Cover Page
Cover Page - shares | 3 Months Ended | |
Jul. 31, 2024 | Aug. 31, 2024 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-11507 | |
Entity Registrant Name | JOHN WILEY & SONS, INC. | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 13-5593032 | |
Entity Address, Address Line One | 111 River Street | |
Entity Address, City or Town | Hoboken | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07030 | |
City Area Code | 201 | |
Local Phone Number | 748-6000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --04-30 | |
Document Fiscal Year Focus | 2025 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000107140 | |
Amendment Flag | false | |
Class A common stock | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Class A Common Stock, par value $1.00 per share | |
Trading Symbol | WLY | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 45,302,459 | |
Class B common stock | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Class B Common Stock, par value $1.00 per share | |
Trading Symbol | WLYB | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 8,976,656 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - UNAUDITED - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Current assets | ||
Cash and cash equivalents | $ 82,545 | $ 83,249 |
Accounts receivable, net of allowance for credit losses of $18.0 million and $17.3 million, respectively | 192,153 | 224,198 |
Inventories, net | 25,846 | 26,219 |
Prepaid expenses and other current assets | 87,004 | 85,954 |
Current assets held-for-sale | 5,282 | 34,422 |
Total current assets | 392,830 | 454,042 |
Technology, property and equipment, net | 185,104 | 192,438 |
Intangible assets, net | 609,224 | 615,694 |
Goodwill | 1,099,817 | 1,091,368 |
Operating lease right-of-use assets | 72,424 | 69,074 |
Other non-current assets | 292,635 | 283,719 |
Non-current assets held-for-sale | 24 | 19,160 |
Total assets | 2,652,058 | 2,725,495 |
Current liabilities | ||
Accounts payable | 38,641 | 55,659 |
Accrued royalties | 105,063 | 97,173 |
Short-term portion of long-term debt | 8,750 | 7,500 |
Contract liabilities | 367,307 | 483,778 |
Accrued employment costs | 49,039 | 96,980 |
Short-term portion of operating lease liabilities | 17,647 | 18,294 |
Other accrued liabilities | 78,241 | 76,266 |
Current liabilities held-for-sale | 24,103 | 37,632 |
Total current liabilities | 688,791 | 873,282 |
Long-term debt | 909,850 | 767,096 |
Accrued pension liability | 67,850 | 70,832 |
Deferred income tax liabilities | 97,362 | 97,186 |
Operating lease liabilities | 91,587 | 94,386 |
Other long-term liabilities | 76,980 | 71,760 |
Long-term liabilities held-for-sale | 5,965 | 11,237 |
Total liabilities | 1,938,385 | 1,985,779 |
Commitments and contingencies (Note 18) | ||
Shareholders’ equity | ||
Preferred stock, $1 par value per share: Authorized shares – 2 million, Issued shares - 0 | 0 | 0 |
Additional paid-in-capital | 473,164 | 474,406 |
Retained earnings | 1,562,666 | 1,583,348 |
Accumulated other comprehensive loss, net of tax | (523,592) | (528,439) |
Less treasury shares at cost (Class A – 24,975 and 24,828 as of July 31, 2024 and April 30, 2024, respectively; Class B – 3,928 and 3,928 as of July 31, 2024 and April 30, 2024, respectively) | (881,747) | (872,781) |
Total shareholders’ equity | 713,673 | 739,716 |
Total liabilities and shareholders' equity | 2,652,058 | 2,725,495 |
Class A common stock | ||
Shareholders’ equity | ||
Common stock | 70,277 | 70,259 |
Class B common stock | ||
Shareholders’ equity | ||
Common stock | $ 12,905 | $ 12,923 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - UNAUDITED (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Jul. 31, 2024 | Apr. 30, 2024 |
Current assets | ||
Allowance for credit losses | $ 18 | $ 17.3 |
Shareholders’ equity | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 2,000 | 2,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Class A common stock | ||
Shareholders’ equity | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 180,000 | 180,000 |
Common stock, shares issued (in shares) | 70,277 | 70,259 |
Treasury stock (in shares) | 24,975 | 24,828 |
Class B common stock | ||
Shareholders’ equity | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 72,000 | 72,000 |
Common stock, shares issued (in shares) | 12,905 | 12,923 |
Treasury stock (in shares) | 3,928 | 3,928 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS – UNAUDITED - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Income Statement [Abstract] | ||
Revenue, net | $ 403,809 | $ 451,013 |
Costs and expenses: | ||
Cost of sales | 109,220 | 157,101 |
Operating and administrative expenses | 248,819 | 255,801 |
Impairment of goodwill | 0 | 26,695 |
Restructuring and related charges | 3,870 | 12,123 |
Amortization of intangible assets | 12,927 | 15,648 |
Total costs and expenses | 374,836 | 467,368 |
Operating income (loss) | 28,973 | (16,355) |
Interest expense | (12,787) | (11,334) |
Foreign exchange transaction gains (losses) | 234 | (1,620) |
Gains (losses) on sale of businesses and impairment charges related to assets held-for-sale | 5,801 | (75,929) |
Other income (expense), net | 782 | (1,485) |
Income (loss) before taxes | 23,003 | (106,723) |
Provision (benefit) for income taxes | 24,439 | (14,459) |
Net loss | $ (1,436) | $ (92,264) |
Loss per share | ||
Basic (in dollars per share) | $ (0.03) | $ (1.67) |
Diluted (in dollars per share) | $ (0.03) | $ (1.67) |
Weighted average number of common shares outstanding | ||
Basic (in shares) | 54,377 | 55,270 |
Diluted (in shares) | 54,377 | 55,270 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) – UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (1,436) | $ (92,264) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 14,963 | 11,174 |
Unamortized retirement costs, net of tax benefit of $629 and $384, respectively | (2,040) | (1,837) |
Unrealized (loss) gains on interest rate swaps, net of tax (expense) of $0 and $(863), respectively | (8,076) | 2,520 |
Total other comprehensive income | 4,847 | 11,857 |
Comprehensive income (loss) | $ 3,411 | $ (80,407) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) – UNAUDITED (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Other comprehensive income (loss): | ||
Unrealized retirement credits, tax benefit | $ 629 | $ 384 |
Unrealized (loss) gains on interest rate swaps, tax benefit (expense) | $ 0 | $ (863) |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | ||
Operating activities | |||
Net loss | $ (1,436) | $ (92,264) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Impairment of goodwill | 0 | 26,695 | |
(Gains) losses on sale of businesses and impairment charges related to assets held-for-sale | (5,801) | 75,929 | |
Amortization of intangible assets | 12,927 | 15,648 | |
Amortization of product development assets | 4,476 | 6,687 | |
Depreciation and amortization of technology, property and equipment | 19,850 | 21,393 | |
Restructuring and related charges | 3,870 | 12,123 | |
Stock-based compensation expense | 5,968 | 6,286 | |
Employee retirement plan expense | 9,651 | 9,244 | |
Foreign exchange transaction (gains) losses | (234) | 1,620 | |
Other noncash charges (credits) | 812 | (20,520) | |
Net change in operating assets and liabilities | (138,795) | (145,176) | |
Net cash used in operating activities | (88,712) | (82,335) | |
Investing activities | |||
Product development spending | (3,351) | (3,747) | |
Additions to technology, property and equipment | (14,502) | (20,086) | |
Businesses acquired in purchase transactions, net of cash acquired | (915) | (1,500) | |
Net cash (transferred) proceeds related to the sale of businesses | (6,387) | ||
Net cash (transferred) proceeds related to the sale of businesses | 457 | ||
Acquisitions of publication rights and other | 1,348 | (866) | |
Net cash used in investing activities | (23,807) | (25,742) | |
Financing activities | |||
Repayments of long-term debt | (306,231) | (196,405) | |
Borrowings of long-term debt | 449,980 | 341,878 | |
Purchases of treasury shares | (12,500) | (10,000) | |
Change in book overdrafts | (6,723) | (5,947) | |
Cash dividends | (19,184) | (19,382) | |
Impact of tax withholding on stock-based compensation and other | (3,753) | (4,330) | |
Net cash provided by financing activities | 101,589 | 105,814 | |
Effects of exchange rate changes on cash, cash equivalents, and restricted cash | 798 | 2,257 | |
Cash reconciliation: | |||
Cash and cash equivalents | 99,441 | 106,714 | |
Restricted cash included in Prepaid expenses and other current assets | 102 | 548 | |
Balance at beginning of period | 99,543 | 107,262 | |
Decrease for the period | (10,132) | (6) | |
Cash and cash equivalents | 89,361 | 107,152 | |
Restricted cash included in Prepaid expenses and other current assets | 50 | 104 | |
Balance at end of period | [1] | 89,411 | 107,256 |
Cash paid during the period for: | |||
Interest | 12,313 | 10,657 | |
Income taxes, net of refunds | $ 9,168 | $ 12,374 | |
[1] The balance as of July 31, 2024 includes held-for-sale cash, cash equivalents and restricted cash. See Note 3, "Divestitures" for further details. |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - UNAUDITED - USD ($) $ in Thousands | Total | Class A common stock | Class B common stock | Common Stock Class A common stock | Common Stock Class B common stock | Additional paid-in capital | Retained earnings | Retained earnings Class A common stock | Retained earnings Class B common stock | Accumulated other comprehensive loss, net of tax | Treasury stock |
Beginning balance at Apr. 30, 2023 | $ 1,045,027 | $ 70,231 | $ 12,951 | $ 469,802 | $ 1,860,872 | $ (528,902) | $ (839,927) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Restricted shares issued under stock-based compensation plans | 75 | (10,805) | 1 | 10,879 | |||||||
Impact of tax withholding on stock-based compensation and other | (4,330) | (4,330) | |||||||||
Stock-based compensation expense | 6,281 | 6,281 | |||||||||
Purchases of treasury shares | (10,000) | (10,000) | |||||||||
Common stock dividends | $ (16,281) | $ (3,159) | $ (16,281) | $ (3,159) | |||||||
Comprehensive income, net of tax | (80,407) | (92,264) | 11,857 | ||||||||
Ending balance at Jul. 31, 2023 | 937,206 | 70,231 | 12,951 | 465,278 | 1,749,169 | (517,045) | (843,378) | ||||
Beginning balance at Apr. 30, 2024 | 739,716 | 70,259 | 12,923 | 474,406 | 1,583,348 | (528,439) | (872,781) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Restricted shares issued under stock-based compensation plans | 79 | (7,208) | 7,287 | ||||||||
Impact of tax withholding on stock-based compensation and other | (3,753) | (3,753) | |||||||||
Stock-based compensation expense | 5,966 | 5,966 | |||||||||
Purchases of treasury shares | (12,500) | (12,500) | |||||||||
Common stock dividends | $ (16,082) | $ (3,164) | $ (16,082) | $ (3,164) | |||||||
Common stock class conversions | 0 | 18 | (18) | ||||||||
Comprehensive income, net of tax | 3,411 | (1,436) | 4,847 | ||||||||
Ending balance at Jul. 31, 2024 | $ 713,673 | $ 70,277 | $ 12,905 | $ 473,164 | $ 1,562,666 | $ (523,592) | $ (881,747) |
CONDENSED CONSOLIDATED STATEM_8
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Class A common stock | ||
Common stock dividend (in dollars per share) | $ 0.3525 | $ 0.3500 |
Class B common stock | ||
Common stock dividend (in dollars per share) | $ 0.3525 | $ 0.3500 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jul. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Throughout this report, when we refer to “Wiley,” the “Company,” “we,” “our,” or “us,” we are referring to John Wiley & Sons, Inc. and all our subsidiaries, except where the context indicates otherwise. Our Unaudited Condensed Consolidated Financial Statements include all the accounts of the Company and our subsidiaries. We have eliminated all intercompany transactions and balances in consolidation. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the Unaudited Condensed Consolidated Financial Condition, Results of Operations, Comprehensive Income (Loss) and Cash Flows for the periods presented. Operating results for the interim period are not necessarily indicative of the results expected for the full year. All amounts are presented in United States (US) dollars, unless otherwise specified. All amounts are in thousands, except per share amounts, and approximate due to rounding. These financial statements should be read in conjunction with the most recent audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2024 as filed with the SEC on June 26, 2024 (2024 Form 10-K). |
Recent Accounting Standards
Recent Accounting Standards | 3 Months Ended |
Jul. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Standards | Recent Accounting Standards Recently Adopted Accounting Standards There were no recently adopted accounting standards which would have a material impact on our condensed consolidated financial statements. Recently Issued Accounting Standards Improvements to Income Tax Disclosures In December 2023, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” This ASU enhances the transparency, effectiveness and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. This ASU is effective for our annual disclosures starting fiscal year 2026. Early adoption is permitted. A public entity should apply the amendments in this ASU on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures. Segment Reporting - Improvements to Reportable Segment Disclosures |
Divestitures
Divestitures | 3 Months Ended |
Jul. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | Divestitures As part of our ongoing initiatives to simplify our portfolio to drive sustained performance improvement, we have completed one disposition as of July 31, 2024 in addition to the dispositions completed during fiscal year 2024. We have also committed to a plan to divest an additional business which closed on August 31, 2024. On June 1, 2023, Wiley’s Board of Directors approved a plan to divest certain businesses that we determined are non-core businesses. Those businesses are University Services, Wiley Edge, and CrossKnowledge. In accordance with FASB Accounting Standards Codification (ASC) Topic 205, "Presentation of Financial Statements," we determined that the planned divestitures of University Services, Wiley Edge and CrossKnowledge each do not represent a strategic shift that will have a major effect on our consolidated results of operations, and therefore their results of operations were not reported as discontinued operations. We concluded that the businesses met all the requisite held-for-sale criteria as of June 1, 2023. Therefore, the related assets and liabilities were reclassified as held-for-sale on the Unaudited Condensed Consolidated Statements of Financial Position until the date of sale. On January 1, 2024, we sold University Services. On May 31, 2024, we sold Wiley Edge, with the exception of its India operations. The sale of Wiley Edge’s India operations closed on August 31, 2024. On August 2, 2024, we entered into an agreement to sell CrossKnowledge, which closed on August 31, 2024. As of July 31, 2024, CrossKnowledge continues to be reported as held-for-sale. Completed Divestitures Fiscal Year 2025 Wiley Edge On May 31, 2024, we completed the sale of Wiley Edge, which was included in our Held for Sale or Sold segment, pursuant to a stock and asset purchase agreement (Edge Agreement) with Inspirit Vulcan Bidco Limited, a private limited company incorporated in England & Wales (Inspirit). We closed on the transaction with the exception of Wiley Edge's India operations, which closed on August 31, 2024. The selling price for Wiley Edge at the date of sale excluding India, which was updated during the three months ended July 31, 2024, had a fair value of $33.9 million paid in the form of: (i) cash of $8.2 million, of which $2.5 million is deferred, (ii) an unsecured promissory note with an initial aggregate principal amount of $10.9 million (Inspirit Seller Note), subject to customary purchase price adjustments, including for working capital, and (iii) $14.9 million of additional contingent consideration in the form of an earnout recorded at fair value based on the gross profit targets during each of the three fiscal years in the period beginning May 1, 2024 and ending April 30, 2027 (Wiley Edge Earnout). As of July 31, 2024, t he Inspirit Seller Note is reflected in Other non-current assets in our Unaudited Condensed Consolidated Statements of Financial Position. As of July 31, 2024, $2.4 million of the Wiley Edge Earnout is reflected in Prepaid expenses and other current assets and $12.5 million of the Wiley Edge Earnout is reflected in Other non-current assets in our Unaudited Condensed Consolidated Statements of Financial Position. The Inspirit Seller Note matures on May 31, 2028 and is prepayable at par plus accrued interest at any time and also if certain conditions are met. The Inspirit Seller Note bears interest at the rate of 8% per annum commencing on May 31, 2024, increasing by 1% per annum each year on the anniversary of issuance. Interest income from the note receivable represents non operating income and is included in Other income (expense), net on the Unaudited Condensed Consolidated Statements of Net Loss . The maximum Wiley Edge Earnout amount is $34.0 million. We elected to record the fair value of the Wiley Edge Earnout as of the date of the sale, and will update that fair value as applicable until settled. The fair value of the Wiley Edge Earnout was based on a Monte Carlo simulation. This fair value was categorized as Level 3 within the FASB ASC Topic 820 , “Fair Value Measurements” (ASC Topic 820) fair value hierarchy . This method considers the terms and conditions in the Edge Agreement, our best estimates of forecasted gross profit for the Wiley Edge Earnout periods and simulates a range of gross profits over the applicable periods based on an estimate of gross profit volatility. The fair value of the Wiley Edge Earnout was estimated as the present value of the potential range of payouts averaged across the range of simulated gross profits using an estimated risk-adjusted discount rate for the simulated gross profits. The Wiley Edge Earnout amount is subject to change based on final results and calculations. The pretax loss on sale was $19.6 million after accounting for the assets sold, liabilities transferred upon sale, and transaction costs. In connection with the held-for-sale classification, during fiscal year 2024, we recognized cumulative impairment charges of $19.4 million on the remeasurement of the