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Segment Information | 3 Months Ended | 5 Months Ended
--- | --- | ---
Apr. 30, 2021 | Jan. 31, 2021
SOFTWARE LUXEMBOURG HOLDING S.A. (SUCCESSOR) AND POINTWELL LIMITED (PREDECESSOR) |  |
Segment Information | (15) Segment Information ASC 280, Segment Reporting, establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision makers (CODMs) are its Executive Chairman and Chief Administrative Officer. The Company’s CODMs evaluate results using the operating segment structure is the primary basis for which the allocation of resources and financial results are assessed. The Company has organized its business into two segments: Skillsoft and SumTotal. Both of the Company’s businesses market and sell their offerings globally to businesses of many sizes, government agencies, educational institutions and resellers with a worldwide sales force positioned to offer the combinations that best meet customer needs. The CODMs primarily use revenues and operating income as measures used to evaluate financial results and allocation of resources. The Company allocates certain operating expenses to the reportable segments, including general and administrative costs based on the usage and relative contribution provided to the segments. There are no net revenue transactions between the Company’s reportable segments. The Skillsoft business engages in the sale, marketing and delivery of its content learning solutions, in areas such as Leadership and Business, Technology and Developer and Compliance. In addition, Skillsoft offers Percipio, an intelligent online learning experience platform that delivers an immersive learning experience. It leverages its highly engaging content, curated into nearly 700 learning paths (channels) that are continuously updated to ensure customers always have access to the latest information. The SumTotal business provides a unified, comprehensive and configurable solution that allows organizations to attract, develop and retain the best talent. SumTotal’s solution impacts a company’s workforce throughout the entire employee lifecycle and helps companies succeed in an evolving business climate. SumTotal’s primary solutions are Talent Acquisition, Learning Management, Talent Management and Workforce Management. The following table presents summary results for each of the businesses for the three months ended April 30, 2021 and the three months ended April 30, 2020 (in thousands):
|  | Successor |  | Predecessor
|  | Three months ended |  | Three months ended
|  | April 30, 2021 |  | April 30, 2020
Skillsoft |  |  |  |  |  |
Revenues |  | $ | 67,057 |  | $ | 84,318
Operating expenses |  |  | 93,127 |  |  | 287,917
Operating (loss) income |  |  | (26,070) |  |  | (203,599)
SumTotal |  |  |  |  |  |
Revenues |  |  | 24,644 |  |  | 34,011
Operating expenses |  |  | 26,277 |  |  | 168,157
Operating income (loss) |  |  | (1,633) |  |  | (134,146)
Consolidated |  |  |  |  |  |
Revenues |  |  | 91,701 |  |  | 118,329
Operating expenses |  |  | 119,404 |  |  | 456,074
Operating income (loss) |  |  | (27,703) |  |  | (337,745)
Total non-operating (expense) income |  |  | (352) |  |  | 910
Interest expense, net |  |  | (11,439) |  |  | (105,959)
Reorganization items, net |  |  | — |  |  | —
(Provision) benefit for income taxes |  |  | 2,089 |  |  | 8,891
Net (loss) income |  | $ | (37,405) |  | $ | (433,903)
The Company’s segment assets primarily consist of cash and cash equivalents, accounts receivable, prepaid expenses, deferred taxes, property and equipment, goodwill and intangible assets. The following table sets forth the Company’s segment assets as of April 30, 2021 and January 31, 2021 (in thousands):
|  | April 30, 2021 |  | January 31, 2021
Skillsoft |  | $ | 1,313,124 |  | $ | 1,398,379
SumTotal |  |  | 144,982 |  |  | 147,358
Corporate |  |  | — |  |  | —
Consolidated |  | $ | 1,458,106 |  | $ | 1,545,737
The following table sets forth the Company’s long-lived tangible assets by geographic region for the years ended April 30, 2021 and January 31, 2021 (in thousands):
|  | April 30, 2021 |  | January 31, 2021
United States |  | $ | 9,019 |  | $ | 10,613
Ireland |  |  | 499 |  |  | 609
Rest of world |  |  | 2,280 |  |  | 2,558
Total |  | $ | 11,798 |  | $ | 13,780
