0001157523-23-001317.txt : 20230810 0001157523-23-001317.hdr.sgml : 20230810 20230810161114 ACCESSION NUMBER: 0001157523-23-001317 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230810 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230810 DATE AS OF CHANGE: 20230810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Adtalem Global Education Inc. CENTRAL INDEX KEY: 0000730464 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 363150143 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13988 FILM NUMBER: 231159473 BUSINESS ADDRESS: STREET 1: 500 WEST MONROE STREET 2: 28TH FLOOR CITY: CHICAGO STATE: IL ZIP: 60661 BUSINESS PHONE: 630-515-7700 MAIL ADDRESS: STREET 1: 500 WEST MONROE STREET 2: 28TH FLOOR CITY: CHICAGO STATE: IL ZIP: 60661 FORMER COMPANY: FORMER CONFORMED NAME: Adtalem Global Education DATE OF NAME CHANGE: 20170522 FORMER COMPANY: FORMER CONFORMED NAME: Adtalem Global Education Inc. DATE OF NAME CHANGE: 20170519 FORMER COMPANY: FORMER CONFORMED NAME: Adtalem Global Education DATE OF NAME CHANGE: 20170519 8-K 1 a53522542.htm ADTALEM GLOBAL EDUCATION INC. 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): August 10, 2023
 
ADTALEM GLOBAL EDUCATION INC.
(Exact name of registrant as specified in its charter)
 
Delaware
001-13988
36-3150143
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

500 West Monroe
Chicago, Illinois 60661
(Address of principal executive offices) (Zip Code)

(866) (374-2678)
(Registrant’s telephone number, including area code)
 
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
 
 Trading Symbol
 
Name of each exchange on which registered
Common Stock $0.01 Par Value
   ATGE
  
New York Stock Exchange
Common Stock $0.01 Par Value
  
ATGE
  
Chicago Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02             Results of Operations and Financial Condition

On August 10, 2023, Adtalem Global Education Inc. (“Adtalem”) issued a press release announcing its fourth quarter and full year fiscal 2023 academic, operating and financial results.  The press release is attached hereto as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
 
The information furnished pursuant to this Item 2.02, including Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Adtalem under the Securities Act of 1933, as amended, or the Exchange Act.
 
Forward-Looking Statements
 
Certain statements contained in this Form 8-K and related press release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact, which includes statements regarding Adtalem’s future growth.  Forward-looking statements can also be identified by words such as “future,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “may,” “will,” “would,” “could,” “can,” “continue,” “preliminary,” “range,” and similar terms. These forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include the risk factors described in Item 1A. “Risk Factors” of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) and our other filings with the SEC.
 
These forward-looking statements are based on information as of August 10, 2023, and Adtalem assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized, except as required by law.
 

Item 9.01             Financial Statements and Exhibits


 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
ADTALEM GLOBAL EDUCATION INC.
 
 
 
 
 
 
By:
 /s/ Robert J. Phelan
 
 
 
Robert J. Phelan
 
 
 
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
 
 
 

Date: August 10, 2023

 
 EX-99.1 2 a53522542ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

Adtalem Global Education Announces Fiscal Fourth Quarter and Full Year 2023 Results

Results ahead of expectations

Continued improvement in total enrollment trends

FY 2023 diluted earnings per share $2.05; Adjusted EPS $4.21, YoY growth of 35%

Raising lower end of Adjusted EPS guidance for FY 2024

Fourth quarter and full year highlights

  • Fourth quarter revenue $364.6 million, up 1.1% and full year revenue $1,450.8 million, up 5.0% year-over-year
  • Fourth quarter total student enrollment 75,735, down 2.5% year-over-year, a quarterly sequential improvement of over 60 basis points
  • Chamberlain University and Walden University strong demand led by nursing programs in the fourth quarter
  • Achieved two-year $60 million cost synergy program
  • Full year GAAP net income $93.4 million, and full year adjusted EBITDA $343.4 million, up 4.5% year-over-year

Full year capital allocation

  • Repurchased $127 million of shares against $300 million Board authorized share repurchase program in addition to settling the remaining $13 million against the March 2022 announced $150 million accelerated share repurchase program in FY 2023
  • Gross debt reduced by $151 million in FY 2023, net leverage 1.3x

Fiscal year 2024 guidance

  • Revenue $1,460 million to $1,520 million
  • Adjusted earnings per share $4.20 to $4.40

CHICAGO--(BUSINESS WIRE)--August 10, 2023--Adtalem Global Education Inc. (NYSE: ATGE), a national leader in post-secondary education and a leading provider of professional talent to the healthcare industry, today reported academic, operating and financial results for its fourth quarter and full year fiscal 2023 ended June 30, 2023.

“I am encouraged by the results we delivered this year. Adtalem is a systemically important component of the U.S. healthcare system, delivering day one ready clinicians at scale. Our renewed focus on operational excellence is strengthening our foundation for the future. And our value proposition as a purpose driven and mission led organization is more relevant than ever; resonating with students, faculty, and stakeholders alike,” said Steve Beard, president, and chief executive officer of Adtalem Global Education.

Beard continued, “Our strong fourth quarter results bode well for fiscal 2024, with improving enrollment trends and the delivery of our two-year cost synergy program. We have conviction in the efficacy of our Growth with Purpose strategy and the confidence to continue to invest in expanding access to high quality academic programs that lead to rewarding careers, and collectively serve to address workforce shortages and inequity in healthcare delivery.”

Financial Highlights

Selected financial data for the three months ended June 30, 2023:

  • Revenue of $364.6 million increased 1.1% compared with the prior year.
  • Operating income was $39.6 million, compared with $46.0 million in the prior year; adjusted operating income was $69.9 million, compared with $89.6 million in the prior year.
  • Net income was $22.2 million, compared with $6.7 million in the prior year; adjusted net income was $45.3 million, compared with $58.6 million in the prior year.
  • Diluted earnings per share was $0.50, compared with $0.15 in the prior year; adjusted earnings per share was $1.03, compared with $1.28 in the prior year.
  • Adjusted EBITDA was $83.3 million, compared with $104.7 million in the prior year; adjusted EBITDA margin was 22.8% compared with 29.0% in the prior year.

