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At this time, I'd like to introduce Wiley's Vice President of Investor Relations, Brian Campbell. Please go ahead.

Good morning, everyone. With me today are Matthew Kissner, President and CEO, and Craig Albright, Executive Vice President and CFO. Our comments and responses reflect management views as of today and will include forward-looking statements. Actual results may differ materially from those statements. The company does not undertake any obligation to update them to reflect subsequent events. Also, Wiley provides non-GAAP measures as a supplement to evaluate underlying operating profitability and performance trends. These measures do not have standardized meanings prescribed by U.S. GAAP and therefore may not be comparable to similar measures used by other companies, nor should they be viewed as alternatives to measures under GAAP. We will refer to non-GAAP metrics on the call, and variances are on a year-over-year basis and will exclude divested assets and the impact of currency. Additional information is included in our filings with the SEC.

A copy of this presentation and transcript will be available at investors.wiley.com. I'll now turn the call over to Matthew Kissner.

Thank you, Brian. Hello, everyone, and welcome to Wiley's fourth quarter and full-year earnings update. FY 2026 was our breakout year. We delivered record margins and exceptional cash flow growth, accelerated our leadership position in the AI economy, and capped the year with transformational moves, from market-defining AI partnerships to the appointment of visionary leaders in research and AI to our largest acquisition since 2007. Wiley's trusted content and intelligence is the foundation for the rapid advancement of science and innovation, and it's never been more in demand. As I've said before, AI is only as good as the content and data that fuels it, and Wiley has one of the most comprehensive and trusted portfolios in the world. "Gold in, gold out," to quote our friends at OpenEvidence. Wiley is that gold.

I'll walk through the year and all the great work we're doing to accelerate our high-margin growth engines. Craig will take you through our financials, operational excellence, and outlook. Before I get to results, I want to step back and frame how we think about the business, because it's the key to everything that follows. We have two reinforcing growth engines. Research is our foundation, leveraging our wide moat scale and relationships to cultivate proprietary content and data and drive market share in high-demand academic disciplines. It's durable and growing at mid-single digits. AI and Data Analytics is our emerging growth engine. By layering research intelligence services over that same proprietary content and data, we are evolving from a pure content provider into a higher-value partner that helps corporate R&D and academic labs make better-informed decisions. Reinforcement is simple.

Research publishing feeds the trusted content and data that accelerates AI and analytics growth. AI, in turn, powers the intelligence and productivity that accelerates research publishing growth. This is the Wiley flywheel, and you could see it turning in our recent results and gaining speed. This was a defining year for tomorrow's Wiley. A few highlights. We delivered mid-single-digit growth in research, with record volume and strong recurring revenue. After the quarter closed, we acquired Emerald Publishing to extend our scale in research and our proprietary content advantage in AI. We grew AI revenue from $40 million to $49 million, with a rapidly expanding recurring base. We executed strategic partnerships with IQVIA and OpenEvidence, and we launched our Nexus content licensing service for other publishers.

We continued to deliver on our key growth initiatives, including the expansion of our advanced journal portfolio and build-out of our Clinical Outcome Assessments business. We executed a landmark partnership with Virtusa to transform product innovation and reduce costs. We recently onboarded world-class executives in research and AI and Data Analytics. Just look at the caliber of companies and organizations Wiley has partnered with this year. We're embedded with today's AI leaders and across the broader scientific ecosystem. That momentum carries into Fiscal 2027 with greater scale, opportunity, and ambition. Turning now to our full-year results. Fiscal 2026 saw us execute well, even with revenue challenges in learning. We delivered another year of exceptional margin expansion and cash flow growth alongside record return to shareholders. Adjusted revenue was flat to prior year or up 1%, including the impact of currency.

This is compared to our outlook of low single-digit growth, with learning headwinds being the primary difference. Strong demand in research continued, with 11% output growth and 4% revenue growth. Adjusted EBITDA margin rose 220 basis points to 26.2%, and adjusted operating margin rose 260 basis points to 17.7%. Both are all-time highs in our reporting history. This was driven by material progress in reducing corporate expenses and expanding research margins. We grew adjusted EPS by 15%. Free cash flow was up 55% to $195 million on improved operating performance and lower CapEx, moderated by late renewal signings that shifted cash collection from Q4 to Q1. We returned $174 million to shareholders, up from $137 million in Fiscal 2025, including record share repurchases of $100 million. This underscores our disciplined commitment to rewarding shareholders even as we fund our high-return growth engines. Let's turn to our performance over time.

When I first spoke to all of you in late 2023, I said that we were going to be relentless in our execution and move with certainty on our value plans, operational improvements, reorganization, and culture. This slide tells that story. Year after year, we've expanded margins, strengthened cash generation, and sharpened our financial profile, and fiscal 2026 extended that track record on every measure. Our disciplined cost work has been central to it. We have taken hard structural costs out of the business while reinvesting in our highest return growth engines. This has enabled us to grow our adjusted EBITDA margin and adjusted operating margin by 340 and 560 basis points, respectively, in just two years. Free cash flow conversion has reached 44%, and we more than doubled our share repurchases and raised our dividend for the 32nd consecutive year.

Return on invested capital is substantially higher, and our net debt ratio was down to 1.4. Even after the Emerald acquisition, our pro forma leverage of 2.1 is well within our long-term target range of 1.5 to 2.5. This work has made us a much stronger company than we were even a year ago, leaner, faster, and built on disciplined investments that position us for accelerated profitable growth in the years ahead. The AI economy plays directly to our strengths. We see, and the market is starting to see, that AI is a major tailwind for high-value publishers like Wiley. Here's why. We curate and provide access to a large share of the world's proprietary scientific, technical, and medical content through both our own portfolio and that of our publishing partners. Science never stands still. More than 14,000 new peer-reviewed articles are published every day.

We also hold an industry-leading position in the fast-growing knowledge domains most relevant to AI, critical areas of medicine, chemistry, material science, technology and engineering, food and agriculture science, and now economics and finance. In these fields, the world's top research runs through Wiley. In a world awash with misinformation and content scraped from the internet, our reputation for quality and trust is a distinct advantage. We are home to two centuries of breakthrough research, hundreds of Nobel Prize winners, and the world's leading societies. All to say, in the world of science, the Wiley brand is synonymous for integrity and quality. We don't have to defend legacy platform businesses. We've embraced an AI-first approach and enjoy a first-mover advantage with model developers and corporations building out AI models and applications, so much so that other publishers want to be part of our network.

We've built and continue to build an unparalleled partner ecosystem. As I've said before, not many companies in our industry can point to an extensive network spanning the world's most prestigious universities and academic societies, the largest LLM providers and AI innovators, multinational corporations, and global publishers. This ecosystem approach enables us to punch above our weight. We're partnering, not competing. We're integrating, not building. Finally, our capital-light model. Our content advantage and partnership strategy allows us to leverage external infrastructure and interoperability while enabling broad collaboration across the ecosystem, reducing capital requirements, and creating network effects that benefit all participants. Because our approach is open, we don't have to bet on any single technology. It works across all platforms. The long-term outlook for our research growth engine remains favorable.

We expect AI to be a powerful accelerator of researcher productivity and output. Publishing remains the unquestioned currency of academic advancement, driving employment, promotion, prestige, and grant funding. This is what makes the business so durable and its growth so resilient through continuous technological and societal change. To capture this volume growth, we are scaling our journal portfolio and modernizing our publishing platform and workflows. Large-scale, high-quality publishers like Wiley have a scale advantage and are taking share. We expect that to continue. A few points are worth re-emphasizing. Peer-reviewed research is the global standard and measure for scientific excellence. It's must-have content for institutions and corporations and the trusted foundation for high-value scientific workflows. Demand to publish is growing with ever-increasing global R&D spend. Now accelerating with AI. Research publishing has navigated every technology shift because its core value, scientific trust, R&D fuel, author protection, endures.

Our momentum in this business is accelerating. Research grew 3% in fiscal 2025 and 4% in fiscal 2026, with our trajectory now pointing to mid-single-digit growth. Multiple drivers are behind that. First, we're driving market share gains with submissions up 25% and output up 11%, well ahead of industry output growth of 6%-8%. Second, our Advanced Portfolio is accelerating as a global top-tier brand across disciplines with total revenue of $70 million growing at double digits. As one prominent industry newsletter put it, "With Advanced, Wiley has been quietly building an enviable portfolio." Third, our society partner ecosystem is delivering gains in publishing and AI, including our landmark signing of the American Society of Mechanical Engineers, or ASME. The ASME had self-published for nearly 150 years. When they decided to partner, they chose Wiley.

Our global scale, reputation, and platform matter. What really sets us apart is that we are exceptionally good at partnering. We operate as an extension of each society, executing complex transitions and growing their publishing footprint. Of the 600-plus society partners that call Wiley home, many go back decades. This quarter, we renewed our publishing partnership with the American Cancer Society, now in its 30th year. A clear example of what partner of choice really means. Fourth, our Research Exchange platform recently landed its first external publisher client in Liverpool University Press. The agreement will allow Liverpool to manage and modernize its academic publishing workflows and scale its journals more efficiently. We believe Liverpool is just the beginning. Many smaller publishers face the same pressures. We see a meaningful market for migrating additional customers onto our platform.

