Wiley Reports First Quarter Fiscal 2021 Results
September 3, 2020 - Hoboken, NJ – John Wiley & Sons, Inc. (NYSE: JW-A and JW-B), a global leader in research and education, today announced results for the first quarter ended July 31, 2020.

SUMMARY
GAAP Results: Revenue of $431 million (+2%) and EPS of $0.29 (+$0.23)
Adjusted Results (at constant currency): Revenue +2% to $431 million, EBITDA +42% to $82 million, and EPS +124% to $0.42
Research Publishing & Platforms (at constant currency): Revenue +6% and Adjusted EBITDA +19%
Shareholder Return:  Wiley among select group with 27 consecutive years of annual dividend increases

MANAGEMENT COMMENTARY
“Wiley’s core strategies in open research and online education are paying off with unprecedented gains in Research article output and content consumption, strong online enrollment growth, and record new adoption of digital courseware,” said Brian Napack, President and CEO.  “The Wiley team is executing well through the pandemic as we continue to take advantage of market-driven growth trends in Research and Education, while driving further efficiency gains across our business.” 

FIRST QUARTER PERFORMANCE

GAAP Measures
Unaudited ($millions except for EPS)
   
Q1 2021
     
Q1 2020
   
Change
Revenue
 
$
431.3
   
$
423.5
     
2%
Diluted EPS
 
$
0.29
   
$
0.06
   
$
0.23
Non-GAAP Measures
   
Q1 2021
     
Q1 2020
   
Change
Constant Currency
Revenue
 
$
431.3
   
$
423.5
     
2%
Adjusted EBITDA
 
$
81.8
   
$
57.5
     
42%
Adjusted EPS
 
$
0.42
   
$
0.21
     
124%

Excluding acquisitions and currency impact, revenue declined 1% for the quarter.  Wiley recorded an unfavorable FX variance of $2.4 million in revenue, $0.05 in Adjusted EPS, and favorable FX variance of $0.1 million in Adjusted EBITDA.

Revenue
Research Publishing & Platforms rose 5% as reported and 6% at constant currency with growth in open access and content platforms driving results.Note, approximately $4 million, or 2% of first quarter Research Publishing revenue, reflected carryover due to COVID-related delays from the prior quarter.


Academic & Professional Learning declined 12% as reported and at constant currency mainly due to continued market pressures on print books and adverse COVID-19 impacts on Professional Learning, particularly in-person corporate training.  In Education Publishing, digital content and courseware growth accelerated while print textbooks continued to decline sharply.
Education Services increased 29% as reported and at constant currency, driven by the three-month inorganic contribution from mthree (+$12 million) and organic growth of 4% in Online Program Management (OPM) services.

Adjusted EBITDA
Research Publishing & Platforms grew 19% at constant currency, reflecting revenue growth and lower discretionary spending.
Academic & Professional Learning declined 23% at constant currency, reflecting revenue performance, partly offset by lower discretionary spending.
Education Services grew from $0.4 million to $8 million due to revenue growth and business optimization savings, notably improvement in student acquisition costs.  Adjusted EBITDA margin for the quarter was 13%.
Corporate Expenses declined 19% to $34 million mainly due to lower employee-related costs and professional fees.

EPS
GAAP EPS of $0.29 compared to $0.06 in prior year period primarily reflected growth in Operating Income.  Restructuring charges of $0.03 were lower by $0.11 from prior year but offset by a deferred tax charge of $0.12 in the current period related to a UK statutory rate increase.
Adjusted EPS (+124%) primarily reflected Adjusted Operating Income growth.

Balance Sheet and Liquidity
Net debt-to-EBITDA ratio (trailing twelve months) at quarter-end was 2.0 as compared to 1.7 at the end of the year-ago period.
Available liquidity was approximately $750 million at quarter-end, including $101 million of cash on hand and $650 million of undrawn debt facilities.