Selected financial data for the full year ended June 30, 2023:

  • Revenue of $1,450.8 million increased 5.0% compared with the prior year.
  • Operating income was $168.2 million, compared with $76.7 million in the prior year; adjusted operating income was $287.6 million, compared with $267.6 million in the prior year. Operating margin improved to 11.6% from 5.6% and adjusted operating margin increased to 19.8% from 19.4% in the prior year.
  • Net income was $93.4 million, compared with $311.0 million in the prior year; adjusted net income was $192.2 million, an increase of 26.4% compared with $152.0 million in the prior year.
  • Diluted earnings per share decreased to $2.05 from $6.43 in the prior year; adjusted earnings per share increased to $4.21, up 35.4% compared with $3.11 in the prior year.
  • Adjusted EBITDA was $343.4 million, an increase of 4.5% compared with $328.6 million in the prior year; adjusted EBITDA margin was 23.7% compared with 23.8% in the prior year.

Business Highlights

  • Adtalem’s medical and veterinary schools graduated more than 1,400 students at their May 2023 commencement. Medical students from 44 states and 22 countries and veterinary students from 44 states and 5 countries, 27% of which identified as underrepresented minorities in medicine (by race or ethnicity), were amongst the graduating class.
  • Chamberlain University continues expanding access and solving for critical nursing shortages, opening its second Georgia campus in Stockbridge, outside of Atlanta, with students starting in September 2023. Stockbridge campus, at capacity, will be able to serve as many as 600 students, including up to 200 who need the flexibility of an evening-and-weekend program.
  • As a pioneer in online learning, Walden University continues to pave the way, recently being recognized by the United States Distance Learning Association (USDLA) for International Distance Learning Awards in the Trendsetter, Research, and Teaching/Learning categories for 2023.

Segment Highlights

Chamberlain









 

$ in millions

 

Three Months Ended

June 30,


Year Ended

June 30,

 

 

2023


2022


% Change


2023


2022


% Change

Revenue

 

$

144.5


$

140.2


3.0

%


$

571.0


$

557.5


2.4

%

Operating Income

 

$

35.7


$

41.1


(13.2

)%


$

134.7


$

124.4


8.3

%

Adj. Operating Income

 

$

35.7


$

41.7


(14.4

)%


$

135.5


$

127.3


6.5

%

Adj. EBITDA

 

$

41.1


$

47.8


(14.1

)%


$

157.5


$

152.5


3.3

%

Total Students (1)

 

 

33,284


 

32,891


1.2

%


 


 


 

  • Total student enrollment increased 1.2% compared with the prior year, driven by continued growth in pre-licensure and post-licensure nursing programs as well as higher persistence.

Walden





 

$ in millions

 

Three Months Ended

June 30,

 

Year Ended

June 30,

 

 

2023


2022


% Change

 

2023


2022


% Change

Revenue

 

$

138.0


$

137.1


0.7

%

 

$

533.7


$

485.4

 


10.0

%

Operating Income

 

$

9.8


$

12.4


(21.2

)%

 

$

35.9


$

(5.3

)


NM

 

Adj. Operating Income

 

$

32.2


$

35.8


(10.1

)%

 

$

110.4


$

104.6

 


5.5

%

Adj. EBITDA

 

$

35.3


$

39.0


(9.4

)%

 

$

123.7


$

116.9

 


5.9

%

Total Students (1)

 

 

37,582


 

39,470


(4.8

)%

 

 


 


 

  • Total student enrollment decreased 4.8% compared with the prior year, primarily attributable to declines in non-healthcare programs and to a lesser extent to healthcare programs partially offset by higher persistence. Elimination of off-cycle start dates adversely impacted year-over-year total enrollment growth by 2.4%.

Medical and Veterinary





 

$ in millions

 

Three Months Ended

June 30,

 

Year Ended

June 30,

 

 

2023

 

2022

 

% Change

 

2023

 

2022

 

% Change

Revenue

 

$

82.1


$

83.4


(1.5

)%

 

$

346.1


$

338.9


2.1

%

Operating Income

 

$

10.5


$

14.0


(24.9

)%

 

$

59.6


$

59.4


0.5

%

Adj. Operating Income

 

$

10.8


$

19.0


(43.0

)%

 

$

67.3


$

69.1


(2.6

)%

Adj. EBITDA

 

$

14.7


$

23.3


(37.1

)%

 

$

82.8


$

86.9


(4.7

)%

Total Students (1)

 

 

4,869


 

5,304


(8.2

)%

 

 


 


 

  • Total student enrollment decreased 8.2% compared with the prior year, primarily due to medical programs.

(1)


Represents total students attending sessions during each institution’s most recent enrollment period in Q4 FY 2023 and Q4 FY 2022

Fiscal Year 2024 Outlook

Adtalem guidance for fiscal year 2024, reaffirms revenue in the range of $1,460 million to $1,520 million, and raises the low end of our adjusted earnings per share by 5 cents to be in the range of $4.20 to $4.40.

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of special items that may be incurred in the future, although these special items could be material to Adtalem's results in accordance with GAAP.

Conference Call and Webcast Information

Adtalem will hold a conference call to discuss its fiscal 2023 fourth quarter and full year results today at 4:00 p.m. CDT (5:00 p.m. EDT).

The call can be accessed by dialing +1 877-407-6184 (U.S. participants) or +1 201-389-0877 (international participants) stating “Adtalem earnings call” or use conference ID: 13739937. The call will be simulcast through the Adtalem investor relations website at: https://investors.adtalem.com.

Adtalem will archive a replay of the call for 30 days. To access the replay, dial +1 877-660-6853 (U.S.) or +1 201-612-7415 (international), conference ID: 13739937, or visit the Adtalem investor relations website.

About Adtalem Global Education

Adtalem Global Education (NYSE: ATGE) is a national leader in post-secondary education and leading provider of professional talent to the healthcare industry. With a dedicated focus on driving strong outcomes that increase workforce preparedness, Adtalem empowers a diverse learner population to achieve their goals and make inspiring contributions to their communities. Adtalem is the parent organization of American University of the Caribbean School of Medicine, Chamberlain University, Ross University School of Medicine, Ross University School of Veterinary Medicine and Walden University. Adtalem’s family of institutions has more than 300,000 alumni and nearly 10,000 employees. Adtalem was named one of America’s Most Responsible Companies in 2021 and 2023 by Newsweek and Statista, and one of America’s Best Employers for Diversity in 2021 and 2022 by Forbes and Statista. Visit Adtalem.com for more information and follow on Twitter and LinkedIn.

