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Segment Information | 3 Months Ended
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Jul. 31, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information We report our segment information in accordance with the provisions of ASC Topic 280, “Segment Reporting.” These segments reflect the way our chief operating decision maker (CODM) evaluates our business performance, manages the operations, makes operating decisions, and allocates resources. Our segment reporting structure consists of three operating and reportable segments, which are listed below, as well as a Corporate expense category, which includes certain costs that are not allocated to the reportable segments: •Research •Learning •Held for Sale or Sold Our President and Chief Executive Officer is the Company’s CODM. The performance metric used by our CODM to evaluate performance of our reportable segments is Adjusted Operating Income. The CODM uses Adjusted Operating Income during the annual budgeting process and evaluates budget and forecast-to-actual variances on a monthly basis to make decisions about the allocation of resources to our segments. Our significant expense categories that are included within Adjusted Operating Income include cost of sales, direct expenses, allocated expenses from our Corporate expense category, and amortization of intangible assets. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The following tables present a summary of our Adjusted Operating Income (Loss) by segment, and the reconciliation to Income before taxes:
| Three months ended July 31, 2025
| Research |  | Learning |  | Held for Sale or Sold |  | Total
Revenue | $ | 281,692 |  |  | $ | 115,108 |  |  | $ | — |  |  | $ | 396,800 |
Cost of sales | 80,753 |  |  | 28,506 |  |  | — |  |  | 109,259 |
Direct expenses | 88,587 |  |  | 34,581 |  |  | — |  |  | 123,168 |
Allocated Corporate expenses | 44,981 |  |  | 28,279 |  |  | — |  |  | 73,260 |
Amortization of intangible assets | 11,123 |  |  | 2,087 |  |  | — |  |  | 13,210 |
Adjusted Operating Income by segment | $ | 56,248 |  |  | $ | 21,655 |  |  | $ | — |  |  | $ | 77,903 |
Reconciliation of Adjusted Operating Income by segment to Income before taxes |  |  |  |  |  |  |
Adjusted unallocated Corporate expenses(1) |  |  |  |  |  |  | (43,902) |
Restructuring and related charges(2) |  |  |  |  |  |  | (3,038) |
Interest expense |  |  |  |  |  |  | (11,042) |
Net foreign exchange transaction losses |  |  |  |  |  |  | (971) |
Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale |  |  |  |  |  |  | (1,116) |
Other expense, net |  |  |  |  |  |  | (127) |
Income before taxes |  |  |  |  |  |  | $ | 17,707 |
| Three months ended July 31, 2024
| Research |  | Learning |  | Held for Sale or Sold |  | Total
Revenue | $ | 265,309 |  |  | $ | 124,314 |  |  | $ | 14,186 |  |  | $ | 403,809 |
Cost of sales | 70,722 |  |  | 32,028 |  |  | 6,470 |  |  | 109,220 |
Direct expenses | 86,437 |  |  | 37,933 |  |  | 7,961 |  |  | 132,331 |
Allocated Corporate expenses | 41,892 |  |  | 29,808 |  |  | 2,274 |  |  | 73,974 |
Amortization of intangible assets | 11,042 |  |  | 2,045 |  |  | — |  |  | 13,087 |
Adjusted Operating Income (Loss) by segment | $ | 55,216 |  |  | $ | 22,500 |  |  | $ | (2,519) |  |  | $ | 75,197 |
Reconciliation of Adjusted Operating Income by segment to Income before taxes |  |  |  |  |  |  |
Adjusted unallocated Corporate expenses(1) |  |  |  |  |  |  | (42,354) |
Restructuring and related charges(2) |  |  |  |  |  |  | (3,870) |
Interest expense |  |  |  |  |  |  | (12,787) |
Net foreign exchange transaction gains |  |  |  |  |  |  | 234 |
Net gain on sale of businesses and impairment charges related to assets held-for-sale |  |  |  |  |  |  | 5,801 |
Other income, net |  |  |  |  |  |  | 782 |
Income before taxes |  |  |  |  |  |  | $ | 23,003 |
(1) | Corporate expenses include certain costs that are not allocated to the reportable segments.
(2) | See Note 9, “Restructuring and Related Charges” for these charges by segment.
See Note 4, “Revenue Recognition, Contracts with Customers,” for revenue from contracts with customers disaggregated by segment and product type for the three months ended July 31, 2025 and 2024. The following tables present a summary of depreciation and amortization expense by segment:
| Three Months Ended July 31,
| 2025 |  | 2024
Research | $ | 23,385 |  |  | $ | 22,559 |
Learning | 9,844 |  |  | 11,294 |
Held for Sale or Sold(1) | — |  |  | — |
Total depreciation and amortization | $ | 33,229 |  |  | $ | 33,853 |
Corporate depreciation and amortization | 3,217 |  |  | 3,400 |
Total depreciation and amortization | $ | 36,446 |  |  | $ | 37,253 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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