Cash Flow and Return to Shareholders
Net Cash Used in Operating Activities was $121 million compared to $94 million in the prior year period, primarily driven by the timing of working capital.  Note, Wiley’s consistent use of cash in the first half of the fiscal year is driven by the timing of collections for annual journal subscriptions, which is concentrated in the third and fourth fiscal quarters.
Free Cash Flow less Product Development Spending was a use of $145 million compared to a use of $125 million in the prior year.  As a reminder, Wiley generated $173 million of Free Cash Flow in fiscal year 2020.
Quarterly dividend was raised for the 27th consecutive year, declared on June 25, to $0.3425 per share on its Class A and Class B common stock.

FISCAL YEAR 2021 OUTLOOK
Wiley cannot confidently project the forward-looking impact of the pandemic on its operating results and is therefore not providing a financial outlook for fiscal year 2021 at this time.


EARNINGS CONFERENCE CALL
Scheduled for today, September 3 at 10:00 a.m. (ET).  Access the webcast on Wiley.com, at  https://www.wiley.com/en-us/investors or directly at https://edge.media-server.com/mmc/p/wimivu3k.  U.S. callers, please dial (844) 231-0103 and enter the participant code 8168499#.  International callers, please dial (216) 562-0402 and enter the participant code 8168499#.

ABOUT WILEY
Wiley drives the world forward with research and education.  Through publishing, platforms and services, we help researchers, professionals, students, universities, and corporations to achieve their goals in an ever-changing world.  And for more than 200 years, we have delivered consistent performance to all our stakeholders. The Company's website can be accessed at www.wiley.com.

NON-GAAP FINANCIAL MEASURES
Wiley provides non-GAAP financial measures and performance results such as “Adjusted EPS,” “Adjusted Revenue,” “Adjusted Operating Income,” “Adjusted EBITDA,” “Adjusted CTP,” “Free Cash Flow less Product Development Spending,” “organic revenue,” and results on a Constant Currency basis to assess underlying business performance and trends.  Management believes non-GAAP financial measures, which exclude the impact of restructuring charges and credits and certain other items, and the impact of acquisitions provide a useful comparable basis to analyze operating results and earnings.  See the reconciliations of non-GAAP financial measures and explanations of the uses of non-GAAP measures in the supplementary information.

FORWARD-LOOKING STATEMENTS
This release contains certain forward-looking statements concerning the Company's operations, performance, and financial condition. Reliance should not be placed on forward-looking statements, as actual results may differ materially from those in any forward-looking statements. Any such forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to uncertainties and contingencies, many of which are beyond the control of the Company and are subject to change based on many important factors. Such factors include, but are not limited to: (i) the level of investment in new technologies and products; (ii) subscriber renewal rates for the Company's journals; (iii) the financial stability and liquidity of journal subscription agents; (iv) the consolidation of book wholesalers and retail accounts; (v) the market position and financial stability of key online retailers; (vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwide economic and political conditions; (viii) the Company's ability to protect its copyrights and other intellectual property worldwide (ix) the ability of the Company to successfully integrate acquired operations and realize expected opportunities; (x) the Company’s ability to realize operating savings over time and in fiscal year 2021 in connection with our multi-year Business Optimization Program; (xi) the impact of COVID-19 on our operations, performance, and financial condition; and (xii) other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.

Investor Contact:
Brian Campbell
201.748.6874
brian.campbell@wiley.com

Media Contact:
Katie Roberts
602.373.7233
karoberts@wiley.com




JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1)(2)
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(unaudited)
             
   
Three Months Ended
 
   
July 31,
 
   
2020
   
2019
 
Revenue, net
 
$
431,326
   
$
423,530
 
Costs and expenses:
               
  Cost of sales
   
144,809
     
143,096
 
  Operating and administrative expenses
   
237,369
     
250,170
 
  Restructuring and related charges
   
2,218
     
10,735
 
  Amortization of intangibles
   
16,891
     
14,970
 
Total Costs and Expenses
   
401,287
     
418,971
 
                 
Operating Income
   
30,039
     
4,559
 
As a % of revenue
   
7.0
%
   
1.1
%
                 
Interest expense
   
(4,614
)
   