Fifth, the just-announced addition of Emerald makes Wiley a powerhouse in the social sciences, notably economics, business, finance, and related fields. Let me spend a few minutes on Emerald. The rationale is straightforward. The acquisition deepens our scale and content advantage in both Research and AI. It does so on terms that create real value for shareholders. We acquired Emerald for roughly $450 million, or 7x adjusted EBITDA on a synergized basis. Its financial profile is compelling. Emerald delivers a high-margin, highly recurring revenue stream with strong cash characteristics. We see clear value creation ahead between the $30 million of expected cost synergies and multiple revenue growth synergies from geographic expansion, cross-selling, and licensing. The returns are attractive and near-term.

We expect Emerald to be modestly accretive to adjusted EPS in year one and accretive to free cash flow in year two, with ROIC exceeding our weighted average cost of capital by year two. As noted, we expect to realize the full cost synergies by year three, with material savings in year two. Emerald is squarely in our wheelhouse. Its operating model, journal publishing, content licensing, and recurring institutional revenue closely mirrors our own, and we have a long track record of integrating journal acquisitions and partnerships. More on Emerald and why it's such a strong fit. With nearly six decades of publishing heritage, Emerald brings a rich and growing portfolio, nearly 500 journals, thousands of data-rich book titles and case studies, and a half a million backfile assets. They're a destination of choice for researchers worldwide, with submissions up 28% and revenue growing at mid-single digits.

Over 90% of its $85 million in revenue is recurring, with customer retention above 99%. Emerald only generates 15% of its revenue from North America, and yet that region represents 40% of global spend on social sciences research. Wiley, of course, has a strong position in the U.S., this is a clear growth opportunity for us. Emerald is a clear cultural fit. U.K.-based, they share our mission-driven mindset with a reputation built on integrity and quality and a heritage of championing fresh thinking. Like us, they act with purpose and build trust through respect and humility, and they are heavily performance-driven with incentives well-aligned to the value we intend to create together. In summary, Emerald accelerates every one of our four value drivers.

On accelerate research core growth, it strategically expands our portfolio to roughly 2,500 journals with leading positions across all key publishing areas, further strengthening our scale and moat. On scale AI and data analytics, it expands our content and data advantage, notably economics, business, finance, and engineering, high-value domains where certain AI models increasingly need authoritative, structured content to reason about markets, decisions, and the economy. Prospective customers include financial services firms, consultancies, and business schools. On drive multi-year margin expansion, Emerald is substantially accretive to Wiley's overall margin, especially after synergies, and it adds a durable subscription-based revenue stream. On discipline portfolio and capital allocation, Emerald is a focused on-strategy deployment of capital, deepening our position in high-margin research publishing and adding a recurring subscription cash flow stream that strengthens the durability of our financial profile.

We expect this to be a seamless integration with predictable synergy capture as we're drawing on a proven Wiley playbook for integrating journal assets and businesses, capabilities we have refined across prior acquisitions. Our advanced Research Exchange platform is purpose-built to onboard journal assets quickly and at scale. This gives us real confidence in the timelines we've laid out, $30 million of core synergies by year three, with meaningful savings expected in year two. We have a new leader in research. First I want to thank Jay Flynn for his many contributions to Wiley over the years and for the strong foundation he leaves behind. We wish him all the best. This brings me to Jessica Kowalski. Jessica brings us more than two decades of experience leading both research publishing and AI-enabled businesses at a global scale.

She joins us from Microsoft where she held full P&L accountability for a large-scale global AI data and cloud services business, and before that led data and analytics partnerships at Amazon Web Services. Her research publishing roots run deep. She spent 11 years at RELX in senior roles where she was central in elevating it from a publisher into an information analytics company. This is exactly the journey Wiley is on, Jessica is exactly the leader to drive it. Let me turn to our AI and data analytics growth engine, the second turn of the flywheel. Wiley sits on an exceptionally deep and untapped mine of proprietary data. Beyond our published articles and journals, we have structured metadata and linked domains that surface cross-disciplinary linkages invisible to generic aggregators. We have validated research protocols and methods, how studies were designed, not just what they found.

We have peer-review signals and editorial judgment, decades of credibility signals baked into the corpus. We have citation networks and reference graphs that are the connective tissue between ideas across disciplines. We have author and institutional relationships, who is working on what, with whom, and where. On top of that proprietary data, we hold leading content and data positions across the disciplines that matter most in the AI economy. In 150-plus disease areas in life sciences and healthcare, from Alzheimer's and oncology to clinical outcome assessments and medical synthesis, in over 100 chemistry areas, we have one of the most comprehensive spectral database collections in the world, which allow end users to identify molecules based on their unique chemical signature.

We recently released a new edition of our registry of mass spectral data, expanding compounding coverage to nearly a million reference spectra, strengthening a foundational layer of our scientific data and research intelligence portfolio. In over 50 areas in engineering and 50-plus areas in materials science, the latter through our flagship journal, "Advanced Materials." In 48 agriculture and food science topics, along with the world's leading crops disease database. Now with Emerald, we're a top one or two leader across key areas of economics, business, and finance. AI cannot substitute for real scientific evidence. If you're building an oncology drug development platform, you're not pulling from social media or scraping the internet. For corporate models and applications to be viable, they require a constant stream of the most trusted content and intelligence at depth.

Our advantage isn't only volume, it's depth in exactly the areas where corporate R&D demands precision, hence the demand we're seeing. Let's talk about our AI growth trajectory. Total AI revenue grew from $23 million in fiscal 2024 to $49 million this year, on track for over $50 million in fiscal 2027. The recurring piece is rapidly scaling from roughly $1 million last year to $8 million in fiscal 2026, with a path to two to three times that next year. We expect a strong growth trajectory from there as we uncover more data set opportunities in our portfolio, roll out intelligence products, and unlock value from our highly specialized and engaged audience. We now count 19 corporate customers for AI subscription knowledge feeds, up from 10 last quarter. These are typically six-figure annual contracts for a single vertical content collection in a single department pioneering AI-powered discovery.

The expansion path is clear through more knowledge feed collections, more departments, and more use cases. We're also starting to make meaningful inroads across industry verticals, which shows how broad our content advantage is. Of these 19 customers, 12 are in life sciences, four in engineering, materials, or chemistry, two in financial services, and one in ag and food science. This includes seven of the top 10 global pharmaceutical companies. Our use case runway is substantial. We also serve four LLM developers for training, most of them repeat customers, and we anticipate material training revenue to continue in fiscal 2027. Our Nexus AI licensing service now consists of 41 publisher partners, from top-tier societies to multidisciplinary publishers. These partners collectively represent nearly 100,000 book titles across scientific and technical disciplines, as well as journal and video content.

During the year, we generated $19 million of licensing revenue from this Nexus partner network. We have 38,000 researchers trialing our Wiley AI Gateway platform, which connects our trusted database directly to AI daily workflows. All this is evidence that the engine is accelerating. Building on our leadership position in AI, we see three organic growth vectors, each leveraging existing assets and each with its own growth path. We'll lay more of this out at a fiscal 2027 investor day, I want to give you an early readout. First, database solutions, in-demand proprietary data sets in our existing portfolio. Think of our rapidly growing clinical outcome assessments business as one of the many examples. Second, applied research intelligence, a synthesis-first intelligence platform embedding Wiley's content in corporate R&D workflows, moving us up the value chain from content access to actionable intelligence.

Third, audience monetization, scaling our unique data assets and reach into an analytics and ad tech platform. There's compounding logic here. Our structured content and data is not only a major growth opportunity in its own right, which we've begun to monetize, but the very foundation for our differentiated intelligence platform. We're energized by how the corporate R&D and academic markets are evolving toward our research intelligence and by the unique position we hold. Nowhere is our momentum clearer than in healthcare AI. The year speaks for itself. At the start of fiscal 2026, we signed the AWS Life Sciences partnership. In July, we became the first publisher to partner with Anthropic on Claude for Life Sciences. In November, we signed our clinical outcome assessment partnership with IQVIA, a deeply strategic relationship that is already producing results.

We recently co-hosted a two-day AI summit with IQVIA, included senior leaders from Novo Nordisk, Microsoft, Amazon, Salesforce, the American Heart Association, and Johns Hopkins University, among other societies and universities. This event brought together participants to explore how AI can transform the science-to-patient value chain through the right data, AI agents, intelligence layers grounded in the scholarly record, and continuous learning loops. Clinical outcome assessments, or COAs, is an increasingly important area for us. Wiley has one of the world's largest collections of COAs. These are patient-reported outcomes from clinical trials. Demand is ever-increasing as clinical trials undergo fundamental transformation, requiring these assessments to meet new regulatory standards and improve trial efficacy. COA revenue rose from $700,000 in fiscal 2021 to $6.5 million in fiscal 2025, then jumped 68% this year to $11 million, we expect strong growth to continue.

