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v3.20.4

Segment Information (Tables) | 9 Months Ended
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Jan. 31, 2021
Segment Information [Abstract] |
Segment Information | Segment information is as follows:
|  | Three Months Ended January 31, |  |  | Nine Months Ended January 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 239,850 |  |  | $ | 233,556 |  |  | $ | 731,994 |  |  | $ | 697,640 |
Academic & Professional Learning |  |  | 174,115 |  |  |  | 178,278 |  |  |  | 471,618 |  |  |  | 500,861 |
Education Services |  |  | 68,947 |  |  |  | 55,297 |  |  |  | 201,637 |  |  |  | 158,365 |
Total Revenue |  | $ | 482,912 |  |  | $ | 467,131 |  |  | $ | 1,405,249 |  |  | $ | 1,356,866 |
Contribution to Profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 60,782 |  |  | $ | 63,861 |  |  | $ | 204,688 |  |  | $ | 182,798 |
Academic & Professional Learning |  |  | 32,606 |  |  |  | 28,793 |  |  |  | 62,104 |  |  |  | 68,754 |
Education Services |  |  | 5,427 |  |  |  | (5,166 | ) |  |  | 13,410 |  |  |  | (9,782 | )
Total Contribution to Profit |  | $ | 98,815 |  |  | $ | 87,488 |  |  | $ | 280,202 |  |  | $ | 241,770 |
Corporate Expenses |  |  | (64,488 | ) |  |  | (38,994 | ) |  |  | (145,931 | ) |  |  | (125,326 | )
Operating Income |  | $ | 34,327 |  |  | $ | 48,494 |  |  | $ | 134,271 |  |  | $ | 116,444 |
Adjusted Contribution to Profit: (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 60,865 |  |  | $ | 63,901 |  |  | $ | 204,336 |  |  | $ | 186,184 |
Academic & Professional Learning |  |  | 32,934 |  |  |  | 30,334 |  |  |  | 64,006 |  |  |  | 73,900 |
Education Services |  |  | 5,498 |  |  |  | (5,162 | ) |  |  | 13,704 |  |  |  | (8,164 | )
Total Adjusted Contribution to Profit |  | $ | 99,297 |  |  | $ | 89,073 |  |  | $ | 282,046 |  |  | $ | 251,920 |
Adjusted Corporate Expenses |  |  | (44,295 | ) |  |  | (37,281 | ) |  |  | (122,962 | ) |  |  | (117,442 | )
Total Adjusted Operating Income |  | $ | 55,002 |  |  | $ | 51,792 |  |  | $ | 159,084 |  |  | $ | 134,478 |
Depreciation and Amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 20,997 |  |  | $ | 17,056 |  |  | $ | 60,463 |  |  | $ | 51,246 |
Academic & Professional Learning |  |  | 17,233 |  |  |  | 17,806 |  |  |  | 53,757 |  |  |  | 51,679 |
Education Services |  |  | 7,493 |  |  |  | 5,987 |  |  |  | 21,982 |  |  |  | 17,007 |
Total Depreciation and Amortization |  | $ | 45,723 |  |  | $ | 40,849 |  |  | $ | 136,202 |  |  | $ | 119,932 |
Corporate Depreciation and Amortization |  |  | 3,593 |  |  |  | 2,832 |  |  |  | 11,051 |  |  |  | 8,606 |
Total Depreciation and Amortization |  | $ | 49,316 |  |  | $ | 43,681 |  |  | $ | 147,253 |  |  | $ | 128,538 |
Adjusted EBITDA: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research Publishing & Platforms |  | $ | 81,862 |  |  | $ | 80,957 |  |  | $ | 264,799 |  |  | $ | 237,430 |
Academic & Professional Learning |  |  | 50,167 |  |  |  | 48,140 |  |  |  | 117,763 |  |  |  | 125,579 |
Education Services |  |  | 12,991 |  |  |  | 825 |  |  |  | 35,686 |  |  |  | 8,843 |
Total Segment Adjusted EBITDA |  | $ | 145,020 |  |  | $ | 129,922 |  |  | $ | 418,248 |  |  | $ | 371,852 |
Corporate Adjusted EBITDA |  |  | (40,702 | ) |  |  | (34,449 | ) |  |  | (111,911 | ) |  |  | (108,836 | )
Total Adjusted EBITDA |  | $ | 104,318 |  |  | $ | 95,473 |  |  | $ | 306,337 |  |  | $ | 263,016 |
(1) | Adjusted Contribution to Profit is calculated as Contribution to Profit adjusted for restructuring and related charges. See Note 9, “Restructuring and Related Charges” for these charges by segment.
(2) | Adjusted EBITDA is calculated as 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 our consolidated U.S. GAAP net income to Non-GAAP EBITDA and Adjusted EBITDA:
|  | Three Months Ended January 31, |  |  | Nine Months Ended January 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Net Income |  | $ | 22,161 |  |  | $ | 35,443 |  |  | $ | 106,927 |  |  | $ | 83,757 |
Interest expense |  |  | 4,853 |  |  |  | 6,309 |  |  |  | 13,928 |  |  |  | 19,173 |
Provision for income taxes |  |  | 5,231 |  |  |  | 9,229 |  |  |  | 18,712 |  |  |  | 21,355 |
Depreciation and amortization |  |  | 49,316 |  |  |  | 43,681 |  |  |  | 147,253 |  |  |  | 128,538 |
Non-GAAP EBITDA |  | $ | 81,561 |  |  | $ | 94,662 |  |  | $ | 286,820 |  |  | $ | 252,823 |
Restructuring and related charges |  |  | 20,675 |  |  |  | 3,298 |  |  |  | 24,813 |  |  |  | 18,034 |
Foreign exchange transaction losses |  |  | 5,694 |  |  |  | 1,745 |  |  |  | 6,473 |  |  |  | 1,761 |
Other income |  |  | (3,612 | ) |  |  | (4,232 | ) |  |  | (11,769 | ) |  |  | (9,602 | )
Non-GAAP Adjusted EBITDA |  | $ | 104,318 |  |  | $ | 95,473 |  |  | $ | 306,337 |  |  | $ | 263,016 |

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