John Wiley & Sons (NYSE:WLY) reported fourth-quarter financial results on Tuesday. The transcript from the company's fourth-quarter earnings call has been provided below.
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Summary
John Wiley & Sons reported record margins and cash flow growth for fiscal 2026, with a focus on AI and transformational moves, including the acquisition of Emerald Publishing.
The company highlighted two reinforcing growth engines: research publishing, which grew 4% in revenue, and AI and data analytics, which saw AI revenue increase from $40 million to $49 million.
For fiscal 2027, Wiley expects low to mid-single digit organic revenue growth, driven by research and AI, with adjusted EBITDA margins projected to rise to between 26.5% and 27.5%.
Full Transcript
OPERATOR
Recorded. After today's prepared remarks, we will host a 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. At this time, I'd like to introduce Wiley's Vice President of Investor Relations, Brian Campbell. Please go ahead.
Brian Campbell (Vice President of Investor Relations)
Good morning everyone. With me today are Matt Kistner, President and CEO, and Craig Albright, Executive Vice President and CFO. Our comments and responses reflect management news 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 US 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 [email protected].
I'll now turn the call over to Matt Kistner.
Matt Kistner
Thank you Brian. Hello, everyone and welcome to Wiley's fourth quarter and full year earnings update. Fiscal 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 focused 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 Open Evidence, Wiley is that gold.
Craig Albright (Executive Vice President and CFO)
Thank you Matt and 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 Return on Invested Capital (ROIC) revenue.
That's the model and the results show it's working. Starting with the quarter Q4,, revenue was flat on a constant currency basis with good momentum in research offset by market related challenges and a prior AI licensing comparison and learning. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew 17% and we delivered 480 basis points of margin improvement to 33.2%. This was driven by our material progress in reducing corporate expenses down 22% and driving profitability in research.
Adjusted EPS was up 22% and adjusted operating income 26% with adjusted operating margin up 520 basis points to 25.3% and 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 and Q4, is the proof point. Turning to Research, 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% and output 11%, both well above industry averages. Our journal and brand expansion strategy is paying off and 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 Earnings Before Interest, Taxes, Depreciation, and Amortization (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 Earnings Before Interest, Taxes, Depreciation, and Amortization (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 Earnings Before Interest, Taxes, Depreciation, and Amortization (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 and we're actively pursuing it. We expect learning trends to improve in fiscal 27 with digital growth in academic and frontless 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 in standardizing processes. Full year and Q4, corporate unallocated expenses were down 23 million and 9 million respectively and 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 to is 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 Virtuza. You can see it in our margin expansion this year and there's more to come.
But 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 to 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 and 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.
Virtuza 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 conversions stepping up from 32% to 44%. The marked improvement was driven by robust earnings growth and lower capex, down from $77 million in fiscal 25 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 1.5 to 2.5 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 collection, now 25 plus journals generating 70 million in revenue and growing at strong double digits. Our research exchange platform is expected to open new revenue and as we saw this quarter with Liverpool University Press and reduce our cost to publish. And we're expanding AI and data analytics capabilities, new leadership, new skill sets, rapidly scaling our clinical outcomes assessments business and building out our research intelligence and audience monetization platforms.
Second, Ma we acquired Emerald for 452 million, an all cash transaction at roughly 7 times adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (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 and fourth, return to shareholders record share buybacks of 100 million in fiscal 26 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 27 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 frontless momentum and 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 Virtuza 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 and AI productivity gains freeing up capacity to invest in our highest return opportunities and fifth, disciplined capital allocation driving higher Return on Invested Capital (ROIC) and recurring revenue growth while maintaining our commitment to returning excess cash to shareholders.
Let me close with our fiscal 27 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 Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margin of 26.5% to 27.5%, up from 26.2% multi year margin expansion remains a core financial commitment. Adjusted EPS of $4.60 to $5.05, up from $4.19 including an approximate 10 cent contribution from Emerald and 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 28 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 27 and the coming years. With that, I'll pass the call back to Matt.
