 81% -321.4 -6%
LFIN 2,541 173 45 160 0 -18 -15 2,541 0% -173.8 -11%
PAY 2,539 2,343 1,573 1,819 725 -77 82 3,220 40% 39.3 -3%
LNGG 2,500 2,922 1,433 297 0 -70 -65 3,229 0% -49.6 -2%

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 31, 2020

OR
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_____ to _____

Commission File No. 001-11507

JOHN WILEY & SONS, INC.
(Exact name of Registrant as specified in its charter)

New York
 
13-5593032
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
     
111 River Street, Hoboken, New Jersey
 
07030
(Address of principal executive offices)
 
Zip Code

 
(201) 748-6000
 
 
Registrant’s telephone number, including area code
 

 
Not Applicable
 
Former name, former address and former fiscal year, if changed since last report

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Class A Common Stock, par value $1.00 per share
 
JW.A
 
New York Stock Exchange
Class B Common Stock, par value $1.00 per share
 
JW.B
 
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer 
Accelerated filer 
Non-accelerated filer 
Smaller reporting company 
 
Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes    No

The number of shares outstanding of each of the Registrant’s classes of common stock as of February 29, 2020 were:

Class A, par value $1.00 – 46,970,806
Class B, par value $1.00 – 9,108,555



JOHN WILEY & SONS, INC. AND SUBSIDIARIES
INDEX

PART I - FINANCIAL INFORMATION

Item 1.
 
Financial Statements
   
         
     
4
         
     
5
         
     
6
         
     
7
         
     
8
         
   
Notes to Unaudited Condensed Consolidated Financial Statements
   
     
10
     
10
     
13
     
15
     
16
     
17
     
18
     
19
     
19
     
22
     
23
     
23
     
24
     
24
     
25
     
25
     
27
     
28
         
Item 2.
   
29
         
Item 3.
   
41
         
Item 4.
   
42
         
PART II - OTHER INFORMATION
   
         
Item 1.
   
43
         
Item 1a.
   
43
         
Item 2.
   
44
         
Item 6.
   
44
         
 
45



Cautionary Notice Regarding Forward-Looking Statements “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:

This report contains certain “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 concerning our business, consolidated financial condition and results of operations. The Securities and Exchange Commission (“SEC”) encourages companies to disclose forward-looking information so that investors can better understand a company’s prospects and make informed investment decisions. Forward-looking statements are subject to risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially from these statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by such words as “anticipates,” “believes,” “plan,” “assumes,” “could,” “should,” “estimates,” “expects,” “intends,” “potential,” “seek,” “predict,” “may,” “will” and similar references to future periods. All statements other than statements of historical facts included in this report regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding our fiscal year 2020 outlook, anticipated restructuring charges and savings, 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 many assumptions and estimates that are inherently subject to uncertainties and contingencies, many of which are beyond our control, 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 our 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 retailers; (vi) the seasonal nature of our educational business and the impact of the used book market; (vii) worldwide economic and political conditions; (viii) our ability to protect our copyrights and other intellectual property worldwide; (ix) our ability to successfully integrate acquired operations and realize expected opportunities; (x) the ability to realize operating savings over time and in fiscal year 2020 in connection with our multi-year Business Optimization Program; and (xi) other factors detailed from time to time in our filings with the SEC. We undertake no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.

Please refer to Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K and as revised and updated by our Quarterly Reports in Form 10-Q for important factors that we believe could cause actual results to differ materially from those in our forward-looking statements. Any forward-looking statement made by us in this report is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Non-GAAP Financial Measures:

We present financial information that conforms to Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”). We also present financial information that does not conform to U.S. GAAP, which we refer to as non-GAAP.

In this report, we 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 Contribution to Profit and margin;
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 for internal reporting and forecasting purposes, when publicly providing our outlook, to evaluate our performance and to evaluate and calculate incentive compensation. We present these non-GAAP performance measures in addition to U.S. GAAP financial results because we believe that these non-GAAP performance measures provide useful information to 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 certain items that we do not consider to be controllable activities for this purpose.