disposal group at the lower of carrying value or fair value less costs to sell. Upon the completion of the sale, we recognized an additional loss of $0.2 million in the three months ended July 31, 2024 due to subsequent changes in the fair value less costs to sell, as well as changes in the carrying amount of the disposal group. This additional loss is included in Gains (losses) on sale of businesses and impairment charges related to assets held-for-sale in our Unaudited Condensed Consolidated Statements of Net Loss for the three months ended July 31, 2024. We entered into a transition services agreement to facilitate the transition of the divested business. Fiscal Year 2024 University Services On January 1, 2024, we completed the sale of University Services, which was included in our Held for Sale or Sold segment, pursuant to a Membership Interest and Asset Purchase Agreement with Academic Partnerships LLC, a Delaware limited liability company (Academic Partnerships), and Education Services Upper Holdings Corp., a Delaware corporation. The pretax loss on sale was $105.6 million after accounting for the assets sold, liabilities transferred upon sale, and transaction costs, which was reduced during the three months ended July 31, 2024 due to third-party customer consents and working capital adjustments of $1.5 million that occurred in the first quarter of fiscal year 2025. This amount is included in Gains (losses) on sale of businesses and impairment charges related to assets held-for-sale in our Unaudited Condensed Consolidated Statements of Net Loss for the three months ended July 31, 2024. Tuition Manager On May 31, 2023, we completed the sale of our tuition manager business (Tuition Manager), which was included in our Held for Sale or Sold segment. The pretax loss on sale was $1.4 million after accounting for the assets sold, liabilities transferred upon sale, and transaction costs, which was reduced during the three months ended July 31, 2024 due to additional cash received after the date of sale of $0.1 million. This amount is included in Gains (losses) on sale of businesses and impairment charges related to assets held-for-sale in our Unaudited Condensed Consolidated Statements of Net Loss for the three months ended July 31, 2024. Assets and Liabilities Held-for-Sale As of July 31, 2024, CrossKnowledge and Wiley Edge's India operations continue to be reported as held-for-sale. We measured the CrossKnowledge disposal group at the lower of carrying value or fair value less costs to sell. The determination of the fair value less costs to sell for CrossKnowledge is based on the indicative sales value and includes value associated with contingent consideration to be received in the form of an earnout. This fair value was categorized as Level 3 within the ASC Topic 820 fair value hierarchy. In the three months ended July 31, 2024, we reduced the held-for-sale pretax impairment by $4.4 million related to CrossKnowledge. The total impairment charge for CrossKnowledge is $51.0 million, which includes $55.4 million recognized in fiscal year 2024. The reduction of the impairment charge in the three months ended July 31, 2024 was due to subsequent changes in the fair value less costs to sell resulting from the continued progression of the selling process and indications of changes in the consideration for the business, as well as changes in the carrying amount of the disposal group. The reduction of the pretax noncash impairment is reflected in Gains (losses) on sale of businesses and impairment charges related to assets held-for-sale in our Unaudited Condensed Consolidated Statements of Net Loss. The total impairment is included as a valuation allowance or contra-asset account within Current assets held-for-sale and Non-current assets held-for-sale in our Unaudited Condensed Consolidated Statement of Financial Position as of July 31, 2024. In the three months ended July 31, 2023, we recorded a held-for-sale pretax impairment of $73.9 million which includes $40.6 million for University Services and $33.3 million for CrossKnowledge. This pretax impairment is reflected in Gains (losses) on sale of businesses and impairment charges related to assets held-for-sale in our Unaudited Condensed Consolidated Statements of Net Loss for the three months ended July 31, 2023. The major categories of assets and liabilities that have been classified as held-for-sale on the Unaudited Condensed Consolidated Statement of Financial Position as of July 31, 2024 were as follows: Cross Knowledge Wiley Edge Total Assets held-for-sale: Current assets Cash and cash equivalents (1) $ 6,816 $ — $ 6,816 Accounts receivable, net 5,132 1,226 6,358 Prepaid expenses and other current assets (1) 4,201 — 4,201 Valuation allowance (12,093) — (12,093) Total current assets held-for-sale $ 4,056 $ 1,226 $ 5,282 Technology, property and equipment, net 3,815 24 3,839 Intangible assets, net 17,989 — 17,989 Operating lease right-of-use assets 1,098 — 1,098 Other non-current assets 16,085 — 16,085 Valuation allowance (38,987) — (38,987) Total non-current assets held-for-sale $ — $ 24 $ 24 Liabilities held-for-sale: Current liabilities Accounts payable $ 595 $ — $ 595 Accrued royalties 397 — 397 Contract liabilities 13,164 — 13,164 Accrued employment costs 6,425 — 6,425 Short-term portion of operating lease liabilities 203 — 203 Other accrued liabilities 3,319 — 3,319 Total current liabilities held-for-sale $ 24,103 $ — $ 24,103 Accrued pension liability 1,095 — 1,095 Deferred income tax liabilities 4,480 — 4,480 Operating lease liabilities 251 — 251 Other long-term liabilities 32 107 139 Total long-term liabilities held-for-sale $ 5,858 $ 107 $ 5,965 (1) The following table shows a reconciliation of our cash, cash equivalents, and restricted cash included in current assets held-for-sale in our Unaudited Condensed Consolidated Statement of Financial Position to our Unaudited Condensed Consolidated Statement of Cash Flows for the three months ended July 31, 2024: Cash and cash equivalents $ 82,545 Restricted cash included in Prepaid expenses and other current assets 50 Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Financial Position as of July 31, 2024 82,595 Total cash, cash equivalents, and restricted cash held-for-sale as of July 31, 2024 6,816 Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Cash Flows for the three months ended July 31, 2024 $ 89,411 The major categories of assets and liabilities that have been classified as held-for-sale on the Unaudited Condensed Consolidated Statement of Financial Position as of April 30, 2024 were as follows: Cross Knowledge Wiley Edge Total Assets held-for-sale: Current assets Cash and cash equivalents $ 6,305 $ 9,887 $ 16,192 Accounts receivable, net 12,914 13,897 26,811 Prepaid expenses and other current assets 3,780 5,548 9,328 Valuation allowance (17,909) — (17,909) Total current assets held-for-sale $ 5,090 $ 29,332 $ 34,422 Technology, property and equipment, net 3,786 2,888 6,674 Intangible assets, net 17,777 34,612 52,389 Operating lease right-of-use assets 1,091 1,008 2,099 Other non-current assets 14,877 53 14,930 Valuation allowance (37,531) (19,401) (56,932) Total non-current assets held-for-sale $ — $ 19,160 $ 19,160 Liabilities held-for-sale: Current liabilities Accounts payable $ 494 $ — $ 494 Accrued royalties 268 — 268 Contract liabilities 16,796 — 16,796 Accrued employment costs 7,805 3,990 11,795 Short-term portion of operating lease liabilities 319 468 787 Other accrued liabilities 2,762 4,730 7,492 Total current liabilities held-for-sale $ 28,444 $ 9,188 $ 37,632 Accrued pension liability 1,037 — 1,037 Deferred income tax liabilities 4,420 4,448 8,868 Operating lease liabilities 251 159 410 Other long-term liabilities 694 228 922 Total long-term liabilities held-for-sale $ 6,402 $ 4,835 $ 11,237 On August 2, 2024, we entered into a stock and asset purchase agreement with MS International Software, LLC, a Delaware limited liability company (MS International) , pursuant to which we agreed to sell our online learning and training solutions business, CrossKnowledge, to MS International. We closed the transaction on August 31, 2024. We entered into a transition services agreement to facilitate the transition of the divested business. |
Revenue Recognition, Contracts
Revenue Recognition, Contracts with Customers | 3 Months Ended |
Jul. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition, Contracts with Customers | Revenue Recognition, Contracts with Customers Disaggregation of Revenue The following table presents our revenue from contracts with customers disaggregated by segment and product type. Three Months Ended 2024 2023 Research: Research Publishing $ 230,951 $ 223,000 Research Solutions 34,358 34,804 Total Research 265,309 257,804 Learning: Academic 59,964 48,292 Professional 64,350 61,028 Total Learning 124,314 109,320 Held for Sale or Sold 14,186 83,889 Total Revenue $ 403,809 $ 451,013 The following information describes our disaggregation of revenue by segment and product type. Overall, the majority of our revenue is recognized over time. Research Total Research revenue was $265.3 million in the three months ended July 31, 2024. Research products are sold and distributed globally through multiple channels. The majority of revenue generated from Research products is recognized over time. We disaggregated revenue by Research Publishing and Research Solutions to reflect the different type of products and services provided. Research Publishing Products Research Publishing products provide scientific, technical, medical, and scholarly journals, as well as related content and services to academic, corporate, and government libraries, learned societies, and individual researchers and other professionals. Research Publishing revenue was $231.0 million in the three months ended July 31, 2024, and the majority is recognized over time. In the three months ended July 31, 2024, Research Publishing products generated approximately 88% of their revenue from contracts with its customers from Journal Subscriptions (pay to read), Open Access (pay to publish) and Transformational Agreements (read and publish), and the remainder from Licensing and other revenue streams. Research Solutions Products and Services Research Solutions revenue was $34.4 million in the three months ended July 31, 2024, and the majority is recognized over time. Research Solutions products and services generated approximately 50% of their revenue in the three months ended July 31, 2024 from contracts with customers that include corporate solutions such as job board software and career center services, marketing and education services, licensing, and databases. The remainder of the revenue from contracts with customers includes platforms that enable scholarly and professional societies and publishers to deliver, host, enhance, market, and manage their content, solutions to manage the submission and peer review process, and publishing and editorial services. Learning Total Learning revenue was $124.3 million in the three months ended July 31, 2024. We disaggregated revenue by Academic and Professional to reflect the different types of products and services provided. Academic Academic products revenue was $60.0 million in the three months ended July 31, 2024. Products and services including scientific, professional, and education print and digital books, and digital courseware to libraries, corporations, students, professionals, and researchers. Products are developed for worldwide distribution through multiple channels, including chain and online booksellers, libraries, colleges and universities, corporations, direct to consumer, websites, distributor networks and other online applications. In the three months ended July 31, 2024, Academic products generated approximately 60% of their revenue from contracts with their customers for print and digital publishing, which is recognized at a point in time. Digital Courseware products in the three months ended July 31, 2024 generate approximately 15% of their revenue from contracts with their customers which is recognized over time. The remainder of their revenues were from Licensing and other revenue streams, which have a mix of revenue recognized at a point in time and over time. Professional Professional products revenue was $64.4 million in the three months ended July 31, 2024. Professional provides learning, development, publishing, and assessment services for businesses and professionals. Our trade publishing produces professional books, which includes business and finance, technology, professional development for educators, test preparation books and other professional categories, as well as the For Dummies ® brand. Products are sold to brick-and-mortar and online retailers, wholesalers who supply such bookstores, college bookstores, individual practitioners, corporations, and government agencies. In the three months ended July 31, 2024, Professional products generated approximately 53% of their revenue from contracts with their customers for trade print and digital publishing, which is recognized at a point in time. Our assessments offering in the three months ended July 31, 2024 generates approximately 28% of their revenue from contracts with their customers which has a mix of revenue recognized at a point in time and over time. The remainder of Professional revenues were from Licensing and other revenue streams, which has a mix of revenue recognized at a point in time and over time. Held for Sale or Sold Held for Sale or Sold revenue was $14.2 million in the three months ended July 31, 2024. Our Held for Sale or Sold offerings include Wiley Edge and CrossKnowledge. Wiley Edge was sold on May 31, 2024 with exception of its India operations. Wiley Edge previously sourced, trained, and prepared aspiring students and professionals to meet the skill needs of today’s technology careers, and then places them with some of the world's largest financial institutions, technology companies, and government agencies. Wiley Edge revenue was recognized at the point in time the services were provided to its customers. CrossKnowledge services includes corporate learning online learning and training solutions for global corporations, universities, and small and medium-sized enterprises sold on a subscription or fee basis. CrossKnowledge revenue is recognized over time. Held for Sale or Sold also includes the revenue associated with those businesses which have been sold which includes University Services which was sold on January 1, 2024 and Tuition Manager which was sold on May 31, 2023. Accounts Receivable, net and Contract Liability Balances When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue when, or as, control of the products or services are transferred to the customer and all revenue recognition criteria have been met. The following table provides information about accounts receivable, net and contract liabilities from contracts with customers. July 31, 2024 April 30, 2024 Increase/ Balances from contracts with customers: Accounts receivable, net $ 192,153 $ 224,198 $ (32,045) Contract liabilities (1) 367,307 483,778 (116,471) Contract liabilities (included in Other long-term liabilities) $ 17,736 $ 14,819 $ 2,918 (1) The sales return reserve recorded in Contract liabilities is $24.0 million and $25.4 million, as of July 31, 2024 and April 30, 2024, respectively. For the three months ended July 31, 2024, we estimate that we recognized as revenue approximately 41% of the current contract liability balance at April 30, 2024. For the three months ended July 31, 2023, we estimated that we recognized as revenue approximately 40% of the current contract liability balance at April 30, 2023. The decrease in contract liabilities excluding the sales return reserve, was primarily driven by revenue earned on journal subscription agreements, transformational agreements, and open access, partially offset by renewals of journal subscription agreements, transformational agreements, and open access. Remaining Performance Obligations included in Contract Liability As of July 31, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligations is approximately $385.0 million, which includes the sales return reserve of $24.0 million. Excluding the sales return reserve, we expect that approximately $343.3 million will be recognized in the next twelve months with the remaining $17.7 million to be recognized thereafter. Assets Recognized for the Costs to Fulfill a Contract Costs to fulfill a contract are directly related to a contract that will be used to satisfy a performance obligation in the future and are expected to be recovered. These costs are amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. These types of costs are incurred in Research Solutions services which includes customer specific implementation costs per the terms of the contract . Our assets associated with incremental costs to fulfill a contract, were $2.9 million and $3.1 million at July 31, 2024 and April 30, 2024, respectively, and are included within Other non-current assets on our Unaudited Condensed Consolidated Statements of Financial Position. We recorded amortization expense of $0.3 million and $1.7 million in the three months ended July 31, 2024 and 2023, respectively, related to these assets within Cost of sales on our Unaudited Condensed Consolidated Statements of Net Loss. In the three months ended July 31, 2023 amortization expense for costs to fulfill includes the amortization related to the University Services business which was sold on January 1, 2024. |
Operating Leases
Operating Leases | 3 Months Ended |
Jul. 31, 2024 | |
Leases [Abstract] | |