COAs are precisely what we mean by hidden gems in our portfolio, specialized content and data sets, once hidden inside our portfolio, but now in demand for high-stakes use cases. COAs are just the beginning. We're uncovering more of these hidden gems across the portfolio. In March, we signed a five-year agreement with OpenEvidence for research at the point of care. We also took a small equity position underscoring our mutual commitment to building the future of clinical AI together. We've since added 10 society partners to the collaboration. Also in March, we partnered with Microsoft to integrate trusted medical research directly into Microsoft Dragon Copilot, the AI-powered clinical assistant. Stepping back, the picture is clear. Marquee partnerships across the AI and life sciences ecosystem, three distinct growth factors built on our unique assets. AI revenue scaling fast. Demand for training continues. Recurring revenue is meaningfully accelerating.

Wiley is becoming an essential source of trusted content and intelligence and a leader in how that knowledge is put to work. With that, I'll hand it over to Craig to take you through the financials.

Thank you, Matt. Hello, everyone. The financial through line for Wiley this year has been prioritization of capital and resources toward our highest return opportunities in research publishing and AI while taking important stabilizing actions on learning headwinds. Our content, trust, and partnership advantages enable us to pursue an AI-first capital-light model rather than build and defend costly platforms, keeping capital requirements low, compounding network effects, and converting proprietary content and intelligence into recurring, high-margin, high ROIC revenue. That's the model. The results show it's working. Starting with the quarter, Q4 revenue was flat on a constant currency basis with good momentum and research offset by market-related challenges and a prior AI licensing comparison and learning. Adjusted EBITDA grew 17%. We delivered 480 basis points of margin improvement to 33.2%.

This was driven by our material progress in reducing corporate expenses down 22%. Driving profitability and research. Adjusted EPS was up 22%. Adjusted operating income 26%, with adjusted operating margin up 520 basis points to 25.3%. Importantly, we returned $48 million to shareholders in the quarter, including record quarterly repurchases of $30 million. We closed the year with clear underlying momentum. Q4 is the proof point. Turning to research publishing was up 5% in the quarter, driven by growth in recurring revenue models, gold open access, and AI licensing. The underlying KPIs remain robust. Article submissions grew 25%. Output 11%, both well above industry averages. Our journal and brand expansion strategy is paying off. We continue to see strong recurring revenue and customer retention.

Let me take a moment on research solutions, down 4% on a constant currency basis, impacted by declines in recruitment and marketing services in a soft corporate spending environment. We're moving decisively from a legacy advertising business to an audience analytics platform built on modern ad tech, AI-driven product innovation, and verified audiences. In a large and growing healthcare advertising market, we bring a unique advantage in combining our content, societies, and audiences. It's a substantial opportunity and one we're well-positioned to capture. Adjusted EBITDA for the quarter rose 13%, with 300 basis points of margin improvement from restructuring savings and efficiency gains from the deployment of our end-to-end platform. Full-year research revenue was up 4%, with publishing up 3% and solutions up 6%. Adjusted EBITDA up 8% and margin at 33.2%, up 110 basis points. Now to learning.

Q4 academic revenue was down 5% on a constant currency basis, impacted by a prior year AI licensing comparison and softer print revenue, partially offset by growth in digital content and courseware. Q4 professional revenue was down 10%, reflecting market-related challenges around consumer and corporate spending and the same prior year comparison. Adjusted EBITDA for the quarter was down 1% on a constant currency basis, with our margin up 310 basis points to 46.1%, reflecting disciplined cost management. For the full year, academic was down 5% and professional down 10%, driven by the same macro and channel headwinds. We've responded decisively, taking out cost, refocusing editorial toward higher-value authors and titles, and accelerating our shift to digital products and inclusive access. Our scientific and technical book programs, in particular, are rich in structured, data-dense content, exactly what AI increasingly depends on.

We see a meaningful monetization opportunity there, we're actively pursuing it. We expect learning trends to improve in fiscal 2027 with digital growth in academic and frontlist momentum in professional. Underpinning all of this is a relentless focus on cost and operational efficiency. We are driving down corporate expenses, down 15% for the full year and 22% in Q4. Three work streams are behind this. First, tech transformation, our largest multi-year savings driver, which I'll cover on the next slide. Second, corporate cost structure, streamlining shared services across finance, operations, HR, and marketing, simplifying our organization to move faster and standardizing processes. Full year and Q4 corporate unallocated expenses were down $23 million and $9 million respectively. Third, AI productivity. Initiatives already underway in legal, marketing, and content operations to transform process and workflow with additional initiatives targeting material productivity gains and run rate savings.

AI is not just a revenue opportunity for us. It's becoming a meaningful internal efficiency driver as well. Let me spend a moment on tech transformation, shifting us from maintaining the past to building the future. More product, faster, at better economics. Three priorities in motion. First, structural cost savings. Consolidating facilities, retiring technical debt, and building our strategic partnership with Virtusa. You can see it in our margin expansion this year, and there's more to come. Tech transformation is not only a cost story, it's a growth enabler. Second, shifting spend from legacy systems toward product development from roughly a third of our tech budget today to 50%-60% over the next few years. Modern integrated platforms replacing fragmented systems, new content and intelligence products launching faster, and modular architecture that evolves as customer needs shift. Third, AI native innovation.

AI woven into core processes rather than bolted on as experiments, software delivery faster and higher quality every quarter, and customer-facing processes reimagined. Virtusa is our strategic partner across all three, delivering operational efficiencies, modernizing enterprise technology, and freeing up our teams and capital to focus on high-return product innovation. Stepping back to the financials, free cash flow for the year rose 55%, from $126 million to $195 million, with conversion stepping up from 32% to 44%. The marked improvement was driven by robust earnings growth and lower CapEx, down from $77 million in fiscal 2025 to $65 million. Worth noting that free cash flow was moderated by late journal renewal signings, pushing related cash collection into Q1. On the balance sheet, leverage moved from 1.8x to 1.4x at year-end.

Following the Emerald acquisition, pro forma leverage is now approximately 2.1x, including expected synergies, well within our one and a half to two and a half high comfort range. Our debt profile improved this year, driven by earnings growth and approximately $120 million of divestiture proceeds. After the quarter closed, we expanded our credit facility by $300 million, bringing total capacity to $1.6 billion. Let me walk through how we're deploying capital across four priorities. First, organic investment, our top priority. We're scaling our journal portfolio, led by our flagship Advanced Portfolio, now 25+ journals, generating $70 million in revenue and growing at strong double digits. Our Research Exchange platform is expected to open new revenue, as we saw this quarter with Liverpool University Press, and reduce our cost to publish.

We're expanding AI and data analytics capabilities, new leadership, new skill sets, rapidly scaling our Clinical Outcome Assessments business, and building out our research, intelligence, and audience monetization platforms. Second, M&A. We acquired Emerald for $452 million, an all-cash transaction at roughly 7x adjusted EBITDA, including $30 million of targeted cost synergies. Financially, Emerald is exactly the kind of high-margin recurring business we want to own, and the strategic and cultural fit are equally compelling. Third, portfolio optimization. We continue to evaluate the portfolio for potential divestitures that no longer fit our growth or margin profile. Fourth, return to shareholders. Record share buybacks of $100 million in fiscal 2026, up 67%, with $174 million in total returned, up from $137 million. Our average repurchase price was $35 per share, a high-return use of capital.

Across all four, disciplined capital allocation remains our commitment, balancing growth investment, balance sheet strength, and shareholder returns. Let me set the stage for fiscal 2027 before walking through our outlook. Momentum across five priorities. First, research driving mid-single-digit growth with researcher productivity accelerating, continued market share gains, and new society wins. Learning is expected to improve with digital growth in academic and frontlist momentum in professional. Second, AI momentum accelerating. Recurring revenue is expected to scale rapidly from our multi-year partnerships and increasing corporate momentum, new leadership, accelerating growth vectors, and continued demand for training. We're also monitoring IP copyright court decisions expected in the coming months, which we believe will further validate the value of our content. Third, operational excellence accelerating. Full launch of the Research Exchange platform, our Virtusa partnership delivering efficiency and product innovation gains, and our AI Center of Excellence transforming workflow productivity.

Fourth, margin expansion and cash flow growth continuing. Tech transformation, corporate cost reduction, AI productivity gains, freeing up capacity to invest in our highest return opportunities. Fifth, disciplined capital allocation, driving higher ROIC and recurring revenue growth while maintaining our commitment to returning excess cash to shareholders. Let me close with our fiscal 2027 outlook. Organic revenue is expected to grow low to mid-single digits, with research at mid-single digits. This excludes approximately $78 million of anticipated Emerald revenue contribution, which is included in all other metrics. Adjusted EBITDA margin of 26.5%-27.5%, up from 26.2%. Multi-year margin expansion remains a core financial commitment. Adjusted EPS of $4.60-$5.05, up from $4.19, including an approximate $0.10 contribution from Emerald.