Forward-Looking Statements

Certain statements contained in this release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact, which includes statements regarding Adtalem’s future growth. Forward-looking statements can also be identified by words such as “future,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “may,” “will,” “would,” “could,” “can,” “continue,” “preliminary,” “range,” and similar terms. These forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those described in the statements. These risk and uncertainties include the risk factors described in Item 1A. “Risk Factors” of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) and our other filings with the SEC. These forward-looking statements are based on information available to us as of the date any such statements are made, and Adtalem assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized, except as required by law.

Adtalem Global Education Inc.

Consolidated Balance Sheets

(unaudited)

(in thousands, except par value)

 

 

 

 

 

 

 

 

 

June 30,

 

 

2023

 

2022

Assets:

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

273,689

 

$

346,973

Restricted cash

 

 

1,386

 

 

964

Accounts receivable, net

 

 

102,749

 

 

81,635

Prepaid expenses and other current assets

 

 

100,715

 

 

127,532

Total current assets

 

 

478,539

 

 

557,104

Noncurrent assets:

 

 

 

 

 

 

Property and equipment, net

 

 

258,522

 

 

289,926

Operating lease assets

 

 

174,677

 

 

177,995

Deferred income taxes

 

 

56,694

 

 

51,093

Intangible assets, net

 

 

812,338

 

 

873,577

Goodwill

 

 

961,262

 

 

961,262

Other assets, net

 

 

68,509

 

 

119,283

Total noncurrent assets

 

 

2,332,002

 

 

2,473,136

Total assets

 

$

2,810,541

 

$

3,030,240

 

 

 

 

 

 

 

Liabilities and shareholders' equity:

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

81,812

 

$

57,140

Accrued payroll and benefits

 

 

52,041

 

 

67,792

Accrued liabilities

 

 

105,806

 

 

98,124

Deferred revenue

 

 

153,871

 

 

149,810

Current operating lease liabilities

 

 

37,673

 

 

50,781

Total current liabilities

 

 

431,203

 

 

423,647

Noncurrent liabilities:

 

 

 

 

 

 

Long-term debt

 

 

695,077

 

 

838,908

Long-term operating lease liabilities

 

 

163,441

 

 

177,045

Deferred income taxes

 

 

26,068

 

 

25,554

Other liabilities

 

 

37,416

 

 

73,700

Total noncurrent liabilities

 

 

922,002

 

 

1,115,207

Total liabilities

 

 

1,353,205

 

 

1,538,854

Commitments and contingencies

 

 

 

 

 

 

Total shareholders' equity

 

 

1,457,336

 

 

1,491,386

Total liabilities and shareholders' equity

 

$

2,810,541

 

$

3,030,240

Adtalem Global Education Inc.

Consolidated Statements of Income

(unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

June 30,

 

June 30,

 

 

2023

 

2022

 

2023

 

2022

Revenue

 

$

364,641

 

 

$

360,647

 

 

$

1,450,826

 

 

$

1,381,842

 

Operating cost and expense:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of educational services

 

 

163,718

 

 

 

161,279

 

 

 

648,486

 

 

 

659,776

 

Student services and administrative expense

 

 

153,296

 

 

 

133,115

 

 

 

586,009

 

 

 

566,494

 

Restructuring expense

 

 

1,111

 

 

 

8,629

 

 

 

18,817

 

 

 

25,628

 

Business acquisition and integration expense

 

 

6,959

 

 

 

11,661

 

 

 

42,661

 

 

 

53,198

 

Gain on sale of assets

 

 

—

 

 

 

—

 

 

 

(13,317

)

 

 

—

 

Total operating cost and expense

 

 

325,084

 

 

 

314,684

 

 

 

1,282,656

 

 

 

1,305,096

 

Operating income

 

 

39,557

 

 

 

45,963

 

 

 

168,170

 

 

 

76,746

 

Interest expense

 

 

(15,294

)

 

 

(19,441

)

 

 

(63,100

)

 

 

(129,348

)

Other income (expense), net

 

 

3,664

 

 

 

(1,327

)

 

 

6,965

 

 

 

1,108

 

Income (loss) from continuing operations before income taxes

 

 

27,927

 

 

 

25,195

 

 

 

112,035

 

 

 

(51,494

)

(Provision for) benefit from income taxes

 

 

(4,377

)

 

 

(24,058

)

 

 

(10,283

)

 

 

15,539

 

Income (loss) from continuing operations

 

 

23,550

 

 

 

1,137

 

 

 

101,752

 

 

 

(35,955

)

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

Loss from discontinued operations before income taxes

 

 

(1,730

)

 

 

(2,521

)

 

 

(8,464

)

 

 

(986

)

(Loss) gain on disposal of discontinued operations before income taxes

 

 

—

 

 

 

(520

)

 

 

(3,576

)

 

 

473,483

 

Benefit from (provision for) income taxes

 

 

424

 

 

 

8,650

 

 

 

3,646

 

 

 

(125,551

)

(Loss) income from discontinued operations

 

 

(1,306

)

 

 

5,609

 

 

 

(8,394

)

 

 

346,946

 

Net income

 

$

22,244

 

 

$

6,746

 

 

$

93,358

 

 

$

310,991

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.54

 

 

$

0.03

 

 

$

2.27

 

 

$

(0.74

)

Discontinued operations

 

$

(0.03

)

 

$

0.12

 

 

$

(0.19

)

 

$

7.17

 

Total basic earnings per share

 

$

0.51

 

 

$

0.15

 

 

$

2.08

 

 

$

6.43

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.53

 

 

$

0.02

 

 

$

2.23

 

 

$

(0.74

)

Discontinued operations

 

$

(0.03

)

 

$

0.12

 

 

$

(0.18

)

 

$

7.17

 

Total diluted earnings per share

 

$

0.50

 

 

$

0.15

 

 

$

2.05

 

 

$

6.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares

 

 

43,292

 

 

 

45,162

 

 

 

44,781

 

 

 

48,388

 

Diluted shares

 

 

44,129

 

 

 

45,758

 

 

 

45,600

 

 

 

48,388

 

Adtalem Global Education Inc.

Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

Year Ended June 30,

 

 

2023

 

2022

Operating activities:

 

 

 

 

 

 

Net income

 

$

93,358

 

 

$

310,991

 

Loss (income) from discontinued operations

 

 

8,394

 

 

 

(346,946

)

Income (loss) from continuing operations

 

 

101,752

 

 

 

(35,955

)

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Stock-based compensation expense

 

 

14,299

 

 

 

22,611

 

Amortization and impairments to operating lease assets

 

 

48,470

 

 

 

44,748

 

Depreciation

 

 

41,575

 

 

 

44,574

 

Amortization of intangible assets

 

 

61,239

 

 

 

97,274

 

Amortization and write-off of debt discount and issuance costs

 

 

9,129

 

 

 

42,654

 

Provision for bad debts

 

 

32,999

 

 

 

27,141

 

Deferred income taxes

 

 

(5,087

)

 

 

(544

)

Loss on disposals, accelerated depreciation, and impairments to property and equipment

 

 

3,999

 

 

 

3,501

 

Gain on extinguishment of debt

 

 

(71

)

 

 

(2,072

)

Loss on investments

 

 

3,689

 

 

 

3,271

 

Gain on sale of assets

 

 

(13,317

)

 

 

—

 

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(37,614

)

 

 

(29,881

)

Prepaid expenses and other current assets

 

 

9,324

 

 

 

(2,827

)

Accounts payable

 

 

21,666

 

 

 

(15,724

)

Accrued payroll and benefits

 

 

(15,683

)

 

 

(12,118

)

Accrued liabilities

 

 

241

 

 

 

(16,305

)

Deferred revenue

 

 

5,807

 

 

 

70,355

 

Operating lease liabilities

 

 

(59,188

)

 

 

(49,147

)

Other assets and liabilities

 

 

(17,545

)

 

 

(27,554

)

Net cash provided by operating activities-continuing operations

 

 

205,684

 

 

 

164,002

 

Net cash used in operating activities-discontinued operations

 

 

(2,776

)

 

 

(153,401

)

Net cash provided by operating activities

 

 

202,908

 

 

 

10,601

 

Investing activities:

 

 

 

 

 

 

Capital expenditures

 

 

(37,008

)

 

 

(31,054

)

Proceeds from sales of marketable securities

 

 

7,635

 

 

 

3,447

 

Purchases of marketable securities

 

 

(1,508

)

 

 

(3,624

)

Proceeds from note receivable related to property sold

 

 

46,800

 

 

 

—

 

Payment for purchase of business, net of cash and restricted cash acquired

 

 

—

 

 

 

(1,488,054

)

Cash received on DeVry University loan

 

 

—

 

 

 

10,000

 

Net cash provided by (used in) investing activities-continuing operations

 

 

15,919

 

 

 

(1,509,285

)

Net cash used in investing activities-discontinued operations

 

 

—

 

 

 

(3,287

)

Proceeds from sale of business, net of cash transferred

 

 

—

 

 

 

960,768

 

Payment for working capital adjustment for sale of business

 

 

(3,174

)

 

 

—

 

Net cash provided by (used in) investing activities

 

 

12,745

 

 

 

(551,804

)

Financing activities:

 

 

 

 

 

 

Proceeds from exercise of stock options

 

 

2,625

 

 

 

8,879

 

Employee taxes paid on withholding shares

 

 

(4,592

)

 

 

(2,834

)

Proceeds from stock issued under Colleague Stock Purchase Plan

 

 

608

 

 

 

535

 

Repurchases of common stock for treasury

 

 

(123,133

)

 

 

(120,000

)

Payment on equity forward contract

 

 

(13,162

)

 

 

(30,000

)

Proceeds from long-term debt

 

 

—

 

 

 

850,000

 

Repayments of long-term debt

 

 

(150,861

)

 

 

(1,079,713

)

Payment of debt discount and issuance costs

 

 

—

 

 

 

(49,553

)

Payment for purchase of redeemable noncontrolling interest of subsidiary

 

 

—

 

 

 

(1,790

)

Net cash used in financing activities

 

 

(288,515

)

 

 

(424,476

)

Net decrease in cash, cash equivalents and restricted cash

 

 

(72,862

)

 

 

(965,679

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

347,937

 

 

 

1,313,616

 

Cash, cash equivalents and restricted cash at end of period

 

$

275,075

 

 

$

347,937

 

Adtalem Global Education Inc.

Segment Information

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

June 30,

 

June 30,

 

 

 

 

 

 

 

 

Increase/(Decrease)

 

 

 

 

 

 

 

Increase/(Decrease)

 

 

 

2023

 

2022

 

$

 

%

 

2023

 

2022

 

$

 

%

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chamberlain

 

$

144,496

 

 

$

140,226

 

 

$

4,270

 

 

3.0

%

 

$

571,034

 

 

$

557,536

 

 

$

13,498

 

2.4

%

Walden

 

 

138,010

 

 

 

137,068

 

 

 

942

 

 

0.7

%

 

 

533,725

 

 

 

485,393

 

 

 

48,332

 

10.0

%

Medical and Veterinary

 

 

82,135

 

 

 

83,353

 

 

 

(1,218

)

 

(1.5

)%

 

 

346,067

 

 

 

338,913

 

 

 

7,154

 

2.1

%

Total consolidated revenue

 

$

364,641

 

 

$

360,647

 

 

$

3,994

 

 

1.1

%

 

$

1,450,826

 

 

$

1,381,842

 

 

$

68,984

 

5.0

%

Operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chamberlain

 

$

35,683

 

 

$

41,124

 

 

$

(5,441

)

 

(13.2

)%

 

$

134,685

 

 

$

124,414

 

 

$

10,271

 

8.3

%

Walden

 

 

9,809

 

 

 

12,442

 

 

 

(2,633

)

 

(21.2

)%

 

 

35,880

 

 

 

(5,306

)

 

 

41,186

 

NM

 

Medical and Veterinary

 

 

10,477

 

 

 

13,957

 

 

 

(3,480

)

 

(24.9

)%

 

 

59,649

 

 

 

59,357

 

 

 

292

 

0.5

%

Home Office and Other

 

 

(16,412

)

 

 

(21,560

)

 

 

5,148

 

 

23.9

%

 

 

(62,044

)

 

 

(101,719

)

 

 

39,675

 

39.0

%

Total consolidated operating income

 

$

39,557

 

 

$

45,963

 

 

$

(6,406

)

 

(13.9

)%

 

$

168,170

 

 

$

76,746

 

 

$

91,424

 

119.1

%

Non-GAAP Financial Measures and Reconciliations

We believe that certain non-GAAP financial measures provide investors with useful supplemental information regarding the underlying business trends and performance of Adtalem’s ongoing operations as seen through the eyes of management and are useful for period-over-period comparisons. We use these supplemental non-GAAP financial measures internally in our assessment of performance and budgeting process. However, these non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The following are non-GAAP financial measures used in the subsequent GAAP to non-GAAP reconciliation tables:

Adjusted net income (most comparable GAAP measure: net income) – Measure of Adtalem’s net income adjusted for deferred revenue adjustment, CEO transition costs, restructuring expense, business acquisition and integration expense, intangible amortization expense, gain on sale of assets, pre-acquisition interest expense, write-off of debt discount and issuance costs, gain on extinguishment of debt, litigation reserve, investment impairment, net tax benefit related to a valuation allowance release, and net loss (income) from discontinued operations.

