Good morning, everyone. Joined today by Matthew S.

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 US GAAP, and therefore, 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 we will exclude 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 turn the call over to Matthew S.

Kissner.

Thank you, Brian, and hello, everyone. Welcome to our Q1 earnings call.

The fiscal 26 was our breakout then this is the year we build on that momentum and scale our new revenue streams. Q1 played out as we expected.

Strong momentum, in our research and AI growth engines was offset by a prior year AI comparison which we previously mentioned. And continued soft market conditions in learning.

Recall that Q1 is our seasonally smallest period So our year over year comparisons carry some noise. However, nothing in the quarter changes our full year expectations.

Which Craig will cover shortly. Wiley's trusted content and intelligence are the foundation for the rapid advancement of science and innovation worldwide.

As I have stated before, when it comes to high stake scientific research, AI will only live up to its promise if it is fueled by current accurate and trusted content and data. Wiley has 1 of the most comprehensive and continuously growing content and data portfolios in the world.

You saw that validated twice this quarter in ways I would not have anticipated a year ago. We were invited to be the sole scientific publisher to participate in the US Department of Energy's Genesis Mission and a founding data partner for Cusp AI's Global Materials Foundry.

In these endeavors, we stand alongside innovators like AWS, Microsoft, and others. Behind those headlines, the commercial engine kept running.

We signed new AI licensing agreements across multiple industries. I will walk you through the quarter and the momentum we are seeing in our growth engines.

And Craig will take you through our financials and outlook. Let me start with the Q1 takeaways.

And a brief word on how our 2 growth engines work together. Research is the foundation.

Where our scale, brands and society relationships enable us to generate proprietary content across a widening share of high demand disciplines. AI and data analytics are built directly on top of the foundation.

Leveraging our content and data to create research tools for high stakes R&D. The relationship runs both ways.

Publishing fuels the AI and data analytics engine with a continuous flow of proprietary content and AI powers the researcher productivity that increases the flow of publishing. that is the Wiley flywheel.

A few highlights from the quarter. We delivered a 12% increase in research publishing reflecting strong global demand to publish with submissions at record levels, the Emerald edition, and AI Momentum all contributing.

Learning on the other hand faced challenges from a prior year comparison soft market conditions in professional and a seasonally small quarter in academic. We generated 14 million of AI revenue in the quarter and our pipeline is expanding across models, channels and verticals.

We remain well on track to deliver our full year AI revenue goals. Our spectral analysis API portfolio launched into the laboratory market it is another milestone in our evolution towards an AI and data analytics company.

I will explain this advance later in my remarks. We are integrating Emerald to extend our scale advantage in research and content advantage for AI and data analytics.

As expected, the fit is strong on all 3 dimensions. Financially, strategically, and culturally.

Our teams are working very well together and the integration is ahead of schedule. And we raised our dividend for the 30-third consecutive year putting Wiley in rarefied company.

Turning to the headline numbers, Craig will provide more detail, but performance this quarter was in line with our plan. 2 known factors drove the year over year revenue comparison.

The $29 million of AI licensing revenue that landed in the prior year quarter and continued soft market conditions in learning, particularly professional Neither changes how we see the full year. AI revenue was $14 million in the quarter, with a further $14 million already contracted across Q2 and Q3.

Emerald contributed $13 million to the top line. On profitability, adjusted EBITDA was down 4% on the year over year revenue performance.

Adjusted EPS was down 10% further impacted by higher net interest expense related to the Emerald acquisition GAAP EPS was a loss of $0.23 compared to earnings of $0.22 in the prior year largely due to restructuring charges and acquisition and integration costs. Let's discuss our continuing strong progress in research.

Our key metric for research is publishing throughput. Strong demand to publish remains undiminished worldwide.

with submissions up 31% and output up 8%. Demonstrating both continued growth and a clear focus on quality.

This is evident across both rapidly growing and mature markets. We successfully closed our calendar 2026 journal renewal season with customer retention remaining above 99%.

On expanding our journal portfolio and leading brands, we launched 2 new advanced journals, Advanced Immunology and Advanced Brain, and published the first papers in Advanced Computing and advanced oncology. As a reminder, our advanced portfolio is accelerating as a global top tier brand across disciplines.

