Wiley registered a challenging start to QQ1 2025 with revenue of $403.8 million, down 10.5% year over year and 13.8% quarter over quarter, while gross margin remained robust at approximately 69.8%. Despite a modest operating profit of $28.97 million and EBITDA of $75.06 million, Wiley posted a net loss of $1.44 million and negative free cash flow of $105.22 million. The operating margin stood at 7.17%, reflecting disciplined cost structure around a middle-to-upper tier publishing model, but non-operating items (including interest and taxes) drove the bottom line into negative territory. The company also exhibits notable liquidity pressure, with a current ratio of 0.57 and a cash ratio of 0.12, and a total debt load of about $1.03 billion against $0.71 billion in equity, yielding a debt-to-equity ratio of roughly 1.44. Free cash flow remained negative, driven largely by working capital movements (change in working capital of -$138.8 million and other working capital effects totaling -$138.8 million in the quarter), and CFO was negative at -$88.7 million. Wiley ended the quarter with $89.4 million in cash and cash equivalents and about $1.0278 billion of gross debt, implying a meaningful need for liquidity management and potential balance sheet optimization in the near term.