0001157523-20-000657.txt : 20200505 0001157523-20-000657.hdr.sgml : 20200505 20200505160903 ACCESSION NUMBER: 0001157523-20-000657 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20200505 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200505 DATE AS OF CHANGE: 20200505 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: 20848882 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 a52214509.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): May 5, 2020
 
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
  
NYSE, CSE

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 May 5, 2020, Adtalem Global Education Inc. (“Adtalem”) issued a press release announcing its fiscal 2020 third quarter operating and enrollment 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 the future impacts of the COVID-19 pandemic.  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 for the fiscal year ended June 30, 2019 filed with the Securities and Exchange Commission (SEC) on August 28, 2019 and our other filings with the SEC.
 
These forward-looking statements are based on information as of May 5, 2020, 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/ Michael Randolfi
 
 
 
Michael Randolfi
 
 
 
Senior Vice President and Chief Financial Officer
(Principal Financial Officer)
 
 

 
Date: May 5, 2020

 EX-99.1 2 a52214509ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

News Release

Investor Contact:
Maureen Resac
Maureen.Resac@Adtalem.com
312-651-1481

Media Contact:
John Kristoff
John.Kristoff@Adtalem.com
312-651-1437


Adtalem Global Education Announces Fiscal Third Quarter 2020 Results


CHICAGO – May 5, 2020 – Adtalem Global Education Inc. (NYSE: ATGE), a leading workforce solutions provider, today reported academic, operating and financial results for its fiscal 2020 third quarter ended March 31, 2020.

“We reported a solid third quarter, delivering both revenue growth and enhanced profitability through new student enrollments and employer partnerships, and prudent cost management across the business. As the COVID-19 crisis escalated near the end of the quarter, our experienced team reacted quickly, leveraging our existing robust eLearning infrastructure to move more than 15,000 medical and healthcare students to online platforms within a week, and with minimal disruption,” said Lisa Wardell, chairman and CEO of Adtalem. “While the ultimate impact on the global economy from this pandemic is far from known at this point, we remain well-positioned with offerings focused on the critical industries of healthcare and financial services, coupled with our strong online capabilities and superior student outcomes.”

“Adtalem has significant cash on hand and ample liquidity, bolstered most recently by the proceeds from the Adtalem Brazil divestiture which closed in April ahead of our original fiscal 2021 Q1 closing date estimate. We maintain a focused portfolio in healthcare where employer needs continue to increase, and in financial services in areas that will remain critical to business operations and integrity through any economic consequences of the current crisis. Our leadership team has demonstrated its ability to successfully navigate crises in the past, and we are confident that we will emerge from this crisis as a stronger, well positioned business with attractive opportunities for growth,” concluded Wardell.


Financial Highlights
Selected financial data for the three months ended March 31, 2020:

•
Revenue of $271.5 million increased 4.9% compared with the prior year
•
Diluted earnings per share was $2.83 compared with $0.64 in the prior year; diluted earnings per share from continuing operations, excluding special items, was $0.81, compared to $0.64 in the prior year
•
Operating income from continuing operations was $54.5 million compared with $45.6 million in the prior year; operating income from continuing operations, excluding special items, was $56.3 million, an 18.0% increase compared with the prior year
•
Net income attributable to Adtalem was $150.8 million, driven by a pre-tax unrealized gain of $111.8 million from a currency hedge associated with our Adtalem Brazil transaction, compared with $37.9 million in the prior year; net income from continuing operations attributable to Adtalem, excluding special items, was $43.2 million, a 15.7% increase compared with the prior year
•
Approximately 1.2 million shares of common stock were repurchased during the third quarter of fiscal 2020 at an average purchase price of $31.67 for a total of $36.9 million

Selected financial data for the nine months ended March 31, 2020:

•
Revenue of $792.3 million increased 5.7% compared with the prior year
•
Diluted earnings per share was $3.13 compared with $0.76 in the prior year; diluted earnings per share from continuing operations, excluding special items, was $1.70, compared to $1.64 in the prior year
•
Operating income from continuing operations was $120.5 million compared with $101.0 million in the prior year; operating income from continuing operations, excluding special items, was $126.1 million, a 3.5% decrease compared with the prior year
•
Net income attributable to Adtalem was $170.7 million, driven by a pre-tax unrealized gain of $83.8 million from a currency hedge associated with our Adtalem Brazil transaction, compared with $45.7 million in the prior year; net income from continuing operations attributable to Adtalem, excluding special items, was $93.0 million, a 5.4% decrease compared with prior year
•
Approximately 3.8 million shares of common stock were repurchased during the first nine months of fiscal 2020 at an average purchase price of $35.66 for a total of $136.9 million
 
