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Segment Information (Tables)

6 Months Ended

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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Tabular disclosure of the reconciliation of GAAP net income (loss) to Non-GAAP EBITDA and adjusted EBITDA.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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