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v3.19.3.a.u2

Segment Information (Tables) | 9 Months Ended
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Jan. 31, 2020
Segment Information [Abstract] |
Segment Information | Segment information is as follows:
|  | Three Months Ended January 31, |  |  | Nine Months Ended January 31, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 233,556 |  |  | $ | 227,037 |  |  | $ | 697,640 |  |  | $ | 681,429 |
Academic & Professional Learning |  |  | 178,278 |  |  |  | 176,123 |  |  |  | 500,861 |  |  |  | 522,217 |
Education Services |  |  | 55,297 |  |  |  | 46,207 |  |  |  | 158,365 |  |  |  | 105,244 |
Total Revenue |  | $ | 467,131 |  |  | $ | 449,367 |  |  | $ | 1,356,866 |  |  | $ | 1,308,890 |
Contribution to Profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 63,861 |  |  | $ | 60,863 |  |  | $ | 182,798 |  |  | $ | 177,390 |
Academic & Professional Learning |  |  | 28,793 |  |  |  | 37,536 |  |  |  | 68,754 |  |  |  | 106,381 |
Education Services |  |  | (5,166 | ) |  |  | (7,589 | ) |  |  | (9,782 | ) |  |  | (13,475 | )
Total Contribution to Profit |  | $ | 87,488 |  |  | $ | 90,810 |  |  | $ | 241,770 |  |  | $ | 270,296 |
Corporate Expenses |  |  | (38,994 | ) |  |  | (40,464 | ) |  |  | (125,326 | ) |  |  | (126,335 | )
Operating Income |  | $ | 48,494 |  |  | $ | 50,346 |  |  | $ | 116,444 |  |  | $ | 143,961 |
Adjusted Contribution to Profit: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 63,901 |  |  | $ | 60,812 |  |  | $ | 186,184 |  |  | $ | 178,641 |
Academic & Professional Learning |  |  | 30,334 |  |  |  | 37,334 |  |  |  | 73,900 |  |  |  | 107,656 |
Education Services |  |  | (5,162 | ) |  |  | (7,317 | ) |  |  | (8,164 | ) |  |  | (13,101 | )
Total Adjusted Contribution to Profit |  | $ | 89,073 |  |  | $ | 90,829 |  |  | $ | 251,920 |  |  | $ | 273,196 |
Adjusted Corporate Expenses |  |  | (37,281 | ) |  |  | (40,831 | ) |  |  | (117,442 | ) |  |  | (125,673 | )
Total Adjusted Operating Income |  | $ | 51,792 |  |  | $ | 49,998 |  |  | $ | 134,478 |  |  | $ | 147,523 |
Depreciation and Amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 17,056 |  |  | $ | 14,651 |  |  | $ | 51,246 |  |  | $ | 45,438 |
Academic & Professional Learning |  |  | 17,806 |  |  |  | 16,026 |  |  |  | 51,679 |  |  |  | 51,076 |
Education Services |  |  | 5,987 |  |  |  | 5,725 |  |  |  | 17,007 |  |  |  | 12,237 |
Total Depreciation and Amortization |  | $ | 40,849 |  |  | $ | 36,402 |  |  | $ | 119,932 |  |  | $ | 108,751 |
Corporate Depreciation and Amortization |  |  | 2,832 |  |  |  | 3,431 |  |  |  | 8,606 |  |  |  | 10,905 |
Total Depreciation and Amortization |  | $ | 43,681 |  |  | $ | 39,833 |  |  | $ | 128,538 |  |  | $ | 119,656 |
Adjusted EBITDA: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 80,957 |  |  | $ | 75,463 |  |  | $ | 237,430 |  |  | $ | 224,079 |
Academic & Professional Learning |  |  | 48,140 |  |  |  | 53,360 |  |  |  | 125,579 |  |  |  | 158,732 |
Education Services |  |  | 825 |  |  |  | (1,592 | ) |  |  | 8,843 |  |  |  | (864 | )
Total Segment Adjusted EBITDA |  | $ | 129,922 |  |  | $ | 127,231 |  |  | $ | 371,852 |  |  | $ | 381,947 |
Corporate Adjusted EBITDA |  |  | (34,449 | ) |  |  | (37,400 | ) |  |  | (108,836 | ) |  |  | (114,768 | )
Total Adjusted EBITDA |  | $ | 95,473 |  |  | $ | 89,831 |  |  | $ | 263,016 |  |  | $ | 267,179 |
(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.
Reconciliation of GAAP Net Income to Non-GAAP EBITDA and Adjusted EBITDA | The following table shows a reconciliation of our consolidated U.S. GAAP net income to Non-GAAP EBITDA and Adjusted EBITDA:
|  | Three Months Ended January 31, |  |  | Nine Months Ended January 31, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net Income |  | $ | 35,443 |  |  | $ | 34,942 |  |  | $ | 83,757 |  |  | $ | 105,021 |
Interest expense |  |  | 6,309 |  |  |  | 5,346 |  |  |  | 19,173 |  |  |  | 11,750 |
Provision for income taxes |  |  | 9,229 |  |  |  | 10,275 |  |  |  | 21,355 |  |  |  | 30,599 |
Depreciation and amortization |  |  | 43,681 |  |  |  | 39,833 |  |  |  | 128,538 |  |  |  | 119,656 |
Non-GAAP EBITDA |  | $ | 94,662 |  |  | $ | 90,396 |  |  | $ | 252,823 |  |  | $ | 267,026 |
Restructuring and related charges (credits) |  |  | 3,298 |  |  |  | (348 | ) |  |  | 18,034 |  |  |  | 3,562 |
Foreign exchange transaction losses |  |  | 1,745 |  |  |  | 2,525 |  |  |  | 1,761 |  |  |  | 4,308 |
Interest and other income |  |  | (4,232 | ) |  |  | (2,742 | ) |  |  | (9,602 | ) |  |  | (7,717 | )
Non-GAAP Adjusted EBITDA |  | $ | 95,473 |  |  | $ | 89,831 |  |  | $ | 263,016 |  |  | $ | 267,179 |

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