Free cash flow of $205 million, up from $195 million, driven by expected cash earnings growth and moderated by $15 million of year one Emerald dilution, $15 million of higher CapEx, largely from new product development, restructuring costs we expect to moderate over time, and higher cash taxes. Emerald turns free cash flow accretive in fiscal 2028 and becomes a significant contributor in the years ahead. One comment on quarterly phasing. In Q1, as you may recall, we'll have an unfavorable year-over-year comparison of roughly $25 million tied to prior year AI projects. At the same time, Emerald will contribute two months of revenue, or approximately $14 million. As always, it's much more relevant to look at us on a full-year basis. In summary, research accelerating, AI compounding, margins expanding, and capital deployed with discipline. Wiley is well-positioned for fiscal 2027 and the coming years.

With that, I'll pass the call back to Matt.

Thank you, Craig. Before we close, I want to say a few words about our leadership team. This is a forward-leaning and galvanized group, moving decisively to drive innovation and value across Wiley. The leaders who joined us in fiscal 2026 have brought a fresh perspective to our content advantage and foundational strengths, how we innovate, grow, and win. Craig, of course, our CFO, Armughan Rafat, our Chief AI and Data Analytics Officer, and Jessica Kowalski, our General Manager of Research. Each has stepped into exactly the right role at exactly the right moment, joining an already exceptional team. The results speak for themselves, and we're only getting started. To summarize, we are accelerating progress in all major areas of value creation, driving strong growth in research and AI and data analytics, materially expanding margins and cash flow, and deploying capital strategically while continuously improving ROIC.

Our two reinforcing growth engines have been, and will continue to be, major beneficiaries in the AI economy. Research fuels the trusted content and intelligence for AI and data analytics. AI accelerates the pace of research. The AI engine is expected to compound as we uncover more hidden gems in our portfolio. Our disciplined capital allocation and portfolio evaluation will continue to drive shareholder value. Organic investment in Research and AI and Data Analytics to drive high-margin recurring revenue growth. The Emerald acquisition is expected to be significantly accretive to earnings near term, with leverage still at a high comfort level, ongoing portfolio evaluation for fit to growth and margin profile, and continuation of rewarding our long-term shareholders. Before I open it up to questions, I want to thank our global colleagues. This was a breakout year because of you.

It is your work that makes Wiley not only an exceptional public company, but a genuine force for good. Recently named one of the world's most impactful companies by "Time" magazine, recognized for both economic significance and net positive impact to humanity. Wiley will be a key sponsor at the UN's AI for Good Global Summit, where the global standards for responsible AI are being written. Wiley is part of those conversations. Finally, I want to extend a warm welcome to our new colleagues from Emerald. Together, we look ahead to 2027, Wiley's 220th year of continuous change and innovation. Let's open the line for questions.

We will now begin the question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Your first question comes from Daniel Moore with CJS Securities. Daniel, your line is open. Please go ahead.

Thank you. Morning, Matt. Morning, Craig. A lot of detail, a lot of ground to cover. I'll get started. In terms of AI-related revenue, maybe just crystallize your outlook as we think about 2027 across all three buckets, starting with further monetization of proprietary content, feeding LLMs

Second, the opportunity to partner and deliver data and content as a third party. Third, the recurring revenue bucket, which sounds like, Tuck, I think if I heard correctly, up 2 to 3X from the $8 million that we saw this past year. Just want to crystallize those and when you say above $50 million, is that sort of a baseline? Is there upside to that if we get more discrete opportunities? Any color there would be great. Thanks.

Good morning, Dan. Thanks for the question. We're very excited about this area of the business. As you've seen from our material here, we do expect another big year in AI. As you know, we're kind of undergoing a shift here from what we've seen in the past of the training model, non-recurring revenue, to more of the recurring revenues. We're confident in saying we think that we'll have above $50 million as we head into the new year, and we'll be shifting materially from the non-recurring into more recurring revenue, about two to three times X what we did this year. Speaking to some of the vectors, we're very excited about each of them around the database solutions, around audience solutions, and around our applied research intelligence. All of those give us a lot of promise and opportunity for significant material contributions in the future.

In fiscal 2027, there are some areas of those which are going to be picking up and some areas which are going to be areas of investment for us, and we'll be laying out more of that when we get to our investor day in fiscal 2027. What I can say is we're confident in the $50 million plus. There's a little bit of uncertainty when you're dealing with the non-recurring revenue, but we're really pleased with the momentum we see in the areas we're investing, in the areas of the recurring revenue that are ramping up right now.

Dan, it's Matt. I want to add to that. What we're also doing is signaling kind of the strategic evolution of where we're headed with that business. Those three vectors are really kind of the future growth engines. We talked about how this market is still developing. We see those as going to be, beyond 2027, those will be the future growth engines for this business. Each of them have fairly significant, big addressable markets. More to come on that when we get to the investor day we talked about. What we're trying to do is introduce some of that transparency right now to give you and our other investors sense of how we see the business evolving.

Really helpful. Appreciate that. The Emerald acquisition, I think you said mid-single digit organic growth. Is that what the profile has looked like recently? Then just talk about the mix between traditional subscriptions versus mixed model Open Access, and then most importantly, how their economic business finance data and content fit into your broader licensing and monetization strategy as it relates to AI.

Let me ask Craig to go through some of the numbers, and then I want to talk about kind of how it fits in strategically.

We really like Emerald as a business. We like Emerald's strategy. We like Emerald's cultural fit. It's very consistent with the kind of business we run and highly synergistic. With revenue of about $85 million, recurring revenue about 92%, and customer retention of 99.6%, there's a lot of things to like about the revenue profile with Emerald. We do see kind of that mid-single digit kind of growth profile, which is going to be consistent with the direction that we're heading with our overall research publishing business. From a margin perspective, in 37%-38% type EBITDA margins, again, very synergistic and complementary to our business. Not much more to that to say other than they share the same characteristics of high submissions intake of over 28%, and all the recurring revenue model that I spoke to a moment ago.

Very synergistic, strong revenue profile, and we're excited to welcome our Emerald colleagues on board with us.

Dan, a couple of comments strategically. I've talked about the fact that we've built out a very efficient infrastructure now. Research publishing assets enable us to leverage that scale advantage. You know they don't come up that often, particularly of this size. There was certainly immediately a scale play. I think there were two other plays for us here. One is that it really strengthens our presence in finance and economics. As we build out future AI value propositions in those disciplines, we now have the leading position or the second leading position in many of those areas. It strengthens that play. Importantly, they have a fairly narrow footprint in the U.S. market. We obviously have a very strong footprint in the U.S. market, and we see potential revenue synergies there as we get into this a little further.

Really helpful. I want to kind of relate that commentary about margins to the fiscal 2026 guide, implying 30-130 basis points of continued EBITDA margin expansion. Certainly very healthy, though obviously Emerald contributes at least a small portion of that. Just talk about, are there any offsets, initial investments, et cetera, related to Emerald or otherwise embedded in that? Or could we see even additional upside as we think about the margin trajectory in fiscal 2027 and beyond?

Yeah. As you think about the margin characteristics, again, two businesses, Wiley and Emerald, that are very complementary. We've looked carefully, as you saw from our outlining of the integration plans, and initially, we want to find the right way to bring the two businesses together, and we see over time the ability to, by year 3, get to the $30 million run rate cost synergies. We don't expect that to be materially impacting in fiscal 2027. We expect more of a ramp-up in 2028 and 2029. Where we do see continued margin opportunity is through the very things we've been focused on, through technology transformation inside of our business, through continued focus on our internal organizational efficiency and effectiveness, and also with what we're doing with our new AI Center of Excellence work across the business.

There are multiple levers for multi-year margin expansion in the business, and Emerald will be playing a role in that, more so over time. Right now, we're focused on a very good combination of two very winning companies, Emerald and Wiley.

Helpful. Shifting gears, Craig, learning, you gave some details about the outlook for fiscal 2027. Can we just sort of break it down starting with the courseware, what you see over the next 12-18 months? Second, academic and professional publishing, is that stable? Do we see that continued pressure or turning positive? Then the third, the assessments business. If you could just give us a breakdown of your outlook here, near-to-midterm in each, that would be helpful.

That's a great question, Dan. We don't guide to our specific segments here. What I did want to do was maybe share just a little bit of how we see our position here. First of all, we see continuing challenges here. The retail conditions, namely Amazon's inventory practices, which, as you might recall, started August of last year, and we expect to continue on a year-over-year basis until we lap that impact when we get to later on into this year, in August. We continue to see some consumer and corporate headwinds in professional publishing and assessments. For the coming year, we expect several drivers of revenue improvement. First of all, we're projecting stronger frontlist productivity. We see stabilization in Amazon's inventory practices, and we just need to get past the year-over-year lapping period, but specifically around the backlist in fiscal 2027.

We've also released new products and capabilities in assessments. In academic, we anticipate some improvement in our digital courseware business as we lean into growth in our digital products led by inclusive access. The segment is not, I don't think we characterize it as a growth engine, but it is expected to materially improve in fiscal 2027, and we like the growth drivers that we see inside of it in the areas that I mentioned.

Putting that together, it certainly sounds like you expect EBITDA growth in the segment year-over-year. Is that correct?

We're not guiding at the segment level here, but as a matter overall, we are expecting revenue growth and margin expansion heading into next year, and we're pulling on all the levers inside of our portfolio to make that happen.