Operating Leases | Operating Leases We have contractual obligations as a lessee with respect to offices, warehouses and distribution centers, automobiles, and office equipment. We determine if an arrangement is a lease at inception of the contract in accordance with guidance detailed in the lease standard and we perform the lease classification test as of the lease commencement date. Right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The present value of the lease payments is calculated using an incremental borrowing rate, which was determined based on the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. We use an unsecured borrowing rate and risk-adjust that rate to approximate a collateralized rate. We recognize operating lease expense on a straight-line basis over the term of the lease. Lease payments may be fixed or variable. Only lease payments that are fixed, in-substance fixed or depend on a rate or index are included in determining the lease liability. Variable lease payments include payments made to the lessor for taxes, insurance and maintenance of the leased asset and are recognized as operating costs as incurred. We apply certain practical expedients allowed by ASC 842, "Leases." Leases that are more than one year in duration are capitalized and recorded on our Unaudited Condensed Consolidated Statements of Financial Position. Leases with an initial term of 12 months or less are recognized as short term lease operating costs on a straight-line basis over the term. We have also elected to account for the lease and non-lease components as a single component. Some of our leases offer an option to extend the term of such leases. We utilize the reasonably certain threshold criteria in determining which options we will exercise. For operating leases, the ROU assets and liabilities are presented on our Unaudited Condensed Consolidated Statements of Financial Position as follows: July 31, 2024 April 30, 2024 Operating lease ROU assets $ 72,424 $ 69,074 Short-term portion of operating lease liabilities 17,647 18,294 Operating lease liabilities, non-current $ 91,587 $ 94,386 As a result of our restructuring programs, which included the exit of certain leased office space, we recorded restructuring and related charges, which included impairment charges, the acceleration of expense, and ongoing facility charges associated with certain operating lease ROU assets. See Note 9 , “Restructuring and Related Charges” for more information on this program and the charges incurred. Our total net lease costs are as follows: Three Months Ended 2024 2023 Operating lease cost $ 3,455 $ 4,083 Variable lease cost 243 285 Short-term lease cost 133 278 Sublease income (289) (203) Total net lease cost (1) $ 3,542 $ 4,443 (1) Total net lease cost does not include those costs and sublease income for operating leases we had identified as part of our restructuring programs that would be subleased. The costs and sublease income for those leases are included in Restructuring and related charges on our Unaudited Condensed Consolidated Statements of Net Loss. See Note 9, “Restructuring and Related Charges” for more information on these programs. Other supplemental information includes the following: Three Months Ended 2024 2023 Weighted-average remaining contractual lease term (years) 7 8 Weighted-average discount rate 6.13 % 5.97 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,327 $ 6,736 Operating lease liabilities arising from obtaining ROU assets $ (412) $ 224 The table below reconciles the undiscounted cash flows for the first five years and total of the remaining years to the operating lease liabilities recorded in our Unaudited Condensed Consolidated Statement of Financial Position as of July 31, 2024: Fiscal Year Operating Lease 2025 (remaining 9 months) $ 17,414 2026 22,379 2027 17,942 2028 14,504 2029 14,352 Thereafter 50,241 Total future undiscounted minimum lease payments 136,832 Less: Imputed interest 27,598 Present value of minimum lease payments 109,234 Less: Current portion 17,647 Noncurrent portion $ 91,587 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Jul. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation We have stock-based compensation plans under which employees may be granted performance-based stock awards, other restricted stock awards and options. We recognize the grant date fair value of stock-based compensation in net income generally on a straight-line basis, net of estimated forfeitures over the requisite service period. The measurement of performance for performance-based stock awards is based on actual financial results for targets established up to three years in advance, or less. For the three months ended July 31, 2024 and 2023, we recognized stock-based compensation expense, on a pretax basis, of $6.0 million and $6.3 million, respectively. Performance-Based and Other Restricted Stock Activity Under the terms of our long-term incentive plans, performance-based restricted unit awards are payable in restricted shares of our Class A Common Stock upon the achievement of certain three-year or less financial performance-based targets. During each three-year period or less, we adjust compensation expense based upon our best estimate of expected performance. We may also grant individual restricted unit awards payable in restricted shares of our Class A Common Stock to key employees in connection with their employment. The following table summarizes awards we granted to employees (shares in thousands): Three Months Ended 2024 2023 Restricted Stock: Awards granted (shares) 701 789 Weighted average fair value of grant $ 42.98 $ 31.54 Stock Option Activity There were no stock option awards granted during the three months ended July 31, 2024. We granted 10,000 stock option awards during the three months ended July 31, 2023 to other leaders at fair market value on date of grant. Options are exercisable over a maximum period of ten years from the date of grant. These options generally vest 10%, 20%, 30%, and 40% on April 30, or on each anniversary date after the award is granted. The following table provides the estimated weighted average fair value for options granted during the three months ended July 31, 2023 using the Black-Scholes option-pricing model, and the significant weighted average assumptions used in their determination. Three Months Ended 2023 Weighted average fair value of options on grant date $ 7.94 Weighted average assumptions: Expected life of options (years) 6.3 Risk-free interest rate 3.9 % Expected volatility 33.5 % Expected dividend yield 4.3 % Fair value of common stock on grant date $ 32.68 Exercise price of stock option grant $ 32.68 President and CEO New Hire Equity Awards On July 8, 2024, the Company named Mr. Matthew Kissner President and CEO and entered into an employment agreement (Employment Agreement) with him. Mr. Kissner had served as the Company’s interim President and CEO since October 10, 2023. Under the Employment Agreement, Mr. Kissner will be eligible to participate in the Company's Executive Long-Term Incentive Plan (ELTIP), with a target long-term incentive equal to $3.0 million. Sixty percent of the ELTIP value will be delivered in the form of target performance share units and forty percent in restricted share units. The grant date fair value for the restricted share units was $46.65 per share and included 27,192 restricted share units which vest 25% each year starting on April 30, 2025 to April 30, 2028. The grant date fair value for the performance share units was $46.65 per share and included 40,789 performance share units which vest 100% on June 30, 2027. Awards are subject to forfeiture in the case of voluntary termination prior to vesting, and continued vesting in the case of earlier termination of employment without cause or due to constructive discharge. All other terms and conditions are the same as for other executives, as outlined in the ELTIP grant agreements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Jul. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in Accumulated other comprehensive loss by component, net of tax, for the three months ended July 31, 2024 and 2023 were as follows: Foreign Currency Translation Unamortized Retirement Costs Interest Rate Swaps Total Balance at April 30, 2024 $ (333,827) $ (200,922) $ 6,310 $ (528,439) Other comprehensive income (loss) before reclassifications 14,963 (3,549) (6,788) 4,626 Amounts reclassified from accumulated other comprehensive loss — 1,509 (1,288) 221 Total other comprehensive income (loss) 14,963 (2,040) (8,076) 4,847 Balance at July 31, 2024 $ (318,864) $ (202,962) $ (1,766) $ (523,592) Balance at April 30, 2023 $ (326,346) $ (206,806) $ 4,250 $ (528,902) Other comprehensive income (loss) before reclassifications 11,174 (3,324) 4,697 12,547 Amounts reclassified from accumulated other comprehensive loss — 1,487 (2,177) (690) Total other comprehensive income (loss) 11,174 (1,837) 2,520 11,857 Balance at July 31, 2023 $ (315,172) $ (208,643) $ 6,770 $ (517,045) During both the three months ended July 31, 2024 and 2023, pretax actuarial losses included in Unamortized Retirement Costs of approximately $2.0 million were amortized from Accumulated other comprehensive loss and recognized as pension and post-retirement benefit expense primarily in Operating and administrative expenses and Other income (expense), net on our Unaudited Condensed Consolidated Statements of Net Loss. Our policy for releasing the income tax effects from accumulated other comprehensive (loss) income is to release when the corresponding pretax accumulated other comprehensive (loss) income items are reclassified to earnings. |
Reconciliation of Weighted Aver
Reconciliation of Weighted Average Shares Outstanding | 3 Months Ended |
Jul. 31, 2024 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Shares Outstanding | Reconciliation of Weighted Average Shares Outstanding Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share further includes any common shares available to be issued upon the exercise of unvested, outstanding restricted stock units and other stock awards if such inclusions would be dilutive. The shares associated with performance-based stock awards are considered contingently issuable shares and are included in the diluted weighted average number of common shares outstanding based on when they have met the performance conditions, and when their effect is dilutive. We determine the potentially dilutive common shares for all awards using the treasury stock method. A reconciliation of the shares used in the computation of loss per share follows (shares in thousands): Three Months Ended 2024 2023 Weighted average shares outstanding 54,377 55,270 Shares used for basic loss per share 54,377 55,270 Dilutive effect of unvested restricted stock units and other stock awards — — Shares used for diluted loss per share 54,377 55,270 Antidilutive options to purchase Class A common shares, restricted shares, and contingently issuable restricted stock which are excluded from the table above 1,305 999 In calculating diluted net loss per common share for the three months ended July 31, 2024 and 2023, our diluted weighted average number of common shares outstanding excludes the effect of unvested restricted stock units and other stock awards as the effect was antidilutive. This occurs when a net loss is reported and the effect of using dilutive shares is antidilutive. |
Restructuring and Related Charg
Restructuring and Related Charges | 3 Months Ended |
Jul. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Charges | Restructuring and Related Charges Global Restructuring Program Beginning in fiscal year 2023, the Company initiated a global program (Global Restructuring Program) which was expanded in fiscal year 2024 to include those actions that will focus Wiley on its leading global position in the development and application of new knowledge and drive greater profitability, growth, and cash flow. We will focus on our strongest and most profitable businesses and large market opportunities in Research and Learning, as well as streamline our organization and rightsize our cost structure to reflect these portfolio actions. This program includes severance related charges for the elimination of certain positions, the exit of certain leased office space, and the reduction of our occupancy at other facilities. Under this program, we reduced our real estate square footage occupancy by approximately 35%. The following tables summarize the pretax restructuring and related charges (credits) related to the Global Restructuring Program: Three Months Ended Total Charges 2024 2023 Charges (Credits) by Segment: Research $ 2,323 $ 1,947 $ 12,146 Learning 227 218 19,479 Held for Sale or Sold (242) 2,623 12,870 Corporate Expenses 5,241 6,992 73,490 Total Restructuring and Related Charges $ 7,549 $ 11,780 $ 117,985 Charges (Credits) by Activity: Severance and termination benefits $ 5,782 $ 5,944 $ 60,165 Impairment of operating lease ROU assets and property and equipment — 1,575 22,739 Acceleration of expense related to operating lease ROU assets and property and equipment — 364 6,288 Facility related charges, net 1,402 829 9,806 Consulting (credits) costs (556) 1,823 10,696 Other activities 921 1,245 8,291 Total Restructuring and Related Charges $ 7,549 $ 11,780 $ 117,985 The severance related charges are for certain employees affected by the reduction in force under this program who are entitled to severance payments and certain termination benefits. The impairment charges include the impairment of operating lease ROU assets related to certain leases that will be subleased, and the related property and equipment described further below. In the three months ended July 31, 2023 , these charges were recorded in the Research segment. Due to the actions taken above, we tested the operating lease ROU assets and the related property and equipment for those being subleased for recoverability by comparing the carrying value of the asset group to an estimate of the future undiscounted cash flows expected to result from the use and eventual disposition of the asset group. Based on the results of the recoverability test, we determined that the undiscounted cash flows of the asset groups were below the carrying values. Therefore, there was an indication of impairment. We then determined the fair value of the asset groups by utilizing the present value of the estimated future cash flows attributable to the assets. The fair value of the operating lease ROU assets and the property and equipment immediately subsequent to the impairment was $0.9 million in the three months ended July 31, 2023 and was categorized as Level 3 within the fair value hierarchy. In the three months ended July 31, 2023, the acceleration of expense includes the acceleration of rent expense associated with operating lease ROU assets related to certain leases that will be abandoned or terminated, and the related depreciation and amortization of property and equipment. In addition, we incurred ongoing facility-related costs associated with certain properties, consulting costs, and other costs for other activities, which includes relocation and other employee related costs. The following table summarizes the activity for the Global Restructuring Program liability for the three months ended July 31, 2024: April 30, 2024 Charges (Credits) Payments Foreign Translation & Other Adjustments July 31, 2024 Severance and termination benefits $ 5,396 $ 5,782 $ (5,143) $ 20 $ 6,055 Consulting costs 1,794 (556) (1,076) — 162 Other activities 1,879 921 (1,854) 8 954 Total $ 9,069 $ 6,147 $ (8,073) $ 28 $ 7,171 Approximately $5.0 million of the restructuring liability for accrued severance and termination benefits is reflected in Accrued employment costs and approximately $1.1 million is reflected in Other long-term liabilities on our Unaudited Condensed Consolidated Statement of Financial Position. The liabilities for Consulting costs and Other activities are reflected in Other accrued liabilities on our Unaudited Condensed Consolidated Statement of Financial Position . Business Optimization Program For the three months ended July 31, 2024 and 2023, we recorded pretax restructuring net credits of $(3.6) million and charges of $0.3 million, respectively, related to this program. The credits in the three months ended July 31, 2024 are primarily due to the termination of a portion of a lease that was previously impaired in our Corporate Expenses category. As of fiscal year 2023, we substantially completed this program and we have no restructuring liability outstanding. We currently anticipate immaterial ongoing facility charges and do not anticipate any further material charges related to the Business Optimization Program. |
Segment Information
Segment Information | 3 Months Ended |
Jul. 31, 2024 | |
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. The performance metric used by our chief operating decision maker to evaluate performance of our reportable segments is Adjusted Operating Income. 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 Segment information is as follows: Three Months Ended 2024 2023 Revenue : Research $ 265,309 $ 257,804 Learning 124,314 109,320 Held for Sale or Sold 14,186 83,889 Total revenue $ 403,809 $ 451,013 Adjusted Operating Income (Loss): Research $ 55,216 $ 53,527 Learning 22,500 7,626 Held for Sale or Sold (2,519) 3,084 Total adjusted operating income by segment $ 75,197 $ 64,237 Depreciation and Amortization: Research $ 22,559 $ 23,212 Learning 11,294 13,552 Held for Sale or Sold (1) — 3,437 Total depreciation and amortization 33,853 40,201 Corporate depreciation and amortization 3,400 3,527 Total depreciation and amortization $ 37,253 $ 43,728 (1) We ceased to record depreciation and amortization of long-lived assets for these businesses as of the date the assets were classified as held-for-sale. The following table shows a reconciliation of our Adjusted Operating Income by Segment to Income (Loss) Before Taxes: Three Months Ended 2024 2023 Adjusted Operating Income by Segment $ 75,197 $ 64,237 Adjustments: Corporate expenses (1) (42,354) (41,774) Impairment of goodwill (2) — (26,695) Restructuring and related charges (2) (3,870) (12,123) Interest expense (12,787) (11,334) Foreign exchange transaction gains (losses) 234 (1,620) Gains (losses) on sale of businesses and impairment charges related to assets held-for-sale 5,801 (75,929) Other income (expense), net 782 (1,485) Income (Loss) Before Taxes $ 23,003 $ (106,723) (1) Corporate expenses includes certain costs that are not allocated to the reportable segments. (2) See Note 9 , “Restructuring and Related Charges” and Note 1 2 , “Goodwill and Intangible Assets” 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, 2024 and 2023. |
Inventories
Inventories | 3 Months Ended |
