Summary of Significant Accounting Policies, Recently Issued and Recently Adopted Accounting Standards (Tables)

12 Months Ended

Apr. 30, 2026

Schedule of Net Sales Return Reserves by Balance Sheet Account

The reserves are reflected in the following accounts of the Consolidated Statements of Financial Position as of April 30:


	2026		2025
Increase in Inventories, net	$	3,085	$	4,042
Decrease in Accrued royalties	(1,661)		(2,067)
Increase in Contract liabilities	11,825		15,093
Print book sales return reserve net liability balance	$	(7,079)	$	(8,984)

Schedule of Advertising and Marketing Costs

Advertising and marketing costs are expensed as incurred. These costs are reflected primarily in Operating and administrative expenses on the Consolidated Statements of Income (Loss) as follows:


	For the Years Ended April 30,
	2026		2025		2024(1)
Advertising and marketing costs	$	29,250	$	31,235	$	61,709


(1)			For the year ended April 30, 2024, this includes $28.8 million of advertising and marketing costs reflected in Cost of sales on the Consolidated Statements of Income (Loss), incurred to fulfill performance obligations from contracts with educational institutions. These costs were incurred by the University Services business, which was sold on January 1, 2024 and had been reported in our Held for Sale or Sold segment.