Helpful. Just talk a little bit about the delayed cash collections around renewals. What's causing that? Do you see that as a trend or discrete to this renewal cycle, and expectations for recapturing that, either in fiscal Q1 or into fiscal 2027, those collections that were pushed out?

Yeah. We actually feel very positive about the renewal season we went through. We entered fiscal 2026 with a lot of uncertainty in research funding and a lot of conversations with institutions just about where the market was headed, and we finished the year quite strong, quite confident in the renewal season that we had. One characteristic, though, was some of the larger renewals got pushed towards the back end of the cycle, toward the end of our fiscal year. While we were able to close those deals at the end of the year, there was some timing in terms of the payment due dates and some of the cash collections.

Wouldn't describe it as overly material here, and certainly not a trend, but just kind of endemic of this cycle here, that we had some large renewals that kind of got bunched up toward the end of the year on us, which impacted, not revenue, but our cash collections.

Yeah. There's always some oddity at the end of the fiscal. Dan, you've seen this before, where certain deals just kind of fall over into the new fiscal. It's nothing we're really concerned about. It will catch up in the first quarter.

Really helpful. Tying that to the overall guide for $205 million, obviously continued progress, which includes some dilution from Emerald. If you could just review what we said about why Emerald is maybe modestly dilutive on a cash flow base this year 1, and then expectations beyond.

Sure. Yeah. As you saw from our guide, we're at $205, which is up from $195 in the prior year. As we think about the impact on that, there was $15 million in dilution related to a combination of EBITDA contribution restructuring, one-time integration costs, and interest associated with that. That's the $15 million there. There's another $15 million of impact as our CapEx increases from $65 to $80, and that's reflecting really a normalization of our CapEx. If you look historically, we've been closer in that kind of $75 to $80 kind of range. Tech transformation reduced that temporarily as we went through last year and is really normalizing. At the same time, we're returning a focus towards more investment in product development and CapEx as we're building out on those three vectors of AI and Data Analytics growth that we were highlighting earlier here.

Those are the two major kind of impacts as you think about the free cash flow move year-over-year. Underlying that, though, you can see very strong continued upward momentum on free cash flow, especially on free cash flow conversion as we closed off fiscal 2026 significantly better from where we were in 2025.

All right. I said I had a lot of ground to cover. Last one, capital allocation. We expect to continue to be balanced and repurchase shares, particularly at these levels, or are we thinking more kind of de-lever first following the Emerald acquisition? Very much look forward to seeing you at our conference in July for more details.

Yeah. I think we continue to be very interested in returning excess cash to shareholders. We look at our share price, and we remain very optimistic that we're undervalued and there's opportunity for us to buy back shares. Let me put that in the context of our total capital allocation kind of thinking, which is we start with organic investment. We see plenty of opportunities for high return on invested capital investments inside of the business, many of which Matt outlined as we went through earnings. We do think about our optimal capital structure and at 2.1x on a pro forma basis with Emerald, we feel very comfortable in our kind of long-term range of kind of 1.5x-2.5x. There could be some opportunities to tighten that up.

As we think about returning excess cash to shareholders, we continue to maintain a very dividend-forward policy and continue to be active in buying back our shares as we have been. I'm not going to comment specifically on how much in terms of share buybacks yet. I think we want to see the year evolve and be opportunistic in terms of where our price is. At this point, we think the price is very favorable for us to continue to be active in the market, and we feel very bullish about where we could take the business.

Thanks again for all the color.

We have reached the end of the Q&A session. I will now turn the call back to Mr. Kissner for closing remarks.

Good. Thank you, everybody. I know this was a longer than usual call. It is year-end, and we have a lot of exciting work that we wanted to share. We appreciate you sticking with us. We look forward to the update at our September call, where we can talk about the progress we're making on all of these elements. Have a great summer, and we'll see you in September.

This concludes today's call. Thank you for attending. You may now disconnect.

Good morning, and welcome to John Wiley & Sons, Inc.'s third quarter fiscal 2026 earnings call. As a reminder, this conference is being recorded. After the speakers' remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. Thank you. At this time, I would like to introduce John Wiley & Sons, Inc.'s Vice President of Investor Relations, Brian Campbell. Please go ahead.

Good morning, everyone. With me today are Matthew Kissner, President and CEO; Craig Albright, Executive Vice President and CFO; and Jay Flynn, Executive Vice President and General Manager of Research and Learning. Our comments and responses reflect management views as of today and will include forward-looking statements. Actual results may differ materially from those statements. The company does not undertake any obligation to update them to reflect subsequent events. Also, John Wiley & Sons, Inc. provides non-GAAP measures as a supplement to evaluate underlying operating profitability and performance trends. These measures do not have standardized meanings prescribed by U.S. GAAP and, therefore, may not be comparable to similar measures used by other companies, nor should they be viewed as alternatives to measures under GAAP. We will refer to non-GAAP metrics on the call, and variances are on a year-over-year basis. We will exclude divested assets and the impact of currency. Additional information is included in our filings with the SEC. A copy of this presentation and transcript will be available at investors.wiley.com. I will now turn the call over to Matthew Kissner.