Jul. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories, net consisted of the following: July 31, 2024 April 30, 2024 Finished goods $ 24,056 $ 24,295 Work-in-process 1,441 1,445 Paper and other materials 307 181 Total inventories before estimated sales returns and LIFO reserve $ 25,804 $ 25,921 Inventory value of estimated sales returns 7,578 7,833 LIFO reserve (7,536) (7,535) Inventories, net $ 25,846 $ 26,219 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Jul. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The following table summarizes the activity in goodwill by segment as of July 31, 2024: April 30, 2024 (1) Foreign Translation Adjustment July 31, 2024 Research $ 607,289 $ 10,539 $ 617,828 Learning 484,079 (2,090) 481,989 Total excluding Held for Sale or Sold segment 1,091,368 8,449 1,099,817 Held for Sale or Sold — — — Total including Held for Sale or Sold segment $ 1,091,368 $ 8,449 $ 1,099,817 (1) The Held for Sale or Sold goodwill balance as of April 30, 2024 includes accumulated pretax noncash goodwill impairment of $318.2 million which reduced the goodwill of all reporting units within the Held for Sale or Sold segment to zero. Fiscal Year 2024 We recorded a goodwill impairment in the three months ended July 31, 2023 of $26.7 million. These charges are reflected in Impairment of goodwill on our Unaudited Condensed Consolidated Statements of Net Loss. In the three months ended July 31, 2023, we reorganized our segments. Due to this realignment, we reallocated goodwill in the first quarter of fiscal year 2024 to our reporting units on a relative fair value basis. As a result of this realignment, we were required to test goodwill for impairment immediately before and after the realignment. Since there were no changes to the Research reportable segment, no impairment test of the Research segment goodwill was required. Prior to the realignment, the carrying value of the University Services reporting unit was above its fair value which resulted in a pretax noncash goodwill impairment of $11.4 million. Such impairment reduced the goodwill of the University Services reporting unit to zero. After the realignment, the carrying value of the CrossKnowledge reporting unit was above its fair value which resulted in a pretax noncash goodwill impairment of $15.3 million. Such impairment reduced the goodwill of the CrossKnowledge reporting unit to zero. Intangible Assets Intangible assets, net were as follows: July 31, 2024 April 30, 2024 ⁽¹⁾ Intangible assets with definite lives, net: Content and publishing rights $ 427,360 $ 431,259 Customer relationships 37,737 39,709 Developed technology 18,111 19,522 Brands and trademarks 5,570 5,734 Covenants not to compete 27 34 Total intangible assets with definite lives, net 488,805 496,258 Intangible assets with indefinite lives: Brands and trademarks 37,000 37,000 Publishing rights 83,419 82,436 Total intangible assets with indefinite lives 120,419 119,436 Total intangible assets, net $ 609,224 $ 615,694 (1) The developed technology balance as of April 30, 2024 is presented net of accumulated impairments and write-offs of $2.8 million. The indefinite-lived brands and trademarks balance as of April 30, 2024 is net of accumulated impairments of $93.1 million. |
Income Taxes
Income Taxes | 3 Months Ended |
Jul. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company's effective income tax rate for the three months ended July 31, 2024, was 106.2% compared with 13.5% for the three months ended July 31, 2023. The change in the effective income tax rate for the three months ended July 31, 2024 compared to the three months ended July 31, 2023 was primarily driven by US ordinary losses for which it is more likely than not that no tax benefit can be recognized as a result of the valuation allowance recorded against the net deferred tax assets. |
Retirement Plans
Retirement Plans | 3 Months Ended |
Jul. 31, 2024 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans The components of net pension expense for our defined benefit plans were as follows: Three Months Ended 2024 2023 Service cost $ 166 $ 134 Interest cost 7,128 6,947 Expected return on plan assets (6,968) (7,491) Amortization of prior service cost (19) (23) Amortization of net actuarial loss 2,059 2,026 Net pension expense $ 2,366 $ 1,593 The service cost component of net pension expense is reflected in Operating and administrative expenses on our Unaudited Condensed Consolidated Statements of Net Loss. The other components of net pension expense are reported separately from the service cost component and below Operating income (loss). Such amounts are reflected in Other income (expense), net on our Unaudited Condensed Consolidated Statements of Net Loss. Employer defined benefit pension plan contributions were $3.6 million and $4.1 million for the three months ended July 31, 2024 and 2023, respectively. Defined Contribution Savings Plans The expense for employer defined contribution savings plans was $7.3 million and $7.7 million for the three months ended July 31, 2024 and 2023, respectively. |
Debt and Available Credit Facil
Debt and Available Credit Facilities | 3 Months Ended |
Jul. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt and Available Credit Facilities | Debt and Available Credit Facilities Our total debt outstanding consisted of the amounts set forth in the following table: July 31, 2024 April 30, 2024 Short-term portion of long-term debt (1) $ 8,750 $ 7,500 Term loan A - Amended and Restated CA (2) 181,960 184,418 Revolving credit facility - Amended and Restated CA 727,890 582,678 Total long-term debt, less current portion 909,850 767,096 Total debt $ 918,600 $ 774,596 (1) Relates to our term loan A under the Amended and Restated CA. (2) Amounts are shown net of unamortized issuance costs of $0.5 million as of July 31, 2024 and $0.6 million as of April 30, 2024. Amended and Restated CA On November 30, 2022, we entered into the second amendment to the Third Amended and Restated Credit Agreement (collectively, the Amended and Restated CA). The Amended and Restated CA provided for senior unsecured credit facilities comprised of (i) a five-year revolving credit facility in an aggregate principal amount up to $1.115 billion, which matures November 2027, (ii) a five-year term loan A facility consisting of $200 million, which matures November 2027, and (iii) $185 million aggregate principal amount revolving credit facility which matured in May 2024. Under the terms of the Amended and Restated CA, which can be drawn in multiple currencies, we have the option of borrowing at the following floating interest rates depending on the currency borrowed: (i) at a rate based on the US Secured Overnight Financing Rate (SOFR), the Sterling Overnight Index Average Rate (SONIA) or a EURIBOR-based rate, each rate plus an applicable margin ranging from 0.98% to 1.50%, depending on our consolidated net leverage ratio, as defined, or (ii) at the lender’s base rate plus an applicable margin ranging from zero to 0.50%, depending on our consolidated net leverage ratio. With respect to SOFR loans, there is a SOFR adjustment of between 0.10% and 0.25% depending on the duration of the loan. The lender’s base rate is defined as the highest of (i) the US federal funds effective rate plus a 0.50% margin, (ii) the Daily SOFR rate, as defined, plus a 1.00% margin, or (iii) the Bank of America prime lending rate. In addition, we pay a facility fee for the Amended and Restated CA ranging from 0.15% to 0.25% depending on our consolidated net leverage ratio. We also have the option to request an increase in the revolving credit facility by an amount not to exceed $500 million, in minimum increments of $50 million, subject to the approval of the lenders. The Amended and Restated CA contains certain customary affirmative and negative covenants, including a financial covenant in the form of a consolidated net leverage ratio and consolidated interest coverage ratio, which we were in compliance with as of July 31, 2024. The amortization expense of the costs incurred related to the Amended and Restated CA related to the lender and non-lender fees is recognized over a five-year term for credit commitments that mature in November 2027 and an 18-month term for credit commitments that matured in May 2024. Total amortization expense was $0.3 million for each of the three months ended July 31, 2024 and 2023 and is included in Interest expense on our Unaudited Condensed Consolidated Statements of Net Loss. Lines of Credit We have other lines of credit aggregating $1.0 million at various interest rates. There were no outstanding borrowings under these credit lines at July 31, 2024 and April 30, 2024. Our total available lines of credit as of July 31, 2024 were approximately $1,307.3 million which includes the Amended and Restated CA, of which approximately $388.1 million was unused. The weighted average interest rates on total debt outstanding during the three months ended July 31, 2024 and 2023 were 6.19% and 5.32%, respectively. As of July 31, 2024 and April 30, 2024, the weighted average interest rates for total debt were 6.08% and 6.07%, respectively. Based on estimates of interest rates currently available to us for loans with similar terms and maturities, the fair value of our debt approximates its carrying value. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Jul. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities From time to time, we enter into foreign exchange forward and interest rate swap contracts as a hedge against foreign currency asset and liability commitments, changes in interest rates, and anticipated transaction exposures, including intercompany purchases. All derivatives are recognized as assets or liabilities and measured at fair value. Derivatives that are not determined to be effective hedges are adjusted to fair value with a corresponding adjustment to earnings. We do not use financial instruments for trading or speculative purposes. Interest Rate Contracts As of July 31, 2024, we had total debt outstanding of $918.6 million, net of unamortized issuance costs of $0.5 million. The $919.1 million of debt outstanding are variable rate loans under the Amended and Restated CA. The carrying value of the debt approximates fair value. As of July 31, 2024 and April 30, 2024, the interest rate swap agreements we maintained were designated as fully effective cash flow hedges as defined under ASC Topic 815, “Derivatives and Hedging.” As a result, the impact on our Unaudited Condensed Consolidated Statements of Net Loss from changes in the fair value of the interest rate swaps was fully offset by changes in the interest expense on the underlying variable rate debt instruments. It is management’s intention that the notional amount of interest rate swaps be less than the variable rate loans outstanding during the life of the derivatives. The following table summarizes our interest rate swaps designated as cash flow hedges: Notional Amount Hedged Item Date entered into Nature of Swap July 31, 2024 April 30, 2024 Fixed Interest Rate Variable Interest Rate Amended and Restated CA May 15, 2024 Pay fixed/receive variable $ 50,000 $ — 4.288 % 1-month SOFR reset every month for a 3-year period ending July 15, 2027 Amended and Restated CA (1) April 09, 2024 Pay fixed/receive variable 50,000 50,000 4.243 % 1-month SOFR reset every month for a 3-year period ending July 15, 2027 Amended and Restated CA January 31, 2024 Pay fixed/receive variable 50,000 50,000 3.700 % 1-month SOFR reset every month for a 3-year period ending April 15, 2027 Amended and Restated CA January 24, 2024 Pay fixed/receive variable 50,000 50,000 3.774 % 1-month SOFR reset every month for a 3-year period ending April 15, 2027 Amended and Restated CA January 05, 2024 Pay fixed/receive variable 50,000 50,000 3.689 % 1-month SOFR reset every month for a 3-year period ending April 15, 2027 Amended and Restated CA December 19, 2023 Pay fixed/receive variable 50,000 50,000 3.850 % 1-month SOFR reset every month for a 3-year period ending January 15, 2027 Amended and Restated CA March 15, 2023 Pay fixed/receive variable 50,000 50,000 3.565 % 1-month SOFR reset every month for a 3-year period ending April 15, 2026 Amended and Restated CA March 14, 2023 Pay fixed/receive variable 50,000 50,000 4.053 % 1-month SOFR reset every month for a 3-year period ending March 15, 2026 Amended and Restated CA March 13, 2023 Pay fixed/receive variable 50,000 50,000 3.720 % 1-month SOFR reset every month for a 3-year period ending March 15, 2026 Amended and Restated CA December 13, 2022 Pay fixed/receive variable 50,000 50,000 3.772 % 1-month SOFR reset every month for a 3-year period ending December 15, 2025 Amended and Restated CA June 16, 2022 Pay fixed/receive variable — 100,000 3.467 % 1-month SOFR reset every month for a 2-year period ending May 15, 2024 $ 500,000 $ 550,000 (1) As of April 30, 2024, this interest rate swap agreement was considered a forward starting contract as the effective date was July 15, 2024. We record the fair value of our interest rate swaps on a recurring basis using Level 2 inputs of quoted prices for similar assets or liabilities in active markets. T he fair value of our interest rate swaps designated as cash flow hedges are reflected on our Unaudited Condensed Consolidated Statements of Financial Position as follows: Assets (Liabilities) Balance Sheet Location July 31, 2024 April 30, 2024 Current asset portion Prepaid expenses and other current assets $ — $ 154 Non-current asset portion Other non-current assets 2,768 9,686 Non-current liability portion Other long-term liabilities (1,016) — Total cash flow hedges $ 1,752 $ 9,840 The effect of our interest rate swaps on our Unaudited Condensed Consolidated Statements of Other Comprehensive Income (Loss) and Unaudited Condensed Consolidated Statements of Net Loss are as follows: Three Months Ended 2024 2023 Amount of pretax (losses) gains recognized in Other comprehensive income (loss) $ (6,360) $ 6,291 Amount of pretax gains reclassified from Accumulated other comprehensive loss into Interest expense $ 1,715 $ 2,885 Foreign Currency Contracts We may enter into foreign currency forward contracts to manage our exposure on certain foreign currency denominated assets and liabilities. The foreign currency forward exchange contracts are marked to market through Foreign exchange transaction gains (losses) on our Unaudited Condensed Consolidated Statements of Net Loss and carried at fair value on our Unaudited Condensed Consolidated Statements of Financial Position. Foreign currency denominated assets and liabilities are remeasured at spot rates in effect on the balance sheet date, with the effects of changes in spot rates reported in Foreign exchange transaction gains (losses) on our Unaudited Condensed Consolidated Statements of Net Loss. As of July 31, 2024, and April 30, 2024, we did not maintain any open foreign currency forward contracts. In addition, we did not maintain any open foreign currency forward contracts during the three months ended July 31, 2024 and 2023. |
Capital Stock and Changes in Ca
Capital Stock and Changes in Capital Accounts | 3 Months Ended |
Jul. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock and Changes in Capital Accounts | Capital Stock and Changes in Capital Accounts Share Repurchases The following table summarizes the share repurchases of Class A and Class B Common Stock (shares in thousands): Three Months Ended 2024 2023 Shares repurchased - Class A 295 301 Shares repurchased - Class B — — Average Price - Class A and Class B $ 42.34 $ 33.25 Dividends We declared and paid a quarterly cash dividend on our Class A and Class B Common Stock during the three months ended July 31, 2024 and 2023 , for a total of $19.2 million and $19.4 million , respectively. Changes in Common Stock The following is a summary of changes during the three months ended July 31, in shares of our common stock and common stock in treasury (shares in thousands): Changes in Class A Common Stock: 2024 2023 Number of shares, beginning of year 70,259 70,231 Common stock class conversions 18 — Number of shares issued, end of period 70,277 70,231 Changes in Class A Common Stock in treasury: Number of shares held, beginning of year 24,828 23,983 Restricted shares issued under stock-based compensation plans (240) (361) Impact of tax withholding on stock-based compensation and other 92 126 Purchases of treasury shares 295 301 Number of shares held, end of period 24,975 24,049 Number of Class A Common Stock outstanding, end of period 45,302 46,182 Changes in Class B Common Stock: 2024 2023 Number of shares, beginning of year 12,923 12,951 Common stock class conversions (18) — Number of shares issued, end of period 12,905 12,951 Changes in Class B Common Stock in treasury: Number of shares held, beginning of year 3,928 3,925 Number of shares held, end of period 3,928 3,925 Number of Class B Common Stock outstanding, end of period 8,977 9,026 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jul. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings We are involved in routine litigation in the ordinary course of our business. A provision for litigation is accrued when information available to us indicates that it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Significant judgment may be required to determine both the probability and estimates of loss. When the amount of the loss can only be estimated within a range, the most likely outcome within that range is accrued. If no amount within the range is a better estimate than any other amount, the minimum amount within the range is accrued. When uncertainties exist related to the probable outcome of litigation and/or the amount or range of loss, we do not record a liability, but disclose facts related to the nature of the contingency and possible losses if management considers the information to be material. Reserves for legal defense costs are recognized when incurred. The accruals for loss contingencies and legal costs are reviewed regularly and may be adjusted to reflect updated information on the status of litigation and advice of legal counsel. In the opinion of management, the ultimate resolution of all pending litigation as of July 31, 2024, will not have a material effect upon our consolidated financial condition or results of operations. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net loss | $ (1,436) | $ (92,264) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jul. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Recent Accounting Standards (Po
Recent Accounting Standards (Policies) | 3 Months Ended |
Jul. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Basis of Presentation | Basis of Presentation Throughout this report, when we refer to “Wiley,” the “Company,” “we,” “our,” or “us,” we are referring to John Wiley & Sons, Inc. and all our subsidiaries, except where the context indicates otherwise. Our Unaudited Condensed Consolidated Financial Statements include all the accounts of the Company and our subsidiaries. We have eliminated all intercompany transactions and balances in consolidation. In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the Unaudited Condensed Consolidated Financial Condition, Results of Operations, Comprehensive Income (Loss) and Cash Flows for the periods presented. Operating results for the interim period are not necessarily indicative of the results expected for the full year. All amounts are presented in United States (US) dollars, unless otherwise specified. All amounts are in thousands, except per share amounts, and approximate due to rounding. These financial statements should be read in conjunction with the most recent audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2024 as filed with the SEC on June 26, 2024 (2024 Form 10-K). |
