|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
|
|
|
|
|
|
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Title of each class
|
|
Trading Symbol |
|
Name of each exchange on
which registered
|
|
|
|||
|
|
|
|
ADTALEM GLOBAL EDUCATION INC.
|
|
|
|
|
|
|
|
By:
|
/s/ Robert J. Phelan
|
|
|
|
Robert J. Phelan
|
|
|
|
Interim Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
|
|
|
|
|
|
|
Exhibit 99.1
|
|
Investor Contact:
Maureen Resac
Maureen.Resac@Adtalem.com
312-651-1481
|
•
|
Revenue of $280.7 million increased 3.4% compared with the prior year
|
•
|
Diluted earnings per share was $0.48 compared with diluted earnings per share of $2.83 in the prior year; diluted earnings per share from
continuing operations, excluding special items, was $0.72, compared to $0.81 in the prior year, an 11.1% decrease
|
•
|
New and total student enrollment increased 8.8% and 4.1%, respectively
|
•
|
Operating income was $44.2 million, compared with operating income of $54.5 million in the prior year; operating income excluding special items
was $49.1 million, a 12.9% decrease compared with the prior year
|
•
|
Net income attributable to Adtalem was $24.7 million, compared with net income of $150.8 million in the prior year period, which contained a
pre-tax unrealized gain of $111.8 million on the deal-contingent foreign currency hedge associated with our Adtalem Brazil transaction; net income from continuing operations attributable to Adtalem, excluding special items, was $36.9
million, a 14.6% decrease compared with the prior year
|
•
|
COVID-19 resulted in an estimated revenue loss of approximately $9 million, an operating income loss of approximately $6 million and a loss of
earnings per share of approximately $0.09
|
•
|
Revenue of $832.0 million increased 5.0% compared with the prior year
|
•
|
Diluted earnings per share was $1.30 compared with diluted earnings per share of $3.13 in the prior year; diluted earnings per share from
continuing operations, excluding special items, was $2.28, a 34.1% increase
|
•
|
Operating income was $121.2 million compared with operating income of $120.5 million in the prior year; operating income excluding special
items was $156.0 million, a 23.7% increase compared with the prior year
|
•
|
Net income attributable to Adtalem was $67.9 million, compared with net income of $170.7 million in the prior year; net income from continuing
operations attributable to Adtalem, excluding special items, was $118.6 million, a 27.5% increase compared with the prior year
|
•
|
COVID-19 resulted in an estimated revenue loss of approximately $31 million, an operating income loss of approximately $20 million and a loss
of earnings per share of approximately $0.30
|
3Q 2021
|
3Q 2020
|
% Change
|
||||||||||
Adtalem Global Education Student Enrollments(1)
|
||||||||||||
New students
|
3,872
|
3,559
|
+8.8
|
%
|
||||||||
Total students
|
40,994
|
39,391
|
+4.1
|
%
|
||||||||
Chamberlain University
|
||||||||||||
January Session
|
||||||||||||
New students
|
5,202
|
5,293
|
-1.7
|
%
|
||||||||
Total students
|
35,750
|
33,850
|
+5.6
|
%
|
||||||||
March Session
|
||||||||||||
New students(2)
|
3,283
|
3,073
|
+6.8
|