With more than 30 journal titles and revenue up $70 million growing at strong double digits. Also in the recent industry citation index released annually, 15 Wiley journals were ranked number 1 in their respective categories.

With 248 of our journals achieving top 10 rankings. Wiley now accounts for over 10% of all citations in the index.

This is an important quality signal and quality is what deepens our competitive moat. On driving publishing efficiency and margin expansion, we increased our research adjusted EBITDA margin by a 130 basis points to 29.6% through the addition of Emerald and cost savings initiatives.

We now have 1.6 thousand journals migrated to our research publishing platform. On leveraging our IP and relationships for AI and data analytics growth, our clinical outcome assessments growth engine is rapidly expanding.

This portfolio grew from $6 million in fiscal 25 to 11 million last year, and we see a strong trajectory ahead. Q1 revenue rose by more than threefold thanks to Wiley's leading differentiated position.

As a reminder, clinical outcome assessments are peer reviewed instruments that are used in clinical trials to measure the impact of treatment from the patient's perspective. They have been developed carefully, tested across patient groups and proven to measure what they claim to measure.

Choosing the correct instrument early licensing it properly and implementing it effectively can be the difference between a multi million dollar trial that succeeds and 1 that stalls. And that makes them essential R and D infrastructure.

This is where we come in. We own and license abroad and growing portfolio of these instruments across disease areas and alongside full implementation services.

An important milestone as I mentioned is that we launched our transformative spectral analysis APIs for the corporate and academic laboratory markets. Delivering the industry's most trusted, gold standard chemical reference data directly into automated laboratory software pipelines.

For corporate r and d labs, this will replace slow manual analysis with embedded real time spectral intelligence. Said 1 industry newsletter, the launch of the spectral analysis API is the clearest signal yet of Wiley's evolution from a legacy publisher into a modern data and technology company.

Let's consider why the research engine remains robust. Publishing is the key metric of academic progress.

Shaping employment, promotions, prestige, and grant acquisition. The need to publish continues to rise alongside global r and d investment.

And is now further accelerated by AI advancements. Looking at research across the rest of the year, 6 reinforcing drivers continue to give us confidence.

First, our publishing pipeline is robust, and our scale advantage is widening. With submissions outpacing and already strong market and research of productivity set to rise further with AI.

Large scale, high quality publishers like Wiley have a structural advantage and our Q1 KPI say that is continuing. Second, we concluded a solid calendar 2026 renewal season with strong customer retention.

Third, open access growth continues to compound at double digits. Driven by the must have dynamics of publishing worldwide and our journal brand expansion.

In fact, we closed July with record gold open access output. Fourth, Emerald is off to a fast start giving us strong confidence in the combination going forward.

Fifth, our clinical outcome assessments pipeline of pharma companies is multiplying. Our IQVIA go to market partnership is scaling and we continue to activate new in demand instruments to further bolster our leadership position.

Separately, our open evidence partnership is deepening. With additional content now under agreement.

Finally, we are seeing nice and early momentum in audience monetization. As discussed, we are transitioning this business from traditional advertising to an audience analytics platform underpinned by modern ad tech AI enabled product development, and verified research professional audiences.

The healthcare advertising market is large and expanding. And our edge is the combination we already hold.

Proprietary content, deep society relationships, and an emerging corporate customer base in health care and the audiences that come with them. Our digital research content and platforms generate billions of user sessions each year.

We recently rolled out new sophisticated ad tech for contextual targeting along with improved comes reporting and agentic tools for audience engagement. The early results are promising with good growth in Q1 billings.

Now on to our AI and data analytics growth engine. The second turn of the flywheel.

As a reminder, we took total AI revenue from $23 million in fiscal 24 to 40 million in fiscal 25 and 49 million in fiscal 26. Given our pipelines, we remain well on track for over $50 million in fiscal 27.

And AI recurring revenue growing 2x to 3x over prior year. In Q1, we realized $14 million of AI revenue ahead of the pace we need for our full year target Importantly, mix is shifting the way we want.

Of the $14 million, $10.5 million is from model training, and $3.5 million is recurring. As I mentioned, we have contracted for the $14 million of AI Licensing revenue that will be realized across Q2 and Q3.

With additional agreements and active discussion. On the corporate side, we have expanded our customer base for subscription knowledge feeds bringing us to 23 across 5 industry verticals.

