Adjusted Revenue fell 8% Y/Y to $367 million. The decline was due to the Hindawi publishing pause and macro headwinds impacting WLY's corporate advertising and recruitment offerings.

Revenue from Research fell 6% Y/Y, Learning declined 9% Y/Y, while Businesses Held for Sale revenue was down 10%.

Adjusted EPS was $0.27, down from $0.46 in 1Q23, beating the consensus of $(0.06).

Adjusted operating income was $19.38 million (-19.8% Y/Y), and the margin contracted by 85 bps to 5.3%.

Adjusted EBITDA margin decreased by 10% Y/Y to $59.67 million, and the margin was 16.3%, down 50 bps.

Net cash used in operating activities for the quarter totaled $(82.34) million versus $(89.94) million in 1Q23.

Wiley allocated $19 million for dividends and $10 million for repurchasing 301,000 shares during the quarter at an average cost of $33.25.

"While Research was down due to an unusual publishing pause in the second half of last year, we are seeing underlying strength and momentum returning, including growing article volumes, higher journal impact scores, and new partner signings," commented Brian Napack, President and CEO.

Price Action: WLY shares are trading higher by 5.69% at $36.99 on the last check Thursday.