%
|
||||||||
Total students
|
35,702
|
33,748
|
+5.8
|
%
|
||||||||
Medical and Veterinary(3)
|
||||||||||||
January Semester
|
||||||||||||
New students
|
589
|
486
|
+21.2
|
%
|
||||||||
Total students
|
5,292
|
5,643
|
-6.2
|
%
|
||||||||
1)
|
Includes the most recently reported enrollment sessions at Adtalem’s postsecondary institutions
|
2)
|
Post-licensure online programs only; Pre-licensure campus-based programs start in September, January and May; Total students includes pre- and
post-licensure enrollment
|
3)
|
Includes enrollments in its medical and veterinary preparatory programs
|
March 31,
|
June 30,
|
March 31,
|
||||||||||
2021
|
2020
|
2020
|
||||||||||
Assets:
|
||||||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
$
|
497,746
|
$
|
500,516
|
$
|
167,771
|
||||||
Investments in marketable securities
|
10,890
|
8,968
|
7,754
|
|||||||||
Restricted cash
|
808,034
|
589
|
807
|
|||||||||
Accounts receivable, net
|
77,559
|
87,042
|
98,732
|
|||||||||
Prepaid expenses and other current assets
|
103,049
|
95,651
|
126,785
|
|||||||||
Current assets held for sale
|
—
|
—
|
142,417
|
|||||||||
Total current assets
|
1,497,278
|
692,766
|
544,266
|
|||||||||
Noncurrent assets:
|
||||||||||||
Property and equipment, net
|
291,022
|
286,102
|
286,346
|
|||||||||
Operating lease assets
|
164,335
|
174,935
|
188,629
|
|||||||||
Deferred income taxes
|
27,441
|
22,277
|
10,922
|
|||||||||
Intangible assets, net
|
279,997
|
287,514
|
290,092
|
|||||||||
Goodwill
|
686,535
|
686,214
|
686,235
|
|||||||||
Other assets, net
|
84,392
|
78,879
|
84,825
|
|||||||||
Noncurrent assets held for sale
|
—
|
—
|
352,705
|
|||||||||
Total noncurrent assets
|
1,533,722
|
1,535,921
|
1,899,754
|
|||||||||
Total assets
|
$
|
3,031,000
|
$
|
2,228,687
|
$
|
2,444,020
|
||||||
Liabilities and shareholders' equity:
|
||||||||||||
Current liabilities:
|
||||||||||||
Accounts payable
|
$
|
45,958
|
$
|
46,484
|
$
|
33,932
|
||||||
Accrued payroll and benefits
|
50,478
|
48,835
|
40,373
|
|||||||||
Accrued liabilities
|
111,188
|
104,431
|
60,458
|
|||||||||
Deferred revenue
|
116,670
|
91,589
|
120,047
|
|||||||||
Current operating lease liabilities
|
54,911
|
51,644
|
51,926
|
|||||||||
Current portion of long-term debt
|
3,000
|
3,000
|
3,000
|
|||||||||
Current liabilities held for sale
|
—
|
—
|
34,950
|
|||||||||
Total current liabilities
|
382,205
|
345,983
|
344,686
|
|||||||||
Noncurrent liabilities:
|
||||||||||||
Long-term debt
|
1,067,564
|
286,115
|
446,610
|
|||||||||
Long-term operating lease liabilities
|
164,386
|
176,032
|
179,195
|
|||||||||
Deferred income taxes
|
27,005
|
24,975
|
25,101
|
|||||||||
Other liabilities
|
81,123
|
82,309
|
88,920
|
|||||||||
Noncurrent liabilities held for sale
|
—
|
—
|
61,987
|
|||||||||
Total noncurrent liabilities
|
1,340,078
|
569,431
|
801,813
|
|||||||||
Total liabilities
|
1,722,283
|
915,414
|
1,146,499
|
|||||||||
Commitments and contingencies
|
||||||||||||
Redeemable noncontrolling interest
|
2,493
|
2,852
|
2,962
|
|||||||||
Shareholders' equity:
|
||||||||||||
Common stock, $0.01 par value per share, 200,000 shares authorized; 49,700, 51,871, and 51,802 shares
