WOLTF - Wolters Kluwer N.V. (WOLTF) Q4 2023 Earnings Call Transcript
2024-02-21 12:58:03 ET
Wolters Kluwer N.V. (WOLTF)
Q4 2023 Results Conference Call
February 21, 2024 07:00 AM ET
Company Participants
Meg Geldens - VP, IR
Nancy McKinstry - CEO
Kevin Entricken - CFO
Conference Call Participants
Adam Berlin - UBS
George Webb - Morgan Stanley
Nick Dempsey - Barclays
Sami Kassab - BNP Paribas
Lisa Yang - Goldman Sachs
Silvia Cuneo - Deutsche Bank
Tom Singlehurst - Citi
Konrad Zomer - ODDO BHF Securities
Presentation
Operator
Hello, all, and thank you for joining us for Wolters Kluwer's Full Year 2023 Results Call. My name is Lydia, and I'll be your operator today. As a reminder, today's call is being recorded. [Operator Instructions]
I'll now hand you over to your host, Meg Geldens, Vice President of Investor Relations, to begin.
Meg Geldens
Thank you, Lydia. Welcome, everyone, to the Wolters Kluwer Full Year 2023 Results Call.
Today's earnings release and the slides for this presentation are available for download from the Investors section of our website, wolterskluwer.com.
With us on the call today are Nancy McKinstry, our CEO; and Kevin Entricken, our CFO, who will discuss our 2023 results and take your questions at the end.
Before we start, I'll remind you that some statements we make today may be forward-looking. We caution these statements are subject to risks and uncertainties and may cause actual results to differ materially from those indicated in these statements. Factors that could affect our future financial results are discussed in Note 2 of today's release and in our annual reports.
As usual, in the presentation today, we will refer to adjusted profit, which excludes nonbenchmark items. We refer to growth in constant currency, which excludes the effect of currency movements. And we refer to organic growth, which excludes both the effect of currency and the effect of acquisitions and divestments. Reconciliations to IFRS numbers and further information can be found in our release.
Following the organizational change implemented in March of 2023, we will present the results for the new 5-division structure and compare to pro forma figures for 2022.
And at this time, I'd like to hand the call over to our CEO, Nancy McKinstry.
Nancy McKinstry
Thank you, Meg, and hello, everyone, and thank you for taking the time to join us on this call. I will start by giving you the key highlights from last year and then Kevin Entricken, our CFO, will talk you through the financials in more detail. After that, I'll return to discuss divisional developments and the progress that we are making against our current strategic plan, and then I'll finish with an outlook for the year ahead.
So let's begin with the highlights of 2023. We delivered organic growth of 6% and an increase in our adjusted operating profit margin for the full year despite macroeconomic and geopolitical headwinds faced in a few areas. Diluted adjusted earnings per share increased 12% in constant currencies, while adjusted free cash flow was approximately €1.2 billion, in line with our guidance....
Wolters Kluwer N.V. (WOLTF) Q4 2023 Earnings Call Transcript