Adjusted earnings per share (most comparable GAAP measure: earnings per share) – Measure of Adtalem’s diluted earnings per share adjusted for deferred revenue adjustment, CEO transition costs, restructuring expense, business acquisition and integration expense, intangible amortization expense, gain on sale of assets, pre-acquisition interest expense, write-off of debt discount and issuance costs, gain on extinguishment of debt, litigation reserve, investment impairment, net tax benefit related to a valuation allowance release, and net loss (income) from discontinued operations.

Adjusted operating income (most comparable GAAP measure: operating income) – Measure of Adtalem’s operating income adjusted for deferred revenue adjustment, CEO transition costs, restructuring expense, business acquisition and integration expense, intangible amortization expense, litigation reserve, and gain on sale of assets. This measure is applied on a consolidated and segment basis, depending on the context of the discussion.

Adjusted EBITDA (most comparable GAAP measure: net income) – Measure of Adtalem’s net income adjusted for net loss (income) from discontinued operations, interest expense, other (income) expense, net, provision for (benefit from) income taxes, depreciation and amortization, stock-based compensation, deferred revenue adjustment, CEO transition costs, restructuring expense, business acquisition and integration expense, litigation reserve, and gain on sale of assets. This measure is applied on a consolidated and segment basis, depending on the context of the discussion. Income taxes, interest expense, and other (income) expense, net is not recorded at the reportable segments, and therefore, the segment adjusted EBITDA reconciliations begin with operating income (loss).

Free cash flow (most comparable GAAP measure: net cash provided by operating activities-continuing operations) – Defined as net cash provided by operating activities-continuing operations less capital expenditures.

Net debt – Defined as long-term debt less cash and cash equivalents.

Net leverage – Defined as net debt divided by adjusted EBITDA.

A description of special items in our non-GAAP financial measures described above are as follows:

  • Deferred revenue adjustment related to a revenue purchase accounting adjustment to record Walden’s deferred revenue at fair value.
  • CEO transition costs related to acceleration of stock-based compensation expense.
  • Restructuring expense primarily related to plans to achieve synergies with the Walden acquisition and real estate consolidations at Walden, Medical and Veterinary, and Adtalem’s home office. We do not include normal, recurring, cash operating expenses in our restructuring expense.
  • Business acquisition and integration expense include expenses related to the Walden acquisition and certain costs related to growth transformation initiatives. We do not include normal, recurring, cash operating expenses in our business acquisition and integration expense.
  • Intangible amortization expense on acquired intangible assets.
  • Gain on sale of Adtalem’s Chicago, Illinois, campus facility.
  • Pre-acquisition interest expense related to financing arrangements in connection with the Walden acquisition, write-off of debt discount and issuance costs and gain on extinguishment of debt related to prepayments of debt, reserves related to significant litigation, and impairment of an equity investment.
  • Net tax benefit related to a valuation allowance release.
  • Net loss (income) from discontinued operations includes the operations of ACAMS, Becker, OCL, and EduPristine, including the after-tax gain on the sale of these businesses, in addition to costs related to DeVry University.

Adtalem Global Education Inc.

Non-GAAP Operating Income by Segment

(unaudited)

(in thousands)

 

 

 

 


 

 


 

 

 

 

 

 

 


 

 


 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

June 30,

 

June 30,

 

 

 

 

 

 

 

 

Increase/(Decrease)

 

 

 

 

 

 

 

Increase/(Decrease)

 

 

2023

 

2022

 

$

 

%

 

2023

 

2022

 

$

 

%

Chamberlain:

 

 

 


 

 


 

 

 

 

 

 

 


 

 


 

 

 

 

Operating income (GAAP)

 

$

35,683

 


$

41,124

 


$

(5,441

)

 

(13.2

)%

 

$

134,685

 


$

124,414

 


$

10,271

 

 

8.3

%

Restructuring expense

 

 

—

 


 

572

 


 

(572

)

 

 

 

 

818

 


 

2,838

 


 

(2,020

)

 

 

Adjusted operating income (non-GAAP)

 

$

35,683

 


$

41,696

 


$

(6,013

)

 

(14.4

)%

 

$

135,503

 


$

127,252

 


$

8,251

 

 

6.5

%

Operating margin (GAAP)

 

 

24.7

%


 

29.3

%


 

 

 

 

 

 

23.6

%


 

22.3

%


 

 

 

 

Operating margin (non-GAAP)

 

 

24.7

%


 

29.7

%


 

 

 

 

 

 

23.7

%


 

22.8

%


 

 

 

 

 

 

 

 


 

 


 

 

 

 

 

 

 


 

 


 

 

 

 

Walden:

 

 

 


 

 


 

 

 

 

 

 

 


 

 


 

 

 

 

Operating income (loss) (GAAP)

 

$

9,809

 


$

12,442

 


$

(2,633

)

 

(21.2

)%

 

$

35,880

 


$

(5,306

)


$

41,186

 

 

NM

 

Deferred revenue adjustment

 

 

—

 


 

—

 


 

—

 

 

 

 

 

—

 


 

8,561

 


 

(8,561

)

 

 

Restructuring expense

 

 

71

 


 

37

 


 

34

 

 

 

 

 

3,245

 


 

4,053

 


 

(808

)

 

 

Intangible amortization expense

 

 

12,303

 


 

23,307

 


 

(11,004

)

 

 

 

 

61,239

 


 

97,274

 


 

(36,035

)

 

 

Litigation reserve

 

 

10,000

 


 

—

 


 

10,000

 

 

 

 

 

10,000

 


 

—

 


 

10,000

 

 

 

Adjusted operating income (non-GAAP)

 

$

32,183

 


$

35,786

 


$

(3,603

)

 

(10.1

)%

 

$

110,364

 