Thank you, Brian. Hello, everyone, and welcome to our fiscal Q3 earnings update. Before I get to our performance and progress, I want to acknowledge our price amid AI fears across the market. The fact is we do not share those same fears. Quite the opposite. We could not be more confident in our position in the AI economy given our proprietary content advantage, wide moat in peer review research, and unparalleled partnership ecosystem. The ongoing opportunity is twofold. AI is expected to greatly accelerate scientific discovery and research publishing output, and our enriched data and AI solutions are foundational for corporate R&D, AI models, and applications. I will discuss this in more detail later in our call. The third quarter was fully in line with our stated expectations. Revenue performance was impacted by an unfavorable comparable in research, which we called out in the second quarter, and soft market conditions in learning. We continue to accelerate in all major areas of focus. Research publishing continues to outpace the market with global output up 11%, revenue up 4% excluding AI revenue, and steady growth in our multiyear renewals. In AI and data services, we announced new leadership, launched our clinical outcome assessments partnership with IQVIA, and after quarter close, executed a strategic multiyear partnership with Open Evidence to deliver trusted research at the point of medical care. We also secured a new AI model training customer, our first outside the U.S., and realized $7,000,000 of AI revenue. We are rapidly advancing our technology transformation initiatives with the announcement of a multiyear managed services partnership with Virtusa. We also continue to deliver corporate expense savings, on an adjusted EBITDA basis, down 21% in the quarter, or $9,000,000 versus prior year. We continue to deliver material margin expansion and cash flow growth with adjusted operating margin of 280 basis points, adjusted EBITDA up 250 basis points, and operating cash flow nearly doubling to $103,000,000. And we are returning more cash to shareholders, with repurchases doubling in Q3 to $70,000,000 year to date as part of a $100,000,000 full-year target. We have returned $120,000,000 in dividends and repurchases in just nine months, a 37% increase over prior year. Let us turn to how we are executing on our fiscal 2026 commitments. Our first objective is to lead in research. It has been a robust year for research, with revenue up 4% at constant currency and adjusted EBITDA up 6%. We continue to outpace the market in submissions and output of 26–11%. Strong demand is evident across all regions. We have now migrated over 80% of journals to our competitively advantaged Research Exchange platform. Importantly, this migration is what transforms our content from published articles into AI-ready data, the foundation that makes everything we are doing in Gateway, licensing, and subscription knowledge feeds possible. And we continue to expand our journal portfolio through organic investment in our flagship Advanced collection, with eight new journals planned for launch and revenue growth of 50% in our leading open access journal, Advanced Science. Our second objective is to deliver new growth in AI and adjacent markets. We have generated a record $42,000,000 in AI revenue year to date, above last year’s total of $40,000,000, with one quarter remaining. We continue to make critical inroads into the corporate market with strategic projects executed with healthcare innovators IQVIA and Open Evidence, and other customers for subscription knowledge feeds. We are now at 36 publishing partners for our Nexus content licensing service, and we are in active discussions with others. Finally, we continue to see strong researcher interest in our AI Gateway for scholarly search delivered through partnership with leading companies like Anthropic and Amazon Web Services. Our third objective is to drive operational excellence and discipline across our organization. We continue to streamline our cost structure with corporate expenses, on an adjusted EBITDA basis, down 21% for the quarter and 12% year to date. Tech transformation took a significant step forward with our recent managed services partnership, which Craig will talk more about in detail. Let me run through our four key strategic priorities and value drivers. First, we are accelerating research core growth and delivering shared gains from our wide moat scale and highly favorable demand trends from global expansion and AI productivity. The research publishing market is growing at 3% to 4%, and we expect to deliver at the top end of that this year. We are delivering new AI and data analytics growth from our proprietary content in critical AI domains and our extensive partnership ecosystem. As noted, we have already surpassed last year’s AI revenue total with $42,000,000 and a quarter remaining. We are driving multiyear margin expansion with our EBITDA margin up 500 basis points since fiscal 2023 and plans for continued material improvement going forward. Finally, underpinning all of this is our discipline in managing our portfolio, deploying capital on high-return investments, and returning cash to shareholders. Let us turn to our core. For much of calendar 2025, we have been navigating around U.S. funding cuts to science and education. A year ago, I said that we remain fully confident that U.S. research would continue to receive federal support given the essential role that it plays in U.S. economic growth and U.S. global competitiveness. I am pleased to report that federal investment in scientific research remains resilient, with Congress ultimately enacting significantly smaller reductions than those proposed by the administration, and in key cases, maintaining or increasing agency budgets. This outcome reflects continued bipartisan recognition that sustained funding is critical to the nation’s scientific infrastructure, long-term competitiveness, and innovation capacity. Our calendar 2026 renewal season is about 82% complete, and we are encouraged by the growth we are seeing there. Our subscriptions and transformational agreements are must-have content, which is core to institutions and essential to their missions. We recently marked a milestone of 125 multiyear transformational agreements for consortia representing over 3,000 institutions. Our recurring models representing about 70% of research publishing remain robust. Let us talk about open access as an incremental growth engine. As discussed, research output is ever increasing, driven by global R&D spend and other factors. Submissions remain at record levels as the number of global researchers increase and productivity gains accelerate. The rate of research output is expected to rise significantly with AI. One recent study showed a threefold increase in the number of papers by researchers who use AI, and we are just at the beginning. Big global publishers like John Wiley & Sons, Inc. stand to benefit most. This volume increases the value of our multiyear subscription and transformational agreements and accelerates growth in author-funded open access, where revenue is a function of price times quantity. This model is growing consistently above 20%, and demand and pricing power remain robust. I want to call out our investment in the Advanced journal brand and Advanced Science in particular. Researchers are drawn to multidisciplinary publications like Advanced Science for the brand, the impact factor, and the breadth of the audience it reaches. It has become one of the leading open access journals in the world. The Advanced portfolio as a whole will exceed $70,000,000 in revenue in fiscal 2026, growing at strong double digits. Long-term trends in research look increasingly favorable. AI is expected to be a major output accelerator, and research publishing remains essential for not only discovery and prestige, but to advance researchers’ careers and secure additional funding. This is what makes the business and its growth so strong and durable through continuous technological and societal change. Because of this and expected AI-driven volume acceleration, we are expanding our journal portfolio and modernizing our published platform and workflows to continuously benefit from this evolution. Large-scale, high-quality publishers like John Wiley & Sons, Inc. are reporting market share gains, and we expect this trend to continue for the foreseeable future. And as we have seen time and time again, research funding and publication remain must-haves across economic cycles and political uncertainties. What makes us so well positioned for the AI economy? First, we provide access to much of the world’s proprietary scientific, technical, and medical content through our own portfolio and that of our publishing partners. As we know, science is constantly evolving. In fact, over 14,000 new peer-review articles are published every day. Second, we enjoy an industry-leading position in fast-growing knowledge domains that are especially relevant for AI: chemistry, material science, oncology, technology and engineering, food science, and finance. John Wiley & Sons, Inc. is the lifeblood. Third, in an ever-changing world, saturated with wrong information and skepticism, our trust and reputation are distinct advantages. Our moats are not only our journal brands but our unmatched peer review networks and editorial boards. We are home to hundreds of Nobel Prize winners and the world’s leading societies, from the American Cancer Society to the American Geophysical Union. Fourth, we are not bound by legacy platform businesses that we are trying to defend. We have embraced an AI-first approach and enjoy first-mover advantage with model developers and corporations building out AI models and applications. So much so that other publishers want to be part of our network. Fifth, we have built an unparalleled partner ecosystem. How many companies can point to a partner network that spans the world’s most prestigious universities and academic societies, the largest LLM providers and AI innovators, multinational corporations, and global publishers? Our ecosystem approach is our secret sauce. We are partnering, not competing. We are integrating, not building. We have the luxury of not having to defend existing business models which may be threatened by AI. Finally, this gives us an advantageous capital-light model. We have the content advantage. We can then leverage external interoperability while enabling broader collaboration across the ecosystem. This reduces our capital requirements and creates network effects that benefit all participants. It also means we do not have to bet on a particular technology, as our open approach works across all platforms. We see this already with our IQVIA and Open Evidence momentum, and with our connector on Claude and AWS. With that in mind, let us turn to our AI and data strategy. At the foundational level, we are a research and learning publisher leveraging our proprietary content and data for AI. Then comes our Gateway platform, which addresses a problem every researcher faces today. AI tools are proliferating, but most are built on unverified or incomplete scientific content. The full potential of AI in science will only be realized if researchers have complete confidence in the authenticity of their AI tools and the AI environment. Gateway solves this by embedding peer-reviewed full text, John Wiley & Sons, Inc. and partner content, directly into the platforms where researchers already are: Claude, AWS, Perplexity, and others. We are gratified by the early response. In just four months, 9,000 researchers have registered on the platform, in addition to a growing number of institutions signing up for enterprise access. This is early, but clear evidence of product-market fit. Gateway is not just a search tool. It is the access layer through which trusted scientific knowledge enters the AI workflow, and the layer institutions will increasingly require as a baseline for responsible AI use in research. Finally, our enriched and AI solutions become the foundation for domain-specific intelligence, which we have referred to as subscription knowledge feeds or retrieval augmentation generation. Customers here include corporations and partners in life sciences, healthcare, engineering and industrials, food and agriculture, and financial services. John Wiley & Sons, Inc. is at a pivotal point in its upward trajectory as AI-related demand for our content and research intelligence accelerates across industry verticals. The time was right to bring in a world-class leader to convert our content advantage into high-margin data services and commercialize our AI-driven offerings, and so we recently announced the appointment of Armahan Rafat as our Chief AI and Data Services Officer. Armahan brings over 25 years of experience leading technology and data organizations, serving in senior roles at North Stella, Thomson Reuters, Clarivate, and others. His track record for developing analytics products generating hundreds of millions of annual revenue has been exceptional. As he stated in the recent announcement of his appointment, in an era where AI is only as effective as the data that fuels it, the proprietary content John Wiley & Sons, Inc. publishes represents the verified foundational truth that AI and machine learning require. In terms of underlying momentum, we now count 10 corporate customers for our subscription services, and we have secured a new LLM customer for our training services. We continue to add more publishing partners to our licensing network. We expect to deliver AI revenue of $45,000,000 to $50,000,000 this year, up from $40,000,000 in fiscal 2025 and $23,000,000 in fiscal 2024. We anticipate another big year for total AI revenue in fiscal 2027. I would like to share some examples of real use cases where we are converting our content advantage into practical solutions for major corporations and through recurring revenue models. First, clinical outcome assessments, or COA, are scientifically validated instruments used in pharmaceutical trials to measure how patients feel, function, and respond. COAs are essential for demonstrating treatment impact and meeting regulatory standards for drug approval. John Wiley & Sons, Inc. and its partners have one of the largest collections of COAs going back decades. It is a rapidly growing area for us, expanding from $800,000 in 2021 to nearly $7,000,000 today. What makes this different is what it means for the pharmaceutical customer. Previously, running a clinical trial meant assembling multiple vendors, from COA licensing to regulatory guidance. That friction costs time and money. John Wiley & Sons, Inc. IQVIA consolidates that into a single trusted relationship. IQVIA is the world’s largest contract research organization, driving $16,000,000,000 of annual revenue, bringing deep pharmaceutical relationships, regulatory expertise, and implementation scale. John Wiley & Sons, Inc. brings the validated instruments, a portfolio of 100+ COA instruments managed on behalf of our society partners, and trusted scientific heritage. So it is not just a licensing deal. It is a recurring workflow transformation, the kind of deeply embedded relationship that compounds in value as trials grow more complex and the regulatory bar rises. We are really excited about this opportunity now and the scaling potential ahead. We have executed COA agreements with the top 20 pharma companies, and our global pipeline continues to grow. Two days ago, we announced the strategic partnership with Open Evidence, the most widely used clinical decision support platform among U.S. physicians, with more than 40% of doctors using the platform daily across 10,000 hospitals. Open Evidence will bring our trusted scientific content and that of our partners into their rapidly expanding AI platform. The terms of the deal include a five-year, multimillion-dollar licensing agreement for a selection of over 400 journal titles and reference books, as well as the Cochrane Database of Systematic Reviews. As part of the partnership, John Wiley & Sons, Inc. has taken a small equity position in Open Evidence, underscoring our mutual commitment to building the future of clinical AI together. Important to note, we consider this a first step in our multiyear collaboration. Let me finish with a quote from Open Evidence CEO and founder, Daniel Nadler. The hard problem in medicine right now is not just generating new knowledge. We are living through a golden age of biomedical research. The hard problem is also that it takes 17 years for a fraction of that research to reach the bedside. John Wiley & Sons, Inc. is an ideal partner in solving this problem for physicians. The depth and breadth of John Wiley & Sons, Inc.’s content reinforce the advantages of Open Evidence for physicians, and that compounds over time. As with IQVIA, this partnership is not just a licensing arrangement. John Wiley & Sons, Inc. is embedding itself into the daily clinical decision-making of physicians. Our equity position reflects our conviction that this is where trusted scientific content meets its highest value application. And importantly, we see this as a template for many others, bringing John Wiley & Sons, Inc.’s content advantage directly into the workflow platforms where critical high-stakes decisions are made. As I mentioned earlier, our partner ecosystem is a huge strategic advantage for us, bringing together AI innovators, R&D corporations, leading institutions, and other publishers. It is only the beginning. I will now turn the call over to Craig.