Recently Adopted and Issued Accounting Standards | Recently Adopted Accounting Standards There were no recently adopted accounting standards which would have a material impact on our condensed consolidated financial statements. Recently Issued Accounting Standards Improvements to Income Tax Disclosures In December 2023, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” This ASU enhances the transparency, effectiveness and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. This ASU is effective for our annual disclosures starting fiscal year 2026. Early adoption is permitted. A public entity should apply the amendments in this ASU on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures. Segment Reporting - Improvements to Reportable Segment Disclosures |
Revenue from Contract with Customer | Research Total Research revenue was $265.3 million in the three months ended July 31, 2024. Research products are sold and distributed globally through multiple channels. The majority of revenue generated from Research products is recognized over time. We disaggregated revenue by Research Publishing and Research Solutions to reflect the different type of products and services provided. Research Publishing Products Research Publishing products provide scientific, technical, medical, and scholarly journals, as well as related content and services to academic, corporate, and government libraries, learned societies, and individual researchers and other professionals. Research Publishing revenue was $231.0 million in the three months ended July 31, 2024, and the majority is recognized over time. In the three months ended July 31, 2024, Research Publishing products generated approximately 88% of their revenue from contracts with its customers from Journal Subscriptions (pay to read), Open Access (pay to publish) and Transformational Agreements (read and publish), and the remainder from Licensing and other revenue streams. Research Solutions Products and Services Research Solutions revenue was $34.4 million in the three months ended July 31, 2024, and the majority is recognized over time. Research Solutions products and services generated approximately 50% of their revenue in the three months ended July 31, 2024 from contracts with customers that include corporate solutions such as job board software and career center services, marketing and education services, licensing, and databases. The remainder of the revenue from contracts with customers includes platforms that enable scholarly and professional societies and publishers to deliver, host, enhance, market, and manage their content, solutions to manage the submission and peer review process, and publishing and editorial services. Learning Total Learning revenue was $124.3 million in the three months ended July 31, 2024. We disaggregated revenue by Academic and Professional to reflect the different types of products and services provided. Academic Academic products revenue was $60.0 million in the three months ended July 31, 2024. Products and services including scientific, professional, and education print and digital books, and digital courseware to libraries, corporations, students, professionals, and researchers. Products are developed for worldwide distribution through multiple channels, including chain and online booksellers, libraries, colleges and universities, corporations, direct to consumer, websites, distributor networks and other online applications. In the three months ended July 31, 2024, Academic products generated approximately 60% of their revenue from contracts with their customers for print and digital publishing, which is recognized at a point in time. Digital Courseware products in the three months ended July 31, 2024 generate approximately 15% of their revenue from contracts with their customers which is recognized over time. The remainder of their revenues were from Licensing and other revenue streams, which have a mix of revenue recognized at a point in time and over time. Professional Professional products revenue was $64.4 million in the three months ended July 31, 2024. Professional provides learning, development, publishing, and assessment services for businesses and professionals. Our trade publishing produces professional books, which includes business and finance, technology, professional development for educators, test preparation books and other professional categories, as well as the For Dummies ® brand. Products are sold to brick-and-mortar and online retailers, wholesalers who supply such bookstores, college bookstores, individual practitioners, corporations, and government agencies. In the three months ended July 31, 2024, Professional products generated approximately 53% of their revenue from contracts with their customers for trade print and digital publishing, which is recognized at a point in time. Our assessments offering in the three months ended July 31, 2024 generates approximately 28% of their revenue from contracts with their customers which has a mix of revenue recognized at a point in time and over time. The remainder of Professional revenues were from Licensing and other revenue streams, which has a mix of revenue recognized at a point in time and over time. Held for Sale or Sold Held for Sale or Sold revenue was $14.2 million in the three months ended July 31, 2024. Our Held for Sale or Sold offerings include Wiley Edge and CrossKnowledge. Wiley Edge was sold on May 31, 2024 with exception of its India operations. Wiley Edge previously sourced, trained, and prepared aspiring students and professionals to meet the skill needs of today’s technology careers, and then places them with some of the world's largest financial institutions, technology companies, and government agencies. Wiley Edge revenue was recognized at the point in time the services were provided to its customers. CrossKnowledge services includes corporate learning online learning and training solutions for global corporations, universities, and small and medium-sized enterprises sold on a subscription or fee basis. CrossKnowledge revenue is recognized over time. Held for Sale or Sold also includes the revenue associated with those businesses which have been sold which includes University Services which was sold on January 1, 2024 and Tuition Manager which was sold on May 31, 2023. Accounts Receivable, net and Contract Liability Balances When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue when, or as, control of the products or services are transferred to the customer and all revenue recognition criteria have been met. |
Divestitures (Tables)
Divestitures (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations | The major categories of assets and liabilities that have been classified as held-for-sale on the Unaudited Condensed Consolidated Statement of Financial Position as of July 31, 2024 were as follows: Cross Knowledge Wiley Edge Total Assets held-for-sale: Current assets Cash and cash equivalents (1) $ 6,816 $ — $ 6,816 Accounts receivable, net 5,132 1,226 6,358 Prepaid expenses and other current assets (1) 4,201 — 4,201 Valuation allowance (12,093) — (12,093) Total current assets held-for-sale $ 4,056 $ 1,226 $ 5,282 Technology, property and equipment, net 3,815 24 3,839 Intangible assets, net 17,989 — 17,989 Operating lease right-of-use assets 1,098 — 1,098 Other non-current assets 16,085 — 16,085 Valuation allowance (38,987) — (38,987) Total non-current assets held-for-sale $ — $ 24 $ 24 Liabilities held-for-sale: Current liabilities Accounts payable $ 595 $ — $ 595 Accrued royalties 397 — 397 Contract liabilities 13,164 — 13,164 Accrued employment costs 6,425 — 6,425 Short-term portion of operating lease liabilities 203 — 203 Other accrued liabilities 3,319 — 3,319 Total current liabilities held-for-sale $ 24,103 $ — $ 24,103 Accrued pension liability 1,095 — 1,095 Deferred income tax liabilities 4,480 — 4,480 Operating lease liabilities 251 — 251 Other long-term liabilities 32 107 139 Total long-term liabilities held-for-sale $ 5,858 $ 107 $ 5,965 (1) The following table shows a reconciliation of our cash, cash equivalents, and restricted cash included in current assets held-for-sale in our Unaudited Condensed Consolidated Statement of Financial Position to our Unaudited Condensed Consolidated Statement of Cash Flows for the three months ended July 31, 2024: Cash and cash equivalents $ 82,545 Restricted cash included in Prepaid expenses and other current assets 50 Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Financial Position as of July 31, 2024 82,595 Total cash, cash equivalents, and restricted cash held-for-sale as of July 31, 2024 6,816 Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Cash Flows for the three months ended July 31, 2024 $ 89,411 The major categories of assets and liabilities that have been classified as held-for-sale on the Unaudited Condensed Consolidated Statement of Financial Position as of April 30, 2024 were as follows: Cross Knowledge Wiley Edge Total Assets held-for-sale: Current assets Cash and cash equivalents $ 6,305 $ 9,887 $ 16,192 Accounts receivable, net 12,914 13,897 26,811 Prepaid expenses and other current assets 3,780 5,548 9,328 Valuation allowance (17,909) — (17,909) Total current assets held-for-sale $ 5,090 $ 29,332 $ 34,422 Technology, property and equipment, net 3,786 2,888 6,674 Intangible assets, net 17,777 34,612 52,389 Operating lease right-of-use assets 1,091 1,008 2,099 Other non-current assets 14,877 53 14,930 Valuation allowance (37,531) (19,401) (56,932) Total non-current assets held-for-sale $ — $ 19,160 $ 19,160 Liabilities held-for-sale: Current liabilities Accounts payable $ 494 $ — $ 494 Accrued royalties 268 — 268 Contract liabilities 16,796 — 16,796 Accrued employment costs 7,805 3,990 11,795 Short-term portion of operating lease liabilities 319 468 787 Other accrued liabilities 2,762 4,730 7,492 Total current liabilities held-for-sale $ 28,444 $ 9,188 $ 37,632 Accrued pension liability 1,037 — 1,037 Deferred income tax liabilities 4,420 4,448 8,868 Operating lease liabilities 251 159 410 Other long-term liabilities 694 228 922 Total long-term liabilities held-for-sale $ 6,402 $ 4,835 $ 11,237 |
Schedule of Cash and Cash Equivalents | (1) The following table shows a reconciliation of our cash, cash equivalents, and restricted cash included in current assets held-for-sale in our Unaudited Condensed Consolidated Statement of Financial Position to our Unaudited Condensed Consolidated Statement of Cash Flows for the three months ended July 31, 2024: Cash and cash equivalents $ 82,545 Restricted cash included in Prepaid expenses and other current assets 50 Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Financial Position as of July 31, 2024 82,595 Total cash, cash equivalents, and restricted cash held-for-sale as of July 31, 2024 6,816 Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Cash Flows for the three months ended July 31, 2024 $ 89,411 The major categories of assets and liabilities that have been classified as held-for-sale on the Unaudited Condensed Consolidated Statement of Financial Position as of April 30, 2024 were as follows: Cross Knowledge Wiley Edge Total Assets held-for-sale: Current assets Cash and cash equivalents $ 6,305 $ 9,887 $ 16,192 Accounts receivable, net 12,914 13,897 26,811 Prepaid expenses and other current assets 3,780 5,548 9,328 Valuation allowance (17,909) — (17,909) Total current assets held-for-sale $ 5,090 $ 29,332 $ 34,422 Technology, property and equipment, net 3,786 2,888 6,674 Intangible assets, net 17,777 34,612 52,389 Operating lease right-of-use assets 1,091 1,008 2,099 Other non-current assets 14,877 53 14,930 Valuation allowance (37,531) (19,401) (56,932) Total non-current assets held-for-sale $ — $ 19,160 $ 19,160 Liabilities held-for-sale: Current liabilities Accounts payable $ 494 $ — $ 494 Accrued royalties 268 — 268 Contract liabilities 16,796 — 16,796 Accrued employment costs 7,805 3,990 11,795 Short-term portion of operating lease liabilities 319 468 787 Other accrued liabilities 2,762 4,730 7,492 Total current liabilities held-for-sale $ 28,444 $ 9,188 $ 37,632 Accrued pension liability 1,037 — 1,037 Deferred income tax liabilities 4,420 4,448 8,868 Operating lease liabilities 251 159 410 Other long-term liabilities 694 228 922 Total long-term liabilities held-for-sale $ 6,402 $ 4,835 $ 11,237 |
Schedule of Restrictions on Cash and Cash Equivalents | (1) The following table shows a reconciliation of our cash, cash equivalents, and restricted cash included in current assets held-for-sale in our Unaudited Condensed Consolidated Statement of Financial Position to our Unaudited Condensed Consolidated Statement of Cash Flows for the three months ended July 31, 2024: Cash and cash equivalents $ 82,545 Restricted cash included in Prepaid expenses and other current assets 50 Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Financial Position as of July 31, 2024 82,595 Total cash, cash equivalents, and restricted cash held-for-sale as of July 31, 2024 6,816 Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Cash Flows for the three months ended July 31, 2024 $ 89,411 The major categories of assets and liabilities that have been classified as held-for-sale on the Unaudited Condensed Consolidated Statement of Financial Position as of April 30, 2024 were as follows: Cross Knowledge Wiley Edge Total Assets held-for-sale: Current assets Cash and cash equivalents $ 6,305 $ 9,887 $ 16,192 Accounts receivable, net 12,914 13,897 26,811 Prepaid expenses and other current assets 3,780 5,548 9,328 Valuation allowance (17,909) — (17,909) Total current assets held-for-sale $ 5,090 $ 29,332 $ 34,422 Technology, property and equipment, net 3,786 2,888 6,674 Intangible assets, net 17,777 34,612 52,389 Operating lease right-of-use assets 1,091 1,008 2,099 Other non-current assets 14,877 53 14,930 Valuation allowance (37,531) (19,401) (56,932) Total non-current assets held-for-sale $ — $ 19,160 $ 19,160 Liabilities held-for-sale: Current liabilities Accounts payable $ 494 $ — $ 494 Accrued royalties 268 — 268 Contract liabilities 16,796 — 16,796 Accrued employment costs 7,805 3,990 11,795 Short-term portion of operating lease liabilities 319 468 787 Other accrued liabilities 2,762 4,730 7,492 Total current liabilities held-for-sale $ 28,444 $ 9,188 $ 37,632 Accrued pension liability 1,037 — 1,037 Deferred income tax liabilities 4,420 4,448 8,868 Operating lease liabilities 251 159 410 Other long-term liabilities 694 228 922 Total long-term liabilities held-for-sale $ 6,402 $ 4,835 $ 11,237 |
Revenue Recognition, Contract_2
Revenue Recognition, Contracts with Customers (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue from Contracts With Customers Disaggregated by Segment and Product Type | The following table presents our revenue from contracts with customers disaggregated by segment and product type. Three Months Ended 2024 2023 Research: Research Publishing $ 230,951 $ 223,000 Research Solutions 34,358 34,804 Total Research 265,309 257,804 Learning: Academic 59,964 48,292 Professional 64,350 61,028 Total Learning 124,314 109,320 Held for Sale or Sold 14,186 83,889 Total Revenue $ 403,809 $ 451,013 |
Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable | The following table provides information about accounts receivable, net and contract liabilities from contracts with customers. July 31, 2024 April 30, 2024 Increase/ Balances from contracts with customers: Accounts receivable, net $ 192,153 $ 224,198 $ (32,045) Contract liabilities (1) 367,307 483,778 (116,471) Contract liabilities (included in Other long-term liabilities) $ 17,736 $ 14,819 $ 2,918 (1) The sales return reserve recorded in Contract liabilities is $24.0 million and $25.4 million, as of July 31, 2024 and April 30, 2024, respectively. |
Operating Leases (Tables)
Operating Leases (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Leases [Abstract] | |
Schedule of ROU Assets and Liabilities | For operating leases, the ROU assets and liabilities are presented on our Unaudited Condensed Consolidated Statements of Financial Position as follows: July 31, 2024 April 30, 2024 Operating lease ROU assets $ 72,424 $ 69,074 Short-term portion of operating lease liabilities 17,647 18,294 Operating lease liabilities, non-current $ 91,587 $ 94,386 |
Schedule of Total Net Lease Costs | Our total net lease costs are as follows: Three Months Ended 2024 2023 Operating lease cost $ 3,455 $ 4,083 Variable lease cost 243 285 Short-term lease cost 133 278 Sublease income (289) (203) Total net lease cost (1) $ 3,542 $ 4,443 (1) Total net lease cost does not include those costs and sublease income for operating leases we had identified as part of our restructuring programs that would be subleased. The costs and sublease income for those leases are included in Restructuring and related charges on our Unaudited Condensed Consolidated Statements of Net Loss. See Note 9, “Restructuring and Related Charges” for more information on these programs. |
Schedule of Other Supplemental Information for Operating Leases | Other supplemental information includes the following: Three Months Ended 2024 2023 Weighted-average remaining contractual lease term (years) 7 8 Weighted-average discount rate 6.13 % 5.97 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,327 $ 6,736 Operating lease liabilities arising from obtaining ROU assets $ (412) $ 224 |