2
Index

For example:

Adjusted EPS, Adjusted Revenue, Adjusted Operating Income, Adjusted Contribution to Profit, Adjusted EBITDA, and organic revenue 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 removes distortion from the effects of foreign currency movements to provide better comparability of our business trends from period to period. We measure our performance before 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 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 U.S. 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 2020 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.

Non-GAAP performance measures do not have standardized meanings prescribed by U.S. 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 U.S. GAAP. The adjusted metrics have limitations as analytical tools and should not be considered in isolation from or as a substitute for U.S. GAAP information. It does not purport to represent any similarly titled U.S. GAAP information and is not an indicator of our performance under U.S. GAAP. Non-U.S. 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-U.S. GAAP measures.

3
Index


JOHN WILEY & SONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION – UNAUDITED
In thousands

 
January 31, 2020
   
April 30, 2019
 
             
Assets:
           
Current Assets
           
Cash and cash equivalents
 
$
117,355
   
$
92,890
 
Accounts receivable, net
   
301,521
     
306,631
 
Inventories, net
   
43,139
     
35,582
 
Prepaid expenses and other current assets
   
71,075
     
67,441
 
Total Current Assets
   
533,090
     
502,544
 
                 
Product Development Assets, net
   
55,071
     
62,470
 
Royalty Advances, net
   
42,761
     
36,185
 
Technology, Property and Equipment, net
   
297,073
     
289,021
 
Intangible Assets, net
   
925,934
     
865,572
 
Goodwill
   
1,226,257
     
1,095,666
 
Operating Lease Right-of-Use Assets
   
142,308
     
 
Other Non-Current Assets
   
102,089
     
97,308
 
Total Assets
 
$
3,324,583
   
$
2,948,766
 
                 
Liabilities and Shareholders' Equity:
               
Current Liabilities
               
Accounts payable
 
$
63,838
   
$
90,980
 
Accrued royalties
   
135,813
     
78,062
 
Short-term portion of long-term debt
   
7,813
     
 
Contract liabilities
   
413,126
     
519,129
 
Accrued employment costs
   
88,414
     
97,230
 
Accrued income taxes
   
9,500
     
21,025
 
Short-term portion of operating lease liabilities
   
18,950
     
 
Other accrued liabilities
   
77,084
     
75,900
 
Total Current Liabilities
   
814,538
     
882,326
 
                 
Long-Term Debt
   
789,645
     
478,790
 
Accrued Pension Liability
   
145,207
     
166,331
 
Deferred Income Tax Liabilities
   
146,703
     
143,775
 
Operating Lease Liabilities
   
160,781
     
 
Other Long-Term Liabilities
   
70,474
     
96,197
 
Total Liabilities
   
2,127,348
     
1,767,419
 
                 
Shareholders’ Equity
               
Preferred Stock, $1 par value: Authorized – 2 million, Issued 0
   
     
 
Class A Common Stock, $1 par value: Authorized - 180 million, Issued 70,156 and 70,127 as of January 31, 2020 and April 30, 2019, respectively
   
70,156
     
70,127
 
Class B Common Stock, $1 par value: Authorized - 72 million, Issued 13,026 and 13,055 as of January 31, 2020 and April 30, 2019, respectively
   
13,026
     
13,055
 
Additional paid-in-capital
   
433,018
     
422,305
 
Retained earnings
   
1,957,199
     
1,931,074
 
Accumulated other comprehensive loss
   
(498,340
)
   
(508,738
)
Treasury stock (Class A - 23,224 and 22,634 as of January 31, 2020 and April 30, 2019, respectively; Class B - 3,918 and 3,918 as of January 31, 2020 and April 30, 2019, respectively)
   
(777,824
)
   
(746,476
)
Total Shareholders’ Equity
   
1,197,235
     
1,181,347
 
Total Liabilities and Shareholders' Equity
 
$
3,324,583
   
$
2,948,766
 

See accompanying notes to the unaudited condensed consolidated financial statements.
4
Index


JOHN WILEY & SONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME – UNAUDITED
Dollars in thousands except per share information

