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Note 23 - Segment Information | 12 Months Ended
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Jan. 31, 2023
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | (23) 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 (CODM), in deciding how to allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company’s CODM evaluates results using the operating segment structure as the primary basis for which the allocation of resources and financial results are assessed. The Company has organized its business into two segments: Skillsoft content and Global Knowledge. All 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 CODM primarily uses 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 intercompany revenue transactions reported 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. This includes technical skill areas assumed in the Codecademy acquisition. 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 Global Knowledge business offers training solutions covering information technology and business skills for corporations and their employees. Global Knowledge guides its customers throughout their lifelong technology learning journey by offering relevant and up-to-date skills training through instructor-led (in-person “classroom” or online “virtual”) and self-paced (“on-demand”), vendor certified, and other proprietary offerings. Global Knowledge offers a wide breadth of training topics and delivery modalities (classroom, virtual, on-demand) both on a transactional and subscription basis. The following table presents summary results for each of the fiscal year ended January 31, 2023 (Successor), the period from June 12, 2021 through January 31, 2022 (Successor), the period from February 1, 2021 through June 11, 2021 (Predecessor (SLH)), the period from August 28, 2020 through January 31, 2021 (Predecessor (SLH)), and the period from February 1, 2020 through August 27, 2020 (Predecessor (PL)), (in thousands):
|  | Fiscal 2023 |  |  | Fiscal 2022 |  |  | Fiscal 2021 |
|  | Successor |  |  | Successor |  |  | Predecessor (SLH) |  |  | Predecessor (SLH) |  |  | Predecessor (PL) |
|  | From |  |  | From |  |  | From |  |  | From |  |  | From |
|  | February 1, 2022 to |  |  | June 12, 2021 to |  |  | February 1, 2021 |  |  | August 28, 2020 |  |  | February 1, 2020 |
|  | January 31, 2023 |  |  | January 31, 2022 |  |  | to June 11, 2021 |  |  | January 31, 2021 |  |  | to August 27, 2020 |
Skillsoft |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 384,378 |  |  | $ | 219,257 |  |  | $ | 102,494 |  |  | $ | 73,250 |  |  | $ | 197,672 |
Operating expenses |  |  | 1,101,218 |  |  |  | 257,967 |  |  |  | 140,484 |  |  |  | 161,190 |  |  |  | 401,498 |
Operating income (loss) |  |  | (716,840 | ) |  |  | (38,710 | ) |  |  | (37,990 | ) |  |  | (87,940 | ) |  |  | (203,826 | )
Global Knowledge |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 170,746 |  |  |  | 132,586 |  |  |  | — |  |  |  | — |  |  |  | — |
Operating expenses |  |  | 258,025 |  |  |  | 149,372 |  |  |  | — |  |  |  | — |  |  |  | — |
Operating income (loss) |  |  | (87,279 | ) |  |  | (16,786 | ) |  |  | — |  |  |  | — |  |  |  | — |
Consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 555,124 |  |  |  | 351,843 |  |  |  | 102,494 |  |  |  | 73,250 |  |  |  | 197,672 |
Operating expenses |  |  | 1,359,243 |  |  |  | 407,339 |  |  |  | 140,484 |  |  |  | 161,190 |  |  |  | 401,498 |
Operating income (loss) |  |  | (804,119 | ) |  |  | (55,496 | ) |  |  | (37,990 | ) |  |  | (87,940 | ) |  |  | (203,826 | )
Total non-operating income |  |  | 4,969 |  |  |  | (1,881 | ) |  |  | (167 | ) |  |  | 662 |  |  |  | 1,397 |
Interest expense, net |  |  | (53,493 | ) |  |  | (23,114 | ) |  |  | (16,703 | ) |  |  | (19,853 | ) |  |  | (168,171 | )
Fair value adjustment of warrants |  |  | 23,158 |  |  |  | 17,441 |  |  |  | 900 |  |  |  | 2,900 |  |  |  | — |
Fair value adjustment of hedge |  |  | (1,554 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Reorganization items, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,361,251 |
Benefits from (provision for) income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
taxes |  |  | 40,973 |  |  |  | 4,304 |  |  |  | 3,521 |  |  |  | 14,477 |  |  |  | (60,693 | )
Net income (loss) from continuing operations |  |  | (790,066 | ) |  |  | (58,746 | ) |  |  | (50,439 | ) |  |  | (89,754 | ) |  |  | 2,929,958 |
Gain on sale of business |  |  | 56,619 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Income (loss) from discontinued operations |  |  | 8,483 |  |  |  | 11,940 |  |  |  | 1,175 |  |  |  | (3,968 | ) |  |  | (165,946 | )
Net income (loss) |  | $ | (724,964 | ) |  | $ | (46,806 | ) |  | $ | (49,264 | ) |  | $ | (93,722 | ) |  | $ | 2,764,012 |
Skillsoft segment depreciation for the fiscal year ended January 31, 2023 (Successor), the period from June 12, 2021 through January 31, 2022 (Successor), the period from February 1, 2021 through June 11, 2021 (Predecessor (SLH)), the period from August 28, 2020 through January 31, 2021 (Predecessor (SLH)), and the period from February 1, 2020 through August 27, 2020 (Predecessor (PL)) and the period from February 1, 2020 through August 27, 2020 (Predecessor (PL)), was $3.0 million, $1.8 million, $1.8 million, $2.0 million, and $2.7 million, respectively. Global Knowledge segment depreciation for the fiscal year ended January 31, 2023 (Successor) and the period from June 12, 2021 through January 31, 2022 (Successor) was $1.8 million and $2.0 million, respectively. 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, 2023 and January 31, 2022 (in thousands):
|  | Successor |  |  | Successor |
|  | January 31, 2023 |  |  | January 31, 2022 |
Skillsoft |  | $ | 1,434,920 |  |  | $ | 1,648,160 |
Global Knowledge |  |  | 207,767 |  |  |  | 344,902 |
Assets classified as held for sale |  |  | — |  |  |  | 228,886 |
Total assets |  | $ | 1,642,687 |  |  | $ | 2,221,948 |
The following table sets forth the Company’s long-lived tangible assets by geographic region as of January 31, 2023 and January 31, 2022 (in thousands):
|  | Successor |  |  | Successor |
|  | January 31, 2023 |  |  | January 31, 2022 |
United States |  | $ | 7,117 |  |  | $ | 9,482 |
Rest of world |  |  | 3,033 |  |  |  | 1,993 |
Total long-lived tangible assets |  | $ | 10,150 |  |  | $ | 11,475 |

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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