| 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 and nine months ended October 31, 2022 (Successor) and the three months ended October 31, 2021 (Successor), the period from June 12, 2021 through October 31, 2021 (Successor) and the period from February 1, 2021 through June 11, 2021 (Predecessor (SLH)), (in thousands):
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Quarter to Date Results |
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Year to Date Results |
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Fiscal 2023 |
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Fiscal 2022 |
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Fiscal 2023 |
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Fiscal 2022 |
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Successor |
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Successor |
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Successor |
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Successor |
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Predecessor (SLH) |
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Three Months |
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Three Months |
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Nine Months |
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From |
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From |
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Ended |
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Ended |
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Ended |
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June 12, 2021 to |
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February 1, 2021 to |
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October 31, 2022 |
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October 31, 2021 |
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October 31, 2022 |
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October 31, 2021 |
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June 11, 2021 |
Skillsoft Content |
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Revenues |
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$ |
97,968 |
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$ |
86,947 |
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$ |
286,507 |
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$ |
133,160 |
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$ |
102,494 |
Operating expenses |
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702,867 |
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92,595 |
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967,888 |
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|
154,047 |
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|
140,484 |
Operating income (loss) |
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(604,899) |
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(5,648) |
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(681,381) |
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(20,887) |
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(37,990) |
Global Knowledge |
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Revenues |
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41,422 |
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|
53,206 |
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|
128,296 |
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|
82,460 |
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— |
Operating expenses |
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45,226 |
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|
58,005 |
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|
211,633 |
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|
90,260 |
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— |
Operating income (loss) |
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(3,804) |
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(4,799) |
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(83,337) |
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(7,800) |
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— |
Consolidated |
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Revenues |
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139,390 |
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140,153 |
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414,803 |
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215,620 |
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102,494 |
Operating expenses |
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748,093 |
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150,600 |
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1,179,521 |
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244,307 |
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|
140,484 |
Operating income (loss) |
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(608,703) |
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(10,447) |
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(764,718) |
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(28,687) |
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(37,990) |
Non-operating (expense) income |
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1,602 |
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(661) |
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2,733 |
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(1,653) |
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(167) |
Fair value adjustment of warrants |
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9,128 |
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(36,838) |
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26,080 |
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(19,723) |
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|
900 |
Fair value adjustment of hedge instruments |
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20,314 |
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— |
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5,249 |
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— |
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— |
Interest expense, net |
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(14,487) |
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(6,988) |
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(37,302) |
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(16,304) |
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(16,703) |
Benefits from (provision for) income taxes |
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8,832 |
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6,168 |
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34,234 |
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8,165 |
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|
3,521 |
Net loss from continuing operations |
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(583,314) |
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(48,766) |
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(733,724) |
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(58,202) |
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(50,439) |
Gain on sale of business |
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53,756 |
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— |
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53,756 |
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— |
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— |
Income from discontinued operations, net of tax |
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1,215 |
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5,911 |
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8,483 |
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3,494 |
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|
1,175 |
Net (loss) income |
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$ |
(528,343) |
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$ |
(42,855) |
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$ |
(671,485) |
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$ |
(54,708) |
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$ |
(49,264) |
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, 2022 and January 31, 2022 (in thousands):
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October 31, 2022 |
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January 31, 2022 |
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Skillsoft |
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$ |
1,371,061 |
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$ |
1,648,160 |
Global Knowledge |
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224,340 |
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|
344,902 |
Total assets classified as discontinued operations |
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— |
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228,886 |
Consolidated |
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$ |
1,595,401 |
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$ |
2,221,948 |
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