Thank you, Matt, and hello, everyone. Three summary points that define where we stand today. Research publishing is growing at the high end of the market’s long-term rate, AI revenue is tracking ahead of expectations, and importantly, we are beginning to see leading indicators of recurring revenue growth in new partnerships, pilots, and pipeline, which is where the real value gets built. And our balance sheet is very strong, giving us the capacity to invest in high-return growth opportunities. Learning continues to face macro and channel headwinds that are masking the underlying earnings power of our business, but we are managing through it with discipline and agility while keeping our focus squarely on the businesses and investments driving long-term value creation. Turning to our fiscal third quarter results, we projected a light quarter due to unfavorable comps, and overall revenue came in as expected, up 1% on a reported basis and flat at constant currency. Growth in Research Publishing and Academic was offset by moderate declines in Research Solutions and Professional. Reflecting our commitment to operating discipline, we delivered strong margin expansion and profit growth even with revenue softness. Adjusted operating income, adjusted EPS, and adjusted EBITDA were all up double digits, or 22%, 19%, and 12%, respectively. Our adjusted operating margin improved by 280 basis points, and adjusted EBITDA margin by 250 basis points. Adjusted EPS growth was driven by our operating performance and the lower share count as we remain in the market acquiring shares. This was partially offset by a higher adjusted effective tax rate. Let me turn to our segment performance, starting with Research. Research was up 1%, with a 40-basis-point improvement in EBITDA margin. Research Publishing performance was impacted by $9,000,000 of AI revenue in the prior-year period. Absent AI revenues, Research Publishing was up over 4%, driven by record submissions, solid growth in our recurring revenue models, and over double-digit growth in author-funded open access. As Matt noted, journal licensing renewals are around 82% complete and signs look good. As a reminder, about a third of our renewals come up each year, and customer retention remains above 99%. Our solid renewals combined with our continued submissions and output growth give us good visibility and confidence heading into fiscal 2027. Research Solutions declined 3% due to lower corporate spending on recruiting and lower database revenue offsetting AI revenue. Year to date, Research revenue and adjusted EBITDA were up 4%–6%, respectively, with EBITDA margin improving 50 basis points. Moving over to Learning, revenue was down 2% in the quarter, with a 5% decline in Professional offsetting 1% growth in Academic. Professional was impacted by corporate and consumer spending headwinds, notably the previously noted Amazon inventory management adjustments, although they are now beginning to stabilize as expected. We are strategically calibrating our editorial focus toward higher-value franchises where we see stronger demand and better margins. Academic rose 1%, driven by higher rights and licensing revenue and digital book sales. We saw good momentum in our Advanced content business, which includes scientific and technical books for research libraries. We increased our title signings, notably around veterinary science and health, and recently announced a publishing partnership with the International Society of Automation. John Wiley & Sons, Inc. will assume control of ISA’s backlist of approximately 70 titles and collaborate on publishing ISA’s pipeline of automation topics. Year to date, Learning revenue was down 7%, with adjusted EBITDA down 8%. Segment EBITDA margin declined 50 basis points to 34.8%. Now on to our financial position and cash generation, which continue to strengthen. All year-over-year metrics are favorable, with our leverage down to 1.7 from 2.0, CapEx down by 11%, operating cash flow up $51,000,000, and free cash flow up $57,000,000. We are tracking very well to our free cash flow outlook of approximately $200,000,000. As Matt noted, one of our four value drivers is continuing our multiyear margin expansion. Over the past three years, we have improved our margin profile by 500 basis points, and we are not done. The focus right now is technology transformation. We are creating an AI-first, data-enabled tech organization, optimizing our geographic footprint, rationalizing our application portfolio, and outsourcing support for enterprise technology. We recently announced a five-year managed services partnership with Virtusa, an important first step in accelerating this transformation. Virtusa is a leading product and platform engineering services company based in Massachusetts, with delivery centers in India and Sri Lanka. It enjoys top-tier global rankings in consulting and IT services and deep relationships with major Fortune 100 and 500 clients. The partnership is expected to lead to material operational efficiencies and cost savings, help us modernize how we manage enterprise technology, and allow our teams to focus on product innovation that benefits our customers and stakeholders. It will also free up capital for high-return AI solutions for our customers and partners. As part of this partnership and our own consolidation plans, Virtusa has assumed ownership of John Wiley & Sons, Inc.’s Sri Lanka technology operation. Overall, we continue to make good progress, with corporate expenses on an adjusted EBITDA basis down 21% in the quarter and 12% year to date. We reduced total corporate costs before allocations by $17,000,000 year to date, with tech transformation responsible for approximately 85% of those savings. Our fourth and final value driver is to optimize our portfolio and drive disciplined capital allocation. We continue to deploy capital strategically to expand our journal portfolio and content advantage. We are investing to grow presence and share in our fast-growing research markets, notably China and India. China has been a great success story with noteworthy growth in submissions and output renewals and corporate sales. India remains a huge and still-emerging growth market. A year ago, we executed on India’s One Nation, One Subscription initiative, expanding access to over 6,000 Indian institutions and supporting 18,000,000 researchers and students. Demonstrating the increasing demand we are seeing in this important market, John Wiley & Sons, Inc. India submissions are up 43% year to date. Matt talked about our capital-light model and partnership ecosystem approach to AI, which positions us well for stronger profitability, high cash flow generation, high returns on invested capital, and nimbleness in scaling. Regarding our portfolio, we continue to evaluate and manage specific businesses and products for profitability and strategic fit. We divested a small business in Research Solutions earlier this year, and we will continue to be very active on this front. Regarding acquisitions, we are in a very strong position to continue to pursue high-impact journals in Research Publishing where we see strategic value, synergies, and highly attractive returns. Last quarter, we acquired the high-impact journal NanoPhotonics, strengthening our physics portfolio and putting us at the forefront of the fast-growing optics field. And we will continue to accelerate our organic growth strategy of developing proprietary high-value research content and data. Finally, I want to highlight our share repurchases, approaching record levels with $70,000,000 returned year to date and a further target of $30,000,000 for Q4. That would put us around 3,000,000 shares repurchased for the year. On top of this, our current dividend yield is approximately 4.5%, supported by a healthy payout ratio. Turning to our outlook for fiscal 2026, we are raising our adjusted EBITDA margin and adjusted EPS guidance to the high end of the range. We remain confident on all other metrics. Revenue growth is expected to be in the low single digits. Research remains strong, expected to finish at the top end of the market. Learning has been challenged this year by the difficult macro and channel conditions. Adjusted EBITDA margin is now expected to finish at the high end of our 25.5% to 26.5% range, up from 24% last year. Adjusted EPS is also expected to be at the high end of our $3.90 to $4.35 range, up from $3.64 last year. Finally, we reaffirm free cash flow of approximately $200,000,000, driven by EBITDA growth, lower interest payments, and favorable working capital. CapEx is expected to be comparable to last year’s total of $77,000,000. With that, I will pass the call back to Matt.

As I wrap up, I want to say a few words about fiscal 2027. We will provide formal guidance in June, of course, but I want to give you a sense of what we are seeing. Expect Research growth and strong momentum to continue, driven by robust publishing output, steady growth in renewals, market share gains, and society wins. We see Learning improving to a steady state as we focus on franchise authors, digital growth, and inclusive access, and we will continue to tackle our cost base. AI momentum is expected to further accelerate from our executed multiyear partnerships and increased corporate uptake, and we expect another big year in AI revenue. We will start to see the benefits of streamlined business development and product innovation under Armahan. Finally, we anticipate copyright court decisions to start to materialize. We have talked about the Anthropic copyright settlement, the largest in U.S. history, and that is still in the claims process. We expect to know our share of that by the summer. Important to note, there are approximately 70 copyright lawsuits currently underway in the U.S. involving AI. Our operational excellence initiatives are fast-tracking with full launch of our Research Exchange platform, the kickoff of our new managed services partnership, and the momentum of our AI Center of Excellence. We expect to drive meaningful margin expansion again from tech transformation, corporate expense reduction, and AI productivity gains. And we remain focused on portfolio optimization and disciplined capital allocation to drive higher ROIC and recurring revenue growth, scale up in Research Publishing, and reward our long-term shareholders. Let me quickly review some key takeaways before opening the floor to questions. We are accelerating our progress on all major areas of focus, driving meaningful growth and momentum in Research and AI, expanding margins and cash flow, deploying capital strategically, and improving ROIC. Q3 was in line with our expectations, and we are on track to achieve our full-year outlook at the high end for margin and EPS. And finally, John Wiley & Sons, Inc. remains extremely well positioned for the AI economy. Our core publishing business is robust and uniquely secure. Our proprietary content, domain-specific intelligence, and partnership ecosystem are in continuously high demand. AI is only as good as the data that fuels it. This is where John Wiley & Sons, Inc. comes in. Thank you to our 5,000 colleagues around the world for all you do to transform knowledge into the breakthroughs that matter, and to our investors for joining us and seeing the long-term value-creation potential of our business. We will now open for questions.