Life sciences, healthcare, food and agriculture, materials and chemistry, and financial services. A year ago, this was largely a life sciences story.

While that continues to be a big focus for us, it is a lot broader than that now. Finally, our nexus licensing service continues to add more society and publishing partners.

Bringing the total to 71. As previously discussed, partnerships are foundational to our strategy.

This quarter we were invited to join the public private partnership supporting the US Department of Energies Genesis Mission alongside some of the world's largest AI innovators. The mission is a nationwide effort to put AI to work on the country's hardest science and technology problems.

And we are the only scientific publisher at the table. Our role is substantive.

We will make our research intelligence tools available to researchers across all DOE national laboratories. Provide thought leadership, on how AI models are validated against scientific evidence and how scientific data is managed and help shape the consortium's foundational knowledge layer.

This builds on decades of engagement with the DOE and other federal science agencies. We became a founding data partner in Cusp AI's AI Materials Foundry, a global network over 45 organizations.

Aimed at speeding up new materials discovery. The foundry focuses on semiconductors, clean energy, and advanced manufacturing.

We have progress is limited by materials rather than engineering. Our contribution is the data layer.

Cusp AI has licensed access to Wiley's material science content to train the platform This underscores how our content is being integrated into AI systems that will increasingly drive scientific discovery. AI momentum remains broad based across verticals products, and channels.

And our pipeline is advancing rapidly across model training, commercial licensing, and subscription knowledge feeds. Of note, model training is becoming a proven engine with both new and repeat customers.

At the same time, corporate R and D demand is accelerating across chemistry, food and agriculture and other domains While healthcare opportunities widen across large corporates and AI startups. And through our Nexus licensing service, and our own publishing engine, the content and intelligence available to license keeps growing.

We remain well on track with our full year AI growth targets. Beyond this, what we see forming is bigger than any 1 year.

The world's most important AI systems are being built on trusted scientific knowledge. And Wiley is becoming a foundational supplier and partner in that economy.

As discussed in June, our position rests on a remarkably deep reservoir of proprietary data. In addition to published articles and journals, we have structured metadata and linked domains.

And validated research protocols and methods How studies were designed, not just what they found. We have the peer review and editorial record behind that work and credibility accumulated over many decades.

We have citation networks and reference graphs. Effectively a map of how knowledge in 1 discipline draws on another.

And we have relationships with both authors and institutions. Who was researching what and where.

Wiley holds leading content positions in the disciplines that matter most in the AI economy. 150 plus therapeutic areas in life sciences and health care.

100 plus areas in chemistry and spectral data. 50 plus in engineering and material science, 45 plus in agriculture and food science topics, along with the leading crops disease database.

And now with Emerald, a leadership position across all key areas of economic business, and finance. Our advantage is not only breadth, it is depth where corporate r and d is tackling its most consequential problems.

And where the next breakthroughs will come from. This step is now showing up as a widening set of use cases and markets.

As a reminder, we are pursuing 3 organic growth pathways around AI and data analytics. Database solutions, applied research intelligence, and audience monetization.

Each drawing on our existing IP. What this slide shows is where those pathways are landing commercially today.

Our structured data is relevant across each. From dermatology instruments for clinical outcome assessments with IQVIA.

To medical content at the point of care with open evidence. We are working directly with decision makers inside of corporations institutions, and government bodies deploying our IP for LLM development corporate AI applications, and academic labs.

We will lay out our full roadmap at our fiscal 27 Investor Day scheduled for Thursday, March 11, at our headquarters in Hoboken, New Jersey. We hope to see you there.

A few words on our critical role in ensuring responsible AI. By grounding AI in evidence based knowledge, Wiley helps close the trust gap in AI enabling innovation that benefits many.

This mission has made us an AI thought leader worldwide. Here's the distinction I draw.

Most companies approach responsible AI from the model outward. God rails and policies bolted onto the technology.

We start a layer deeper. Responsible AI depends on the quality of the knowledge that fuels it.

And that is what Wiley has spent 2 centuries building. You cannot make an unreliable model reliable with policy alone.

You have to fix what it learns from. And we are protecting the scientific record as AI use surges among scholars.

Our approach rests on 4 commitments. 1.

Human oversight. We ensure that judgment stays with people.

Not models and that peer review remains a human endeavor. 2.

