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Revenue Recognition, Contracts with Customers
 9 Months Ended
Jan. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition, Contracts with Customers Revenue Recognition, Contracts with Customers
Disaggregation of Revenue

The following table presents our revenue from contracts with customers disaggregated by segment and product type.
Three Months Ended
January 31,		Nine Months Ended
January 31,
2025202420252024
Research:
Research Publishing$225,874 $216,586 $679,492 $659,329 
Research Solutions41,670 39,613 115,246 112,344 
Total Research267,544 256,199 794,738 771,673 
Learning:
Academic78,795 87,216 233,547 224,633 
Professional58,287 59,118 189,363 179,961 
Total Learning137,082 146,334 422,910 404,594 
Held for Sale or Sold— 58,172 17,382 228,259 
Total Revenue$404,626 $460,705 $1,235,030 $1,404,526 
The following information describes our disaggregation of revenue by segment and product type. Overall, the majority of our revenue is recognized over time.
Research
Total Research revenue was $267.5 million and $794.7 million in the three and nine months ended January 31, 2025, respectively. Research products are sold and distributed globally through multiple channels. The majority of revenue generated from Research products is recognized over time.
We disaggregated revenue by Research Publishing and Research Solutions to reflect the different type of products and services provided.
Research Publishing Products
Research Publishing products provide scientific, technical, medical, and scholarly journals, as well as related content and services to academic, corporate, and government libraries, learned societies, and individual researchers and other professionals. Research Publishing revenue was $225.9 million and $679.5 million in the three and nine months ended January 31, 2025, respectively, and the majority is recognized over time.
In the three and nine months ended January 31, 2025, Research Publishing products generated approximately 82% and 86%, respectively, of their revenue from contracts with its customers from Journal Subscriptions (pay to read), Open Access (pay to publish) and Transformational Agreements (read and publish), and the remainder from Licensing and other revenue streams.
Research Solutions Products and Services

Research Solutions revenue was $41.7 million and $115.2 million in the three and nine months ended January 31, 2025, respectively, and the majority is recognized over time.
Research Solutions products and services generated approximately 57% and 54% of their revenue in the three and nine months ended January 31, 2025, respectively, from contracts with customers that include corporate solutions such as job board software and career center services, marketing and education services, licensing, and databases. The remainder of the revenue from contracts with customers includes platforms that enable scholarly and professional societies and publishers to deliver, host, enhance, market, and manage their content, solutions to manage the submission and peer review process, and publishing and editorial services.
Learning

Total Learning revenue was $137.1 million and $422.9 million in the three and nine months ended January 31, 2025, respectively. We disaggregated revenue by Academic and Professional to reflect the different types of products and services provided.
Academic

Academic products revenue was $78.8 million and $233.5 million in the three and nine months ended January 31, 2025, respectively. Products and services including scientific, professional, and education print and digital books, and digital courseware to libraries, corporations, students, professionals, and researchers. Products are developed for worldwide distribution through multiple channels, including chain and online booksellers, libraries, colleges and universities, corporations, direct to consumer, websites, distributor networks and other online applications.

In the three and nine months ended January 31, 2025, Academic products generated approximately 55% and 56%, respectively, of their revenue from contracts with their customers for print and digital publishing, which is recognized at a point in time. Digital Courseware products in the three and nine months ended January 31, 2025 generate approximately 41% and 32%, respectively, of their revenue from contracts with their customers which is recognized over time. The remainder of their revenues were from Licensing and other revenue streams, which have a mix of revenue recognized at a point in time and over time.
Professional
Professional products revenue was $58.3 million and $189.4 million in the three and nine months ended January 31, 2025, respectively. Professional provides learning, development, publishing, and assessment services for businesses and professionals. Our trade publishing produces professional books, which includes business and finance, technology, professional development for educators, test preparation books and other professional categories, as well as the For Dummies® brand. Products are sold to brick-and-mortar and online retailers, wholesalers who supply such bookstores, college bookstores, individual practitioners, corporations, and government agencies.