Schedule of Reconciliation of Undiscounted Cash Flows to Operating Lease Liabilities | The table below reconciles the undiscounted cash flows for the first five years and total of the remaining years to the operating lease liabilities recorded in our Unaudited Condensed Consolidated Statement of Financial Position as of July 31, 2024: Fiscal Year Operating Lease 2025 (remaining 9 months) $ 17,414 2026 22,379 2027 17,942 2028 14,504 2029 14,352 Thereafter 50,241 Total future undiscounted minimum lease payments 136,832 Less: Imputed interest 27,598 Present value of minimum lease payments 109,234 Less: Current portion 17,647 Noncurrent portion $ 91,587 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Nonvested Restricted Stock Shares Activity | The following table summarizes awards we granted to employees (shares in thousands): Three Months Ended 2024 2023 Restricted Stock: Awards granted (shares) 701 789 Weighted average fair value of grant $ 42.98 $ 31.54 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table provides the estimated weighted average fair value for options granted during the three months ended July 31, 2023 using the Black-Scholes option-pricing model, and the significant weighted average assumptions used in their determination. Three Months Ended 2023 Weighted average fair value of options on grant date $ 7.94 Weighted average assumptions: Expected life of options (years) 6.3 Risk-free interest rate 3.9 % Expected volatility 33.5 % Expected dividend yield 4.3 % Fair value of common stock on grant date $ 32.68 Exercise price of stock option grant $ 32.68 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax | Changes in Accumulated other comprehensive loss by component, net of tax, for the three months ended July 31, 2024 and 2023 were as follows: Foreign Currency Translation Unamortized Retirement Costs Interest Rate Swaps Total Balance at April 30, 2024 $ (333,827) $ (200,922) $ 6,310 $ (528,439) Other comprehensive income (loss) before reclassifications 14,963 (3,549) (6,788) 4,626 Amounts reclassified from accumulated other comprehensive loss — 1,509 (1,288) 221 Total other comprehensive income (loss) 14,963 (2,040) (8,076) 4,847 Balance at July 31, 2024 $ (318,864) $ (202,962) $ (1,766) $ (523,592) Balance at April 30, 2023 $ (326,346) $ (206,806) $ 4,250 $ (528,902) Other comprehensive income (loss) before reclassifications 11,174 (3,324) 4,697 12,547 Amounts reclassified from accumulated other comprehensive loss — 1,487 (2,177) (690) Total other comprehensive income (loss) 11,174 (1,837) 2,520 11,857 Balance at July 31, 2023 $ (315,172) $ (208,643) $ 6,770 $ (517,045) |
Reconciliation of Weighted Av_2
Reconciliation of Weighted Average Shares Outstanding (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | A reconciliation of the shares used in the computation of loss per share follows (shares in thousands): Three Months Ended 2024 2023 Weighted average shares outstanding 54,377 55,270 Shares used for basic loss per share 54,377 55,270 Dilutive effect of unvested restricted stock units and other stock awards — — Shares used for diluted loss per share 54,377 55,270 Antidilutive options to purchase Class A common shares, restricted shares, and contingently issuable restricted stock which are excluded from the table above 1,305 999 |
Restructuring and Related Cha_2
Restructuring and Related Charges (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The following tables summarize the pretax restructuring and related charges (credits) related to the Global Restructuring Program: Three Months Ended Total Charges 2024 2023 Charges (Credits) by Segment: Research $ 2,323 $ 1,947 $ 12,146 Learning 227 218 19,479 Held for Sale or Sold (242) 2,623 12,870 Corporate Expenses 5,241 6,992 73,490 Total Restructuring and Related Charges $ 7,549 $ 11,780 $ 117,985 Charges (Credits) by Activity: Severance and termination benefits $ 5,782 $ 5,944 $ 60,165 Impairment of operating lease ROU assets and property and equipment — 1,575 22,739 Acceleration of expense related to operating lease ROU assets and property and equipment — 364 6,288 Facility related charges, net 1,402 829 9,806 Consulting (credits) costs (556) 1,823 10,696 Other activities 921 1,245 8,291 Total Restructuring and Related Charges $ 7,549 $ 11,780 $ 117,985 |
Schedule of Activity for Restructuring Liability | The following table summarizes the activity for the Global Restructuring Program liability for the three months ended July 31, 2024: April 30, 2024 Charges (Credits) Payments Foreign Translation & Other Adjustments July 31, 2024 Severance and termination benefits $ 5,396 $ 5,782 $ (5,143) $ 20 $ 6,055 Consulting costs 1,794 (556) (1,076) — 162 Other activities 1,879 921 (1,854) 8 954 Total $ 9,069 $ 6,147 $ (8,073) $ 28 $ 7,171 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment information is as follows: Three Months Ended 2024 2023 Revenue : Research $ 265,309 $ 257,804 Learning 124,314 109,320 Held for Sale or Sold 14,186 83,889 Total revenue $ 403,809 $ 451,013 Adjusted Operating Income (Loss): Research $ 55,216 $ 53,527 Learning 22,500 7,626 Held for Sale or Sold (2,519) 3,084 Total adjusted operating income by segment $ 75,197 $ 64,237 Depreciation and Amortization: Research $ 22,559 $ 23,212 Learning 11,294 13,552 Held for Sale or Sold (1) — 3,437 Total depreciation and amortization 33,853 40,201 Corporate depreciation and amortization 3,400 3,527 Total depreciation and amortization $ 37,253 $ 43,728 (1) We ceased to record depreciation and amortization of long-lived assets for these businesses as of the date the assets were classified as held-for-sale. |
Schedule of Reconciliation of Consolidated US GAAP Operating Income to Non-GAAP Adjusted Contribution to Profit | The following table shows a reconciliation of our Adjusted Operating Income by Segment to Income (Loss) Before Taxes: Three Months Ended 2024 2023 Adjusted Operating Income by Segment $ 75,197 $ 64,237 Adjustments: Corporate expenses (1) (42,354) (41,774) Impairment of goodwill (2) — (26,695) Restructuring and related charges (2) (3,870) (12,123) Interest expense (12,787) (11,334) Foreign exchange transaction gains (losses) 234 (1,620) Gains (losses) on sale of businesses and impairment charges related to assets held-for-sale 5,801 (75,929) Other income (expense), net 782 (1,485) Income (Loss) Before Taxes $ 23,003 $ (106,723) (1) Corporate expenses includes certain costs that are not allocated to the reportable segments. (2) See Note 9 , “Restructuring and Related Charges” and Note 1 2 , “Goodwill and Intangible Assets” for these charges by segment. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories, net consisted of the following: July 31, 2024 April 30, 2024 Finished goods $ 24,056 $ 24,295 Work-in-process 1,441 1,445 Paper and other materials 307 181 Total inventories before estimated sales returns and LIFO reserve $ 25,804 $ 25,921 Inventory value of estimated sales returns 7,578 7,833 LIFO reserve (7,536) (7,535) Inventories, net $ 25,846 $ 26,219 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes the activity in goodwill by segment as of July 31, 2024: April 30, 2024 (1) Foreign Translation Adjustment July 31, 2024 Research $ 607,289 $ 10,539 $ 617,828 Learning 484,079 (2,090) 481,989 Total excluding Held for Sale or Sold segment 1,091,368 8,449 1,099,817 Held for Sale or Sold — — — Total including Held for Sale or Sold segment $ 1,091,368 $ 8,449 $ 1,099,817 (1) The Held for Sale or Sold goodwill balance as of April 30, 2024 includes accumulated pretax noncash goodwill impairment of $318.2 million which reduced the goodwill of all reporting units within the Held for Sale or Sold segment to zero. |
Schedule of Intangible Assets, Net | Intangible assets, net were as follows: July 31, 2024 April 30, 2024 ⁽¹⁾ Intangible assets with definite lives, net: Content and publishing rights $ 427,360 $ 431,259 Customer relationships 37,737 39,709 Developed technology 18,111 19,522 Brands and trademarks 5,570 5,734 Covenants not to compete 27 34 Total intangible assets with definite lives, net 488,805 496,258 Intangible assets with indefinite lives: Brands and trademarks 37,000 37,000 Publishing rights 83,419 82,436 Total intangible assets with indefinite lives 120,419 119,436 Total intangible assets, net $ 609,224 $ 615,694 (1) The developed technology balance as of April 30, 2024 is presented net of accumulated impairments and write-offs of $2.8 million. The indefinite-lived brands and trademarks balance as of April 30, 2024 is net of accumulated impairments of $93.1 million. |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Net Pension Expense for Our Defined Benefit Plans | The components of net pension expense for our defined benefit plans were as follows: Three Months Ended 2024 2023 Service cost $ 166 $ 134 Interest cost 7,128 6,947 Expected return on plan assets (6,968) (7,491) Amortization of prior service cost (19) (23) Amortization of net actuarial loss 2,059 2,026 Net pension expense $ 2,366 $ 1,593 |
Debt and Available Credit Fac_2
Debt and Available Credit Facilities (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Total Debt Outstanding | Our total debt outstanding consisted of the amounts set forth in the following table: July 31, 2024 April 30, 2024 Short-term portion of long-term debt (1) $ 8,750 $ 7,500 Term loan A - Amended and Restated CA (2) 181,960 184,418 Revolving credit facility - Amended and Restated CA 727,890 582,678 Total long-term debt, less current portion 909,850 767,096 Total debt $ 918,600 $ 774,596 (1) Relates to our term loan A under the Amended and Restated CA. (2) Amounts are shown net of unamortized issuance costs of $0.5 million as of July 31, 2024 and $0.6 million as of April 30, 2024. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following table summarizes our interest rate swaps designated as cash flow hedges: Notional Amount Hedged Item Date entered into Nature of Swap July 31, 2024 April 30, 2024 Fixed Interest Rate Variable Interest Rate Amended and Restated CA May 15, 2024 Pay fixed/receive variable $ 50,000 $ — 4.288 % 1-month SOFR reset every month for a 3-year period ending July 15, 2027 Amended and Restated CA (1) April 09, 2024 Pay fixed/receive variable 50,000 50,000 4.243 % 1-month SOFR reset every month for a 3-year period ending July 15, 2027 Amended and Restated CA January 31, 2024 Pay fixed/receive variable 50,000 50,000 3.700 % 1-month SOFR reset every month for a 3-year period ending April 15, 2027 Amended and Restated CA January 24, 2024 Pay fixed/receive variable 50,000 50,000 3.774 % 1-month SOFR reset every month for a 3-year period ending April 15, 2027 Amended and Restated CA January 05, 2024 Pay fixed/receive variable 50,000 50,000 3.689 % 1-month SOFR reset every month for a 3-year period ending April 15, 2027 Amended and Restated CA December 19, 2023 Pay fixed/receive variable 50,000 50,000 3.850 % 1-month SOFR reset every month for a 3-year period ending January 15, 2027 Amended and Restated CA March 15, 2023 Pay fixed/receive variable 50,000 50,000 3.565 % 1-month SOFR reset every month for a 3-year period ending April 15, 2026 Amended and Restated CA March 14, 2023 Pay fixed/receive variable 50,000 50,000 4.053 % 1-month SOFR reset every month for a 3-year period ending March 15, 2026 Amended and Restated CA March 13, 2023 Pay fixed/receive variable 50,000 50,000 3.720 % 1-month SOFR reset every month for a 3-year period ending March 15, 2026 Amended and Restated CA December 13, 2022 Pay fixed/receive variable 50,000 50,000 3.772 % 1-month SOFR reset every month for a 3-year period ending December 15, 2025 Amended and Restated CA June 16, 2022 Pay fixed/receive variable — 100,000 3.467 % 1-month SOFR reset every month for a 2-year period ending May 15, 2024 $ 500,000 $ 550,000 (1) As of April 30, 2024, this interest rate swap agreement was considered a forward starting contract as the effective date was July 15, 2024. |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | T he fair value of our interest rate swaps designated as cash flow hedges are reflected on our Unaudited Condensed Consolidated Statements of Financial Position as follows: Assets (Liabilities) Balance Sheet Location July 31, 2024 April 30, 2024 Current asset portion Prepaid expenses and other current assets $ — $ 154 Non-current asset portion Other non-current assets 2,768 9,686 Non-current liability portion Other long-term liabilities (1,016) — Total cash flow hedges $ 1,752 $ 9,840 |
Reclassification out of Accumulated Other Comprehensive Income | The effect of our interest rate swaps on our Unaudited Condensed Consolidated Statements of Other Comprehensive Income (Loss) and Unaudited Condensed Consolidated Statements of Net Loss are as follows: Three Months Ended 2024 2023 Amount of pretax (losses) gains recognized in Other comprehensive income (loss) $ (6,360) $ 6,291 Amount of pretax gains reclassified from Accumulated other comprehensive loss into Interest expense $ 1,715 $ 2,885 |
Capital Stock and Changes in _2
Capital Stock and Changes in Capital Accounts (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Shares Repurchased | The following table summarizes the share repurchases of Class A and Class B Common Stock (shares in thousands): Three Months Ended 2024 2023 Shares repurchased - Class A 295 301 Shares repurchased - Class B — — Average Price - Class A and Class B $ 42.34 $ 33.25 |
Schedule of Stock by Class | The following is a summary of changes during the three months ended July 31, in shares of our common stock and common stock in treasury (shares in thousands): Changes in Class A Common Stock: 2024 2023 Number of shares, beginning of year 70,259 70,231 Common stock class conversions 18 — Number of shares issued, end of period 70,277 70,231 Changes in Class A Common Stock in treasury: Number of shares held, beginning of year 24,828 23,983 Restricted shares issued under stock-based compensation plans (240) (361) Impact of tax withholding on stock-based compensation and other 92 126 Purchases of treasury shares 295 301 Number of shares held, end of period 24,975 24,049 Number of Class A Common Stock outstanding, end of period 45,302 46,182 Changes in Class B Common Stock: 2024 2023 Number of shares, beginning of year 12,923 12,951 Common stock class conversions (18) — Number of shares issued, end of period 12,905 12,951 Changes in Class B Common Stock in treasury: Number of shares held, beginning of year 3,928 3,925 Number of shares held, end of period 3,928 3,925 Number of Class B Common Stock outstanding, end of period 8,977 9,026 |
Divestitures - Narrative (Detai
Divestitures - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
May 31, 2024 USD ($) | Jul. 31, 2024 USD ($) disposal | Jul. 31, 2023 USD ($) | Apr. 30, 2024 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of disposal | disposal | 1 | |||
Held-for-Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cumulative impairment charges | $ 55.4 | |||
Pretax impairment (reduction) costs | $ 73.9 | |||
Cross Knowledge | Held-for-Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cumulative impairment charges | 51 | |||
Pretax impairment (reduction) costs | $ (4.4) | 33.3 | ||
Wiley Edge | Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Selling price for disposal | 33.9 | |||
Cash consideration | 8.2 | |||
Divestiture of businesses, in cash, deferred | 2.5 | |||
Consideration, noncash | 10.9 | |||
Loss on disposal | $ 19.6 | 0.2 | ||
Wiley Edge | Disposed of by Sale | Prepaid Expenses and Other Current Assets | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Earnout | 2.4 | |||
Wiley Edge | Disposed of by Sale | Other Current Assets | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Earnout | 12.5 | |||
Wiley Edge | Disposed of by Sale | Earnout | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Consideration, noncash | 14.9 | |||
Maximum consideration | $ 34 | |||
Wiley Edge | Disposed of by Sale | Inspirit Seller Note | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Stated interest rate (as a percent) | 8% | |||
Increase in interest rate | 1% | |||
Wiley Edge | Held-for-Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cumulative impairment charges | $ 19.4 | |||
University Services | Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on disposal | 105.6 | |||
University Services | Held-for-Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cumulative impairment charges | 1.5 | |||
Pretax impairment (reduction) costs | $ 40.6 | |||
Tuition Manager | Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on disposal | 1.4 | |||
Cash received net of transaction costs | $ 0.1 |
Divestitures - Categories of As
Divestitures - Categories of Assets and Liabilities Held For Sale (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Assets held-for-sale: | ||
Total current assets held-for-sale | $ 5,282 | $ 34,422 |
Total non-current assets held-for-sale | 24 | 19,160 |
Current liabilities | ||
Total current liabilities held-for-sale | 24,103 | 37,632 |
Held-for-Sale | ||
Assets held-for-sale: | ||
Cash and cash equivalents | 6,816 | 16,192 |
Accounts receivable, net | 6,358 | 26,811 |
Prepaid expenses and other current assets | 4,201 | 9,328 |
Valuation allowance | (12,093) | (17,909) |
Total current assets held-for-sale | 5,282 | 34,422 |
Technology, property and equipment, net | 3,839 | 6,674 |
Intangible assets, net | 17,989 | 52,389 |
Operating lease right-of-use assets | 1,098 | 2,099 |
Other non-current assets | 16,085 | 14,930 |
Valuation allowance | (38,987) | (56,932) |
Total non-current assets held-for-sale | 24 | 19,160 |
Current liabilities | ||
Accounts payable | 595 | 494 |
Accrued royalties | 397 | 268 |
Contract liabilities | 13,164 | 16,796 |
Accrued employment costs | 6,425 | 11,795 |
Short-term portion of operating lease liabilities | 203 | 787 |
Other accrued liabilities | 3,319 | 7,492 |
Total current liabilities held-for-sale | 24,103 | 37,632 |
Accrued pension liability | 1,095 | 1,037 |
Deferred income tax liabilities | 4,480 | 8,868 |
Operating lease liabilities | 251 | 410 |
Other long-term liabilities | 139 | 922 |
Total long-term liabilities held-for-sale | 5,965 | 11,237 |
Cross Knowledge | Held-for-Sale | ||
Assets held-for-sale: | ||
Cash and cash equivalents | 6,816 | 6,305 |
Accounts receivable, net | 5,132 | 12,914 |
Prepaid expenses and other current assets | 4,201 | 3,780 |
Valuation allowance | (12,093) | (17,909) |
Total current assets held-for-sale | 4,056 | 5,090 |
Technology, property and equipment, net | 3,815 | 3,786 |
Intangible assets, net | 17,989 | 17,777 |
Operating lease right-of-use assets | 1,098 | 1,091 |
Other non-current assets | 16,085 | 14,877 |
Valuation allowance | (38,987) | (37,531) |
Total non-current assets held-for-sale | 0 | 0 |
Current liabilities | ||
Accounts payable | 595 | 494 |
Accrued royalties | 397 | 268 |
Contract liabilities | 13,164 | 16,796 |
Accrued employment costs | 6,425 | 7,805 |
Short-term portion of operating lease liabilities | 203 | 319 |
Other accrued liabilities | 3,319 | 2,762 |
Total current liabilities held-for-sale | 24,103 | 28,444 |
Accrued pension liability | 1,095 | 1,037 |
Deferred income tax liabilities | 4,480 | 4,420 |
