Segment Information (Tables)

9 Months Ended

Jan. 31, 2021

Segment information is as follows:

	Three Months Ended January 31,						Nine Months Ended January 31,
	2021			2020			2021			2020
Revenue:
Research Publishing & Platforms	$	239,850		$	233,556		$	731,994		$	697,640
Academic & Professional Learning		174,115			178,278			471,618			500,861
Education Services		68,947			55,297			201,637			158,365
Total Revenue	$	482,912		$	467,131		$	1,405,249		$	1,356,866

Contribution to Profit:
Research Publishing & Platforms	$	60,782		$	63,861		$	204,688		$	182,798
Academic & Professional Learning		32,606			28,793			62,104			68,754
Education Services		5,427			(5,166	)		13,410			(9,782	)
Total Contribution to Profit	$	98,815		$	87,488		$	280,202		$	241,770
Corporate Expenses		(64,488	)		(38,994	)		(145,931	)		(125,326	)
Operating Income	$	34,327		$	48,494		$	134,271		$	116,444

Adjusted Contribution to Profit:⁽¹⁾
Research Publishing & Platforms	$	60,865		$	63,901		$	204,336		$	186,184
Academic & Professional Learning		32,934			30,334			64,006			73,900
Education Services		5,498			(5,162	)		13,704			(8,164	)
Total Adjusted Contribution to Profit	$	99,297		$	89,073		$	282,046		$	251,920
Adjusted Corporate Expenses		(44,295	)		(37,281	)		(122,962	)		(117,442	)
Total Adjusted Operating Income	$	55,002		$	51,792		$	159,084		$	134,478

Depreciation and Amortization:
Research Publishing & Platforms	$	20,997		$	17,056		$	60,463		$	51,246
Academic & Professional Learning		17,233			17,806			53,757			51,679
Education Services		7,493			5,987			21,982			17,007
Total Depreciation and Amortization	$	45,723		$	40,849		$	136,202		$	119,932
Corporate Depreciation and Amortization		3,593			2,832			11,051			8,606
Total Depreciation and Amortization	$	49,316		$	43,681		$	147,253		$	128,538

Adjusted EBITDA:⁽²⁾
Research Publishing & Platforms	$	81,862		$	80,957		$	264,799		$	237,430
Academic & Professional Learning		50,167			48,140			117,763			125,579
Education Services		12,991			825			35,686			8,843
Total Segment Adjusted EBITDA	$	145,020		$	129,922		$	418,248		$	371,852
Corporate Adjusted EBITDA		(40,702	)		(34,449	)		(111,911	)		(108,836	)
Total Adjusted EBITDA	$	104,318		$	95,473		$	306,337		$	263,016

⁽¹⁾	Adjusted Contribution to Profit is calculated as Contribution to Profit adjusted for restructuring and related charges. See Note 9, “Restructuring and Related Charges” for these charges by segment.

⁽²⁾	Adjusted EBITDA is calculated as Adjusted Contribution to Profit with depreciation and amortization added back.

Reconciliation of GAAP Net Income to Non-GAAP EBITDA and Adjusted EBITDA

The following table shows a reconciliation of our consolidated U.S. GAAP net income to Non-GAAP EBITDA and Adjusted EBITDA:

	Three Months Ended January 31,						Nine Months Ended January 31,
	2021			2020			2021			2020
Net Income	$	22,161		$	35,443		$	106,927		$	83,757
Interest expense		4,853			6,309			13,928			19,173
Provision for income taxes		5,231			9,229			18,712			21,355
Depreciation and amortization		49,316			43,681			147,253			128,538
Non-GAAP EBITDA	$	81,561		$	94,662		$	286,820		$	252,823
Restructuring and related charges		20,675			3,298			24,813			18,034
Foreign exchange transaction losses		5,694			1,745			6,473			1,761
Other income		(3,612	)		(4,232	)		(11,769	)		(9,602	)
Non-GAAP Adjusted EBITDA	$	104,318		$	95,473		$	306,337		$	263,016