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v3.20.1

Segment Information | 12 Months Ended
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Apr. 30, 2020
Segment Information [Abstract] |
Segment Information | Note 20 – Segment Information As previously announced, we have changed our segment reporting structure to align with our strategic focus areas: (1) Research Publishing & Platforms, which continues to include 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 includes our Online Program Management and mthree training, upskilling and talent placement services for professionals and businesses. 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:
|  | For the Years Ended April 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Revenue: |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 948,839 |  |  | $ | 939,217 |  |  | $ | 936,857 |
Academic & Professional Learning |  |  | 650,789 |  |  |  | 703,303 |  |  |  | 740,115 |
Education Services |  |  | 231,855 |  |  |  | 157,549 |  |  |  | 119,131 |
Total Revenue |  | $ | 1,831,483 |  |  | $ | 1,800,069 |  |  | $ | 1,796,103 |
Contribution to (Loss) Profit: |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 169,119 |  |  | $ | 259,754 |  |  | $ | 272,904 |
Academic & Professional Learning |  |  | 74,176 |  |  |  | 146,265 |  |  |  | 144,041 |
Education Services |  |  | (117,515 | ) |  |  | (13,272 | ) |  |  | (1,899 | )
Total Contribution to Profit |  | $ | 125,780 |  |  | $ | 392,747 |  |  | $ | 415,046 |
Corporate Expenses |  |  | (180,067 | ) |  |  | (168,758 | ) |  |  | (183,585 | )
Operating (Loss) Income |  | $ | (54,287 | ) |  | $ | 223,989 |  |  | $ | 231,461 |
Adjusted Contribution to Profit: (1) |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 265,353 |  |  | $ | 260,885 |  |  | $ | 278,161 |
Academic & Professional Learning |  |  | 84,646 |  |  |  | 147,404 |  |  |  | 155,885 |
Education Services |  |  | (3,844 | ) |  |  | (12,883 | ) |  |  | (5 | )
Total Adjusted Contribution to Profit |  | $ | 346,155 |  |  | $ | 395,406 |  |  | $ | 434,041 |
Adjusted Corporate Expenses |  |  | (165,487 | ) |  |  | (168,299 | ) |  |  | (170,414 | )
Total Adjusted Operating Income |  | $ | 180,668 |  |  | $ | 227,107 |  |  | $ | 263,627 |
Depreciation and Amortization: |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 69,495 |  |  | $ | 60,889 |  |  | $ | 54,805 |
Academic & Professional Learning |  |  | 69,807 |  |  |  | 68,126 |  |  |  | 72,274 |
Education Services |  |  | 24,131 |  |  |  | 18,117 |  |  |  | 13,112 |
Total Depreciation and Amortization |  | $ | 163,433 |  |  | $ | 147,132 |  |  | $ | 140,191 |
Corporate Depreciation and Amortization |  |  | 11,694 |  |  |  | 14,023 |  |  |  | 13,798 |
Total Depreciation and Amortization |  | $ | 175,127 |  |  | $ | 161,155 |  |  | $ | 153,989 |
Adjusted EBITDA: (2) |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 334,848 |  |  | $ | 321,774 |  |  | $ | 332,966 |
Academic & Professional Learning |  |  | 154,453 |  |  |  | 215,530 |  |  |  | 228,159 |
Education Services |  |  | 20,287 |  |  |  | 5,234 |  |  |  | 13,107 |
Total Segment Adjusted EBITDA |  | $ | 509,588 |  |  | $ | 542,538 |  |  | $ | 574,232 |
Corporate Adjusted EBITDA |  |  | (153,793 | ) |  |  | (154,276 | ) |  |  | (156,616 | )
Total Adjusted EBITDA |  | $ | 355,795 |  |  | $ | 388,262 |  |  | $ | 417,616 |
(1) | Adjusted Contribution to Profit is Contribution to (Loss) Profit adjusted for restructuring charges and impairment of goodwill and intangible assets. See Note 7, “Restructuring and Related Charges” and Note 11, “Goodwill and Intangible Assets” for these charges by segment.
(2) | Adjusted EBITDA is Adjusted Contribution to Profit with depreciation and amortization added back.