 
Three Months Ended
January 31,
   
Nine Months Ended
January 31,
 
   
2020
   
2019
   
2020
   
2019
 
Revenue, net
 
$
467,131
   
$
449,367
   
$
1,356,866
   
$
1,308,890
 
                                 
Costs and Expenses
                               
Cost of sales
   
153,924
     
143,879
     
440,433
     
404,194
 
Operating and administrative expenses
   
245,683
     
240,715
     
736,233
     
717,348
 
Restructuring and related charges (credits)
   
3,298
     
(348
)
   
18,034
     
3,562
 
Amortization of intangibles
   
15,732
     
14,775
     
45,722
     
39,825
 
Total Costs and Expenses
   
418,637
     
399,021
     
1,240,422
     
1,164,929
 
                                 
Operating Income
   
48,494
     
50,346
     
116,444
     
143,961
 
                                 
Interest Expense
   
(6,309
)
   
(5,346
)
   
(19,173
)
   
(11,750
)
Foreign Exchange Transaction Losses
   
(1,745
)
   
(2,525
)
   
(1,761
)
   
(4,308
)
Interest and Other Income
   
4,232
     
2,742
     
9,602
     
7,717
 
                                 
                                 
Income Before Taxes
   
44,672
     
45,217
     
105,112
     
135,620
 
Provision for Income Taxes
   
9,229
     
10,275
     
21,355
     
30,599
 
                                 
Net Income
 
$
35,443
   
$
34,942
   
$
83,757
   
$
105,021
 
                                 
Earnings Per Share
                               
Basic
 
$
0.63
   
$
0.61
   
$
1.49
   
$
1.83
 
Diluted
 
$
0.63
   
$
0.61
   
$
1.48
   
$
1.81
 
                                 
Weighted Average Number of Common Shares Outstanding
                               
Basic
   
56,073
     
57,158
     
56,312
     
57,330
 
Diluted
   
56,503
     
57,626
     
56,698
     
57,882
 

See accompanying notes to the unaudited condensed consolidated financial statements.

5
Index


JOHN WILEY & SONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME – UNAUDITED
Dollars in thousands

 
Three Months Ended
January 31,
   
Nine Months Ended
January 31,
 
   
2020
   
2019
   
2020
   
2019
 
Net Income
 
$
35,443
   
$
34,942
   
$
83,757
   
$
105,021
 
                                 
Other Comprehensive Income (Loss):
                               
Foreign currency translation adjustment
   
7,895
     
17,515
     
10,675
     
(43,234
)
Unamortized retirement costs, net of tax benefit (provision) of $41, $596, $(317), and $(3,121), respectively
   
(816
)
   
(2,081
)
   
776
     
11,117
 
Unrealized loss on interest rate swaps, net of tax benefit of $132, $365, $412 and $814, respectively
   
(393
)
   
(1,136
)
   
(1,053
)
   
(2,569
)
Total Other Comprehensive Income (Loss)
   
6,686
     
14,298
     
10,398
     
(34,686
)
                                 
Comprehensive Income
 
$
42,129
   
$
49,240
   
$
94,155
   
$
70,335
 

See accompanying notes to the unaudited condensed consolidated financial statements.

6
Index


JOHN WILEY & SONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED
Dollars in thousands

 
Nine Months Ended
January 31,
 
   
2020
   
2019
 
Operating Activities
           
Net income
 
$
83,757
   
$
105,021
 
Adjustments to reconcile net income to net cash provided by operating activities:
               
Amortization of intangibles
   
45,722
     
39,825
 
Amortization of product development assets
   
26,653
     
27,417
 
Depreciation and amortization of technology, property and equipment
   
56,163
     
52,414
 
Restructuring and related charges
   
18,034
     
3,562
 
Stock-based compensation expense
   
15,662
     
14,974
 
Employee retirement plan expense
   
4,771
     
4,047
 
Royalty advances
   
(96,618
)
   
(100,454
)
Earned royalty advances
   
90,320
     
94,240
 
Foreign exchange transaction losses
   
1,761
     
4,308
 
Other non-cash charges
   
17,506
     
5,027
 
    Net change in operating assets and liabilities
   
(174,844
)
   