Fiscal 2020 third quarter results contained special items including total pre-tax restructuring charges of $1.9 million ($10.3 million for the nine months ended March 31, 2020), the majority of which are related to Adtalem’s home office real estate consolidations and workforce reductions which were not related to the COVID-19 pandemic.  In addition, a pre-tax unrealized gain of $111.8 million was recorded in the third quarter on the deal-contingent hedge arrangement entered into in connection with the sale of Adtalem Brazil completed on April 24, 2020.  The arrangement hedged the Brazilian Real denominated purchase price through mitigation of the currency exchange rate risk. This mark to market gain is non-cash and did not affect the proceeds upon closing.
 

Segment Highlights
 
Medical and Healthcare

Third quarter segment revenue increased 1.7% to $227.3 million compared with the prior year.

Chamberlain revenue in the third quarter increased 5.4% compared with the prior year. New student enrollment for the January 2020 and March 2020 sessions increased 11.2% and 12.7% compared with the prior year, respectively, while total student enrollment for the January 2020 and March 2020 sessions increased 4.6% and 5.1%, respectively, compared with the prior year.

Revenue in the third quarter for the medical and veterinary schools decreased 3.3% compared with the prior year, with the majority of that decline driven by COVID-19 resulting from reduced clinical weeks in March.

Segment operating income in the third quarter increased 6.9% to $56.7 million compared with the prior year. Excluding special items, segment operating income in the third quarter increased 8.7% to $57.6 million. The increase in segment operating income is the result of strong enrollment for Chamberlain and efforts to reduce travel and discretionary spend, offset by corporate costs that were previously allocated to our former Business and Law segment.

Financial Services

Third quarter segment revenue increased 22.8% to $44.1 million compared with the prior year. Becker Accounting revenue increased 5.3% compared with the prior year.  Third quarter segment revenue included $8.5 million of revenue from the May 2019 acquisition of OnCourse Learning, which more than offset the decrease in revenue from the sale of Becker’s healthcare assets. Segment operating income decreased 17.6% to $4.2 million compared with the prior year. The decrease in segment operating income is the result of corporate costs that were previously allocated to our former Business and Law segment.
 
Adtalem Outlook
 
While the near-term financial impact of the COVID-19 pandemic is rapidly evolving and difficult to measure, based on current visibility, there is wider range of potential projected outcomes than normal for the fiscal fourth quarter. Despite confidence in the Adtalem’s ability to exit this period of disruption in a position of strength, Adtalem will not provide fiscal year guidance and withdraws its previously issued guidance for fiscal 2020.

Conference Call and Webcast Information

Adtalem will hold a conference call to discuss its fiscal 2020 third quarter on Tuesday, May 5, 2020, at 4 p.m. CT (5 p.m. ET). The conference call will be led by Lisa Wardell, chairman and chief executive officer, and Mike Randolfi, senior vice president and chief financial officer.
 

For those participating by telephone, dial 877-407-6184 (United States) or +1 201-389-0877 (outside the United States) and request the “Adtalem Call” or use conference ID: 13700577. Adtalem will also broadcast the conference call live on the web at:
 
https://78449.themediaframe.com/dataconf/productusers/age/mediaframe/36492/indexl.html.
 
Please access the website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.
 
Adtalem will archive a replay of the call until June 5, 2020. To access the replay, dial 877-660-6853 (United States) or +1 201-612-7415 (outside the United States), conference ID: 13700577, or visit the Adtalem website at: https://investors.adtalem.com/overview/default.aspx.