The following table shows a reconciliation of our consolidated U.S. GAAP net (loss) income to Non-GAAP EBITDA and Adjusted EBITDA:
|  | For the Years Ended April 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Net (Loss) Income |  | $ | (74,287 | ) |  | $ | 168,263 |  |  | $ | 192,186 |
Interest expense |  |  | 24,959 |  |  |  | 16,121 |  |  |  | 13,274 |
Provision for income taxes |  |  | 11,195 |  |  |  | 44,689 |  |  |  | 21,745 |
Depreciation and amortization |  |  | 175,127 |  |  |  | 161,155 |  |  |  | 153,989 |
Non-GAAP EBITDA |  | $ | 136,994 |  |  | $ | 390,228 |  |  | $ | 381,194 |
Impairment of goodwill and intangible assets |  |  | 202,348 |  |  |  | — |  |  |  | 3,600 |
Restructuring and related charges |  |  | 32,607 |  |  |  | 3,118 |  |  |  | 28,566 |
Foreign exchange transaction (gains) losses |  |  | (2,773 | ) |  |  | 6,016 |  |  |  | 12,819 |
Interest and other income |  |  | (13,381 | ) |  |  | (11,100 | ) |  |  | (8,563 | )
Non-GAAP Adjusted EBITDA |  | $ | 355,795 |  |  | $ | 388,262 |  |  | $ | 417,616 |
See Note 3, “Revenue Recognition, Contracts with Customers,” for revenue from contracts with customers disaggregated by segment and product type for the years ended April 30, 2020, 2019 and 2018.
|  | For the Years Ended April 30, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Total Assets |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 1,225,313 |  |  | $ | 1,172,145 |  |  | $ | 1,242,458 |
Academic & Professional Learning |  |  | 924,924 |  |  |  | 959,601 |  |  |  | 942,598 |
Education Services |  |  | 486,316 |  |  |  | 440,516 |  |  |  | 199,023 |
Corporate |  |  | 532,241 |  |  |  | 376,504 |  |  |  | 455,372 |
Total |  | $ | 3,168,794 |  |  | $ | 2,948,766 |  |  | $ | 2,839,451 |
Product Development Spending and Additions to Technology, Property and Equipment |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | (16,329 | ) |  | $ | (12,928 | ) |  | $ | (24,961 | )
Academic & Professional Learning |  |  | (38,229 | ) |  |  | (32,337 | ) |  |  | (43,625 | )
Education Services |  |  | (613 | ) |  |  | (3,160 | ) |  |  | (5,991 | )
Corporate |  |  | (60,030 | ) |  |  | (53,168 | ) |  |  | (76,151 | )
Total |  | $ | (115,201 | ) |  | $ | (101,593 | ) |  |  | (150,728 | )
Revenue from external customers is based on the location of the customer and Technology, Property and Equipment, Net by geographic area were as follows:
|  | Revenue, net |  |  | Technology, Property and Equipment, Net |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2020 |  |  | 2019 |  |  | 2018 |
United States |  | $ | 944,075 |  |  | $ | 932,927 |  |  | $ | 913,852 |  |  | $ | 261,296 |  |  | $ | 252,459 |  |  | $ | 249,542 |
United Kingdom |  |  | 174,567 |  |  |  | 150,242 |  |  |  | 147,406 |  |  |  | 18,076 |  |  |  | 18,331 |  |  |  | 20,955 |
Germany |  |  | 113,664 |  |  |  | 97,505 |  |  |  | 98,404 |  |  |  | 8,059 |  |  |  | 8,423 |  |  |  | 9,259 |
Japan |  |  | 75,104 |  |  |  | 77,145 |  |  |  | 81,572 |  |  |  | 112 |  |  |  | 87 |  |  |  | 72 |
Australia |  |  | 73,718 |  |  |  | 77,453 |  |  |  | 78,270 |  |  |  | 1,051 |  |  |  | 1,440 |  |  |  | 1,454 |
China |  |  | 58,870 |  |  |  | 55,024 |  |  |  | 53,076 |  |  |  | 492 |  |  |  | 688 |  |  |  | 229 |
Canada |  |  | 56,370 |  |  |  | 50,882 |  |  |  | 55,568 |  |  |  | 1,734 |  |  |  | 2,659 |  |  |  | 3,635 |
France |  |  | 45,033 |  |  |  | 51,441 |  |  |  | 51,826 |  |  |  | 1,358 |  |  |  | 403 |  |  |  | 635 |
Scandinavia |  |  | 29,682 |  |  |  | 30,971 |  |  |  | 31,695 |  |  |  | 223 |  |  |  | 229 |  |  |  | 309 |
Other Countries |  |  | 260,400 |  |  |  | 276,479 |  |  |  | 284,434 |  |  |  | 5,604 |  |  |  | 4,302 |  |  |  | 3,844 |
Total |  | $ | 1,831,483 |  |  | $ | 1,800,069 |  |  | $ | 1,796,103 |  |  | $ | 298,005 |  |  | $ | 289,021 |  |  | $ | 289,934 |

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