outstanding as of March 31, 2021, June 30, 2020, and March 31, 2020, respectively
|
811
|
807
|
806
|
|||||||||
Additional paid-in capital
|
516,627
|
504,434
|
499,703
|
|||||||||
Retained earnings
|
1,995,465
|
1,927,568
|
2,183,620
|
|||||||||
Accumulated other comprehensive loss
|
(7,756
|
)
|
(9,055
|
)
|
(276,379
|
)
|
||||||
Treasury stock, at cost, 31,366, 28,794, and 28,790 shares as of March 31, 2021, June 30, 2020, and March
31, 2020, respectively
|
(1,198,923
|
)
|
(1,113,333
|
)
|
(1,113,191
|
)
|
||||||
Total shareholders' equity
|
1,306,224
|
1,310,421
|
1,294,559
|
|||||||||
Total liabilities and shareholders' equity
|
$
|
3,031,000
|
$
|
2,228,687
|
$
|
2,444,020
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Revenue
|
$
|
280,654
|
$
|
271,487
|
$
|
832,006
|
$
|
792,272
|
||||||||
Operating cost and expense:
|
||||||||||||||||
Cost of educational services
|
123,077
|
118,712
|
363,598
|
374,004
|
||||||||||||
Student services and administrative expense
|
108,500
|
96,434
|
312,399
|
292,169
|
||||||||||||
Restructuring expense
|
1,217
|
1,854
|
6,605
|
10,339
|
||||||||||||
Business acquisition and integration expense
|
3,646
|
—
|
28,161
|
—
|
||||||||||||
Gain on sale of assets
|
—
|
—
|
—
|
(4,779
|
)
|
|||||||||||
Total operating cost and expense
|
236,440
|
217,000
|
710,763
|
671,733
|
||||||||||||
Operating income
|
44,214
|
54,487
|
121,243
|
120,539
|
||||||||||||
Other income (expense):
|
||||||||||||||||
Interest and dividend income
|
910
|
782
|
3,133
|
2,675
|
||||||||||||
Interest expense
|
(8,555
|
)
|
(5,191
|
)
|
(15,983
|
)
|
(15,585
|
)
|
||||||||
Investment gain (loss)
|
479
|
(1,548
|
)
|
2,002
|
(1,106
|
)
|
||||||||||
Gain on derivative
|
—
|
111,838
|
—
|
83,832
|
||||||||||||
Net other (expense) income
|
(7,166
|
)
|
105,881
|
(10,848
|
)
|
69,816
|
||||||||||
Income from continuing operations before income taxes
|
37,048
|
160,368
|
110,395
|
190,355
|
||||||||||||
Provision for income taxes
|
(7,341
|
)
|
(6,937
|
)
|
(21,654
|
)
|
(18,213
|
)
|
||||||||
Income from continuing operations
|
29,707
|
153,431
|
88,741
|
172,142
|
||||||||||||
Discontinued operations:
|
||||||||||||||||
Loss from discontinued operations before income taxes
|
(6,836
|
)
|
(5,947
|
)
|
(28,107
|
)
|
(5,536
|
)
|
||||||||
Benefit from income taxes
|
1,679
|
3,228
|
6,904
|
3,778
|
||||||||||||
Loss from discontinued operations
|
(5,157
|
)
|
(2,719
|
)
|
(21,203
|
)
|
(1,758
|
)
|
||||||||
Net income
|
24,550
|
150,712
|
67,538
|
170,384
|
||||||||||||
Net loss attributable to redeemable noncontrolling interest
|
102
|
120
|
359
|
334
|
||||||||||||
Net income attributable to Adtalem Global Education
|
$
|
24,652
|
$
|
150,832
|
$
|
67,897
|
$
|
170,718
|
||||||||
Amounts attributable to Adtalem Global Education:
|
||||||||||||||||
Net income from continuing operations
|
$
|
29,809
|
$
|
153,551
|
$
|
89,100
|
$
|
172,476
|
||||||||
Net loss from discontinued operations
|
(5,157
|
)
|
(2,719
|
)
|
(21,203
|
)
|
(1,758
|
)
|
||||||||
Net income attributable to Adtalem Global Education
|
$
|
24,652
|
$
|
150,832
|
$
|
67,897
|
$
|
170,718
|
||||||||
Earnings (loss) per share attributable to Adtalem Global Education:
