WOLTF - Wolters Kluwer N.V. Non-GAAP EPS of Euro4.14 revenue of Euro5.45B; initiates FY23 guidance

February, 22 2023 02:27 AM Wolters Kluwer N.V.

Wolters Kluwer N.V. press release ( OTCPK:WOLTF ): FY Non-GAAP EPS of €4.14.
Revenue of €5.45B (+14.3% Y/Y).
Adjusted operating profit €1,424M, up 7% in constant currencies. Adjusted operating margin 26.1%, up 80 basis points.
Adjusted free cash flow €1,220M, up 7% in constant currencies.
Net-debt-to-EBITDA of 1.3x; return on invested capital improved to 15.5%.
Outlook 2023: Expect high single-digit growth in diluted adjusted EPS in constant currencies; Adjusted operating profit margin of 26.1%-26.5%; Adjusted free cash flow of Around €1,200M; ROIC of 16.5%-17.0%.
Capital expenditure is expected to increase but to remain within our normal range of 5.0%-6.0% of total revenues (FY 2022: 5.4%).
"We expect full-year cash conversion ratio to be approximately 100% (FY 2022: 107%)."
In the first and second quarters of 2023, organic growth is expected to be slower compared to the prior year period, most notably in Health and Governance, Risk & Compliance. The adjusted operating margin is expected to ease in the first half.

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