(6,077
)
Foreign exchange transaction (losses) gains
   
(82
)
   
2,652
 
Interest and other income
   
4,391
     
2,833
 
Income Before Taxes
   
29,734
     
3,967
 
                 
Provision for income taxes
   
13,400
     
343
 
Effective tax rate
   
45.1
%
   
8.6
%
Net Income
 
$
16,334
   
$
3,624
 
As a % of revenue
   
3.8
%
   
0.9
%
                 
Weighed Average Number of Common Shares Outstanding
               
Basic
   
55,912
     
56,536
 
Diluted
   
56,193
     
56,905
 
                 
Earnings Per Share
               
Basic
 
$
0.29
   
$
0.06
 
Diluted
 
$
0.29
   
$
0.06
 
         
Notes:
(1) The supplementary information included in this press release for the three months ended July 31, 2020 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.

(2) All amounts are approximate due to rounding.
               

JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1)
RECONCILIATION OF GAAP EPS to NON-GAAP ADJUSTED EPS - DILUTED
(unaudited)
               
      
Three Months Ended
 
     
July 31,
 
     
2020
   
2019
 
GAAP Earnings Per Share - Diluted
 
$
0.29
   
$
0.06
 
Adjustments:
               
 Restructuring and related charges (A)
   
0.03
     
0.14
 
 Foreign exchange (gains) losses on intercompany transactions (A)
   
(0.02
)
   
0.01
 
 Impact of increase in U.K. statutory rate on deferred tax balances in fiscal year 2021 (B)
   
0.12
     
-
 
Non-GAAP Adjusted Earnings Per Share - Diluted
 
$
0.42
   
$
0.21
 
                   
Notes:
(A)     The table below shows the net of tax impact of our adjustments to GAAP Earnings Per Share noted above.
               
      
Three Months Ended
 
     
July 31,
 
(amounts in millions)
   
2020
     
2019
 
Net of tax, charges related to the Business Optimization Program
 
$
1.5
   
$
8.1
 
Net of tax, credits related to the Restructuring and Reinvestment Program
 
$
(0.0
)
 
$
(0.1
)
Net of tax, foreign exchange transaction (gains) losses
 
$
(1.0
)
 
$
0.3
 
(B)      During the first quarter of fiscal 2021, the U.K. officially enacted legislation that increased its statutory rate from 17% to 19%. This resulted in a $6.7 million non-cash deferred tax expense from the re-measurement of the Company’s applicable U.K. net deferred tax liabilities.
 
(1) See Explanation of Usage of Non-GAAP performance measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors. The supplementary information included in this press release for the three months ended July 31, 2020 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
 

JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1)
RECONCILIATION OF GAAP NET INCOME to NON-GAAP EBITDA AND ADJUSTED EBITDA
(unaudited)
             
   
Three Months Ended
 
   
July 31,
 
   
2020
   
2019
 
Net Income
 
$
16,334
   
$
3,624
 
Interest expense
   
4,614
     
6,077
 
Provision for income taxes
   
13,400
     
343
 
Depreciation and amortization
   
49,507
     
42,219
 
Non-GAAP EBITDA
   
83,855
     
52,263
 
Restructuring and related charges
   
2,218
     
10,735
 
Foreign exchange transaction losses (gains)
   
82
     
(2,652
)
Interest and other income
   
(4,391
)
   
(2,833
)
Non-GAAP Adjusted EBITDA
 
$
81,764
   
$
57,513
 
Adjusted EBITDA Margin
   
19.0
%
   
13.6
%
                 
Notes:
(1) See Explanation of Usage of Non-GAAP performance measures included in this supplementary information for additional details on the reasons why management believes presentation of each non-GAAP performance measure provides useful information to investors. The supplementary information included in this press release for the three months ended July 31, 2020 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
 


JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1)
SEGMENT RESULTS
(in thousands)
(unaudited)
                           
      