$

104,582

 


$

5,782

 

 

5.5

%

Operating margin (GAAP)

 

 

7.1

%


 

9.1

%


 

 

 

 

 

 

6.7

%


 

(1.1

)%


 

 

 

 

Operating margin (non-GAAP)

 

 

23.3

%


 

26.1

%


 

 

 

 

 

 

20.7

%


 

21.5

%


 

 

 

 

 

 

 

 


 

 


 

 

 

 

 

 

 


 

 


 

 

 

 

Medical and Veterinary:

 

 

 


 

 


 

 

 

 

 

 

 


 

 


 

 

 

 

Operating income (GAAP)

 

$

10,477

 


$

13,957

 


$

(3,480

)

 

(24.9

)%

 

$

59,649

 


$

59,357

 


$

292

 

 

0.5

%

Restructuring expense

 

 

353

 


 

5,034

 


 

(4,681

)

 

 

 

 

7,687

 


 

9,791

 


 

(2,104

)

 

 

Adjusted operating income (non-GAAP)

 

$

10,830

 


$

18,991

 


$

(8,161

)

 

(43.0

)%

 

$

67,336

 


$

69,148

 


$

(1,812

)

 

(2.6

)%

Operating margin (GAAP)

 

 

12.8

%


 

16.7

%


 

 

 

 

 

 

17.2

%


 

17.5

%


 

 

 

 

Operating margin (non-GAAP)

 

 

13.2

%


 

22.8

%


 

 

 

 

 

 

19.5

%


 

20.4

%


 

 

 

 

 

 

 

 


 

 


 

 

 

 

 

 

 


 

 


 

 

 

 

Home Office and Other:

 

 

 


 

 


 

 

 

 

 

 

 


 

 


 

 

 

 

Operating loss (GAAP)

 

$

(16,412

)


$

(21,560

)


$

5,148

 

 

23.9

%

 

$

(62,044

)


$

(101,719

)


$

39,675

 

 

39.0

%

CEO transition costs

 

 

—

 


 

—

 


 

—

 

 

 

 

 

—

 


 

6,195

 


 

(6,195

)

 

 

Restructuring expense

 

 

687

 


 

2,986

 


 

(2,299

)

 

 

 

 

7,067

 


 

8,946

 


 

(1,879

)

 

 

Business acquisition and integration expense

 

 

6,959

 


 

11,661

 


 

(4,702

)

 

 

 

 

42,661

 


 

53,198

 


 

(10,537

)

 

 

Gain on sale of assets

 

 

—

 


 

—

 


 

—

 

 

 

 

 

(13,317

)


 

—

 


 

(13,317

)

 

 

Adjusted operating loss (non-GAAP)

 

$

(8,766

)


$

(6,913

)


$

(1,853

)

 

(26.8

)%

 

$

(25,633

)


$

(33,380

)


$

7,747

 

 

23.2

%

 

 

 

 


 

 


 

 

 

 

 

 

 


 

 


 

 

 

 

Adtalem Global Education:

 

 

 


 

 


 

 

 

 

 

 

 


 

 


 

 

 

 

Operating income (GAAP)

 

$

39,557

 


$

45,963

 


$

(6,406

)

 

(13.9

)%

 

$

168,170

 


$

76,746

 


$

91,424

 

 

119.1

%

Deferred revenue adjustment

 

 

—

 


 

—

 


 

—

 

 

 

 

 

—

 


 

8,561

 


 

(8,561

)

 

 

CEO transition costs

 

 

—

 


 

—

 


 

—

 

 

 

 

 

—

 


 

6,195

 


 

(6,195

)

 

 

Restructuring expense

 

 

1,111

 


 

8,629

 


 

(7,518

)

 

 

 

 

18,817

 


 

25,628

 


 

(6,811

)

 

 

Business acquisition and integration expense

 

 

6,959

 


 

11,661

 


 

(4,702

)

 

 

 

 

42,661

 


 

53,198

 


 

(10,537

)

 

 

Intangible amortization expense

 

 

12,303

 


 

23,307

 


 

(11,004

)

 

 

 

 

61,239

 


 

97,274

 


 

(36,035

)

 

 

Litigation reserve

 

 

10,000

 


 

—

 


 

10,000

 

 

 

 

 

10,000

 


 

—

 


 

10,000

 

 

 

Gain on sale of assets

 

 

—

 


 

—

 


 

—

 

 

 

 

 

(13,317

)


 

—

 


 

(13,317

)

 

 

Adjusted operating income (non-GAAP)

 

$

69,930

 


$

89,560

 


$

(19,630

)

 

(21.9

)%

 

$

287,570

 


$

267,602

 


$

19,968

 

 

7.5

%

Operating margin (GAAP)

 

 

10.8

%


 

12.7

%


 

 

 

 

 

 

11.6

%


 

5.6

%


 

 

 

 

Operating margin (non-GAAP)

 

 

19.2

%


 

24.8

%


 

 

 

 

 

 

19.8

%


 

19.4

%


 

 

 

 

Adtalem Global Education Inc.

Non-GAAP Adjusted EBITDA by Segment

(unaudited)

(in thousands)

 

 

 


 

 


 

 


 


 

 


 

 


 

 


 

 

Three Months Ended


Year Ended

 

June 30,


June 30,

 

 

 


 

 


Increase/(Decrease)


 

 


 

 


Increase/(Decrease)

 

2023

 

2022

 

$

 

%

 

2023

 

2022

 

$

 

%

Chamberlain:

 

 


 

 


 

 


 


 

 


 

 


 

 


 

Operating income (GAAP)

$

35,683

 


$

41,124

 


$

(5,441

)


(13.2

)%


$

134,685

 


$

124,414

 


$

10,271

 


8.3

%

Restructuring expense

 

—

 


 

572

 


 

(572

)


 


 

818

 


 

2,838

 


 

(2,020

)


 

Depreciation

 

4,279

 


 

4,499

 


 

(220

)


 


 

17,264

 


 

18,547

 


 

(1,283

)


 

Stock-based compensation

 

1,118

 


 

1,603

 


 

(485

)


 


 

4,719

 


 

6,707

 


 

(1,988

)


 

Adjusted EBITDA (non-GAAP)

$

41,080

 


$

47,798

 


$

(6,718

)


(14.1

)%


$

157,486

 


$

152,506

 


$

4,980

 


3.3

%

Adjusted EBITDA margin (non-GAAP)

 

28.4

%


 