Matt Kistner
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 U.S. in fiscal 26 have brought a fresh perspective to our content advantage and foundational strengths, how we innovate, grow and win. Craig, of course, our CFO, Amahan Rafat, our Chief AI and Data Analytics Officer and Jessica Kowalski, our General Manager of Research.
Each has stepped into exactly the right role and 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 and in our portfolio and 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 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 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.
OPERATOR
We will now begin the question and answer session. If you would like to ask a question, please press star or 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.
Daniel Moore (Equity Analyst)
Thank you. Morning, Matt. Good morning, Craig. A lot of detail, a lot of ground to cover. So I'll get started in terms of AI related revenue. Maybe just crystallize your outlook as we think about 27 across all three buckets, you know, starting with further monetization of proprietary content, feeding LLMs. Second, the opportunity to partner and deliver, you know, data and content as a third party and then third, the recurring revenue bucket, which sounds like, you know, I think if I heard correctly, up 2 to 3x from the 8 million that we saw this past year. So just want to crystallize those and you know, when you say above 50 million, is that sort of a baseline? Is there upside to that?
If we get more, you know, discrete opportunities, any color there would be great. Thanks. Yeah.
Matt Kistner
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 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. So 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 2 to 3 times 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 27. You know, 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 27.
But what I can say is, we're confident in the 50 million-plus. You know, 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. Yeah, Dan, it's Matt. I want to add to that. You know, what we're also doing is signaling kind of the strategic evolution of where we're headed with that business. And so those three vectors are really kind of the future growth engines. And we talked about how this market is still developing and we see those as going to be, beyond 27. Those will be the future growth engines for this business. And each of them are fairly, have fairly significant big addressable markets.
So more to come on that when we get to the investor day we talked about. But what we're trying to do is introduce some of that transparency right now to give you and our other investors sense of how the business, how we see the business evolving.
Daniel Moore (Equity Analyst)
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? And then just talk about the mix between traditional subscriptions versus mixed model open access and then more most importantly, how their economic, business, finance, data and content fit into your broader licensing and monetization strategy as it relates to AI.
Craig Albright (Executive Vice President and CFO)
Yeah, look, 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. Yeah, we really like Emerald as a business. We like Emerald strategy, We like Emerald's cultural fit. It's very consistent with the kind of business we run and highly synergistic. You know, 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.
You know, we do see kind of that mid single digit kind of growth Profile, which is, you know, going to be consistent with the direction that we're heading with our overall research publishing business. And from a margin perspective, you know, in 37 to 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.
So very synergistic, strong revenue profile, and we're excited to welcome our Emerald colleagues on board with us.
Matt Kistner
Yeah, Dan, a couple of comments. Strategically, I've talked about the fact that we've built out a very efficient infrastructure now. So research publishing assets enable us to leverage that scale advantage. And they don't come up that often, particularly of this size. So they were 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. And so 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.
So it strengthens that play. And importantly, they have a fairly narrow footprint in the US market. And so we obviously have a very strong footprint in the US market and we see potential revenue synergies there as we get into this a little further.
Daniel Moore (Equity Analyst)
Really helpful. I want to kind of relate that commentary about margins to the fiscal 26 guide, implying 30 to 130 basis points of continued EBITDA margin expansion. Certainly very healthy, though obviously Emerald contributes at least a small portion of that. So just talk about, are there any offsets, initial investments, etc. Related to Emerald or otherwise embedded in that? Or could we see, you know, even, you know, additional upside as we think about kind of the margin trajectory in fiscal 27 and beyond?
Craig Albright (Executive Vice President and CFO)
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 three get to the $30 million run rate cost synergies. So we don't expect that to be materially impacting in fiscal 27. We expect more of a ramp up in 28 and 29.
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. So 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.