Trust and transparency. We protect intellectual property and set the integrity standards for how our content is used.

3. Safety and fairness.

We ensure it through strict data privacy and active bias mitigation. 4.

Good governance. We ensure clear internal controls and constructive engagement.

On smart regulation rather than resistance to it. The market is asking for exactly this.

We answered it in October with comprehensive AI guidelines for authors, editors, and peer reviewers covering disclosure, reproducibility and confidentiality. We have built citation and attribution requirements directly into our technical integrations including our work with Anthropic.

And we have stood up AI oversight across the company. All this speaks to the central role of the research publisher in enabling the global scientific ecosystem and ensuring the quality and impact of high stakes AI models.

The last point I would make is about posture. We are setting the agenda here not reacting to it.

We were the only publishing sponsor at the United Nations AI for Good Global Summit in Geneva this year. And that leadership is commercially load bearing.

When the Department of Energy or Cusp AI chooses a data foundation the standards behind the content are part of what they are buying. Trust is the product.

With that, I will hand it over to Craig to take you through the financials.

Thank you, Matthew, and hello everyone. I will take you through the 2 segments, then cost and capital allocation, and close with the outlook.

Most of the year over year decline in the quarter sits in the prior year AI license in comparison. With the balance in learning during its seasonally lightest period.

Underneath that, the operating base strengthened, Research margin expanded 130 basis points Corporate expenses on an adjusted EBITDA basis came down 19%. And free cash flow improved by $30 million.

Those are the trends that carry the full year, and our outlook is unchanged. On to research.

Total revenue was $293 million, up 4%. Research publishing grew 12% with $13 million from Emerald and the balance from open access growth and AI licensing.

Excluding Emerald, publishing grew about 6%. Research solutions declined 30% almost entirely on the prior year AI licensing comparison, with softer publishing services and recruiting partly offset by growth in advertising.

Adjusted EBITDA was $87 million up 9% with margin up 130 basis points to 29.6%. Emerald added $5 million at a margin above the segment average.

Most of the research margin expansion was organic cost savings, after continued investment in the advanced journal portfolio and in clinical outcome assessments. Emerald integration is tracking ahead of plan with cost synergy capture underway and early AI licensing interest building.

Now to learning. Revenue was $93 million, down 20%.

Academic $45 million, down 20%, with $8 million of prior year AI licensing and declines in print, offsetting growth in digital content and courseware. Inclusive access, where the cost of digital course content is added to a student's tuition and fees, remains a catalyst for us and the industry.

Professional $48 million, down 20%, $5 million of prior year AI licensing softer consumer demand in retail, and softer corporate demand in assessments. In retail, industry unit sales declined at the same rate as ours, so that pressure is market wide.

Excluding the prior year AI comparison, segment declined just under 10%, Adjusted EBITDA $14 million with margin at 15.1% against 27.4% reflecting revenue decline and mix. The first quarter carries our most difficult comparison of the year.

Retail channel inventories normalize as we move through it, Courseware and inclusive access continue to grow, and we expect assessments to improve. Meanwhile, we are concentrating the editorial list on titles that earned their place pushing harder on digital and inclusive access, and taking cost out protect margin.

Cost and operating efficiency remain a central priority. Corporate expenses on an adjusted EBITDA basis $33 million in the quarter, down $8 million or 19% building on the reduction from $166 million in fiscal 25 143 million in fiscal 26.

Technology restructuring drove most of that, and some of the quarter also reflects timing of spend. 3 workstreams sit behind this trajectory, First, technology transformation, where we are reducing legacy and maintenance costs and shifting toward product and innovation.

In the quarter, that meant retiring tech debt, consolidating facilities, and building out our partnership with Virtusa. Second, the corporate cost base, where restructuring continues to take cost out of shared services led by technology and global operations.

Third, AI productivity where deployments in legal, marketing, and content operations are advancing. Those savings are ahead of us rather than in this quarter's numbers and we are scoping the next wave against run rate targets.

A quick update on capital allocation and our financial position. First, organic investment.

CapEx was $14 million against $15 million a year ago, with the mix shifting toward growth and product development. We expect CapEx of approximately $80 million this year, up from $65 million.

Second, inorganic investment. We acquired Emerald Publishing in the quarter for approximately $450 million net in cash at roughly 7x adjusted EBITDA, including targeted cost synergies.