34.1

%


 

 


 


 

27.6

%


 

27.4

%


 

 


 

 

 

 


 

 


 

 


 


 

 


 

 


 

 


 

Walden:

 

 


 

 


 

 


 


 

 


 

 


 

 


 

Operating income (loss) (GAAP)

$

9,809

 


$

12,442

 


$

(2,633

)


(21.2

)%


$

35,880

 


$

(5,306

)


$

41,186

 


NM

 

Deferred revenue adjustment

 

—

 


 

—

 


 

—

 


 


 

—

 


 

8,561

 


 

(8,561

)


 

Restructuring expense

 

71

 


 

37

 


 

34

 


 


 

3,245

 


 

4,053

 


 

(808

)


 

Intangible amortization expense

 

12,303

 


 

23,307

 


 

(11,004

)


 


 

61,239

 


 

97,274

 


 

(36,035

)


 

Litigation reserve

 

10,000

 


 

—

 


 

10,000

 


 


 

10,000

 


 

—

 


 

10,000

 


 

Depreciation

 

2,189

 


 

2,454

 


 

(265

)


 


 

9,492

 


 

9,255

 


 

237

 


 

Stock-based compensation

 

916

 


 

721

 


 

195

 


 


 

3,861

 


 

3,029

 


 

832

 


 

Adjusted EBITDA (non-GAAP)

$

35,288

 


$

38,961

 


$

(3,673

)


(9.4

)%


$

123,717

 


$

116,866

 


$

6,851

 


5.9

%

Adjusted EBITDA margin (non-GAAP)

 

25.6

%


 

28.4

%


 

 


 


 

23.2

%


 

24.1

%


 

 


 

 

 

 


 

 


 

 


 


 

 


 

 


 

 


 

Medical and Veterinary:

 

 


 

 


 

 


 


 

 


 

 


 

 


 

Operating income (GAAP)

$

10,477

 


$

13,957

 


$

(3,480

)


(24.9

)%


$

59,649

 


$

59,357

 


$

292

 


0.5

%

Restructuring expense

 

353

 


 

5,034

 


 

(4,681

)


 


 

7,687

 


 

9,791

 


 

(2,104

)


 

Depreciation

 

3,108

 


 

3,393

 


 

(285

)


 


 

12,475

 


 

13,890

 


 

(1,415

)


 

Stock-based compensation

 

712

 


 

922

 


 

(210

)


 


 

3,003

 


 

3,896

 


 

(893

)


 

Adjusted EBITDA (non-GAAP)

$

14,650

 


$

23,306

 


$

(8,656

)


(37.1

)%


$

82,814

 


$

86,934

 


$

(4,120

)


(4.7

)%

Adjusted EBITDA margin (non-GAAP)

 

17.8

%


 

28.0

%


 

 


 


 

23.9

%


 

25.7

%


 

 


 

 

 

 


 

 


 

 


 


 

 


 

 


 

 


 

Home Office and Other:

 

 


 

 


 

 


 


 

 


 

 


 

 


 

Operating loss (GAAP)

$

(16,412

)


$

(21,560

)


$

5,148

 


23.9

%


$

(62,044

)


$

(101,719

)


$

39,675

 


39.0

%

CEO transition costs

 

—

 


 

—

 


 

—

 


 


 

—

 


 

6,195

 


 

(6,195

)


 

Restructuring expense

 

687

 


 

2,986

 


 

(2,299

)


 


 

7,067

 


 

8,946

 


 

(1,879

)


 

Business acquisition and integration expense

 

6,959

 


 

11,661

 


 

(4,702

)


 


 

42,661

 


 

53,198

 


 

(10,537

)


 

Gain on sale of assets

 

—

 


 

—

 


 

—

 


 


 

(13,317

)


 

—

 


 

(13,317

)


 

Depreciation

 

381

 


 

757

 


 

(376

)


 


 

2,344

 


 

2,882

 


 

(538

)


 

Stock-based compensation

 

645

 


 

761

 


 

(116

)


 


 

2,716

 


 

2,784

 


 

(68

)


 

Adjusted EBITDA (non-GAAP)

$

(7,740

)


$

(5,395

)


$

(2,345

)


(43.5

)%


$

(20,573

)


$

(27,714

)


$

7,141

 


25.8

%

 

 

 


 

 


 

 


 


 

 


 

 


 

 


 

Adtalem Global Education:

 

 


 

 


 

 


 


 

 


 

 


 

 


 

Net income (GAAP)

$

22,244

 


$

6,746

 


$

15,498

 


229.7

%


$

93,358

 


$

310,991

 


$

(217,633

)


(70.0

)%

Net loss (income) from discontinued operations

 

1,306

 


 

(5,609

)


 

6,915

 


 


 

8,394

 


 

(346,946

)


 

355,340

 


 

Interest expense

 

15,294

 


 

19,441

 


 

(4,147

)


 


 

63,100

 


 

129,348

 


 

(66,248

)


 

Other (income) expense, net

 

(3,664

)


 

1,327

 


 

(4,991

)


 


 

(6,965

)


 

(1,108

)


 

(5,857

)


 

Provision for (benefit from) income taxes

 

4,377

 


 

24,058

 


 

(19,681

)


 


 

10,283

 


 

(15,539

)


 

25,822

 


 

Operating income (GAAP)

 

39,557

 


 

45,963

 


 

(6,406

)


 


 

168,170

 


 

76,746

 


 

91,424

 


 

Depreciation and amortization

 

22,260

 


 

34,410

 


 

(12,150

)


 


 

102,814

 


 

141,848

 


 

(39,034

)


 

Stock-based compensation

 

3,391

 


 

4,007

 


 

(616

)


 


 

14,299

 


 

16,416

 


 

(2,117

)


 

Deferred revenue adjustment

 

—

 


 

—

 


 

—

 


 


 

—

 


 

8,561

 


 

(8,561

)


 

CEO transition costs

 

—

 


 

—

 


 

—

 


 


 

—

 


 

6,195

 


 

(6,195

)


 

Restructuring expense

 

1,111

 


 

8,629

 


 

(7,518

)


 


 

18,817

 


 

25,628

 


 

(6,811

)


 

Business acquisition and integration expense

 

6,959

 


 

11,661

 


 

(4,702

)


 


 

42,661

 


 

53,198

 


 

(10,537

)


 

Litigation reserve

 

10,000

 


 

—

 


 

10,000

 


 


 

10,000

 


 

—

 


 

10,000

 


 

Gain on sale of assets

 

—

 


 

—

 


 

—

 


 


 

(13,317

)


 

—

 


 

(13,317

)


 

Adjusted EBITDA (non-GAAP)

$

83,278

 


$

104,670

 


$

(21,392

)


(20.4

)%


$

343,444

 


$

328,592

 


$

14,852

 


4.5

%

Adjusted EBITDA margin (non-GAAP)

 

22.8

%


 

29.0

%


 

 


 


 

23.7

%


 

23.8

%


 

 


 

Adtalem Global Education Inc.