In the three and nine months ended January 31, 2025, Professional products generated approximately 60% and 56%, respectively, of their revenue from contracts with their customers for trade print and digital publishing, which is recognized at a point in time. Our assessments offering in the three and nine months ended January 31, 2025 generates approximately 28% and 29%, respectively, of their revenue from contracts with their customers which has a mix of revenue recognized at a point in time and over time. The remainder of Professional revenues were from Licensing and other revenue streams, which has a mix of revenue recognized at a point in time and over time.
Held for Sale or Sold
Held for Sale or Sold revenue was $0.0 million and $17.4 million in the three and nine months ended January 31, 2025, respectively.
Wiley Edge was sold on May 31, 2024 with exception of its India operations which sold on August 31, 2024. Wiley Edge previously sourced, trained, and prepared aspiring students and professionals to meet the skill needs of today’s technology careers, and then places them with some of the world's largest financial institutions, technology companies, and government agencies. Wiley Edge revenue was recognized at the point in time the services were provided to its customers.
CrossKnowledge was sold on August 31, 2024. CrossKnowledge services previously included corporate learning online learning and training solutions for global corporations, universities, and small and medium-sized enterprises sold on a subscription or fee basis. CrossKnowledge revenue was recognized over time.
Held for Sale or Sold also includes the revenue associated with those businesses which were sold in fiscal year 2024 which includes University Services which was sold on January 1, 2024 and Tuition Manager which was sold on May 31, 2023.
Accounts Receivable, net and Contract Liability Balances
When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue when, or as, control of the products or services are transferred to the customer and all revenue recognition criteria have been met.
The following table provides information about accounts receivable, net and contract liabilities from contracts with customers.
January 31, 2025April 30, 2024Increase/
(Decrease)
Balances from contracts with customers:
Accounts receivable, net$184,672 $224,198 $(39,526)
Contract liabilities (1)
313,278 483,778 (170,500)
Contract liabilities (included in Other long-term liabilities)$17,408 $14,819 $2,589 
(1)
The sales return reserve recorded in Contract liabilities is $19.6 million and $25.9 million, as of January 31, 2025 and April 30, 2024, respectively.
For the nine months ended January 31, 2025, we estimate that we recognized as revenue approximately 97% of the current contract liability balance at April 30, 2024. For the nine months ended January 31, 2024, we estimated that we recognized as revenue approximately 98% of the current contract liability balance at April 30, 2023.
The decrease in contract liabilities excluding the sales return reserve was primarily driven by revenue earned on journal subscription agreements, transformational agreements, and open access, partially offset by renewals of journal subscription agreements, transformational agreements, and open access.
Remaining Performance Obligations included in Contract Liability
As of January 31, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations is approximately $330.7 million, which includes the sales return reserve of $19.6 million. Excluding the sales return reserve, we expect that approximately $442.4 million will be recognized in the next twelve months with the remaining $17.4 million to be recognized thereafter.
Assets Recognized for the Costs to Fulfill a Contract
Costs to fulfill a contract are directly related to a contract that will be used to satisfy a performance obligation in the future and are expected to be recovered. These costs are amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. These types of costs are incurred in Research Solutions services which includes customer specific implementation costs per the terms of the contract.
Our assets associated with incremental costs to fulfill a contract, were $2.5 million and $3.1 million at January 31, 2025 and April 30, 2024, respectively, and are included within Other non-current assets on our Unaudited Condensed Consolidated Statements of Financial Position. We recorded amortization expense related to these assets within Cost of sales on our Unaudited Condensed Consolidated Statements of Net (Loss) Income as follows:
Three Months Ended
January 31,		Nine Months Ended
January 31,
2025202420252024
Amortization expense
$370 $1,504 $954 $4,169 
In the three and nine months ended January 31, 2024 amortization expense for costs to fulfill includes the amortization related to the University Services business which was sold on January 1, 2024.
Sales and value-added taxes are excluded from revenues. Shipping and handling costs, which are primarily incurred within the Learning segment, occur before the transfer of control of the related goods. Therefore, in accordance with the revenue standard, it is not considered a promised service to the customer and would be considered a cost to fulfill our promise to transfer the goods. Costs incurred for third party shipping and handling are primarily reflected in Operating and administrative expenses on our Unaudited Condensed Consolidated Statements of Net (Loss) Income and were incurred as follows:
Three Months Ended
January 31,		Nine Months Ended
January 31,
2025202420252024
Shipping and handling costs
$5,922 $6,536 $17,834 $19,668