Our expectations are unchanged from June, with EPS accretion in year 1, the bulk of the cost synergies in year 2, and the full $30 million by year 3. We also expect revenue synergies from geographic expansion, cross selling, and licensing.

Third, portfolio optimization. We continue to manage our portfolio for growth and margin fit.

And fourth, return to shareholders. We raised the dividend for the 30-third consecutive year and returned $33 million through dividends and repurchases.

On the financial position, free cash flow was a use of $70 million against a use of $100 million a year ago, The improvement is working capital timing, principally collections of late fourth quarter renewal signings, partly offset by $14 million of higher restructuring and acquisition related payments. Free cash flow is historically a use through the first half given the timing of annual journal subscriptions and our full year outlook of $205 million is on track.

Net debt to EBITDA on a trailing 12 month basis was 2.7x against 1.9x a year ago reflecting the June 1 Emerald acquisition. Including Emerald synergies, pro form a leverage is 2.1x within our range of 1.5 to 2.5x.

Let me close with our outlook, which we are reaffirming in full. Organic revenue growth of low to mid single digits with research at mid single digits, Organic growth excludes the $78 million Emerald contribution over 11 months of fiscal 27, Emerald is included in all other metrics.

Adjusted EBITDA margin, of 26.5 to 27.5%, up from 26.2% in fiscal 26 and 24 percent in fiscal 25. Adjusted EPS of $4.60 to $5.05 up from $4.19 including roughly $0.10 from Emerald.

And free cash flow of $205 million up from $195 million with Emerald dilutive by $15 million in year 1 before turning accretive in fiscal 28. Our investment priorities are unchanged.

Journal and brand expansion, clinical outcome assessments, structured data and intelligence platforms, and audience analytics. We are integrating Emerald rolling out the research exchange platform across the rest of our journal base, and standing up our AI center of excellence to take cost and time out of our processes.

All while moving technology spend from maintenance to product. Are investing in compounding growth and taking cost out at the same time.

Every dollar competes for the highest return, and that discipline is what lets fund the opportunity in front of us while driving return on invested capital higher. With that, I will pass the call back to Matthew.

Thank you, Craig. To summarize, we delivered the quarter we planned for, absorbing a known $29 million AI comparison headwind while our growth engines kept building.

We are well on track to deliver mid single digit growth in research with strong publishing demand and output share gains and society wins. Long term trends remain favorable.

We are also on track for our AI revenue goals with $14 million realized through Q1 and a strong pipeline ahead. Our growth vectors are materializing.

We are fast tracking operational excellence with the full launch of the research exchange platform our tech transformation programs, and our AI Center of Excellence. We are driving cost improvement and continuous margin expansion while freeing up capacity to invest.

And we remain relentlessly focused on disciplined investment and capital allocation to drive higher ROIC and recurring revenue growth while rewarding shareholders. Before I open it up to questions, a quick reminder to mark your calendars for our fiscal 27 Investor Day on March 11.

The program is expected to run from 09:30 AM to 12:30 PM. As always, I wanna thank our global colleagues for all they do to show that a company can do good and do well at the same time.

And finally, 2027 marks Wiley's 220th year of continuous change and innovation. We intend to be known not only as 1 of the oldest companies in The US, but 1 of its most relevant.

Let's open the line to questions.

Hi. This is Will on for Dan.

Thanks for taking our questions this morning.

Good morning, Dan.

Organic revenue growth in research excluding AI revenue and Emerald was 5%. How does that compare peers in the market overall?

And how does that enhance your confidence in your mid single digit growth outlook? For the business both in fiscal year 27 and beyond?

Yes. Let me begin, and then I will turn it over to Craig who can drill in.

This is Matthew. We are growing along the same lines with the leaders in the market.

And the confidence is really driven by many of the leading indicators that I talked about. Our KPIs are quite strong.

This is a seasonally slow quarter for that business because it tends to be back ended towards Q3 and Q4. But we have confidence in the full year guidance because our signals are all quite strong.

Craig, do you want to add any additional color to that?

Yes. I think we have previously commented that we see the long term growth rate of the market in the 3% to 4% range.

Quoted a number a little bit higher, and we are seeing similar trends on that. We are particularly excited about how the momentum builds as we go throughout the year.

