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Segment Information | 6 Months Ended
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Oct. 31, 2019
Segment Information [Abstract] |
Segment Information | 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) Academic & 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 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.
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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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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