|
||||||||||||||||
Basic:
|
||||||||||||||||
Continuing operations
|
$
|
0.59
|
$
|
2.90
|
$
|
1.72
|
$
|
3.19
|
||||||||
Discontinued operations
|
$
|
(0.10
|
)
|
$
|
(0.05
|
)
|
$
|
(0.41
|
)
|
$
|
(0.03
|
)
|
||||
Net
|
$
|
0.49
|
$
|
2.85
|
$
|
1.31
|
$
|
3.15
|
||||||||
Diluted:
|
||||||||||||||||
Continuing operations
|
$
|
0.58
|
$
|
2.88
|
$
|
1.71
|
$
|
3.16
|
||||||||
Discontinued operations
|
$
|
(0.10
|
)
|
$
|
(0.05
|
)
|
$
|
(0.41
|
)
|
$
|
(0.03
|
)
|
||||
Net
|
$
|
0.48
|
$
|
2.83
|
$
|
1.30
|
$
|
3.13
|
||||||||
Weighted-average shares outstanding:
|
||||||||||||||||
Basic shares
|
50,658
|
52,955
|
51,799
|
54,117
|
||||||||||||
Diluted shares
|
51,111
|
53,319
|
52,101
|
54,576
|
Nine Months Ended
|
||||||||
March 31,
|
||||||||
2021
|
2020
|
|||||||
Operating activities:
|
||||||||
Net income
|
$
|
67,538
|
$
|
170,384
|
||||
Loss from discontinued operations
|
21,203
|
1,758
|
||||||
Income from continuing operations
|
88,741
|
172,142
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Stock-based compensation expense
|
11,247
|
11,328
|
||||||
Amortization and adjustments to operating lease assets
|
39,875
|
32,369
|
||||||
Depreciation
|
27,865
|
25,773
|
||||||
Amortization of intangible assets
|
7,555
|
7,686
|
||||||
Amortization of deferred debt issuance costs
|
1,548
|
1,174
|
||||||
Provision for bad debts
|
8,338
|
12,955
|
||||||
Deferred income taxes
|
(3,328
|
)
|
1,441
|
|||||
Loss on disposals, accelerated depreciation, and adjustments to property and equipment
|
1,589
|
147
|
||||||
Realized and unrealized (gain) loss on investments
|
(2,002
|
)
|
1,106
|
|||||
Realized gain on sale of assets
|
—
|
(4,779
|
)
|
|||||
Unrealized gain on derivative
|
—
|
(83,832
|
)
|
|||||
Changes in assets and liabilities:
|
||||||||
Accounts receivable
|
5,314
|
(19,922
|
)
|
|||||
Prepaid expenses and other current assets
|
(7,398
|
)
|
(17,123
|
)
|
||||
Accounts payable
|
(104
|
)
|
(18,495
|
)
|
||||
Accrued payroll and benefits
|
1,661
|
(6,291
|
)
|
|||||
Accrued liabilities
|
8,649
|
(4,810
|
)
|
|||||
Deferred revenue
|
25,081
|
24,103
|
||||||
Operating lease liabilities
|
(37,654
|
)
|
(41,628
|
)
|
||||
Other assets and liabilities
|
(9,772
|
)
|
(1,314
|
)
|
||||
Net cash provided by operating activities-continuing operations
|
167,205
|
92,030
|
||||||
Net cash (used in) provided by operating activities-discontinued operations
|
(23,042
|
)
|
13,501
|
|||||
Net cash provided by operating activities
|
144,163
|
105,531
|
||||||
Investing activities:
|
||||||||
Capital expenditures
|
(34,844
|
)
|
(31,934
|
)
|
||||
Proceeds from sales of marketable securities
|
2,387
|
1,572
|
||||||
Purchases of marketable securities
|
(2,414
|
)
|
(1,755
|
)
|
||||
Proceeds from sale of assets
|
—
|
6,421
|
||||||
Cash received on purchase price adjustment
|
—
|
92
|
||||||
Net cash used in investing activities-continuing operations
|
(34,871
|
)
|
(25,604
|
)
|
||||
Net cash used in investing activities-discontinued operations
|
—
|
(3,803
|
)
|
|||||
Net cash used in investing activities
|
(34,871
|
)
|
(29,407
|
)
|
||||
Financing activities:
|
||||||||
Proceeds from exercise of stock options
|
889
|
2,276