Operating lease liabilities | 251 | 251 |
Other long-term liabilities | 32 | 694 |
Total long-term liabilities held-for-sale | 5,858 | 6,402 |
Wiley Edge | Held-for-Sale | ||
Assets held-for-sale: | ||
Cash and cash equivalents | 0 | 9,887 |
Accounts receivable, net | 1,226 | 13,897 |
Prepaid expenses and other current assets | 0 | 5,548 |
Valuation allowance | 0 | 0 |
Total current assets held-for-sale | 1,226 | 29,332 |
Technology, property and equipment, net | 24 | 2,888 |
Intangible assets, net | 0 | 34,612 |
Operating lease right-of-use assets | 0 | 1,008 |
Other non-current assets | 0 | 53 |
Valuation allowance | 0 | (19,401) |
Total non-current assets held-for-sale | 24 | 19,160 |
Current liabilities | ||
Accounts payable | 0 | 0 |
Accrued royalties | 0 | 0 |
Contract liabilities | 0 | 0 |
Accrued employment costs | 0 | 3,990 |
Short-term portion of operating lease liabilities | 0 | 468 |
Other accrued liabilities | 0 | 4,730 |
Total current liabilities held-for-sale | 0 | 9,188 |
Accrued pension liability | 0 | 0 |
Deferred income tax liabilities | 0 | 4,448 |
Operating lease liabilities | 0 | 159 |
Other long-term liabilities | 107 | 228 |
Total long-term liabilities held-for-sale | $ 107 | $ 4,835 |
Divestitures - Cash and Cash Eq
Divestitures - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 | Jul. 31, 2023 | [1] | Apr. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||||
Cash and cash equivalents | $ 82,545 | $ 83,249 | ||||
Restricted cash included in Prepaid expenses and other current assets | 50 | |||||
Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Financial Position as of July 31, 2024 | 82,595 | |||||
Total cash, cash equivalents, and restricted cash held-for-sale as of July 31, 2024 | 6,816 | |||||
Total cash, cash equivalents, and restricted cash per Unaudited Condensed Consolidated Statement of Cash Flows for the three months ended July 31, 2024 | $ 89,411 | [1] | $ 99,543 | $ 107,256 | $ 107,262 | |
[1] The balance as of July 31, 2024 includes held-for-sale cash, cash equivalents and restricted cash. See Note 3, "Divestitures" for further details. |
Revenue Recognition, Contract_3
Revenue Recognition, Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue, net | $ 403,809 | $ 451,013 |
Operating Segments | Research: | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, net | 265,309 | 257,804 |
Operating Segments | Research: | Research Publishing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, net | 230,951 | 223,000 |
Operating Segments | Research: | Research Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, net | 34,358 | 34,804 |
Operating Segments | Learning: | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, net | 124,314 | 109,320 |
Operating Segments | Learning: | Academic | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, net | 59,964 | 48,292 |
Operating Segments | Learning: | Professional | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, net | 64,350 | 61,028 |
Operating Segments | Held for Sale or Sold | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, net | $ 14,186 | $ 83,889 |
Revenue Recognition, Contract_4
Revenue Recognition, Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue, net | $ 403,809 | $ 451,013 |
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from disposal group | $ 14,200 | |
Research: | Research Publishing | Journal Subscriptions, Open Access and Comprehensive Agreements | Product Concentration Risk | Revenue from Contract with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenue percentage | 88% | |
Research: | Research Solutions | Print and Digital | Product Concentration Risk | Revenue from Contract with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenue percentage | 50% | |
Learning: | Academic | Print and Digital | Transferred at Point in Time | Product Concentration Risk | Revenue from Contract with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenue percentage | 60% | |
Learning: | Academic | Digital Courseware | Transferred over Time | Product Concentration Risk | Revenue from Contract with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenue percentage | 15% | |
Learning: | Professional | Print and Digital | Transferred at Point in Time | Product Concentration Risk | Revenue from Contract with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenue percentage | 53% | |
Learning: | Professional | Assessments Offering | Product Concentration Risk | Revenue from Contract with Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenue percentage | 28% | |
Operating Segments | Research: | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, net | $ 265,309 | 257,804 |
Operating Segments | Research: | Research Publishing | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, net | 230,951 | 223,000 |
Operating Segments | Research: | Research Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, net | 34,358 | 34,804 |
Operating Segments | Learning: | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, net | 124,314 | 109,320 |
Operating Segments | Learning: | Academic | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, net | 59,964 | 48,292 |
Operating Segments | Learning: | Professional | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, net | $ 64,350 | $ 61,028 |
Revenue Recognition, Contract_5
Revenue Recognition, Contracts with Customers - Accounts Receivable, net and Contract Liability Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Apr. 30, 2024 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | |||
Accounts receivable, net | $ 192,153 | $ 224,198 | |
Contract liabilities | 367,307 | 483,778 | |
Contract liabilities (included in Other long-term liabilities) | 17,736 | 14,819 | |
Increase/ (Decrease) | |||
Accounts receivable, net | (32,045) | ||
Contract liabilities | (116,471) | ||
Contract liabilities (included in Other long-term liabilities) | 2,918 | ||
Sales return reserve recorded in contract liability | $ 24,000 | $ 25,400 | |
Revenue recognized from beginning contract liability, percentage | 41% | 40% |
Revenue Recognition, Contract_6
Revenue Recognition, Contracts with Customers - Remaining Performance Obligations included in Contract Liability (Details) - USD ($) $ in Millions | Jul. 31, 2024 | Apr. 30, 2024 |
Revenue, Performance Obligation Satisfied over Time [Abstract] | ||
Remaining performance obligation to be recognized | $ 385 | |
Sales return reserve recorded in contract liability | 24 | $ 25.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-08-01 | ||
Revenue, Performance Obligation Satisfied over Time [Abstract] | ||
Remaining performance obligations excluding sales return reserve | $ 343.3 | |
Remaining performance obligation, expected timing of satisfaction | 12 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-08-01 | ||
Revenue, Performance Obligation Satisfied over Time [Abstract] | ||
Remaining performance obligations excluding sales return reserve | $ 17.7 | |
Remaining performance obligation, expected timing of satisfaction |
Revenue Recognition, Contract_7
Revenue Recognition, Contracts with Customers - Assets Recognized for the Costs to Fulfill a Contract (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Apr. 30, 2024 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Costs capitalized | $ 2,900 | $ 3,100 | |
Amortization of capitalized contract cost | 300 | $ 1,700 | |
Operating and administrative expenses | 248,819 | 255,801 | |
Shipping and Handling | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Operating and administrative expenses | $ 5,800 | $ 6,700 |
Operating Leases - Balance Shee
Operating Leases - Balance Sheet Presentation (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Leases [Abstract] | ||
Operating lease ROU assets | $ 72,424 | $ 69,074 |
Short-term portion of operating lease liabilities | 17,647 | 18,294 |
Operating lease liabilities, non-current | $ 91,587 | $ 94,386 |
Operating Leases - Total Net Le
Operating Leases - Total Net Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Leases [Abstract] | ||
Operating lease cost | $ 3,455 | $ 4,083 |
Variable lease cost | 243 | 285 |
Short-term lease cost | 133 | 278 |
Sublease income | (289) | (203) |
Total net lease cost | $ 3,542 | $ 4,443 |
Operating Leases - Other Supple
Operating Leases - Other Supplemental Information for Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Leases [Abstract] | ||
Weighted-average remaining contractual lease term (years) | 7 years | 8 years |
Weighted-average discount rate | 6.13% | 5.97% |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 5,327 | $ 6,736 |
Operating lease liabilities arising from obtaining ROU assets | $ (412) | $ 224 |
Operating Leases - Reconciliati
Operating Leases - Reconciliation of Undiscounted Cash Flows to Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Operating Lease Liabilities | ||
2025 (remaining 9 months) | $ 17,414 | |
2026 | 22,379 | |
2027 | 17,942 | |
2028 | 14,504 | |
2029 | 14,352 | |
Thereafter | 50,241 | |
Total future undiscounted minimum lease payments | 136,832 | |
Less: Imputed interest | 27,598 | |
Present value of minimum lease payments | 109,234 | |
Less: Current portion | 17,647 | $ 18,294 |
Operating lease liabilities, non-current | $ 91,587 | $ 94,386 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Jul. 08, 2024 USD ($) $ / shares shares | Jul. 31, 2024 USD ($) shares | Jul. 31, 2023 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ | $ 5,968 | $ 6,286 | |
Target long-term incentive amount | $ | $ 3,000 | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period for achievement of performance-based targets (in years) | 3 years | ||
Options generally vesting, as a percent | 100% | ||
Percentage of share value delivered in form of target performance (as a percent) | 0.60 | ||
Grant date fair value (in dollars per share) | $ / shares | $ 46.65 | ||
Awards granted (in shares) | 40,789 | ||
Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants in period, stock option awards (in shares) | 0 | 10,000 | |
Stock Option | First Anniversary | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options generally vesting, as a percent | 10% | ||
Stock Option | Second Anniversary | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options generally vesting, as a percent | 20% | ||
Stock Option | Third Anniversary | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options generally vesting, as a percent | 30% | ||
Stock Option | Fourth Anniversary | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options generally vesting, as a percent | 40% | ||
Stock Option | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable period | 10 years | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of share value delivered in form of target performance (as a percent) | 0.40 | ||
Grant date fair value (in dollars per share) | $ / shares | $ 46.65 | ||
Awards granted (in shares) | 27,192 | ||
Restricted Stock Units (RSUs) | First Anniversary | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options generally vesting, as a percent | 25% | ||
Restricted Stock Units (RSUs) | Second Anniversary | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options generally vesting, as a percent | 25% | ||
Restricted Stock Units (RSUs) | Third Anniversary | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options generally vesting, as a percent | 25% | ||
Restricted Stock Units (RSUs) | Fourth Anniversary | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options generally vesting, as a percent | 25% |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance-Based and Other Restricted Stock Activity (Details) - Restricted Stock - $ / shares shares in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards granted (in shares) | 701 | 789 |
Weighted average fair value of grant (in dollars per share) | $ 42.98 | $ 31.54 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - Stock Option | 3 Months Ended |
Jul. 31, 2023 $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Weighted average fair value of options on grant date (in dollars per share) | $ 7.94 |
Weighted average assumptions: | |
Expected life of options (years) | 6 years 3 months 18 days |
Risk-free interest rate | 3.90% |
Expected volatility | 33.50% |
Expected dividend yield | 4.30% |
Fair value of common stock on grant date (in dollars per share) | $ 32.68 |
Exercise price of stock option grant (in dollars per share) | $ 32.68 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 739,716 | $ 1,045,027 |
Other comprehensive income (loss) before reclassifications | 4,626 | 12,547 |
Amounts reclassified from accumulated other comprehensive loss | 221 | (690) |
Total other comprehensive income | 4,847 | 11,857 |
Ending balance | 713,673 | 937,206 |
Accumulated other comprehensive loss, net of tax | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (528,439) | (528,902) |
Ending balance | (523,592) | (517,045) |
Foreign Currency Translation | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (333,827) | (326,346) |
Other comprehensive income (loss) before reclassifications | 14,963 | 11,174 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Total other comprehensive income | 14,963 | 11,174 |
Ending balance | (318,864) | (315,172) |
Unamortized Retirement Costs | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (200,922) | (206,806) |
Other comprehensive income (loss) before reclassifications | (3,549) | (3,324) |
Amounts reclassified from accumulated other comprehensive loss | 1,509 | 1,487 |
Total other comprehensive income | (2,040) | (1,837) |
Ending balance | (202,962) | (208,643) |
Interest Rate Swaps | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 6,310 | 4,250 |
Other comprehensive income (loss) before reclassifications | (6,788) | 4,697 |
Amounts reclassified from accumulated other comprehensive loss | (1,288) | (2,177) |
Total other comprehensive income | (8,076) | 2,520 |
Ending balance | $ (1,766) | $ 6,770 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Reclassification out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Pension expense | $ 2,366 | $ 1,593 |
Reclassification out of Accumulated Other Comprehensive Loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Pension expense | $ 2,000 | $ 2,000 |
Reconciliation of Weighted Av_3
Reconciliation of Weighted Average Shares Outstanding (Details) - shares shares in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Weighted average shares outstanding (in shares) | 54,377 | 55,270 |
Shares used for basic loss per share (in shares) | 54,377 | 55,270 |
Dilutive effect of unvested restricted stock units and other stock awards (in shares) | 0 | 0 |
Shares used for diluted loss per shares (in shares) | 54,377 | 55,270 |
Antidilutive options to purchase Class A common shares, restricted shares, warrants to purchase Class A common shares, and contingently issuable restricted stock which are exclude from table above (in shares) | 1,305 | 999 |
Restructuring and Related Cha_3
Restructuring and Related Charges - Narrative (Details) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 USD ($) | Jul. 31, 2023 USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring liability, current | $ 5,000 | |
Restructuring reserve, noncurrent | 1,100 | |
Restructuring and related to (credits) charges | $ 3,870 | $ 12,123 |
Global Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Reduction to square footage occupancy (as a percent) | 0.35 | |
Fair value of operating lease ROU assets | 900 | |
Restructuring and related to (credits) charges | $ 7,549 | 11,780 |
Business Optimization Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related to (credits) charges | $ (3,600) | $ 300 |
Restructuring and Related Cha_4
Restructuring and Related Charges - Pretax Restructuring Charges (Credits) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related (Credits) Charges | $ 3,870 | $ 12,123 |
Global Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related (Credits) Charges | 7,549 | 11,780 |
Total Charges Incurred to Date | 117,985 | |
Global Restructuring Program | Corporate Expenses | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related (Credits) Charges | 5,241 | 6,992 |
Total Charges Incurred to Date | 73,490 | |
Global Restructuring Program | Severance and termination benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related (Credits) Charges | 5,782 | 5,944 |
Total Charges Incurred to Date | 60,165 | |
Global Restructuring Program | Impairment of operating lease ROU assets and property and equipment | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related (Credits) Charges | 0 | 1,575 |
Total Charges Incurred to Date | 22,739 | |
Global Restructuring Program | Acceleration of expense related to operating lease ROU assets and property and equipment | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related (Credits) Charges | 0 | 364 |
Total Charges Incurred to Date | 6,288 | |
Global Restructuring Program | Facility related charges, net | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related (Credits) Charges | 1,402 | 829 |
Total Charges Incurred to Date | 9,806 | |
Global Restructuring Program | Consulting (credits) costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related (Credits) Charges | (556) | 1,823 |
Total Charges Incurred to Date | 10,696 | |
Global Restructuring Program | Other activities | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related (Credits) Charges | 921 | 1,245 |
Total Charges Incurred to Date | 8,291 | |
Global Restructuring Program | Research: | Operating Segments | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related (Credits) Charges | 2,323 | 1,947 |
Total Charges Incurred to Date | 12,146 | |
Global Restructuring Program | Learning: | Operating Segments | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related (Credits) Charges | 227 | 218 |
Total Charges Incurred to Date | 19,479 | |
Global Restructuring Program | Held for Sale or Sold | Operating Segments | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related (Credits) Charges | (242) | $ 2,623 |
Total Charges Incurred to Date | $ 12,870 |
Restructuring and Related Cha_5
Restructuring and Related Charges - Activity for Business Optimization Program (Details) - Global Restructuring Program $ in Thousands | 3 Months Ended |
Jul. 31, 2024 USD ($) | |
Activity for Restructuring and Related Charges Liability [Roll Forward] | |
Restructuring liability, beginning of period | $ 9,069 |
Charges (Credits) | 6,147 |
Payments | (8,073) |
Foreign Translation & Other Adjustments | 28 |
Restructuring liability, end of period | 7,171 |