About Adtalem Global Education

The purpose of Adtalem Global Education is to empower students to achieve their goals, find success, and make inspiring contributions to our global community. Adtalem Global Education Inc. (NYSE: ATGE; member S&P MidCap 400 Index) is a leading global education provider and the parent organization of American University of the Caribbean School of Medicine, Association of Certified Anti-Money Laundering Specialists, Becker Professional Education, Chamberlain University, EduPristine, OnCourse Learning, Ross University School of Medicine and Ross University School of Veterinary Medicine. For more information, please visit adtalem.com and follow us on Twitter (@adtalemglobal) 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 the future impacts of the COVID-19 pandemic. 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 for the fiscal year ended June 30, 2019 filed with the Securities and Exchange Commission (SEC) on August 28, 2019 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 we do not undertake any obligation to update any forward-looking statement, except as required by law.


 
3Q 2020
3Q 2019
% Change
Adtalem Global Education Student Enrollments(1)
      
New students
3,559
3,197
+11.3%
Total students
39,391
37,652
+4.6%
       
       
Chamberlain University
      
January Session
      
New students
5,293
 4,759
+11.2%
Total students
 33,850
 32,354
+4.6%
       
March Session
      
New students(2)
3,073
 2,726
+12.7%
Total students
 33,748
 32,104
+5.1%
       
       
Medical and Veterinary(3)
      
January Semester
      
New students
486
 471
+3.2%
Total students
 5,643
 5,548
+1.7%
       
1)
Includes the most recently reported enrollment sessions at Adtalem’s postsecondary institutions, excluding Adtalem Brazil
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


Adtalem Global Education Inc.
Consolidated Balance Sheets
(unaudited)
(in thousands, except par value)

   
March 31,
   
June 30,
   
March 31,
 
   
2020
    
2019
    
2019
  
Assets:
                  
Current assets:
                  
Cash and cash equivalents
  
$
167,771
    
$
204,202
    
$
230,700
  
Investments in marketable securities
    
7,754
      
8,680
      
8,341
  
Restricted cash
    
807
      
1,022
      
391
  
Accounts receivable, net
    
98,732
      
83,560
      
89,578
  
Prepaid expenses and other current assets
    
126,785
      
29,313
      
44,524
  
Current assets held for sale
    
142,417
      
177,923
      
166,557
  
Total current assets
    
544,266
      
504,700
      
540,091
  
Noncurrent assets:
                        
Property and equipment, net
    
286,346
      
283,433
      
279,387
  
Operating lease assets
    
188,629
      
—
      
—
  
Deferred income taxes
    
15,066
      
18,314
      
19,199
  
Intangible assets, net
    
290,092
      
297,989
      
237,013
  
Goodwill
    
686,235
      
687,256
      
627,685
  
Other assets, net
    
84,825
      
52,113
      
54,386
  
Other assets held for sale
    
348,561
      
398,891
      
390,942
  
Total noncurrent assets
    
1,899,754
      
1,737,996
      
1,608,612
  
Total assets
  
$
2,444,020
    
$
2,242,696
    
$
2,148,703
  
                         
Liabilities and shareholders' equity:
                        
Current liabilities:
                        
Accounts payable
  
$
33,932
    
$
53,385
    
$
39,092
  
Accrued payroll and benefits
    
40,373
      
46,664
      
39,439
  
Accrued liabilities
    
60,458
      
76,529
      
74,614
  
Deferred revenue
    
120,047
      
95,944
      
108,370
  
Current operating lease liabilities
    
51,926
      
—
      
—
  
Current portion of long-term debt
    
3,000
      
3,000
      
3,000
  
Current liabilities held for sale
    
34,950
      
36,109
      
44,690
  
Total current liabilities
    
344,686
      
311,631
      
309,205
  
Noncurrent liabilities:
                        
Long-term debt
    
446,610
      
398,094
      
288,589
  
Long-term operating lease liabilities
    
179,195
      
—
      
—
  
Deferred income taxes
    
28,147
      
29,426
      
33,278
  
Other liabilities
    
91,011
      
86,326
      
88,190
  
Noncurrent liabilities held for sale
    
56,850
      
16,146
      
16,372
  
Total noncurrent liabilities
    
801,813
      
529,992
      
426,429
  
Total liabilities
    
1,146,499
      
841,623
      
735,634
  
Commitments and contingencies
                        
Redeemable noncontrolling interest
    
2,962
      
9,543
      
8,482
  
Shareholders' equity:
                        
Common stock, $0.01 par value per share, 200,000 shares authorized; 51,802, 55,303, and 56,954 shares outstanding as of March 31, 2020, June 30, 2019, and March 31, 2019, respectively
    