|
||||||
Employee taxes paid on withholding shares
|
(4,144
|
)
|
(5,315
|
)
|
||||
Proceeds from stock issued under Colleague Stock Purchase Plan
|
160
|
—
|
||||||
Repurchases of common stock for treasury
|
(81,568
|
)
|
(136,889
|
)
|
||||
Proceeds from long-term debt
|
800,000
|
225,000
|
||||||
Repayments of long-term debt
|
(2,250
|
)
|
(177,250
|
)
|
||||
Payment of debt issuance costs
|
(18,047
|
)
|
—
|
|||||
Proceeds from down payment on seller loan
|
—
|
5,200
|
||||||
Payment for purchase of redeemable noncontrolling interest of subsidiary
|
—
|
(6,247
|
)
|
|||||
Net cash provided by (used in) financing activities-continuing operations
|
695,040
|
(93,225
|
)
|
|||||
Net cash used in financing activities-discontinued operations
|
—
|
(2,920
|
)
|
|||||
Net cash provided by (used in) financing activities
|
695,040
|
(96,145
|
)
|
|||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
343
|
(27,907
|
)
|
|||||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
804,675
|
(47,928
|
)
|
|||||
Cash, cash equivalents and restricted cash at beginning of period
|
501,105
|
300,467
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
1,305,780
|
252,539
|
||||||
Less: cash, cash equivalents and restricted cash of discontinued operations at end of period
|
—
|
83,961
|
||||||
Cash, cash equivalents and restricted cash at end of period
|
$
|
1,305,780
|
$
|
168,578
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||||||||||
2021
|
2020
|
Increase
(Decrease) |
2021
|
2020
|
Increase
(Decrease) |
|||||||||||||||||||
Revenue:
|
||||||||||||||||||||||||
Medical and Healthcare
|
$
|
230,213
|
$
|
227,344
|
1.3
|
%
|
$
|
683,435
|
$
|
655,011
|
4.3
|
%
|
||||||||||||
Financial Services
|
50,441
|
44,143
|
14.3
|
%
|
148,571
|
137,261
|
8.2
|
%
|
||||||||||||||||
Total consolidated revenue
|
$
|
280,654
|
$
|
271,487
|
3.4
|
%
|
$
|
832,006
|
$
|
792,272
|
5.0
|
%
|
||||||||||||
Operating income (loss):
|
||||||||||||||||||||||||
Medical and Healthcare
|
$
|
51,084
|
$
|
56,749
|
(10.0
|
)%
|
$
|
155,384
|
$
|
126,432
|
22.9
|
%
|
||||||||||||
Financial Services
|
3,904
|
4,190
|
(6.8
|
)%
|
18,969
|
10,860
|
74.7
|
%
|
||||||||||||||||
Home Office and Other
|
(10,774
|
)
|
(6,452
|
)
|
(67.0
|
)%
|
(53,110
|
)
|
(16,753
|
)
|
(217.0
|
)%
|
||||||||||||
Total consolidated operating income
|
$
|
44,214
|
$
|
54,487
|
(18.9
|
)%
|
$
|
121,243
|
$
|
120,539
|
0.6
|
%
|
•
|
Restructuring charges primarily related to real estate consolidations at Adtalem’s home office and ACAMS and the sale of Becker’s courses for
healthcare students.
|
•
|
Business acquisition and integration expense include expenses related to the pending Walden University acquisition.
|
•
|
Pre-acquisition interest expense related to financing arrangements in connection with the pending Walden University acquisition.
|
•
|
Gain on the sale of Adtalem’s Columbus, Ohio, campus facility.
|
•
|
Gain on the deal-contingent foreign currency hedge arrangement entered into in connection with the sale of Adtalem Brazil completed on April
24, 2020 to economically hedge the Brazilian Real denominated purchase price through mitigation of the currency exchange rate risk.