(198,237
)
Net Cash Provided By Operating Activities
   
88,887
     
52,144
 
Investing Activities
               
Product development spending
   
(17,770
)
   
(18,787
)
Additions to technology, property and equipment
   
(65,924
)
   
(49,988
)
Businesses acquired in purchase transactions, net of cash acquired
   
(200,642
)
   
(190,467
)
Acquisitions of publication rights and other
   
(1,548
)
   
(4,386
)
Net Cash Used in Investing Activities
   
(285,884
)
   
(263,628
)
Financing Activities
               
Repayment of long-term debt
   
(253,006
)
   
(217,200
)
Borrowing of long-term debt
   
572,423
     
490,512
 
Payment of debt issuance costs
   
(4,006
)
   
 
Purchase of treasury shares
   
(35,000
)
   
(34,994
)
Change in book overdrafts
   
(301
)
   
(6,657
)
Cash dividends
   
(57,632
)
   
(56,963
)
Net (payments) proceeds from exercise of stock options and other
   
(1,596
)
   
6,278
 
Net Cash Provided by Financing Activities
   
220,882
     
180,976
 
Effects of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash
   
530
     
(6,359
)
Cash Reconciliation:
               
Cash and Cash Equivalents
   
92,890
     
169,773
 
Restricted cash included in Prepaid expenses and other current assets
   
658
     
484
 
Balance at Beginning of Period
   
93,548
     
170,257
 
    Increase/(Decrease) for the Period
   
24,415
     
(36,867
)
Cash and cash equivalents
   
117,355
     
132,758
 
Restricted cash included in Prepaid expenses and other current assets
   
608
     
632
 
Balance at End of Period
 
$
117,963
   
$
133,390
 
Cash Paid During the Period for:
               
Interest
 
$
18,292
   
$
10,781
 
Income taxes, net of refunds
 
$
39,397
   
$
29,604
 

See the accompanying notes to the unaudited condensed consolidated financial statements.
7
Index


JOHN WILEY & SONS, INC., AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY – UNAUDITED
Dollars in thousands

 
Common Stock
Class A
   
Common Stock
Class B
   
Additional
Paid-in Capital
   
Retained
Earnings
   
Treasury
Stock
   
Accumulated Other
Comprehensive Loss
   
Total
Shareholders' Equity
 
Balance at October 31, 2019
 
$
70,149
   
$
13,033
   
$
429,968
   
$
1,940,902
   
$
(770,030
)
 
$
(505,026
)
 
$
1,178,996
 
Restricted Shares Issued under Stock-based Compensation Plans
   
     
     
(2,512
)
   
     
2,597
     
     
85
 
Net (Payments) Proceeds from Exercise of Stock Options and Other
   
     
     
189
     
     
(391
)
   
     
(202
)
Stock-based Compensation Expense
   
     
     
5,373
     
     
     
     
5,373
 
Purchase of Treasury Shares
   
     
     
     
     
(10,000
)
   
     
(10,000
)
Class A Common Stock Dividends ($0.34 per share)
   
     
     
     
(16,049
)
   
     
     
(16,049
)
Class B Common Stock Dividends ($0.34 per share)
   
     
     
     
(3,097
)
   
     
     
(3,097
)
Common Stock Class Conversions
   
7
     
(7
)
   
     
     
     
     
 
Comprehensive Income, Net of Tax
   
     
     
     
35,443
     
     
6,686
     
42,129
 
Balance at January 31, 2020
 
$
70,156
   
$
13,026
   
$
433,018
   
$
1,957,199
   
$
(777,824
)
 
$
(498,340
)
 
$
1,197,235
 


 
Common Stock
Class A
   
Common Stock
Class B
   
Additional
Paid-in Capital
   
Retained
Earnings
   
Treasury
Stock
   
Accumulated Other
Comprehensive Loss
   
Total
Shareholders' Equity
 
Balance at October 31, 2018
 
$
70,125
   
$
13,057
   
$
417,718
   
$
1,870,609
   
$
(713,553
)
 
$
(488,564
)
 
$
1,169,392
 
Restricted Shares Issued under Stock-based Compensation Plans
   
     
     
(927
)
   
