v3.25.2
Segment Information
 12 Months Ended
Apr. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We report our segment information in accordance with the provisions of FASB ASC Topic 280, “Segment Reporting.” We determine our operating and reportable segments based on how our 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 (Loss) before taxes for the years ended April 30:

2025
ResearchLearning
Held for Sale or Sold
Total
Revenue$1,075,459 $584,768 $17,382 $1,677,609 
Cost of sales
278,867 144,758 7,755 431,380 
Direct expenses
336,484 142,204 10,365 489,053 
Allocated Corporate expenses
160,959 114,703 2,840 278,502 
Amortization of intangible assets
43,569 8,253 — 51,822 
Adjusted Operating Income (Loss) by segment
$255,580 $174,850 $(3,578)$426,852 
Reconciliation of Adjusted Operating Income by segment to Income before taxes
Corporate expenses(1)
(179,882)
Restructuring and related charges(2)
(25,561)
Interest expense(52,547)
Net foreign exchange transaction losses
(8,142)
Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale
(23,340)
Other income, net
5,498 
Income before taxes
$142,878 
2024
ResearchLearning
Held for Sale or Sold
Total
Revenue$1,042,705 $574,739 $255,543 $1,872,987 
Cost of sales
281,109 145,054 153,559 579,722 
Direct expenses
323,392 145,514 48,127 517,033 
Allocated Corporate expenses
155,495 132,394 23,142 311,031 
Amortization of intangible assets
44,946 9,044 2,004 55,994 
Adjusted Operating Income by segment$237,763 $142,733 $28,711 $409,207 
Reconciliation of Adjusted Operating Income by segment to Loss before taxes
Corporate expenses(1)
(185,456)
Impairment of goodwill(2)
(108,449)
Restructuring and related charges(2)
(63,041)
Interest expense(49,003)
Net foreign exchange transaction losses
(2,959)
Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale
(183,389)
Other expense, net
(3,957)
Loss before taxes
$(187,047)


2023
ResearchLearning
Held for Sale or Sold
Total
Revenue$1,080,311 $546,395 $393,194 $2,019,900 
Cost of sales
286,361 148,925 257,255 692,541 
Direct expenses
312,383 157,694 71,310 541,387 
Allocated Corporate expenses
151,348 130,654 38,534 320,536 
Amortization of intangible assets
46,235 9,022 24,909 80,166 
Adjusted Operating Income by segment$283,984 $100,100 $1,186 $385,270 
Reconciliation of Adjusted Operating Income by segment to Income before taxes
Corporate expenses(1)
(171,926)
Impairment of goodwill(2)
(99,800)
Restructuring and related charges(2)
(49,389)
Interest expense(37,745)
Net foreign exchange transaction gains
894 
Net gain on sale of businesses and assets
10,177 
Other income, net
3,884 
Legal settlement(3)
(3,671)
Accelerated amortization of an intangible asset(4)
(4,594)
Income before taxes
$33,100 
(1)
Corporate expenses include certain costs that are not allocated to the reportable segments.
(2)
See Note 7, “Restructuring and Related Charges” and Note 11, “Goodwill and Intangible Assets” for more information of these charges by segment.
(3)
In the three months ended January 31, 2023, we settled a litigation matter related to consideration for a previous acquisition for $3.7 million which is included in Corporate Operating and administrative expenses.
(4)
We discontinued use of the mthree trademark that resulted in a change in the useful life and accelerated amortization expense of 4.6 million in the three months ended July 31, 2022. This amortization expense was an adjustment to the Held for Sale or Sold Adjusted operating income. In addition, it was included in Depreciation and amortization in the table below.
See Note 3, “Revenue Recognition, Contracts with Customers,” for revenue from contracts with customers disaggregated by segment and product type for the years ended April 30, 2025, 2024, and 2023.
Depreciation and amortization expense for the years ended April 30 were as follows:
202520242023
Research$89,302 $93,422 $93,008 
Learning43,900 57,696 57,698 
Held for Sale or Sold(1)
— 3,437 46,085 
Total depreciation and amortization$133,202 $154,555 $196,791 
Corporate depreciation and amortization13,924 22,434 16,462 
Total depreciation and amortization$147,126 $176,989 $213,253 
(1)
We ceased to record depreciation and amortization of long-lived assets for these businesses as of the date the assets were classified as held-for-sale.
Revenue for the years ended April 30 from external customers based on the location of the customer were as follows:
202520242023
United States$729,833 $881,795 $995,918 
China141,239 120,213 150,939 
United Kingdom118,328 165,457 150,601 
Japan83,152 84,846 89,084 
Australia75,102 74,986 79,802 
Other countries529,955 545,690 553,556 
Total$1,677,609 $1,872,987 $2,019,900 
Total long-lived assets, consisting of technology, property and equipment, net and operating lease ROU assets by geographical area as of April 30 were as follows:
202520242023
United States$185,610 $213,192 $275,229 
United Kingdom25,315 27,584 34,748 
Other countries17,328 20,736 28,369 
Total$228,253 $261,512 $338,346 
Our CODM reviews our financial position at a consolidated level and does not review assets by segment to evaluate segment performance or allocate resources. As such, assets by segment are not disclosed.