Note 20 – Supplementary Quarterly Financial Information - Results By Quarter (Unaudited)

Amounts in millions, except per share data	2019		2018
Revenue, net
First Quarter	$	410.9	$	411.4
Second Quarter		448.6		451.7
Third Quarter		449.4		455.7
Fourth Quarter		491.2		477.3
Year ended April 30,	$	1,800.1	$	1,796.1

Gross Profit ⁽¹⁾
First Quarter	$	283.1	$	285.5
Second Quarter		316.0		319.6
Third Quarter		305.5		319.3
Fourth Quarter		340.7		340.7
Year ended April 30,	$	1,245.3	$	1,265.1

Operating Income ⁽²⁾
First Quarter	$	36.1	$	12.6
Second Quarter		57.5		80.8
Third Quarter		50.3		65.4
Fourth Quarter		80.1		72.7
Year ended April 30,	$	224.0	$	231.5

Net Income
First Quarter	$	26.3	$	9.2
Second Quarter		43.8		60.0
Third Quarter		34.9		68.8
Fourth Quarter		63.3		54.2
Year ended April 30,	$	168.3	$	192.2

	2019				2018
	Basic		Diluted		Basic		Diluted
Earnings Per Share ⁽³⁾
First Quarter	$	0.46	$	0.45	$	0.16	$	0.16
Second Quarter		0.76		0.76		1.06		1.04
Third Quarter		0.61		0.61		1.21		1.19
Fourth Quarter		1.11		1.10		0.95		0.93
Year ended April 30,	$	2.94	$	2.91	$	3.37	$	3.32

⁽¹⁾In connection with the acquisition of Learning House, we changed our accounting policy for certain advertising and marketing costs incurred by our Education Services business to fulfill performance obligations from contracts with educational institutions. Under the new accounting policy, these costs are included in Cost of Sales whereas they were previously included in Operating and Administrative Expenses on the Consolidated Statements of Income. This change in accounting policy was applied retrospectively.

This reclassification had no impact on Revenue, net, Operating Income, Net Income, or Earnings per Share. Refer to “Change in Accounting Policy” in Note 2, "Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards," for more information on the accounting policy change and Note 4, “Acquisition,” for more information related to the acquisition of Learning House.

⁽²⁾Due to the retrospective adoption of ASU 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,”, we reclassified total net benefits related to the non-service components of defined benefit and other post-employment benefit plans from Operating and Administrative Expenses to Interest and Other Income (Expense) on the Consolidated Statements of Income. Refer to Note 2, “Summary of Significant Accounting Policies, Recently Issued, and Recently Adopted Accounting Standards,” for more information.

⁽³⁾The sum of the quarterly earnings per share amounts may not agree to the respective annual amounts due to rounding.