|
•
|
Loss from discontinued operations include the operations of Adtalem Brazil, Carrington, and DeVry University.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||||||||||
2021
|
2020
|
Increase
(Decrease) |
2021
|
2020
|
Increase
(Decrease) |
|||||||||||||||||||
Medical and Healthcare:
|
||||||||||||||||||||||||
Operating income (GAAP)
|
$
|
51,084
|
$
|
56,749
|
(10.0
|
)%
|
$
|
155,384
|
$
|
126,432
|
22.9
|
%
|
||||||||||||
Restructuring expense
|
—
|
810
|
—
|
1,354
|
||||||||||||||||||||
Operating income excluding special items (non-GAAP)
|
$
|
51,084
|
$
|
57,559
|
(11.2
|
)%
|
$
|
155,384
|
$
|
127,786
|
21.6
|
%
|
||||||||||||
Financial Services:
|
||||||||||||||||||||||||
Operating income (GAAP)
|
$
|
3,904
|
$
|
4,190
|
(6.8
|
)%
|
$
|
18,969
|
$
|
10,860
|
74.7
|
%
|
||||||||||||
Restructuring expense
|
—
|
—
|
1,415
|
3,116
|
||||||||||||||||||||
Operating income excluding special items (non-GAAP)
|
$
|
3,904
|
$
|
4,190
|
(6.8
|
)%
|
$
|
20,384
|
$
|
13,976
|
45.9
|
%
|
||||||||||||
Home Office and Other:
|
||||||||||||||||||||||||
Operating loss (GAAP)
|
$
|
(10,774
|
)
|
$
|
(6,452
|
)
|
(67.0
|
)%
|
$
|
(53,110
|
)
|
$
|
(16,753
|
)
|
(217.0
|
)%
|
||||||||
Restructuring expense
|
1,217
|
1,044
|
5,190
|
5,869
|
||||||||||||||||||||
Business acquisition and integration expense
|
3,646
|
—
|
28,161
|
—
|
||||||||||||||||||||
Gain on sale of assets
|
—
|
—
|
—
|
(4,779
|
)
|
|||||||||||||||||||
Operating loss excluding special items (non-GAAP)
|
$
|
(5,911
|
)
|
$
|
(5,408
|
)
|
(9.3
|
)%
|
$
|
(19,759
|
)
|
$
|
(15,663
|
)
|
(26.2
|
)%
|
||||||||
Adtalem Global Education:
|
||||||||||||||||||||||||
Operating income (GAAP)
|
$
|
44,214
|
$
|
54,487
|
(18.9
|
)%
|
$
|
121,243
|
$
|
120,539
|
0.6
|
%
|
||||||||||||
Restructuring expense
|
1,217
|
1,854
|
6,605
|
10,339
|
||||||||||||||||||||
Business acquisition and integration expense
|
3,646
|
—
|
28,161
|
—
|
||||||||||||||||||||
Gain on sale of assets
|
—
|
—
|
—
|
(4,779
|
)
|
|||||||||||||||||||
Operating income excluding special items (non-GAAP)
|
$
|
49,077
|
$
|
56,341
|
(12.9
|
)%
|
$
|
156,009
|
$
|
126,099
|
23.7
|
%
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Net income attributable to Adtalem (GAAP)
|
$
|
24,652
|
$
|
150,832
|
$
|
67,897
|
$
|
170,718
|
||||||||
Restructuring expense
|
1,217
|
1,854
|
6,605
|
10,339
|
||||||||||||
Business acquisition and integration expense
|
3,646
|
—
|
28,161
|
—
|
||||||||||||
Pre-acquisition interest expense
|
4,951
|
—
|
4,996
|
—
|
||||||||||||
Gain on sale of assets
|
—
|
—
|
—
|
(4,779
|
)
|
|||||||||||
Gain on derivative
|
—
|
(111,838
|
)
|
—
|
(83,832
|
)
|
||||||||||
Income tax impact on non-GAAP adjustments (1)
|
(2,727
|
)
|
(361
|
)
|
(10,238
|
)
|
(1,165
|
)
|
||||||||
Loss from discontinued operations
|
5,157
|
2,719
|
21,203
|
1,758
|
||||||||||||
Net income from continuing operations attributable to Adtalem excluding special items (non-GAAP)
|
$
|
36,896
|
$
|
43,206
|
$
|
118,624
|
$
|
93,039
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
March 31,
|
March 31,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Earnings per share, diluted (GAAP)
|
$
|
0.48
|
$
|
2.83
|
$
|
1.30
|
$
|
3.13
|
||||||||
Effect on diluted earnings per share:
