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v3.19.3

Segment Information (Tables) | 6 Months Ended
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Oct. 31, 2019
Segment Information [Abstract] |
Segment Information | Segment information is as follows:
|  | Three Months Ended October 31, |  |  | Six Months Ended October 31, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 234,709 |  |  | $ | 229,075 |  |  | $ | 464,084 |  |  | $ | 454,392 |
Academic & Professional Learning |  |  | 177,725 |  |  |  | 189,670 |  |  |  | 322,583 |  |  |  | 346,094 |
Education Services |  |  | 53,771 |  |  |  | 29,877 |  |  |  | 103,068 |  |  |  | 59,037 |
Total Revenue |  | $ | 466,205 |  |  | $ | 448,622 |  |  | $ | 889,735 |  |  | $ | 859,523 |
Contribution to Profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 63,291 |  |  | $ | 59,210 |  |  | $ | 118,937 |  |  | $ | 116,527 |
Academic & Professional Learning |  |  | 35,050 |  |  |  | 47,078 |  |  |  | 39,961 |  |  |  | 68,845 |
Education Services |  |  | 2,583 |  |  |  | (867 | ) |  |  | (4,616 | ) |  |  | (5,886 | )
Total Contribution to Profit (1) |  | $ | 100,924 |  |  | $ | 105,421 |  |  | $ | 154,282 |  |  | $ | 179,486 |
Corporate Expenses |  |  | (37,533 | ) |  |  | (47,946 | ) |  |  | (86,332 | ) |  |  | (85,871 | )
Operating Income (1) |  | $ | 63,391 |  |  | $ | 57,475 |  |  | $ | 67,950 |  |  | $ | 93,615 |
Adjusted Contribution to Profit: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 64,017 |  |  | $ | 61,492 |  |  | $ | 122,283 |  |  | $ | 117,829 |
Academic & Professional Learning |  |  | 35,850 |  |  |  | 49,272 |  |  |  | 43,566 |  |  |  | 70,322 |
Education Services |  |  | 2,108 |  |  |  | (557 | ) |  |  | (3,002 | ) |  |  | (5,784 | )
Total Adjusted Contribution to Profit |  | $ | 101,975 |  |  | $ | 110,207 |  |  | $ | 162,847 |  |  | $ | 182,367 |
Adjusted Corporate Expenses |  |  | (34,583 | ) |  |  | (42,736 | ) |  |  | (80,161 | ) |  |  | (84,842 | )
Total Adjusted Operating Income |  | $ | 67,392 |  |  | $ | 67,471 |  |  | $ | 82,686 |  |  | $ | 97,525 |
Depreciation and Amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 17,037 |  |  | $ | 15,422 |  |  | $ | 34,190 |  |  | $ | 30,787 |
Academic & Professional Learning |  |  | 17,349 |  |  |  | 17,473 |  |  |  | 33,873 |  |  |  | 35,050 |
Education Services |  |  | 5,522 |  |  |  | 3,045 |  |  |  | 11,020 |  |  |  | 6,512 |
Total Depreciation and Amortization |  | $ | 39,908 |  |  | $ | 35,940 |  |  | $ | 79,083 |  |  | $ | 72,349 |
Corporate Depreciation and Amortization |  |  | 2,730 |  |  |  | 3,712 |  |  |  | 5,774 |  |  |  | 7,474 |
Total Depreciation and Amortization |  | $ | 42,638 |  |  | $ | 39,652 |  |  | $ | 84,857 |  |  | $ | 79,823 |
Adjusted EBITDA: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 81,054 |  |  | $ | 76,914 |  |  | $ | 156,473 |  |  | $ | 148,616 |
Academic & Professional Learning |  |  | 53,199 |  |  |  | 66,745 |  |  |  | 77,439 |  |  |  | 105,372 |
Education Services |  |  | 7,630 |  |  |  | 2,488 |  |  |  | 8,018 |  |  |  | 728 |
Total Segment Adjusted EBITDA |  | $ | 141,883 |  |  | $ | 146,147 |  |  | $ | 241,930 |  |  | $ | 254,716 |
Corporate Adjusted EBITDA |  |  | (31,853 | ) |  |  | (39,024 | ) |  |  | (74,387 | ) |  |  | (77,368 | )
Total Adjusted EBITDA |  | $ | 110,030 |  |  | $ | 107,123 |  |  | $ | 167,543 |  |  | $ | 177,348 |
(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.
(2) | Adjusted EBITDA is Adjusted Contribution to Profit with depreciation and amortization added back.
Reconciliation of GAAP Net Income to Non-GAAP EBITDA and Adjusted EBITDA | The following table shows a reconciliation of GAAP net income to Non-GAAP EBITDA and Adjusted EBITDA:
|  | Three Months Ended October 31, |  |  | Six Months Ended October 31, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Net Income |  | $ | 44,690 |  |  | $ | 43,784 |  |  | $ | 48,314 |  |  | $ | 70,079 |
Interest expense |  |  | 6,787 |  |  |  | 3,608 |  |  |  | 12,864 |  |  |  | 6,404 |
Provision for income taxes |  |  | 11,783 |  |  |  | 12,538 |  |  |  | 12,126 |  |  |  | 20,324 |
Depreciation and amortization |  |  | 42,638 |  |  |  | 39,652 |  |  |  | 84,857 |  |  |  | 79,823 |
Non-GAAP EBITDA |  | $ | 105,898 |  |  | $ | 99,582 |  |  | $ | 158,161 |  |  | $ | 176,630 |
Restructuring and related charges |  |  | 4,001 |  |  |  | 9,996 |  |  |  | 14,736 |  |  |  | 3,910 |
Foreign exchange transaction losses |  |  | 2,668 |  |  |  | 54 |  |  |  | 16 |  |  |  | 1,783 |
Interest and other income |  |  | (2,537 | ) |  |  | (2,509 | ) |  |  | (5,370 | ) |  |  | (4,975 | )
Non-GAAP Adjusted EBITDA |  | $ | 110,030 |  |  | $ | 107,123 |  |  | $ | 167,543 |  |  | $ | 177,348 |

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