But right now we're focused on a very good combination of two very winning companies, Emerald and Wiley.
Daniel Moore (Equity Analyst)
Helpful. Shifting gears. Craig Learning, you gave some details about the outlook for fiscal 27. Can we just sort of break it down starting with courseware, what you see over the next 12 to 18 months. You know, second, academic and professional publishing, is that stable? Do we see that, you know, continued pressure or turning positive? And then the, and then third, the assessments business. If you could just kind of give us a breakdown of your outlook here, near to midterm in each, that would be helpful.
Craig Albright (Executive Vice President and CFO)
Yeah, that's a great question, Dan. You know, we don't guide to our specific segments here, but what I did want to do is maybe share just a little bit of how we see our position here. You know, first of all, we see continuing challenges here, the retail conditions, namely Amazon 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.
But for the coming year we expect several drivers of revenue improvement. First of all, we're projecting stronger frontline productivity. We see stabilization in Amazon inventory practices and we just need to get past the the year-over-year lapping period. But specifically around the backlist in fiscal 27, we've also released new products and capabilities and assessments. And in academic, we anticipate some improvement in our digital courseware business as we lean into growth in our digital products led by inclusive access.
So the segment's not, I don't think we characterize it as a growth engine, but it is expected to materially improve in fiscal 27 and we like the growth drivers that we see inside of it in the areas that I mentioned.
Daniel Moore (Equity Analyst)
Putting that together certainly sounds like you expect EBITDA growth in the segment year over year, is that correct?
Craig Albright (Executive Vice President and CFO)
Again, we're not guiding at the segment level here, but as a matter overall, we are expecting, you know, 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.
Daniel Moore (Equity Analyst)
Helpful. Just talk a little bit about the delayed cash collections around renewals. What's causing that? You see that as a trend or discrete to this renewal cycle and expectations for recapturing that either in fiscal Q1 or into fiscal 27. Those collections that were pushed out.
Craig Albright (Executive Vice President and CFO)
Yeah, we actually feel very positive about the renewal season we went through. You know, we entered fiscal 26 with a lot of uncertainty and 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 with some of the larger renewals got pushed towards the back end of the cycle, toward the end of our fiscal year.
And 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.
Matt Kistner
Yeah, there's always some odd, oddity at the end of the fiscal. Dan, you've seen this before where certain deals just kind of fall over into, into the new fiscal. So it's. But it's nothing we're really concerned about. We'll catch up in the fourth quarter, first quarter,
Daniel Moore (Equity Analyst)
really helpful just. And then tying that to the Overall guide for 205 million. Obviously continued progress which includes some dilution from Emerald. So if you could just review what we said about kind of, you know, why Emerald is maybe modestly dilutive on a cash flow basis year one and then expectations beyond.
Craig Albright (Executive Vice President and CFO)
Sure, yeah. We 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. You know, there was 15 million in dilution related to a combination of EBITDA contribution restructuring one time integration costs and interest associated with that. So that's the 15 million there. There's another 15 million of impact as our CapEx increases from. 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 and tech transformation reduced that temporarily as we went through last year and is really normalizing.
But 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. So those are the kind of 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 kind of closed off fiscal 26 significantly better from where we were in 25.
Daniel Moore (Equity Analyst)
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? And very much look forward to seeing you at our conference in July for more details.
Craig Albright (Executive Vice President and CFO)
Yeah, so I think we continue to be very interested in returning excess cash to shareholders. You know, 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 one and a half to two and a half. You know, there could be some opportunities to tighten that up. But then 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. But 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.
Daniel Moore (Equity Analyst)
Thanks again for all the color.
OPERATOR
We have reached the end of the Q and A session. I will now turn the call back to Mr. Kissner for closing remarks.
Matt Kistner
Good. Thank you everybody. I know this was a longer than usual call, but it is year end and we have a lot of exciting work that we wanted to share. And so 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, these elements. So have a great summer and we'll see you in September.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.
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