| Summary of the company's segment results and segment assets |
The following table presents summary results for each of the businesses for the three months ended October 31, 2021 (Successor), the period from August 28, 2020 to October 31, 2020 (Predecessor (SLH)), and the period from August 1, 2020 to August 27, 2020 (Predecessor (PL)), (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
Quarter-to Date Results |
|
|
Fiscal 2022 |
|
Fiscal 2021 |
|
|
Successor |
|
Predecessor (SLH) |
|
|
Predecessor (PL) |
|
|
Three Months |
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From |
|
|
From |
|
|
Ended |
|
August 28, 2020 |
|
|
August 1, 2020 |
|
|
October 31, 2021 |
|
to October 31, 2020 |
|
|
to August 27, 2020 |
Skillsoft |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
85,456 |
|
$ |
23,495 |
|
|
$ |
27,832 |
Operating expenses |
|
|
90,814 |
|
|
60,969 |
|
|
|
20,626 |
Operating (loss) income |
|
|
(5,358) |
|
|
(37,474) |
|
|
|
7,206 |
SumTotal |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
31,897 |
|
|
13,478 |
|
|
|
10,855 |
Operating expenses |
|
|
26,095 |
|
|
18,295 |
|
|
|
8,942 |
Operating income (loss) |
|
|
5,802 |
|
|
(4,817) |
|
|
|
1,913 |
Global Knowledge |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
53,206 |
|
|
— |
|
|
|
— |
Operating expenses |
|
|
58,005 |
|
|
— |
|
|
|
— |
Operating loss |
|
|
(4,799) |
|
|
— |
|
|
|
— |
Consolidated |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
170,559 |
|
|
36,973 |
|
|
|
38,687 |
Operating expenses |
|
|
174,914 |
|
|
79,264 |
|
|
|
29,568 |
Operating (loss) income |
|
|
(4,355) |
|
|
(42,291) |
|
|
|
9,119 |
Total non-operating (expense) income |
|
|
(37,431) |
|
|
3,626 |
|
|
|
(520) |
Interest expense, net |
|
|
(7,510) |
|
|
(7,919) |
|
|
|
(1,287) |
Reorganization items, net |
|
|
— |
|
|
— |
|
|
|
3,339,837 |
Benefits from (provision for) income taxes |
|
|
6,441 |
|
|
7,870 |
|
|
|
(78,254) |
Net (loss) income |
|
$ |
(42,855) |
|
$ |
(38,714) |
|
|
$ |
3,268,895 |
The following table presents summary results for each of the businesses for the period from June 12, 2021 to October 31, 2021 (Successor), February 1, 2021 to June 11, 2021 (Predecessor (SLH)), August 28, 2020 to October 31, 2020 (Predecessor (SLH)), and February 1, 2020 to August 27, 2020 (Predecessor (PL)), (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to Date Results |
|
|
Fiscal 2022 |
|
Fiscal 2021 |
|
|
Successor |
|
|
Predecessor (SLH) |
|
Predecessor (SLH) |
|
|
Predecessor (PL) |
|
|
From |
|
|
From |
|
From |
|
|
From |
|
|
June 12, 2021 to |
|
|
February 1, 2021 |
|
August 28, 2020 |
|
|
February 1, 2020 |
|
|
October 31, 2021 |
|
|
to June 11, 2021 |
|
to October 31, 2020 |
|
|
to August 27, 2020 |
Skillsoft |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
131,067 |
|
|
$ |
101,434 |
|
$ |
23,495 |
|
|
$ |
196,238 |
Operating expenses |
|
|
151,202 |
|
|
|
137,882 |
|
|
60,969 |
|
|
|
398,178 |
Operating loss |
|
|
(20,135) |
|
|
|
(36,448) |
|
|
(37,474) |
|
|
|
(201,940) |
SumTotal |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
48,045 |
|
|
|
38,202 |
|
|
13,478 |
|
|
|
77,613 |
Operating expenses |
|
|
40,978 |
|
|
|
38,377 |
|
|
18,295 |
|
|
|
205,483 |
Operating income (loss) |
|
|
7,067 |
|
|
|
(175) |
|
|
(4,817) |
|
|
|
(127,870) |
Global Knowledge |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
82,460 |
|
|
|
— |
|
|
— |
|
|
|
— |
Operating expenses |
|
|
90,260 |
|
|
|
— |
|
|
— |
|
|
|
— |
Operating loss |
|
|
(7,800) |
|
|
|
— |
|
|
— |
|
|
|
— |
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
261,572 |
|
|
|
139,636 |
|
|
36,973 |
|
|
|
273,851 |
Operating expenses |
|
|
282,440 |
|
|
|
176,259 |
|
|
79,264 |
|
|
|
603,661 |
Operating loss |
|
|
(20,868) |
|
|
|
(36,623) |
|
|
(42,291) |
|
|
|
(329,810) |
Total non-operating (expense) income |
|
|
(21,001) |
|
|
|
471 |
|
|
3,626 |
|
|
|
1,373 |
Interest expense, net |
|
|
(17,366) |
|
|
|
(16,820) |
|
|
(7,919) |
|
|
|
(168,341) |
Reorganization items, net |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
3,329,245 |
Benefits from (provision for) income taxes |
|
|
4,527 |
|
|
|
3,708 |
|
|
7,870 |
|
|
|
(68,455) |
Net (loss) income |
|
$ |
(54,708) |
|
|
$ |
(49,264) |
|
$ |
(38,714) |
|
|
$ |
2,764,012 |
SumTotal segment revenue for the three months ended October 31, 2021 and for the period from June 12, 2021 to October 31, 2021 includes content-related revenue of $1.5 million and $2.1 million, respectively, attributable to cross selling for customers that use the SumTotal platform to consume Skillsoft content.
The Company’s segment assets primarily consist of cash and cash equivalents, accounts receivable, prepaid expenses, deferred taxes, property and equipment, goodwill and intangible assets. The following table sets forth the Company’s segment assets as of October 31, 2021 and January 31, 2021 (in thousands):
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor (SLH) |
|
|
October 31, 2021 |
|
|
January 31, 2021 |
|
|
|
|
|
|
|
|
Skillsoft |
|
$ |
1,511,578 |
|
|
$ |
1,398,379 |
SumTotal |
|
|
214,625 |
|
|
|
147,358 |
Global Knowledge |
|
|
362,456 |
|
|
|
— |
Corporate |
|
|
— |
|
|
|
— |
Consolidated |
|
$ |
2,088,659 |
|
|
$ |
1,545,737 |
|