|
||||||||||||||||
Restructuring expense
|
0.02
|
0.03
|
0.13
|
0.19
|
||||||||||||
Business acquisition and integration expense
|
0.07
|
-
|
0.54
|
-
|
||||||||||||
Pre-acquisition interest expense
|
0.10
|
-
|
0.10
|
-
|
||||||||||||
Gain on sale of assets
|
-
|
-
|
-
|
(0.09
|
)
|
|||||||||||
Gain on derivative
|
-
|
(2.10
|
)
|
-
|
(1.54
|
)
|
||||||||||
Income tax impact on non-GAAP adjustments (1)
|
(0.05
|
)
|
(0.01
|
)
|
(0.20
|
)
|
(0.02
|
)
|
||||||||
Loss from discontinued operations
|
0.10
|
0.05
|
0.41
|
0.03
|
||||||||||||
Earnings per share from continuing operations excluding special items, diluted (non-GAAP)
|
$
|
0.72
|
$
|
0.81
|
$
|
2.28
|
$
|
1.70
|
||||||||
Diluted shares used in EPS calculation
|
51,111
|
53,319
|
52,101
|
54,576
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||||||||||||||||||
FY21
|
FY20
|
FY21
|
FY21
|
FY21
|
FY20
|
FY20
|
FY20
|
FY20
|
||||||||||||||||||||||||||||
Q3 |
Q3 |
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 | Q1 | ||||||||||||||||||||||||||||
Net cash provided by operating activities-continuing operations (GAAP)
|
$
|
81,919
|
$
|
116,270
|
$
|
224,740
|
$
|
259,091
|
$
|
200,743
|
$
|
149,565
|
$
|
170,304
|
$
|
159,150
|
$
|
165,413
|
||||||||||||||||||
Capital expenditures
|
(10,669
|
)
|
(11,623
|
)
|
(47,047
|
)
|
(48,001
|
)
|
(48,144
|
)
|
(44,137
|
)
|
(44,239
|
)
|
(45,827
|
)
|
(54,689
|
)
|
||||||||||||||||||
Free cash flow (non-GAAP)
|
$
|
71,250
|
$
|
104,647
|
$
|
177,693
|
$
|
211,090
|
$
|
152,599
|
$
|
105,428
|
$
|
126,065
|
$
|
113,323
|
$
|
110,724
|
Year Ended
|
||||
June 30, 2021
|
||||
Expected earnings per share, diluted (GAAP)
|
$ 1.94 to 2.03
|
|||
Expected effects on diluted earnings per share:
|
||||
Restructuring expense
|
0.13
|
|||
Business acquisition and integration expense
|
0.54
|
|||
Pre-acquisition interest expense
|
0.10
|
|||
Income tax impact on non-GAAP adjustments(1)
|
(0.20
|
)
|
||
Loss from discontinued operations
|
0.41
|
|||
Expected earnings per share from continuing operations excluding special items, diluted (non-GAAP)(2)
|
$ 2.92 to 3.01
|
|||
Year over year increase
|
28-32
|
%
|
||
Diluted shares used in EPS calculation
|
52,101
|
Year Ended
|
||||
June 30, 2020
|
||||
Loss per share, diluted (GAAP)
|
$
|
(1.58
|
)
|
|
Effect on diluted earnings per share:
|
||||
Restructuring expense
|
0.53
|
|||
Gain on sale of assets
|
(0.09
|
)
|
||
Gain on derivative
|
(2.05
|
)
|
||
Tax Cuts and Jobs Act of 2017
|
(0.04
|
)
|
||
Net tax benefit for a former subsidiary investment loss
|
(0.47
|
)
|
||
Income tax impact on non-GAAP adjustments(1)
|
(0.10
|
)
|
||
Loss from discontinued operations
|
6.09
|
|||
Earnings per share from continuing operations excluding special items, diluted (non-GAAP)
|
$
|
2.28
|
||
Diluted shares used in EPS calculation
|
54,094
|
Year Ended
|
||||
June 30, 2022
|
||||
Expected adjusted earnings per share from continuing operations excluding special items, diluted (non-GAAP):
|
||||
Fiscal year 2021, from non-GAAP table above (1)
|
$
|
2.92
|
||
Organic growth from Adtalem existing businesses (2)
|
0.29
|
|||
Walden acquisition (3)
|
0.86
|
|||
Fiscal year 2022
|
$
|
4.07
|
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