John Wiley & Sons, Inc. (NYSE:WLY) Q2 2023 Earnings Call Transcript

Christina Van Tassell: Sure, thanks. Hi Pete, we are continuing to remain balanced on capital allocation to Brian’s point. And just a note there that historically, our steady cash flow has allowed us to be very balanced and has rewarded us in difficult times, and this is no exception. So we’re continuing to look at this. We are still keeping margin towards our priorities. You specifically mentioned debt, that is moving up our priority list given the market environment and our interest expense outlook, and we will look at that as we go forward. But I’m not uncomfortable with our leverage right now, which is at a good place. And finally, on dividends and share repurchases, you also mentioned, this is a reminder there, we allocate about half of our free cash flow to dividends and share repurchases, and that’s in line with last year.

And so we have a long streak of raising our dividend annually. We’re paying a nice yield and share repurchases have also been steady. And we’ll continue to look at that, but we’re going to continue and stay the course there. Thanks for the question.

Peter Lukas: Great, thank you for the time. I will jump back in the queue.

Operator: There are no further questions at this time. I will now turn the call over to Mr. Napack.

Brian Napack: Alright. Well, I want to thank everyone for joining us today. I want to wish everyone a very, very happy, healthy holidays and a prosperous New Year, and we will look forward to seeing you and sharing our Q2 results in March. Thanks very much.

Operator: Ladies and gentlemen, thanks for participating. This concludes today’s conference call. You may now disconnect.