     
1,004
     
     
77
 
Net (Payments) Proceeds from Exercise of Stock Options and Other
   
     
     
18
     
     
(1,024
)
   
     
(1,006
)
Stock-based Compensation Expense
   
     
     
6,092
     
     
     
     
6,092
 
Purchase of Treasury Shares
   
     
     
     
     
(10,000
)
   
     
(10,000
)
Class A Common Stock Dividends ($0.33 per share)
   
     
     
     
(15,915
)
   
     
     
(15,915
)
Class B Common Stock Dividends ($0.33 per share)
   
     
     
     
(3,016
)
   
     
     
(3,016
)
Issuance of Warrants Related to   Acquisition of a Business
   
     
     
565
     
     
     
     
565
 
Comprehensive Income, Net of Tax
   
     
     
     
34,942
     
     
14,298
     
49,240
 
Balance at January 31, 2019
 
$
70,125
   
$
13,057
   
$
423,466
   
$
1,886,620
   
$
(723,573
)
 
$
(474,266
)
 
$
1,195,429
 

See accompanying notes to the audited consolidated financial statements.
8
Index


JOHN WILEY & SONS, INC., AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY – UNAUDITED
Dollars in thousands

 
Common Stock
Class A
   
Common Stock
Class B
   
Additional
Paid-in Capital
   
Retained
Earnings
   
Treasury
Stock
   
Accumulated Other Comprehensive Loss
   
Total
Shareholders' Equity
 
Balance at April 30, 2019
 
$
70,127
   
$
13,055
   
$
422,305
   
$
1,931,074
   
$
(746,476
)
 
$
(508,738
)
 
$
1,181,347
 
Restricted Shares Issued under Stock-based Compensation Plans
   
     
     
(5,304
)
   
     
5,603
     
     
299
 
Net (Payments) Proceeds from Exercise of Stock Options and Other
   
     
     
355
     
     
(1,951
)
   
     
(1,596
)
Stock-based Compensation Expense
   
     
     
15,662
     
     
     
     
15,662
 
Purchase of Treasury Shares
   
     
     
     
     
(35,000
)
   
     
(35,000
)
Class A Common Stock Dividends ($1.02 per share)
   
     
     
     
(48,331
)
   
     
     
(48,331
)
Class B Common Stock Dividends ($1.02 per share)
   
     
     
     
(9,301
)
   
     
     
(9,301
)
Common Stock Class Conversions
   
29
     
(29
)
   
     
     
     
     
 
Comprehensive Income, Net of Tax
   
     
     
     
83,757
     
     
10,398
     
94,155
 
Balance at January 31, 2020
 
$
70,156
   
$
13,026
   
$
433,018
   
$
1,957,199
   
$
(777,824
)
 
$
(498,340
)
 
$
1,197,235
 

 
Common Stock
Class A
   
Common Stock
Class B
   
Additional
Paid-in Capital
   
Retained
Earnings
   
Treasury
Stock
   
Accumulated Other Comprehensive Loss
   
Total
Shareholders' Equity
 
Balance at April 30, 2018
 
$
70,111
   
$
13,071
   
$
407,120
   
$
1,834,057
   
$
(694,222
)
 
$
(439,580
)
 
$
1,190,557
 
Restricted Shares Issued under Stock-based Compensation Plans
   
     
     
(3,911
)
   
2
     
4,083
     
     
174
 
Net Proceeds from Exercise of Stock Options and Other
   
     
     
4,718
     
     
1,560
     
     
6,278
 
Stock-based Compensation Expense
   
     
     
14,974
     
     
     
     
14,974
 
Purchase of Treasury Shares
   
     
     
     
     
(34,994
)
   
     
(34,994
)
Class A Common Stock Dividends ($0.99 per share)
   
     
     
     
(47,911
)
   
     
     
(47,911
)
Class B Common Stock Dividends ($0.99 per share)
   
     
     
     
(9,052
)
   
     
     
(9,052
)
Common Stock Class Conversions
   
14
     
(14
)
   
     
     
     
     
 
Issuance of Warrants Related to Acquisition of a Business
   
     
     
565