Non-GAAP Earnings Disclosure

(unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

June 30,

 

June 30,

 

 

2023

 

2022

 

2023

 

2022

Net income (GAAP)

 

$

22,244

 

 

$

6,746

 

 

$

93,358

 

 

$

310,991

 

Deferred revenue adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,561

 

CEO transition costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,195

 

Restructuring expense

 

 

1,111

 

 

 

8,629

 

 

 

18,817

 

 

 

25,628

 

Business acquisition and integration expense

 

 

6,959

 

 

 

11,661

 

 

 

42,661

 

 

 

53,198

 

Intangible amortization expense

 

 

12,303

 

 

 

23,307

 

 

 

61,239

 

 

 

97,274

 

Gain on sale of assets

 

 

—

 

 

 

—

 

 

 

(13,317

)

 

 

—

 

Pre-acquisition interest expense, write-off of debt discount and issuance costs, gain on extinguishment of debt, litigation reserve, and investment impairment

 

 

10,000

 

 

 

4,699

 

 

 

19,226

 

 

 

48,804

 

Net tax benefit related to a valuation allowance release

 

 

—

 

 

 

—

 

 

 

(6,184

)

 

 

—

 

Income tax impact on non-GAAP adjustments (1)

 

 

(8,656

)

 

 

9,188

 

 

 

(31,997

)

 

 

(51,683

)

Net loss (income) from discontinued operations

 

 

1,306

 

 

 

(5,609

)

 

 

8,394

 

 

 

(346,946

)

Adjusted net income (non-GAAP)

 

$

45,267

 

 

$

58,621

 

 

$

192,197

 

 

$

152,022

 

(1) Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

June 30,

 

June 30,

 

 

2023

 

2022

 

2023

 

2022

Earnings per share, diluted (GAAP)

 

$

0.50

 

 

$

0.15

 

 

$

2.05

 

 

$

6.43

 

Effect on diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred revenue adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.18

 

CEO transition costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.13

 

Restructuring expense

 

 

0.03

 

 

 

0.19

 

 

 

0.41

 

 

 

0.53

 

Business acquisition and integration expense

 

 

0.16

 

 

 

0.25

 

 

 

0.94

 

 

 

1.09

 

Intangible amortization expense

 

 

0.28

 

 

 

0.51

 

 

 

1.34

 

 

 

1.99

 

Gain on sale of assets

 

 

—

 

 

 

—

 

 

 

(0.29

)

 

 

—

 

Pre-acquisition interest expense, write-off of debt discount and issuance costs, gain on extinguishment of debt, litigation reserve, and investment impairment

 

 

0.23

 

 

 

0.10

 

 

 

0.42

 

 

 

1.00

 

Net tax benefit related to a valuation allowance release

 

 

—

 

 

 

—

 

 

 

(0.14

)

 

 

—

 

Income tax impact on non-GAAP adjustments (1)

 

 

(0.20

)

 

 

0.20

 

 

 

(0.70

)

 

 

(1.06

)

Net loss (income) from discontinued operations

 

 

0.03

 

 

 

(0.12

)

 

 

0.18

 

 

 

(7.17

)

Adjusted earnings per share, diluted (non-GAAP)

 

$

1.03

 

 

$

1.28

 

 

$

4.21

 

 

$

3.11

 

Diluted shares used in non-GAAP EPS calculation

 

 

44,129

 

 

 

45,758

 

 

 

45,600

 

 

 

48,804

 

Note: May not sum due to rounding.

(1) Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements.

Adtalem Global Education Inc.

Non-GAAP Free Cash Flow Disclosure

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

FY23

 

FY22

 

FY23

 

FY23

 

FY23

 

FY23

 

FY22

 

 

Q4

 

Q4

 

Q4

 

Q3

 

Q2

 

Q1

 

Q4

Net cash provided by operating activities-continuing operations (GAAP)

 

$

55,863

 

 

$

105,231

 

 

$

205,684

 

 

$

255,052

 

 

$

225,247

 

 

$

225,972

 

 

$

164,002

 

Capital expenditures

 

 

(17,952

)

 

 

(8,805

)

 

 

(37,008

)

 

 

(27,861

)

 

 

(26,029

)

 

 

(29,914

)

 

 

(31,054

)

Free cash flow (non-GAAP)

 

$

37,911

 

 

$

96,426

 

 

$

168,676

 

 

$

227,191

 

 

$

199,218

 

 

$

196,058

 

 

$

132,948

 

Adtalem Global Education Inc.

Non-GAAP Net Leverage Disclosure

(unaudited)

(in thousands)

 

 

 

 

 

 

Year Ended

 

 

June 30, 2023

Adtalem Global Education:

 

 

 

Net income (GAAP)

 

$

93,358

 

Net loss from discontinued operations

 

 

8,394

 

Interest expense

 

 

63,100

 

Other income, net

 

 

(6,965

)

Provision for income taxes

 

 

10,283

 

Depreciation and amortization

 

 

102,814

 

Stock-based compensation

 

 

14,299

 

Restructuring expense

 

 

18,817

 

Business acquisition and integration expense

 

 

42,661

 

Litigation reserve

 

 

10,000

 

Gain on sale of assets

 

 

(13,317

)

Adjusted EBITDA (non-GAAP)

 

$

343,444

 

 

 

 

 

 

 

June 30, 2023

Long-term debt

 

$

708,283

 

Less: Cash and cash equivalents

 

 

(273,689

)

Net debt (non-GAAP)

 

$

434,594

 

 

 

 

 

Net leverage (non-GAAP)

 

 

1.3 x

 

Contacts

Investor Contact
Jay Spitzer and Chandrika Nigam
Investor.Relations@Adtalem.com
+1 312-906-6600

Media Contact
Talisha Holmes
AdtalemMedia@Adtalem.com
+1 872-270-0331

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