We see some growth coming in our calendar year renewals centered around the American Society of Mechanical Engineering ad that we had. Author paid open access continues to be supported with strong volume growth.

And the investments we have been making behind certain areas, advanced brand and geographic expansion are really starting to pay some dividends in the way that we are looking at the business. So we feel very comfortable about keeping in line with the market averages.

That is very helpful. Thank you.

And then looking at Q2, remind us how much AI related revenue you generated last year in Q2? And then what your expectations are for this quarter?

Yes. Let me take that 1.

So for, quarter 2, last year, we had pretty significant It started off in the year in a pretty significant number. You recall, from the $29 million compares.

We went into the second quarter it kind of balanced out, and it was a little bit more balanced around $1 million or so in the second quarter and repeated a similar number in the third and fourth quarter. We have previously highlighted that these types of deals are lumpy.

Matthew highlighted we have done $14 million in the fourth quarter, and we have already contracted for another $14 million over the next 2 quarters. So we see pretty similar phasing.

You can continue to expect some variability or lumpiness as we go. But, right now, we see continued phasing in line with what we saw in the prior year.

Yes. And I would comment, this is Matthew.

As you think about the AI revenues, and I commented on this in my remarks, think about it in terms of growing a more continuous revenue stream in parallel with these licensing arrangements, which tend to be lumpy. And this is still a business.

This AI licensing is still a business that is evolving. it is still it is still early as our clients learn how to use AI as effectively as they can in their Yes.

And then just, you know, as a follow on to that, overall, how should we think about the cadence of top line growth, margin expansion, EPS? For the year?

Yes. 1 characteristic that is true of our business is Q1 tends to be 1 of our seasonally lighter quarters.

And we see momentum build as we go throughout the year. We see a very similar pattern emerging ahead of us here.

So the that would be 1 kind of indicator for where we think we are going. As you saw, we are reaffirming full year guidance.

And so that is consistent with seasonally soft first quarter picking up in quarter 2, 3, and 4, and delivering on the commitments that we have shared with you in the earnings presentation.

Yeah. And the drivers are strong growth and on our foundational research publishing business.

And then the newer growth engines in AI data analytics starting to get traction later in the year. In the third and fourth quarters, which will give us momentum into the next fiscal While underneath that is continuous margin improvement.

it is not a onetime event. it is just as you have seen over the last couple of years, we have demonstrated that we can do this.

We can take that kind of margin improvement and share it with shareholders and also redeploy it into driving growth.

Thank you. Can you talk about what you have seen so far at Emerald?

I know it is only been 2 months since the acquisition, just any surprises, good, bad or otherwise?

Yes. Again, I will begin and turn it over to Craig if he wants to add some color.

So no surprises. it is, as we talked about, when we introduced the concept of emerald, it is a really good fit with our journal portfolio.

I think what we are seeing is only reinforcing that logic. it is a very well run company with talented people and culturally very similar to us.

And as I have mentioned in my remarks, if anything again, it is early. 2, 3 months into this, but the signals are running all green and with quite frankly, we are ahead of the pace that we initially established.

So we are very encouraged and view it as a very strong strategic move with actually terrific financial characteristics.

Yes. I would just add to Matthew's comments.

Off to a good start. We like what we see both in the stability in the strength of the customer and the revenue base.

The working relationship between our 2 teams has been very positive as we have come together and become 1 company. We have highlighted from a synergies perspective, you know, modest expectations for the first year, the bulk of the synergies emerging in year 2 and achieving the full run rate of synergies of $30 million by year 3.

We are very much on track for that. Running slightly ahead in the first year.

I would not say materially at this point, so we are just going to keep our eyes on it, but every indicator we have is that we are on or ahead of schedule right now and very pleased with the fit and the combination of Emerald with Wiley.

Thank you. Can you also provide a little deeper dive into some of the recent partnerships you have announced starting with IQVIA, is that generating meaningful revenue for you at this stage?

And how are things progressing, and what is a reasonable expectation?

Yes. IQVIA is a really terrific example of how we talk about a partnership network enabling us to punch above our weight.

Because IQVIA has a very big presence in the in the in the drug evaluation business. Clinical trials.

And we have as we have talked about, a very important tool in our clinical outcome assessments, peer reviewed tools that are used in these clinical trials. And so we are able to have 2 and 2 equal 5 because IQVIA as a partner has an established presence established distribution, and we have this critical instrument.