At this time, I would like to remind everyone: in order to ask a question, press star, then the number 1 on your telephone keypad. We will pause for just a moment. Your first question comes from the line of Daniel Moore with CJS Securities. Your line is open.

Thanks, Matt. Thanks, Greg. A lot of detail there. Greatly appreciate it. Let me start, I guess we will start with AI. You know, you just laid it out very well. But two years ago, signed your first, you know, kind of initial nonrecurring deals. You know, since then, AI-related revenue doubled from $23,000,000 to $40,000,000 on our way to $45,000,000 to $50,000,000. What can you tell us about the momentum and direction of AI-related revenue and contributions that, you know, maybe you could not two years ago, as we think about fiscal 2026 as a platform for growth?

Yes. Let me start, Dan. Thanks, by the way. And that is exactly what you are seeing. It is kind of you are seeing the market evolve, and I will turn it to Craig in a minute to get a little more specific, but—and then the emergence of the business models around recurring revenue. And so you see what we have done with IQVIA and Open Evidence. Almost think of them as blueprints for what a much bigger market opportunity might look like. And you know, I know you want specifics. You know, we can talk a little bit about these, but you know, there is a lot more to come as these expand. So let me turn it over to Craig to add some more light on that.

Thanks, Matt. Yes. We like to think of AI opportunity in the market really moving in different kind of growth curves. As you know, we kind of, a few years ago, as you mentioned, kind of really started learning and getting into the market and partnering. And we moved into the training model. The first growth curve, if you will, was largely evidenced by nonrecurring revenue, but important for us to gain partnerships, learn, start to develop where we are headed with our next curve. And then that next curve being the one where we start to get into the recurring revenue models, subscription models, ways where we can really create true sustainable value over time. And we have really started to see that materialize. In the first growth curve, we have seen a little bit more legs to it than we initially imagined, and we are now starting to see the ramp-up of the second growth curve. So this year, we are slightly under 10% of our $45,000,000 to $50,000,000 in terms of recurring revenue, and we expect that to triple next year. And we are going to continue to work to drive that even higher. So we are excited about the progress we are making. It is still early days. And I would say we are moving as fast as our customers are moving, but really trying to seize every opportunity as we go forward.

Yes. I want to add two important points to help with the understanding. One is that comment about we can move as fast as our customers are moving because, you know, I think everyone is learning how to bring AI into their core business processes. So a lot of the growth here is going to be based on the customers’ learning on how to use AI to improve research productivity, shorten cycles, et cetera. We are there with them side by side. Second is, as I mentioned, we have a new leader for our AI and data services focus in Armahan, and he is now building out a growth plan. And, you know, I would expect as he completes that plan, we can provide more transparency into how we see this evolving.

Really helpful. Appreciate it. I was going to ask you about the moat, but I think we covered that in the first 10 or 15 minutes really well. On the margin side, the—mhmm. Obviously, you reduced corporate expense, I think, million this quarter, down 20% plus. On track for 26% plus EBITDA margins. Two different questions, but one, maybe elaborate on the partnership with Virtusa, the implications around potential cost and savings as we move forward, and what does that imply about the direction of EBITDA margins in kind of fiscal 2027 and beyond? Thanks, Dan.

We are very excited about the partnership with Virtusa. You know, we have a preexisting relationship, and we are really expanding that on a significant scale. This relationship for us is a—you know, roughly, right, it is $150,000,000 over five years in terms of their contract size. We expect it to generate both productivity as well as agility. So we see it contributing towards, you know, our margin expansion objectives. We also see it compelling—propelling us into AI-type tools and AI-first technology infrastructure that is going to really help us continue to find innovation and productivity through the years. I would say from a margins perspective, I will not get into the details about, you know, specifics on what it yields. But I will say that tech transformation broadly has been a significant driver of our expansion this year, and we expect that to continue going forward, into the coming years, as we layer on other types of initiatives as well that are going to really help to continue to drive multiyear margin expansion.

Perfect. And just Research Publishing up 4% adjusted. Article submissions, you know, continue to be really strong, up 26%. You know, I guess, outside of China, you mentioned India, any other kind of fast-growing regions or pockets of strength? And, you know, given double-digit growth in submissions this quarter, double-digit growth in output, would we expect that 4% growth to trend even higher? Or is that a good place to be from your perspective here for the near term?

Jay, why do you not begin, and I may wrap up.

Yes, sure. Hi, Dan. Thanks again for the questions. Yes. We are seeing growth across, you know, a broad set of regions. The strongest momentum continues to come from the major global research markets. We saw good growth in China, as you mentioned, and India, as you mentioned, but in North America too—submissions, article volume up there. European markets as well really rebounded strongly for us. Happy to see Japan growing again after a tough couple of years in that market. So at the same time, you know, we like what is happening in the Middle East, and we like what is happening from a research and investment perspective there. Governments and universities are investing more heavily in research output and in international collaborations. That, taken together with the strong performance in the core markets, gives us confidence about the trajectory of that business. It is really important to state, as we did a year ago, that growth is not concentrated in any single geography. It reflects the continued expansion, as Matt noted in the prepared remarks, of the global research ecosystem, and that is showing up across submission and publication volumes that are growing at a healthy pace. So, as we said, you know, top end of market range for this year, and with the investments we continue to make in our top brands, with the tailwind that AI is going to provide in the core for submissions and for researcher productivity, we feel confident as before in the trajectory of the business.

Yes. That is a great summary. I think, today, what we are seeing is the resilience and durability of research on a global scale, the benefit of the global diversification that we have, as Jay pointed out, and also, our business is performing quite well, and I would expect it to continue performing at the top of the market.

Looks great. Maybe one or two more and I will pass it along. But on the Learning side, yes, I think you talked about getting back to stability. If I sort of bifurcate the Academic versus Professional, you know, pieces of the business. Do we need the, you know, the library on the Professional side to feed either AI, or is it, you know, synergistic? It is just that piece of the business stands out as a little bit, you know, kind of noncore when we think about the real tilt to focus on growth and Research and wondering your thoughts on that.

You know, we have talked about this in the past, and it is, you know, these are great franchises but not growth franchises. You know. And so they are producing strong earnings and cash flow. And, you know, we are always mindful of capital allocation, as I talk about in my remarks. So there are not any sacred cows here. So, you know, we will be looking at this as we go forward, as we do routinely, Dan.

Perfect. Last one. I know it is rhetorical. You know, obviously, really strong quarter, outlook very healthy. You know, you are trending toward $5 of cash—of cash earnings per share. The stock is a little over five times EBITDA. Leverage is going to be close to return pretty soon. You know, strong double-digit free cash flow yield. Other than buying back stock and, you know, making the case that you are today, very, you know, articulately, anything else we can do to keep trying to unlock shareholder value? And I know that is, you know, not a fair question, but just throwing it out there. And I appreciate all the color today.

No. It is a good question. Tough question. Craig, do you want to start? And then—

Yes. I think, Dan, you know, we wake up every day thinking about this: how we create value for John Wiley & Sons, Inc., for our colleagues, for our shareholders, and for all our stakeholders. You know, we think importantly about organic growth investments. You know, with Armahan coming on board, with our focus on AI and data analytics, we see a lot of potential opportunity to really create new value for customers and for—and for John Wiley & Sons, Inc. overall. You know, we continue to think where we have existing core strengths. You know, the Research business is one that continues to show strength and resolve, growing at the top end of the market. So when we think about investments we have made, whether it is Advanced brands or geo diversity, we continue to think very broadly about organic growth opportunities where we have sustainable competitive advantage in our business. You know, beyond that, you know, portfolio and capital allocation is a way of life. You know, it is—it has been part of what John Wiley & Sons, Inc. has been focused on for several years. And as we mentioned during our earnings call, we had—in my comments, we had divested a small business earlier this year. It shows evidence that we continue to look very strategically and thoughtfully about our business and where to kind of draw the resource and capital to the most effective places for the business. Beyond that, I think we are continuing to be very active on thinking about how we return capital to shareholders. We have a very healthy payout ratio. We have doubled our share buybacks, given the opportunity we have had with a strong cash flow, and we continue to do that while investing in the business. So we are not making any trade-offs here. I think the opportunities continue to be very robust in front of us, and we are excited to help bring that forward as we tell more of our story.

Sounds good. Again, appreciate all the color.

Thank you, Tim.

Again, if you would like to ask a question, press star, then the number 1 on your telephone keypad.

At this time—There are no further questions. I will now turn the call back over to Mr. Kissner for closing remarks.

Yes. Thanks, everyone. I want to thank you for your continued confidence in us. You know, you see we are building a solid foundation for the future while delivering strong current results, which was our commitment we made, you know, two and a half years ago. And we are really looking forward to getting together in June in that regard and talking about how we close out the year.

See you then. Thank you.

Ladies and gentlemen, that concludes today’s call. Thank you all for joining. You may now disconnect.