Segment Information

3 Months Ended

Jul. 31, 2019

Note 10 — Segment Information

As previously announced, we have changed our segment reporting structure to align with our strategic focus areas: (1) Research Publishing & Platforms, which includes the Research publishing and Atypon businesses, (2) Education Publishing & Professional Learning, which is the former “Publishing” segment combined with our corporate training businesses – previously noted as Professional Assessment and Corporate Learning; and (3) Education Services, which is the online program management business. Prior period segment results have been revised to the new segment presentation. There were no changes to our consolidated financial results.

We report our segment information in accordance with the provisions of FASB ASC Topic 280. These segments reflect the way our chief operating decision maker evaluates our business performance and manages the operations.

Segment information is as follows:

	Three Months Ended July 31,
	2019			2018
Revenue:
Research Publishing & Platforms	$	229,375		$	225,317
Education Publishing & Professional Learning		144,858			156,424
Education Services		49,297			29,160
Total Revenue	$	423,530		$	410,901

Contribution to Profit:
Research Publishing & Platforms	$	55,646		$	57,317
Education Publishing & Professional Learning		4,911			21,767
Education Services		(7,199	)		(5,019	)
Total Contribution to Profit		53,358			74,065
Corporate Expenses		(48,799	)		(37,925	)
Operating Income	$	4,559		$	36,140

Adjusted Contribution to Profit:⁽¹⁾
Research Publishing & Platforms	$	58,266		$	56,337
Education Publishing & Professional Learning		7,716			21,050
Education Services		(5,110	)		(5,227	)
Total Adjusted Contribution to Profit		60,872			72,160
Adjusted Corporate Expenses		(45,578	)		(42,106	)
Total Adjusted Operating Income	$	15,294		$	30,054

Depreciation and Amortization:
Research Publishing & Platforms	$	17,153		$	15,365
Education Publishing & Professional Learning		16,524			17,577
Education Services		5,498			3,467
Total Depreciation and Amortization		39,175			36,409
Corporate Depreciation and Amortization		3,044			3,762
Total Depreciation and Amortization	$	42,219		$	40,171

Adjusted EBITDA:
Research Publishing & Platforms	$	75,419		$	71,702
Education Publishing & Professional Learning		24,240			38,627
Education Services		388			(1,760	)
Total Segment Adjusted EBITDA		100,047			108,569
Corporate Adjusted EBITDA		(42,534	)		(38,344	)
Total Adjusted EBITDA	$	57,513		$	70,225

⁽¹⁾	Adjusted Contribution to Profit is Contribution to Profit adjusted for restructuring charges (credits). See Note 9, “Restructuring and Related Charges” for these charges (credits) by segment.