Half Year 2024 Wolters Kluwer NV Earnings Call Transcript
Key Points
- Wolters Kluwer NV (WOLTF) achieved a 6% organic growth in the first half of 2024, with growth across all divisions.
- The company improved its adjusted operating profit margin by 40 basis points to 26.5%.
- Diluted adjusted EPS increased by 11% in constant currencies.
- Recurring cloud-based software grew 16% organically, indicating strong demand for digital solutions.
- The company made significant progress in integrating GenAI features into its platforms, enhancing its technological capabilities.
- Adjusted free cash flow declined by 10% in constant currencies, primarily due to the timing of large vendor payments.
- Net debt-to-EBITDA increased to 1.6 times, slightly higher than a year ago.
- The Health division's operating margin declined due to onetime write-offs.
- The tax and accounting division experienced a slight moderation in growth in Spain and Germany.
- The company faced challenges in its Asia Pacific and Rest of World revenues, with a 1% organic decline.
Thank you, Melanie. Hello, everyone, and welcome to our Wolters Kluwer half-year 2024 results presentation. Today's earnings release and the presentation are available on our website for download, wolterskluwer.com.
On the call with me today are Nancy McKinstry, our CEO; and Kevin Entricken, our CFO. We're dialing in to this call from various locations, so thank you in advance if -- and understanding in case we experience any delays.
Nancy and Kevin will shortly discuss the important features of our first half results. Following their comments, we'll open the call to your questions. Before we start, I'll remind you that some statements we make today may be forward-looking.
We caution that these statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the statements. Factors that could affect our future financial results are discussed in Note 2 of today's release and in our 2023 annual report.
As usual, in the presentation today, we
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