v3.26.1
Segment Information
 3 Months Ended
Jul. 31, 2026
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 two 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

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 by segment and the reconciliation to (Loss) Income before taxes:

Three Months Ended July 31, 2026
ResearchLearningTotal
Revenue$293,490 $92,871 $386,361 
Cost of sales75,956 24,915 100,871 
Direct expenses94,729 35,843 130,572 
Allocated Corporate expenses47,685 25,311 72,996 
Amortization of intangible assets14,143 1,908 16,051 
Adjusted Operating Income by segment
$60,977 $4,894 $65,871 
Reconciliation of Adjusted Operating Income by segment to Loss before taxes
Adjusted unallocated Corporate expenses(1)
(34,966)
Restructuring and related charges(2)
(16,525)
Interest expense(13,926)
Net foreign exchange transaction losses
(397)
Net gain on sale of businesses and assets
1,113 
Other expense, net(2,304)
Acquisition and integration related costs(3)
(11,039)
Accelerated amortization of an intangible asset(4)
(404)
Loss before taxes
$(12,577)
Three Months Ended July 31, 2025
ResearchLearningTotal
Revenue$281,692 $115,108 $396,800 
Cost of sales80,753 28,506 109,259 
Direct expenses88,587 34,581 123,168 
Allocated Corporate expenses44,981 28,279 73,260 
Amortization of intangible assets11,123 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 and assets
(1,116)
Other expense, net
(127)
Income before taxes$17,707 
(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.
(3)
See Note 3, “Acquisition and Divestitures” for more details on the acquisition and integration related costs.
(4)
As a result of our decision to discontinue the use of an intangible asset in the Research segment, we revised the asset's estimated useful life and recognized $0.4 million of accelerated amortization expense during the three months ended July 31, 2026. This amortization expense was an adjustment to the Research Adjusted Operating Income. In addition, it was included in Depreciation and amortization in the table below.
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, 2026 and 2025.
The following tables present a summary of depreciation and amortization expense by segment:
Three Months Ended
July 31,
20262025
Research$26,323 $23,385 
Learning9,136 9,844 
Total depreciation and amortization$35,459 $33,229 
Corporate depreciation and amortization1,862 3,217 
Total depreciation and amortization$37,321 $36,446