Journal subscription revenue grew by 1.8% in the quarter and is up 3% year-to-date. The lower growth rate in the second quarter reflects the adverse impact of publication timing versus the second quarter of fiscal year 2011. It is still early in the calendar year 2012 journal subscription renewal process. And we are working closely with our customers on a large number of significant -- we have successfully negotiated approximately one third of our full year forecast subscription and license revenues which is ahead of where we were at this time last year. And early indications are that our growth rates will be similar to those experienced in calendar year 2011.Cash collection typically follows licensing and invoicing by around 30 days. As a result of the expected timing of collections noted with respect to the second quarter, to be the cleared by the end of the third quarter. We have completed negotiations with members of several large consortia customers, such as JUSTICE, the Japan National and Private University consortium; the NESLI consortium in the U.K., the (inaudible) consortium in France, ANKOS in Turkey, the Bavarian consortium in Germany, the Statewide California Electronic Library consortium, Georgia University System consortium, among many others. In aggregate, the value of these licenses is growing in line with our expectations.
John Wiley & Sons' CEO Discusses F2Q2012 Results - Earnings Call Transcript
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