v3.26.1
Segment Information
 12 Months Ended
Apr. 30, 2026
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 Year Ended April 30, 2026
ResearchLearningTotal
Revenue$1,129,942 $546,586 $1,676,528 
Cost of sales303,702 127,807 431,509 
Direct expenses331,192 136,301 467,493 
Allocated Corporate expenses167,578 107,909 275,487 
Amortization of intangible assets44,866 8,184 53,050 
Adjusted Operating Income by segment(1)
$282,604 $166,385 $448,989 
Reconciliation of Adjusted Operating Income by segment to Income before taxes
Adjusted unallocated Corporate expenses(2)
(152,819)
Restructuring and related charges(3)
(19,203)
Interest expense(43,848)
Net foreign exchange transaction losses(6,564)
Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale(4,828)
Other expense, net(6,533)
Legal settlement(4)
(108)
Income before taxes$215,086 
For the Year Ended April 30, 2025
ResearchLearningHeld for Sale or SoldTotal
Revenue$1,075,459 $584,768 $17,382 $1,677,609 
Cost of sales278,867 144,758 7,755 431,380 
Direct expenses336,484 142,204 10,365 489,053 
Allocated Corporate expenses160,959 114,703 2,840 278,502 
Amortization of intangible assets43,569 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
Adjusted unallocated Corporate expenses(2)
(179,882)
Restructuring and related charges(3)
(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, net5,498 
Income before taxes$142,878 


For the Year Ended April 30, 2024
ResearchLearningHeld for Sale or SoldTotal
Revenue$1,042,705 $574,739 $255,543 $1,872,987 
Cost of sales281,109 145,054 153,559 579,722 
Direct expenses323,392 145,514 48,127 517,033 
Allocated Corporate expenses155,495 132,394 23,142 311,031 
Amortization of intangible assets44,946 9,044 2,004 55,994 
Adjusted Operating Income by segment$237,763 $142,733 $28,711 $409,207 
Reconciliation of Adjusted Operating Income by segment to Income before taxes
Adjusted unallocated Corporate expenses(2)
(185,456)
Impairment of goodwill(3)
(108,449)
Restructuring and related charges(3)
(63,041)
Interest expense(49,003)
Net foreign exchange transaction losses(2,959)
Net loss on sale of businesses, assets, and impairment charges related to assets held-for-sale(183,389)
Other expense, net(3,957)
Loss before taxes$(187,047)
(1)
Our Held for Sale or Sold segment is excluded from the segment results as all businesses within this segment were sold prior to the start of the reporting period presented. See Note 4, “Acquisition and Divestitures” for more details on the divestitures.
(2)
Corporate expenses include certain costs that are not allocated to the reportable segments.
(3)
See Note 7, “Restructuring and Related Charges” and Note 11, “Goodwill and Intangible Assets” for more information of these charges by segment.
(4)
In the year ended April 30, 2026, we settled a litigation matter related to consideration for a previous acquisition for $0.1 million which is included in Corporate Operating and administrative expenses.
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, 2026, 2025, and 2024.
Depreciation and amortization expense were as follows:
For the Years Ended April 30,
202620252024
Research$92,472 $89,302 $93,422 
Learning41,148 43,900 57,696 
Held for Sale or Sold— — 3,437 
Total depreciation and amortization$133,620 $133,202 $154,555 
Corporate depreciation and amortization9,857 13,924 22,434 
Total depreciation and amortization$143,477 $147,126 $176,989 
Revenue by geographical area is attributed based on the location of the legal entity that recognized the revenue. Previously, revenue was attributed based on the location of the customer. We believe the change to revenue attributed based upon legal entity better reflects the geographical profile of our revenue and how we manage our operations. Prior period information has been recast to reflect this change.
Revenue from external customers by geographical area was as follows:
For the Years Ended April 30,
202620252024
United States$854,540 $848,575 $988,129 
United Kingdom490,431 498,934 520,418 
Germany192,291 183,044 172,855 
Other countries139,266 147,056 191,585 
Total$1,676,528 $1,677,609 $1,872,987 
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:
202620252024
United States$157,172 $185,610 $213,192 
United Kingdom21,187 25,315 27,584 
Other countries15,029 17,328 20,736 
Total$193,388 $228,253 $261,512 
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.