v3.25.2
Segment Information
 3 Months Ended
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
ResearchLearning
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
ResearchLearning
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 gains234 
Net gain on sale of businesses and impairment charges related to assets held-for-sale5,801 
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,
20252024
Research$23,385 $22,559 
Learning9,844 11,294 
Held for Sale or Sold(1)
— — 
Total depreciation and amortization$33,229 $33,853 
Corporate depreciation and amortization3,217 3,400 
Total depreciation and amortization$36,446 $37,253