Wiley’s third quarter results reflected a mix of strong momentum in its research business and continued headwinds in its learning segment. Management credited robust growth in research publishing and demand for AI content licensing as key drivers, while acknowledging persistent challenges in learning due to shifting retailer inventory strategies and softer consumer spending. CEO Matthew Kissner pointed to “another AI licensing project for an existing LLM customer” and highlighted that research volumes remain at “record levels worldwide,” but also described the year for learning as “unusual,” attributing declines to external factors such as Amazon’s inventory management and cyclical consumer demand.

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While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Wiley’s Q3 Earnings Call

• Daniel Moore (CJS Securities) asked whether research growth could accelerate further given high article submission rates; CEO Matthew Kissner and EVP Jay Flynn said they expect to remain at the high end of market growth and are watching renewal trends.
• Daniel Moore (CJS Securities) requested details on the AI licensing pipeline; CFO Craig Albright confirmed the latest $6 million deal was with a repeat customer and said future pipeline remains active but lumpy.
• Daniel Moore (CJS Securities) inquired about the learning segment’s decline, specifically the impact of Amazon inventory management versus end-user demand; Kissner and Albright stated most pressures appear cyclical and expect normalization, but are monitoring for structural shifts.
• Daniel Moore (CJS Securities) questioned capital allocation priorities between share buybacks and debt reduction; Albright replied that Wiley will continue opportunistic repurchases while maintaining a prudent leverage ratio and investing in organic growth.

Catalysts in Upcoming Quarters

Looking forward, the StockStory team will be watching (1) the pace of AI licensing deals and adoption of Wiley’s AI gateway by corporate clients, (2) stabilization or improvement in the learning segment as retailer inventory trends normalize, and (3) continued growth in research submissions and open access publishing. Execution on operational efficiency and progress in international markets will also be key signposts for sustained performance.

Wiley currently trades at $31.84, down from $37.89 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free for active Edge members).

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