So it is it is it is a it is not just the licensing deal. it is really a strategic partnership.

And it is really a model of the way we are going to build the and data analytics business. We see partnering as culturally, we are very good at it.

It comes from our society business where we you know, we are the largest society publisher in the world. We have terrific long term relationships.

American Cancer Society, 30 years. Of dealing with these learned societies.

So we can take that partnering DNA and use it to basically energize and accelerate our entry into AI and data and analytics. Craig, do you want to comment on the financial side of this?

I did it was in my remarks about how that business has been growing.

The clinical outcome-- yes. I mean, we have talked a little bit about this in the past.

But clinical outcome assessments is 1 of those kind of hidden gems the diamonds in the rough. And it grew from hundreds of thousand dollars to $11 million last year, and we continue to see great continued growth and potential this year that shows this year in line with our expectations another great year of growth for clinical outcome assessments.

I think we are on the front end of something really big here and we are excited about where that is headed.

Yes. That also is a great illustration of what we believe that we have hidden gems within this 200 you know, this research corpus we have.

That we go way beyond just publishing content. And you know, internally, we have a pipeline of ideas similar to clinical outcome assessments that we are now developing, experimenting with.

So we can create similar new business lines. Thank you.

And then similar questions, how are things progressing with open evidence as well as Anthropic, AWS and others? Individually or collectively, how should we think about the revenue models and what those agreements could look like from a financial perspective?

for 2027 and the next few years.

Thanks for asking that. We are really pleased with the early stages of the work we are doing together with open evidence.

Just as a reminder, that was an agreement we struck, was $15 million over 5 years. it is a modest ad for where we are working on, but a great example of what we are doing with commercial light licensing in areas that we can here.

I would say we continue to work and develop see promise of that expanding, still early days. But on track with what we want to do and a great partnership that we have established.

Yes. And we have added content as we built on our initial relationship.

And another example of leveraging partnerships because open evidence has a very strong footprint into The US physician market. And it is a it is a terrific opportunity for us to partner to, again, use our valuable content to create new revenue streams for us.

Thank you. And then just 1 more for me.

Looking at the learning business, First, what was the impact of Amazon reducing inventories this quarter? When do we cycle against that?

And how much longer do you expect that to be a headwind? And then follow-up, excluding print and digital books, what was the organic growth rate for the remaining businesses and learning?

I am gonna give you some top lines on this. We do not go into that level of detail in terms of our public data here.

But what I can tell you about learning is we are at where we expected with learning. And in particular, if you kind of break down the learning business it is really 2 major segments, and academic and professional.

We see academic being very healthy, driven by things like digital content, courseware, inclusive access, and continued growth potential and opportunity. In the professional space, it is really made up of 2 business areas, 1 around trade publishing or the professional books business, and the other assessments.

And it is it is in the trade publishing area that, as we call it internal, where we saw last year the significant reduction in inventory on hand, through the Amazon channel. That had an impact on our business.

And if you recall, it really impacted us in the latter parts of August. So we are really in the toughest compare in a year over year perspective on a change that we saw happening really at the end of August last year.

And there has been some softness in demand in sell through, as we call it, some of the titles in the areas that we are seeing here. We are still working and monitoring and thinking about our title positioning and managing through that part.

The other part that I talked about was assessments. We see steadier performance here.

It was a little bit light in Q1, but we definitely see some improved performance. Potential as we are moving through the year on that.

So stepping back, I would say normalized trends in trade publishing against these inventory on hand impacts that we saw in August improved performance and assessments as we continue to modify the business model there. And in particular, as we kind of move forward here, I think on the opposite side, the inclusive access and buy books are going to continue to drive growth for us.

As we move through the year. So improving trends to look forward I would describe them as normalizing against the prior year impacts.

Pretty much where we expected they would be, and we continue to manage that business with a lot of strong talent and discipline looking into it.

Thank you very much.

Well, thank you again for your continued interest and confidence as we work hard to build the next chapter of Wiley, opening the door to a new-- new and exciting businesses around our terrific research franchise. We will update you again in December And, again, note that March date because I know that we definitely owe you a more detailed view.

Of our plans for the future. With that, thanks very much for joining us.