Severance and termination benefits | |
Activity for Restructuring and Related Charges Liability [Roll Forward] | |
Restructuring liability, beginning of period | 5,396 |
Charges (Credits) | 5,782 |
Payments | (5,143) |
Foreign Translation & Other Adjustments | 20 |
Restructuring liability, end of period | 6,055 |
Consulting (credits) costs | |
Activity for Restructuring and Related Charges Liability [Roll Forward] | |
Restructuring liability, beginning of period | 1,794 |
Charges (Credits) | (556) |
Payments | (1,076) |
Foreign Translation & Other Adjustments | 0 |
Restructuring liability, end of period | 162 |
Other activities | |
Activity for Restructuring and Related Charges Liability [Roll Forward] | |
Restructuring liability, beginning of period | 1,879 |
Charges (Credits) | 921 |
Payments | (1,854) |
Foreign Translation & Other Adjustments | 8 |
Restructuring liability, end of period | $ 954 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 USD ($) segment | Jul. 31, 2023 USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 3 | |
Segment Reporting Information [Line Items] | ||
Revenue, net | $ 403,809 | $ 451,013 |
Adjusted Operating Income (Loss): | 75,197 | 64,237 |
Depreciation and amortization | 37,253 | 43,728 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Adjusted Operating Income (Loss): | 75,197 | 64,237 |
Depreciation and amortization | 33,853 | 40,201 |
Operating Segments | Research: | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 265,309 | 257,804 |
Adjusted Operating Income (Loss): | 55,216 | 53,527 |
Depreciation and amortization | 22,559 | 23,212 |
Operating Segments | Learning: | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 124,314 | 109,320 |
Adjusted Operating Income (Loss): | 22,500 | 7,626 |
Depreciation and amortization | 11,294 | 13,552 |
Operating Segments | Held for Sale or Sold | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 14,186 | 83,889 |
Adjusted Operating Income (Loss): | (2,519) | 3,084 |
Depreciation and amortization | 0 | 3,437 |
Corporate Nonsegment | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | $ 3,400 | $ 3,527 |
Segment Information - Reconcili
Segment Information - Reconciliation of Consolidated US GAAP Operating Income to Non-GAAP Adjusted Contribution to Profit (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Segment Reporting [Abstract] | ||
Adjusted Operating Income by Segment | $ 75,197 | $ 64,237 |
Adjustments: | ||
Corporate expenses | (42,354) | (41,774) |
Impairment of goodwill | 0 | (26,695) |
Restructuring and related charges | (3,870) | (12,123) |
Interest expense | (12,787) | (11,334) |
Foreign exchange transaction gains (losses) | 234 | (1,620) |
Gains (losses) on sale of businesses and impairment charges related to assets held-for-sale | 5,801 | (75,929) |
Other income (expense), net | 782 | (1,485) |
Income (Loss) Before Taxes | $ 23,003 | $ (106,723) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 24,056 | $ 24,295 |
Work-in-process | 1,441 | 1,445 |
Paper and other materials | 307 | 181 |
Total inventories before estimated sales returns and LIFO reserve | 25,804 | 25,921 |
Inventory value of estimated sales returns | 7,578 | 7,833 |
LIFO reserve | (7,536) | (7,535) |
Inventories, net | $ 25,846 | $ 26,219 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Details) - USD ($) | 3 Months Ended | |
Jul. 31, 2024 | Apr. 30, 2024 | |
Goodwill [Roll Forward] | ||
Balance, beginning of period | $ 1,091,368,000 | |
Balance, end of period | 1,099,817,000 | |
Goodwill | 1,099,817,000 | $ 1,091,368,000 |
Continuing Operations and Disposal Group, Held-for-Sale | ||
Goodwill [Roll Forward] | ||
Foreign Translation Adjustment | 8,449,000 | |
Balance, end of period | 1,099,817,000 | |
Goodwill | 1,099,817,000 | |
Research and Learning | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 1,091,368,000 | |
Foreign Translation Adjustment | 8,449,000 | |
Goodwill | 1,091,368,000 | |
Research: | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 607,289,000 | |
Foreign Translation Adjustment | 10,539,000 | |
Balance, end of period | 617,828,000 | |
Goodwill | 617,828,000 | 607,289,000 |
Learning: | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 484,079,000 | |
Foreign Translation Adjustment | (2,090,000) | |
Balance, end of period | 481,989,000 | |
Goodwill | 481,989,000 | 484,079,000 |
Held for Sale or Sold | ||
Goodwill [Roll Forward] | ||
Balance, beginning of period | 0 | |
Foreign Translation Adjustment | 0 | |
Balance, end of period | 0 | |
Cumulative pretax noncash goodwill impairment | 318,200,000 | |
Goodwill | $ 0 | $ 0 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Narrative (Details) - USD ($) | 3 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Apr. 30, 2024 | |
Goodwill [Line Items] | |||
Impairment of goodwill | $ 0 | $ 26,695,000 | |
Impairment charges | 0 | ||
Goodwill | 1,099,817,000 | $ 1,091,368,000 | |
University Services | |||
Goodwill [Line Items] | |||
Impairment of goodwill | 11,400,000 | ||
Goodwill | 0 | ||
Cross Knowledge | |||
Goodwill [Line Items] | |||
Impairment of goodwill | 15,300,000 | ||
Goodwill | $ 0 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Intangible assets with definite lives, net [Abstract] | ||
Intangible assets with definite lives, net | $ 488,805 | $ 496,258 |
Intangible assets with indefinite lives | 120,419 | 119,436 |
Total intangible assets, net | 609,224 | 615,694 |
Brands and trademarks | ||
Intangible assets with definite lives, net [Abstract] | ||
Intangible assets with indefinite lives | 37,000 | 37,000 |
Indefinite assets, accumulated impairment | 93,100 | |
Content and publishing rights | ||
Intangible assets with definite lives, net [Abstract] | ||
Intangible assets with indefinite lives | 83,419 | 82,436 |
Content and publishing rights | ||
Intangible assets with definite lives, net [Abstract] | ||
Intangible assets with definite lives, net | 427,360 | 431,259 |
Customer relationships | ||
Intangible assets with definite lives, net [Abstract] | ||
Intangible assets with definite lives, net | 37,737 | 39,709 |
Developed technology | ||
Intangible assets with definite lives, net [Abstract] | ||
Intangible assets with definite lives, net | 18,111 | 19,522 |
Finite assets, accumulated impairment | 2,800 | |
Brands and trademarks | ||
Intangible assets with definite lives, net [Abstract] | ||
Intangible assets with definite lives, net | 5,570 | 5,734 |
Covenants not to compete | ||
Intangible assets with definite lives, net [Abstract] | ||
Intangible assets with definite lives, net | $ 27 | $ 34 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate reconciliation (as a percent) | 106.20% | 13.50% |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | $ 166 | $ 134 |
Interest cost | 7,128 | 6,947 |
Expected return on plan assets | (6,968) | (7,491) |
Amortization of prior service cost | (19) | (23) |
Amortization of net actuarial loss | 2,059 | 2,026 |
Net pension expense | 2,366 | 1,593 |
Employer defined benefit pension plan contributions | 3,600 | 4,100 |
Defined contribution plan expense | $ 7,300 | $ 7,700 |
Debt and Available Credit Fac_3
Debt and Available Credit Facilities (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Long-term Debt, by Current and Noncurrent [Abstract] | ||
Short-term portion of long-term debt | $ 8,750 | $ 7,500 |
Long-term debt, less current portion | 909,850 | 767,096 |
Total debt | 918,600 | 774,596 |
Unamortized debt issuance costs | 500 | 600 |
Revolving Credit Facility | Amended and Restated RCA | ||
Long-term Debt, by Current and Noncurrent [Abstract] | ||
Long-term debt, less current portion | 727,890 | 582,678 |
Term Loan A Facility | Amended and Restated RCA | ||
Long-term Debt, by Current and Noncurrent [Abstract] | ||
Long-term debt, less current portion | $ 181,960 | $ 184,418 |
Debt and Available Credit Fac_4
Debt and Available Credit Facilities - Amended and Restated CA (Details) - USD ($) | 3 Months Ended | |||
Nov. 30, 2022 | Jul. 31, 2024 | Jul. 31, 2023 | Apr. 30, 2024 | |
Amended and Restated RCA | ||||
Line of Credit Facility [Line Items] | ||||
Term of credit facility | 5 years | |||
Amortization of debt issuance costs | $ 300,000 | $ 300,000 | ||
Revolving Credit Facility Through November 2027 | ||||
Line of Credit Facility [Line Items] | ||||
Term of credit facility | 18 months | |||
Revolving Credit Facility | Amended and Restated RCA | ||||
Line of Credit Facility [Line Items] | ||||
Term of credit facility | 5 years | |||
Credit commitments, principal amount | $ 1,115,000,000 | |||
Existing credit commitments | $ 388,100,000 | |||
Revolving Credit Facility | Amended and Restated RCA | Syndicate Bank Group led by Bank of America | ||||
Line of Credit Facility [Line Items] | ||||
Optional Credit Limit Increase Available On Request | 500,000,000 | |||
Value of minimum increments | $ 50,000,000 | |||
Revolving Credit Facility | Amended and Restated RCA | Syndicate Bank Group led by Bank of America | Base Rate | ||||
Line of Credit Facility [Line Items] | ||||
Margin rate over reference rate used in determining base rate | 0.50% | |||
Revolving Credit Facility | Amended and Restated RCA | Syndicate Bank Group led by Bank of America | Daily Secured Overnight Financing Rate (SOFR) | ||||
Line of Credit Facility [Line Items] | ||||
Margin rate over reference rate used in determining base rate | 1% | |||
Revolving Credit Facility | Amended and Restated RCA | Minimum | Secured Overnight Financing Rate (SOFR) | ||||
Line of Credit Facility [Line Items] | ||||
Margin rate (as a percent) | 0.10% | |||
Revolving Credit Facility | Amended and Restated RCA | Minimum | Syndicate Bank Group led by Bank of America | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | |||
Revolving Credit Facility | Amended and Restated RCA | Minimum | Syndicate Bank Group led by Bank of America | SOFR, SONIA, and EURIBOR-Based Rates | ||||
Line of Credit Facility [Line Items] | ||||
Applicable margin | 0.98% | |||
Revolving Credit Facility | Amended and Restated RCA | Minimum | Syndicate Bank Group led by Bank of America | Base Rate | ||||
Line of Credit Facility [Line Items] | ||||
Applicable margin | 0% | |||
Revolving Credit Facility | Amended and Restated RCA | Maximum | Secured Overnight Financing Rate (SOFR) | ||||
Line of Credit Facility [Line Items] | ||||
Margin rate (as a percent) | 0.25% | |||
Revolving Credit Facility | Amended and Restated RCA | Maximum | Syndicate Bank Group led by Bank of America | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||
Revolving Credit Facility | Amended and Restated RCA | Maximum | Syndicate Bank Group led by Bank of America | SOFR, SONIA, and EURIBOR-Based Rates | ||||
Line of Credit Facility [Line Items] | ||||
Applicable margin | 1.50% | |||
Revolving Credit Facility | Amended and Restated RCA | Maximum | Syndicate Bank Group led by Bank of America | Federal Funds Effective Rate | ||||
Line of Credit Facility [Line Items] | ||||
Applicable margin | 0.50% | |||
Term Loan A Facility | Amended and Restated RCA | ||||
Line of Credit Facility [Line Items] | ||||
Term of credit facility | 5 years | |||
Debt instrument, face amount | $ 200,000,000 | |||
Revolving Credit Facility Through May 2024 | Amended and Restated RCA | ||||
Line of Credit Facility [Line Items] | ||||
Credit commitments, principal amount | $ 185,000,000 | |||
Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Credit commitments, principal amount | $ 1,307,300,000 | |||
Average interest rates on total debt outstanding | 6.19% | 5.32% | ||
Weighted average interest rates | 6.08% | 6.07% | ||
Line of Credit | Other Credit Facilities | ||||
Line of Credit Facility [Line Items] | ||||
Credit commitments, principal amount | $ 1,000,000 | |||
Outstanding borrowings under revolving credit facilities | $ 0 | $ 0 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Thousands | May 15, 2024 | Apr. 09, 2024 | Jan. 31, 2024 | Jan. 24, 2024 | Jan. 05, 2024 | Dec. 19, 2023 | Mar. 15, 2023 | Mar. 14, 2023 | Mar. 13, 2023 | Dec. 13, 2022 | Jun. 16, 2022 | Jul. 31, 2024 | Apr. 30, 2024 |
Derivative [Line Items] | |||||||||||||
Long term debt | $ 918,600 | $ 774,596 | |||||||||||
Unamortized debt issuance costs | 500 | 600 | |||||||||||
Long term debt, percentage bearing variable interest | 919,100 | ||||||||||||
Interest Rate Swap | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative, notional amount | 500,000 | 550,000 | |||||||||||
May 2024 Interest Rate Swap Variable Loans | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative, notional amount | 50,000 | 0 | |||||||||||
Fixed rate on interest rate swap agreement | 4.288% | ||||||||||||
Derivative, term of contract (in years) | 3 years | ||||||||||||
April 2024 Interest Rate Swap Variable Loans | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative, notional amount | 50,000 | 50,000 | |||||||||||
Fixed rate on interest rate swap agreement | 4.243% | ||||||||||||
Derivative, term of contract (in years) | 3 years | ||||||||||||
January 2024 Interest Rate Swap Variable Loans 3 | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative, notional amount | 50,000 | 50,000 | |||||||||||
Fixed rate on interest rate swap agreement | 3.70% | ||||||||||||
Derivative, term of contract (in years) | 3 years | ||||||||||||
January 2024 Interest Rate Swap Variable Loans 2 | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative, notional amount | 50,000 | 50,000 | |||||||||||
Fixed rate on interest rate swap agreement | 3.774% | ||||||||||||
Derivative, term of contract (in years) | 3 years | ||||||||||||
January 2024 Interest Rate Swap Variable Loans 1 | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative, notional amount | 50,000 | 50,000 | |||||||||||
Fixed rate on interest rate swap agreement | 3.689% | ||||||||||||
Derivative, term of contract (in years) | 3 years | ||||||||||||
December 2023 Interest Rate Swap Variable Loans | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative, notional amount | 50,000 | 50,000 | |||||||||||
Fixed rate on interest rate swap agreement | 3.85% | ||||||||||||
Derivative, term of contract (in years) | 3 years | ||||||||||||
March 2023 Interest Rate Swap Variable Rate Loans | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative, notional amount | 50,000 | 50,000 | |||||||||||
Fixed rate on interest rate swap agreement | 3.565% | ||||||||||||
Derivative, term of contract (in years) | 3 years | ||||||||||||
March 2023 Interest Rate Swap Variable Rate Loans 2 | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative, notional amount | 50,000 | 50,000 | |||||||||||
Fixed rate on interest rate swap agreement | 4.053% | ||||||||||||
Derivative, term of contract (in years) | 3 years | ||||||||||||
March 2023 Interest Rate Swap Variable Rate Loans 3 | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative, notional amount | 50,000 | 50,000 | |||||||||||
Fixed rate on interest rate swap agreement | 3.72% | ||||||||||||
Derivative, term of contract (in years) | 3 years | ||||||||||||
December 2022 Interest Rate Swap Variable Rate Loans | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative, notional amount | 50,000 | 50,000 | |||||||||||
Fixed rate on interest rate swap agreement | 3.772% | ||||||||||||
Derivative, term of contract (in years) | 3 years | ||||||||||||
June 2022 Interest Rate Swap Variable Rate Loans | |||||||||||||
Derivative [Line Items] | |||||||||||||
Derivative, notional amount | $ 0 | $ 100,000 | |||||||||||
Fixed rate on interest rate swap agreement | 3.467% | ||||||||||||
Derivative, term of contract (in years) | 2 years |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Statement of Financial Position (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Current asset portion | $ 0 | $ 154 |
Non-current asset portion | 2,768 | 9,686 |
Non-current liability portion | (1,016) | 0 |
Total cash flow hedges | $ 1,752 | $ 9,840 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Statements of Other Comprehensive Loss Income (Details) - Interest Rate Swap - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Derivative [Line Items] | ||
Amount of pretax (losses) gains recognized in Other comprehensive income (loss) | $ (6,360) | $ 6,291 |
Interest Expense | ||
Derivative [Line Items] | ||
Amount of pretax gains reclassified from Accumulated other comprehensive loss into Interest expense | $ 1,715 | $ 2,885 |
Capital Stock and Changes in _3
Capital Stock and Changes in Capital Accounts - Share Repurchases (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Class A common stock | ||
Equity, Class of Treasury Stock [Line Items] | ||
Shares repurchased (in shares) | 295 | 301 |
Treasury stock acquired (in dollars per share) | $ 42.34 | $ 33.25 |
Class B common stock | ||
Equity, Class of Treasury Stock [Line Items] | ||
Shares repurchased (in shares) | 0 | 0 |
Treasury stock acquired (in dollars per share) | $ 42.34 | $ 33.25 |
Capital Stock and Changes in _4
Capital Stock and Changes in Capital Accounts - Dividends (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Stockholders' Equity Note [Abstract] | ||
Total dividend | $ 19,184 | $ 19,382 |
Capital Stock and Changes in _5
Capital Stock and Changes in Capital Accounts - Changes in Common Stock (Details) - shares shares in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Class A common stock | ||
Changes in Common Stock [Abstract] | ||
Number of shares, beginning of year (in shares) | 70,259 | 70,231 |
Common stock class conversions (in shares) | 18 | 0 |
Number of shares issued, end of period (in shares) | 70,277 | 70,231 |
Changes in Common Stock in Treasury [Abstract] | ||
Number of shares held, beginning of year (in shares) | 24,828 | 23,983 |
Restricted shares issued under stock-based compensation plans (in shares) | (240) | (361) |
Impact of tax withholding on stock-based compensation and other (in shares) | 92 | 126 |
Purchases of treasury shares (in shares) | 295 | 301 |
Number of shares held, end of period (in shares) | 24,975 | 24,049 |
Common stock, shares outstanding (in shares) | 45,302 | 46,182 |
Class B common stock | ||
Changes in Common Stock [Abstract] | ||
Number of shares, beginning of year (in shares) | 12,923 | 12,951 |
Common stock class conversions (in shares) | 18 | 0 |
Number of shares issued, end of period (in shares) | 12,905 | 12,951 |
Changes in Common Stock in Treasury [Abstract] | ||
Number of shares held, beginning of year (in shares) | 3,928 | 3,925 |
Purchases of treasury shares (in shares) | 0 | 0 |
Number of shares held, end of period (in shares) | 3,928 | 3,925 |
Common stock, shares outstanding (in shares) | 8,977 | 9,026 |