   
% Change
 
      Three Months Ended July 31,    
Favorable (Unfavorable)
 
     
2020
   
2019
   
Reported
   
Constant
Currency
 
Research Publishing & Platforms:
                       
Revenue, net
                       
Research Publishing
 
$
230,464
   
$
219,927
     
5
%
   
5
%
Research Platforms
   
10,346
     
9,448
     
10
%
   
10
%
Total Revenue, net
 
$
240,810
   
$
229,375
     
5
%
   
6
%
                                   
Contribution to Profit
 
$
69,818
   
$
55,646
     
25
%
   
26
%
Adjustments:
                               
Restructuring (credits) charges
   
(197
)
   
2,620
                 
Non-GAAP Adjusted Contribution to Profit
 
$
69,621
   
$
58,266
     
19
%
   
20
%
Depreciation and amortization
   
19,701
     
17,153
                 
Non-GAAP Adjusted EBITDA
 
$
89,322
   
$
75,419
     
18
%
   
19
%
Adjusted EBITDA margin
   
37.1
%
   
32.9
%
               
                                   
Academic & Professional Learning:
                               
Revenue, net
                               
Education Publishing
 
$
64,084
   
$
65,523
     
-2
%
   
-2
%
Professional Learning
   
62,829
     
79,335
     
-21
%
   
-20
%
Total Revenue, net
   
126,913
     
144,858
     
-12
%
   
-12
%
                                   
Contribution to Profit
 
$
(380
)
 
$
4,911
     
#
     
#
 
Adjustments:
                               
Restructuring charges
   
33
     
2,805
                 
Non-GAAP Adjusted Contribution to Profit
 
$
(347
)
 
$
7,716
     
#
     
#
 
Depreciation and amortization
   
18,804
     
16,524
                 
Non-GAAP Adjusted EBITDA
 
$
18,457
   
$
24,240
     
-24
%
   
-23
%
Adjusted EBITDA margin
   
14.5
%
   
16.7
%
               
                                   
Education Services:
                               
Revenue, net
                               
Education Services (2)
 
$
50,262
   
$
48,156
     
4
%
   
4
%
mthree (2)
   
13,341
     
1,141
     
#
     
#
 
Total Revenue, net
   
63,603
     
49,297
     
29
%
   
29
%
                                   
Contribution to Profit
 
$
558
   
$
(7,199
)
   
#
     
#
 
Adjustments:
                               
Restructuring charges
   
139
     
2,089
                 
Non-GAAP Adjusted Contribution to Profit
 
$
697
   
$
(5,110
)
   
#
     
#
 
Depreciation and amortization
   
7,279
     
5,498
                 
Non-GAAP Adjusted EBITDA
 
$
7,976
   
$
388
     
#
     
#
 
Adjusted EBITDA margin
   
12.5
%
   
0.8
%
               
                                   
Corporate Expenses:
 
$
(39,957
)
 
$
(48,799
)
   
18
%
   
17
%
Adjustments:
                               
Restructuring charges
   
2,243
     
3,221
                 
Non-GAAP Adjusted Corporate Expenses
 
$
(37,714
)
 
$
(45,578
)
   
17
%
   
16
%
Depreciation and amortization
   
3,723
     
3,044
                 
Non-GAAP Adjusted EBITDA
 
$
(33,991
)
 
$
(42,534
)
   
20
%
   
19
%
                  
Consolidated Results:
                               
Revenue, net
 
$
431,326
   
$
423,530
     
2
%
   
2
%
                                   
Operating Income
 
$
30,039
   
$
4,559
     
#
     
#
 
Adjustments:
                               
Restructuring charges
   
2,218
     
10,735
                 
Non-GAAP Adjusted Operating Income
 
$
32,257
   
$
15,294
     
#
     
#
 
Depreciation and amortization
   
49,507
     
42,219
                 
Non-GAAP Adjusted EBITDA
 
$
81,764
   
$
57,513
     
42
%
   
42
%
Adjusted EBITDA margin
   
19.0
%
   
13.6
%
               
                                   
(1) The supplementary information included in this press release for the three months ended July 31, 2020 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
 
(2) In May 2020, we moved the IT bootcamp business acquired as part of The Learning House acquisition from Education Services to mthree. As a result, the prior period revenue related to the IT bootcamp business has been included in mthree. There were no changes to our total Education Services or our consolidated financial results. The inorganic revenue from mthree in the three months ended July 31, 2020 was $12.4 million.
 
