But what it really represents for us is a very solid business with good profitability characteristics and good cash generation characteristics that contributes to the overall empire. As we see — as we move toward a one Wiley notion, we’ll start to see some real benefits from expense savings as we combine things like content platforms and sales forces and other things like that, I shouldn’t say combined, aligned is a better word than combined. But what we’re looking for is one strong operating infrastructure supporting the whole business, and we should expect to see some revenue synergies as well out of that as, for example, a research author who was a PhD at a university publishes with us their books, which they always do and need to do. So we expect to see some of that as well.
Again, I’m trying to provide the overall context for the role of academic and our expectations going forward so that we know where our growth is going to come from, where our profitability is going to come from.
Daniel Moore: Absolutely. And if you wouldn’t mind, kind of the same outlook for Professional?
Brian Napack: Yeah. Professional is a combination of our Professional Publishing, which is mostly books, in both print and digital format, and our assessments business, or what we call internally our team development business. And as a group, we expect that to again contribute a modest growth a little bit more than you would expect out of the Academic segment and very good profitability. It’s a similar story. We have certain areas such as our team development business, where we have real strength and brand and competitive advantage and great profitability characteristics. That tends to be a smaller — or that is a smaller part of the business, call it, one-third of the Professional business. The book business continues to grow as the book business grows.
And we, again, like that business, but we don’t expect outsized growth out of our book publishing. Our book publishing is professional book publishing. It has consistent demand. We do very well in it. We are probably the world’s leader in professional book publishing. I’d say probably one of our competitors recently backed off, it’s a commitment to the area. So now we’re definitely a leader in that area. And so we — but again, we expect it just to be a modest growth business, but with very good profit characteristics. Is that enough on that, Dan? I’m happy to go into more detail.
Daniel Moore: Yep. No, that helps. One or two more, and I’ll let you off the hook here. But anything you might say just in terms of preview of what — not numbers, but what general kind of strategy you might hope to convey at the upcoming Investor Day in October?
Brian Napack: Yeah, it’s a great question, and I really am looking forward to seeing lots of people at our Investor Day. I would say it’s — I would say what I’ve said before, I wouldn’t expect from Wiley a big reveal of some unfamiliar or orthogonal strategy giving a brand-new growth area to us. We believe deeply in the businesses we’re in, starting with our Research Publishing business, building on it with our Knowledge Solutions business and supported by our consistent Learning businesses, particularly the Publishing businesses. And we believe that there is significant opportunity due to the endemic characteristics and in the case of the Research business, endemic growth characteristics of those businesses and we believe that there are additional adjacencies that we’ve spoken about for the most part, Dan, areas like partner solutions, areas like the way that we can expand our Publishing portfolio by building our brands and so forth.
We believe that those areas provide more than enough growth at very attractive financial characteristics, meaning profitability and cash flow characteristics to provide a significant opportunity for us and most importantly, to generate value for our shareholders. But there is an internal part of our strategy that’s critical as well, which I would summarize as just saying operational excellence that can result from focus and simplicity. And I know these are themes we’ve talked about before. We’re well on our way. We just came through a reorganization of a company that opens up a lot of those opportunities, and we are going to execute it. We’ve just appointed a new head of operations, as we talked about in our remarks, who’s dedicated to driving that operational excellence.
So the internal part of Wiley’s strategy is just as important as our external part of the strategy because that’s what allows us to improve our operating leverage, which is what we all want to see.
Daniel Moore: Perfect. Last one for me, maybe, Christina, I appreciate the commentary on Hindawi. So just looking at the overall for Q2, kind of fair to assume that revenue and more importantly, EBITDA may be down a little bit year-over-year relative to the adjusted numbers that you filed in the 8-K last week – with an — more improvement in the back half. Is that the right way to think about it? The cadence?
Christina Van Tassell: That’s right. That’s right. So we’ll see another — next quarter we’ll see another year-on-year down, and that will stabilize in the back half of the year. [Technical Difficulty].
Daniel Moore: Thank you.
Brian Napack: Thanks very much, Dan.
Christina Van Tassell: Thank you.
Operator: And there are no further questions at this time. I will now turn the call back over to Mr. Napack for some final closing comments.
Brian Napack: All right. Well, thank you very much for joining today. We look forward to seeing you at our Investor Day, and if you’re not lucky enough to attend that, we look forward to reporting on next results on Q2 at that moment. So thank you again for joining, and have a great day.
Operator: This concludes today’s conference call. Thank you for your participation. You may now disconnect.