| (20)Segment Information ASC 280, Segment Reporting, establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision- making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision makers (CODMs) are its Executive Chairman and Chief Administrative Officer. The Company’s CODMs evaluate results using the operating segment structure is the primary basis for which the allocation of resources and financial results are assessed. The Company has organized its business into two segments: Skillsoft and SumTotal. Both of the Company’s businesses market and sell their offerings globally to businesses of many sizes, government agencies, educational institutions and resellers with a worldwide sales force positioned to offer the combinations that best meet customer needs. The CODMs primarily use revenues and operating income as measures used to evaluate financial results and allocation of resources. The Company allocates certain operating expenses to the reportable segments, including general and administrative costs based on the usage and relative contribution provided to the segments. There are no net revenue transactions between the Company’s reportable segments. The Skillsoft business engages in the sale, marketing and delivery of its content learning solutions, in areas such as Leadership and Business, Technology and Developer and Compliance. In addition, Skillsoft offers Percipio, an intelligent online learning experience platform that delivers an immersive learning experience. It leverages its highly engaging content, curated into nearly 700 learning paths (channels) that are continuously updated to ensure customers always have access to the latest information. The SumTotal business provides a unified, comprehensive and configurable solution that allows organizations to attract, develop and retain the best talent. SumTotal’s solution impacts a company’s workforce throughout the entire employee lifecycle and helps companies succeed in an evolving business climate. SumTotal’s primary solutions are Talent Acquisition, Learning Management, Talent Management and Workforce Management. The following table presents summary results for each of the businesses for the period August 28, 2020 through January 31, 2021 (Successor), February 1, 2020 through August 27, 2020 (Predecessor) and the fiscal years ended January 31, 2020 and 2019 (in thousands):
|  | Successor |  |  | Predecessor
|  | August 28, 2020 |  |  | February 1, 2020 |  | Year ended |  | Year ended
|  | through January 31, |  |  | through August 27, |  | January 31, |  | January 31,
|  | 2021 |  |  | 2020 |  | 2020 |  | 2019
Skillsoft |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 72,425 |  |  | $ | 196,238 |  | $ | 362,503 |  | $ | 378,316
Operating expenses |  |  | 158,671 |  |  |  | 398,178 |  |  | 637,658 |  |  | 364,581
Operating (loss) income |  |  | (86,246) |  |  |  | (201,940) |  |  | (275,155) |  |  | 13,735
SumTotal |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 36,343 |  |  |  | 77,613 |  |  | 151,518 |  |  | 155,825
Operating expenses |  |  | 49,269 |  |  |  | 205,483 |  |  | 279,579 |  |  | 162,906
Operating income (loss) |  |  | (12,926) |  |  |  | (127,870) |  |  | (128,061) |  |  | (7,081)
Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 108,768 |  |  |  | 273,851 |  |  | 514,021 |  |  | 534,141
Operating expenses |  |  | 207,940 |  |  |  | 603,661 |  |  | 917,237 |  |  | 527,487
Operating income (loss) |  |  | (99,172) |  |  |  | (329,810) |  |  | (403,216) |  |  | 6,654
Total non-operating (expense) income |  |  | 3,452 |  |  |  | 1,268 |  |  | (5,120) |  |  | (5,624)
Interest expense, net |  |  | (19,936) |  |  |  | (168,236) |  |  | (429,657) |  |  | (395,842)
Reorganization items, net |  |  | — |  |  |  | 3,329,245 |  |  | — |  |  | —
(Provision) benefit for income taxes |  |  | 21,934 |  |  |  | (68,455) |  |  | (11,212) |  |  | (5,027)
Net (loss) income |  | $ | (93,722) |  |  | $ | 2,764,012 |  | $ | (849,205) |  | $ | (399,839)
The Company’s segment assets primarily consist of cash and cash equivalents, accounts receivable, prepaid expenses, deferred taxes, property and equipment, goodwill and intangible assets. The following table sets forth the Company’s segment assets as of January 31, 2021 and January 31, 2020 (in thousands):
|  | Successor |  |  | Predecessor
|  | January 31, 2021 |  |  | January 31, 2020
Skillsoft |  | $ | 1,398,379 |  |  | $ | 1,655,474
SumTotal |  |  | 147,358 |  |  |  | 330,785
Corporate |  |  | — |  |  |  | 6
Consolidated |  | $ | 1,545,737 |  |  | $ | 1,986,265
The following table sets forth the Company’s long-lived tangible assets by geographic region for the years ended January 31, 2021 and January 31, 2020 (in thousands):
|  | Successor |  |  | Predecessor
|  | January 31, 2021 |  |  | January 31, 2020
United States |  | $ | 10,613 |  |  | $ | 13,469
Ireland |  |  | 609 |  |  |  | 897
Rest of world |  |  | 2,558 |  |  |  | 3,536
Total |  | $ | 13,780 |  |  | $ | 17,902

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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