August 17, 2022
Letter from our Chief Executive Officer
Dear fellow shareholders,
This year marks Wiley’s 215th anniversary. We opened our doors in 1807 as a print shop in lower Manhattan, and Charles Wiley’s bookstore quickly became a gathering place and knowledge exchange for America’s thinkers and leaders. Today, that tradition continues as Wiley is now one of the world’s largest publishers and a global leader in scientific research and career-connected education.
Wiley helps the world’s researchers and learners succeed, and we did a lot of this in FY22. We distributed significant volumes of new knowledge, partnered with universities to deliver career-enhancing degrees and certifications, and helped scores of corporate leaders build and retain the teams they need to succeed. I am very proud that, after 215 years, Wiley remains true to its mission – unlocking human potential.
Growth in Fiscal Year 2022
FY22 was a strong year for Wiley as we surpassed $2 billion in revenue for the first time while also delivering $433 million of Adjusted EBITDA and $223 million of Free Cash Flow. Our resurgent growth of 7% in FY22, on top of 6% in FY21, is built on consistently growing markets, Wiley’s robust stable of brands and assets, and our strong competitive position as an innovative market leader. Wiley’s success continues to be guided by a long-term strategy, enabled by a strong balance sheet and consistent cash generation.
Wiley’s digital content, high-impact services, and powerful platforms power the global knowledge economy, and our impact deepened in FY22. I am extremely proud of all we accomplished this past year in the face of continued market uncertainty and global disruption.
Optimism for Fiscal Year 2023 and beyond
I am also optimistic about our future. The research and education markets are strong, resilient, and typically counter cyclical. We are gaining momentum. Our well-established, two-pronged strategy is working, and we will continue to pursue it in FY23:
■ Lead the research ecosystem to open access – Immediate and unrestricted access to new knowledge accelerates scientific discovery, which accelerates innovation, which drives greater impact. As a publisher, Wiley is at the forefront of a global movement to open access. And as a partner to scholarly societies, universities, corporations and other publishers, our powerful platforms and services are helping the entire knowledge ecosystem adapt to this new model. This strategy is positioning Wiley at the center of the new knowledge economy.
■ Connect education to career outcomes – The global talent gap continues to widen as employers scramble to build the teams they need to succeed in the fast-changing digital economy. Wiley’s role here is two-fold. One, we help universities cultivate graduates with skills to succeed in the hardest-to-fill roles. And two, we directly help employers find, train, and retain talent so they can execute their strategic plans. Our content, tech-enabled services, and talent development capabilities are focused on the most needed skills and in-demand job categories such as tech and digital.
In FY23, we are continuing to invest in this strategy while also simplifying and streamlining the company to enhance our focus and drive profitability. Achieving these objectives will ensure we can pursue our bold strategy and deliver impact for generations to come.
Strength in the Wiley Community
The incredible Wiley community will always be at the heart of Wiley’s success. This global team of needle movers starts with our colleagues but also includes millions of researchers, learners, authors, clients, and partners. It also includes you, our valued shareholders; thank you for your continued trust and commitment to our journey.
It is an honor and a privilege to be part of this community and to lead this extraordinary company.
President and CEO