
	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.


	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