# Not meaningful

JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1)
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands)
(unaudited)
             
   
July 31,
   
April 30,
 
   
2020
   
2020
 
Assets:
           
Current Assets
           
Cash and cash equivalents
 
$
101,385
   
$
202,464
 
Accounts receivable, net
   
282,412
     
309,384
 
Inventories, net
   
45,051
     
43,614
 
Prepaid expenses and other current assets
   
59,155
     
59,465
 
Total Current Assets
   
488,003
     
614,927
 
                 
Product Development Assets, net
   
52,088
     
53,643
 
Royalty Advances, net
   
28,682
     
36,710
 
Technology, Property and Equipment, net
   
295,457
     
298,005
 
Intangible Assets, net
   
829,231
     
807,405
 
Goodwill
   
1,133,610
     
1,116,790
 
Operating Lease Right-of-Use Assets
   
139,798
     
142,716
 
Other Non-Current Assets
   
102,077
     
98,598
 
Total Assets
 
$
3,068,946
   
$
3,168,794
 
                 
Liabilities and Shareholders' Equity:
               
Current Liabilities
               
Accounts payable
 
$
52,556
   
$
93,691
 
Accrued royalties
   
82,691
     
87,408
 
Short-term portion of long-term debt
   
10,938
     
9,375
 
Contract liabilities
   
408,954
     
520,214
 
Accrued employment costs
   
70,211
     
108,448
 
Accrued income taxes
   
181
     
13,728
 
Short-term portion of operating lease liabilities
   
20,647
     
21,810
 
Other accrued liabilities
   
69,958
     
72,595
 
Total Current Liabilities
   
716,136
     
927,269
 
Long-Term Debt
   
835,763
     
765,650
 
Accrued Pension Liability
   
183,284
     
187,969
 
Deferred Income Tax Liabilities
   
124,184
     
119,127
 
Operating Lease Liabilities
   
156,644
     
159,782
 
Other Long-Term Liabilities
   
79,190
     
75,373
 
Total Liabilities
   
2,095,201
     
2,235,170
 
Shareholders' Equity
   
973,745
     
933,624
 
Total Liabilities and Shareholders' Equity
 
$
3,068,946
   
$
3,168,794
 
                 
(1) The supplementary information included in this press release for July 31, 2020 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
 

JOHN WILEY & SONS, INC.
SUPPLEMENTARY INFORMATION (1)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(in thousands)
(unaudited)
               
      
Three Months Ended
 
     
July 31,
 
     
2020
   
2019
 
Operating Activities:
           
Net income
 
$
16,334
   
$
3,624
 
Amortization of intangibles
   
16,891
     
14,970
 
Amortization of product development assets
   
9,148
     
8,714
 
Depreciation and amortization of technology, property, and equipment
   
23,468
     
18,535
 
Other non-cash charges and credits
   
37,105
     
26,477
 
Net change in operating assets and liabilities
   
(223,729
)
   
(166,488
)
Net Cash Used In Operating Activities
   
(120,783
)
   
(94,168
)
                   
Investing Activities:
               
Additions to technology, property, and equipment
   
(18,964
)
   
(24,202
)
Product development spending
   
(5,325
)
   
(6,211
)
Businesses acquired in purchase transactions, net of cash acquired
   
(136
)
   
(73,209
)
Acquisitions of publication rights and other
   
(3,855
)
   
(2,270
)
Net Cash Used in Investing Activities
   
(28,280
)
   
(105,892
)
                   
Financing Activities:
               
Net debt borrowings
   
67,356
     
253,848
 
Cash dividends
   
(19,261
)
   
(19,252
)
Purchase of treasury shares
   
-
     
(10,000
)
Other
   
(4,611
)
   
(11,263
)
Net Cash Provided By Financing Activities
   
43,484
     
213,333
 
                   
Effects of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash
   
4,500
     
(2,138
)
                   
Change in Cash, Cash Equivalents and Restricted Cash for Period
   
(101,079
)
   
11,135
 
                   
Cash, Cash Equivalents and Restricted Cash - Beginning
   
203,047
     
93,548
 
Cash, Cash Equivalents and Restricted Cash - Ending
 
$
101,968
     
104,683
 
                   
CALCULATION OF NON-GAAP FREE CASH FLOW LESS PRODUCT DEVELOPMENT SPENDING
                   
      
Three Months Ended
 
     
July 31,
 
       
2020
     
2019
 
Net Cash Used In Operating Activities
 
$
(120,783
)
 
$
(94,168
)
Less: Additions to technology, property, and equipment

   
(18,964
)
   
(24,202
)
Less: Product development spending

   
(5,325
)
   
(6,211
)
Free Cash Flow less Product Development Spending
 
$
(145,072
)
 
$
(124,581
)
          
See Explanation of Usage of Non-GAAP Measures included in this supplemental information.

               
(1) The supplementary information included in this press release for the three months ended July 31, 2020 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
 

JOHN WILEY & SONS, INC.
Explanation of Usage of NON-GAAP Performance Measures
 
In this earnings release and supplemental information, management may present the following non-GAAP performance measures:
•        Adjusted Earnings Per Share "(Adjusted EPS)";
•        Free Cash Flow less Product Development Spending;
•        Adjusted Revenue;
•        Adjusted Operating Income and margin;
•        Adjusted Contribution to Profit and margin;
•        EBITDA and Adjusted EBITDA and margin;
•        Organic revenue; and
•        Results on a constant currency basis.
 
Management uses these non-GAAP performance measures as supplemental indicators of our operating performance and financial position as well for internal reporting and forecasting purposes, when publicly providing its outlook, to evaluate the Company's performance and calculate incentive compensation. Non-GAAP performance measures do not have standardized meanings prescribed by U.S. GAAP and therefore may not be comparable to the calculation of similar measures used by other companies and should not be viewed as alternatives to measures of financial results under U.S. GAAP.

The Company presents these non-GAAP performance measures in addition to U.S. GAAP financial results because it believes that these non-GAAP performance measures provide useful information to certain investors and financial analysts for operational trends and comparisons over time. The use of these non-GAAP performance measures may also provide a consistent basis to evaluate operating profitability and performance trends by excluding items that we do not consider to be controllable activities for this purpose. For example:

        Adjusted EPS, Adjusted Revenue, Adjusted Operating Income, Adjusted Contribution to Profit, Adjusted EBITDA and organic revenue provide a more comparable basis to analyze operating results and earnings and are measures commonly used by shareholders to measure our performance.

        Free Cash Flow less Product Development Spending helps assess our ability, over the long term, to create value for our shareholders as it represents cash available to repay debt, pay common stock dividends and fund share repurchases and acquisitions.

        Results on a constant currency basis removes distortion from the effects of foreign currency movements to provide better comparability of our business trends from period to period. We measure our performance before the impact of foreign currency (or at “constant currency”), which means that we apply the same foreign currency exchange rates for the current and equivalent prior period.

In addition, the Company has historically provided these or similar non-GAAP performance measures and understands that some investors and financial analysts find this information helpful in analyzing the Company's operating margins, and net income and comparing the Company's financial performance to that of its peer companies and competitors. Based on interactions with investors, we also believe that the Company's non-GAAP performance measures are regarded as useful to our investors as supplemental to our U.S. GAAP financial results, and that there is no confusion regarding the adjustments or our operating performance to our investors due to the comprehensive nature of our disclosures.
 

The following information was filed by Wiley John Sons, Inc. on Thursday, September 3, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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