806
      
801
      
801
  
Additional paid-in capital
    
499,703
      
486,061
      
483,043
  
Retained earnings
    
2,183,620
      
2,012,902
      
1,964,169
  
Accumulated other comprehensive loss
    
(276,379
)
    
(137,290
)
    
(148,706
)
Treasury stock, at cost, 28,790, 24,830, and 23,149 shares as of March 31, 2020, June 30, 2019, and March 31, 2019, respectively
    
(1,113,191
)
    
(970,944
)
    
(894,720
)
Total shareholders' equity
    
1,294,559
      
1,391,530
      
1,404,587
  
Total liabilities and shareholders' equity
  
$
2,444,020
    
$
2,242,696
    
$
2,148,703
  


Adtalem Global Education Inc.
Consolidated Statements of Income
(unaudited)
(in thousands, except per share data)

   
Three Months Ended
    
Nine Months Ended
  
   
March 31,
   
March 31,
 
   
2020
    
2019
    
2020
    
2019
  
Revenue
  
$
271,487
    
$
258,703
    
$
792,272
    
$
749,603
  
Operating cost and expense:
                                
Cost of educational services
    
118,712
      
120,192
      
374,004
      
349,803
  
Student services and administrative expense
    
96,434
      
90,746
      
292,169
      
269,161
  
Restructuring expense
    
1,854
      
2,186
      
10,339
      
45,194
  
Gain on sale of assets
    
—
      
—
      
(4,779
)
    
—
  
Settlement gain
    
—
      
—
      
—
      
(15,571
)
Total operating cost and expense
    
217,000
      
213,124
      
671,733
      
648,587
  
Operating income from continuing operations
    
54,487
      
45,579
      
120,539
      
101,016
  
Other income (expense):
                                
Interest and dividend income
    
782
      
1,062
      
2,675
      
3,204
  
Interest expense
    
(5,191
)
    
(4,786
)
    
(15,585
)
    
(14,710
)
Investment (loss) gain
    
(1,548
)
    
715
      
(1,106
)
    
(407
)
Gain on derivative
    
111,838
      
—
      
83,832
      
—
  
Net other income (expense)
    
105,881
      
(3,009
)
    
69,816
      
(11,913
)
Income from continuing operations before income taxes
    
160,368
      
42,570
      
190,355
      
89,103
  
Provision for income taxes
    
(6,937
)
    
(7,843
)
    
(18,213
)
    
(17,370
)
Income from continuing operations
    
153,431
      
34,727
      
172,142
      
71,733
  
Discontinued operations:
                                
(Loss) income from discontinued operations before income taxes
    
(5,947
)
    
3,222
      
(5,536
)
    
1,271
  
Loss on disposal of discontinued operations before income taxes
    
—
      
(265
)
    
—
      
(32,979
)
Benefit from income taxes
    
3,228
      
182
      
3,778
      
5,762
  
(Loss) income from discontinued operations
    
(2,719
)
    
3,139
      
(1,758
)
    
(25,946
)
Net income
    
150,712
      
37,866
      
170,384
      
45,787
  
Net loss attributable to redeemable noncontrolling interest from continuing operations
    
120
      
113
      
334
      
265
  
Net income attributable to redeemable noncontrolling interest from discontinued operations
    
—
      
(74
)
    
—
      
(382
)
Net income attributable to Adtalem Global Education
  
$
150,832
    
$
37,905
    
$
170,718
    
$
45,670
  
                                 
Amounts attributable to Adtalem Global Education:
                                
Net income from continuing operations
  
$
153,551
    
$
34,840
    
$
172,476
    
$
71,998
  
Net (loss) income from discontinued operations
    
(2,719
)
    
3,065
      
(1,758
)
    
(26,328
)
Net income attributable to Adtalem Global Education
  
$
150,832
    
$
37,905
    
$
170,718
    
$
45,670
  
                                 
Earnings (loss) per share attributable to Adtalem Global Education:
                                
Basic:
                                
Continuing operations
  
$
2.90
    
$
0.60
    
$
3.19
    
$
1.22
  
Discontinued operations
  
$
(0.05
)
  
$
0.05
    
$
(0.03
)
  
$
(0.44
)
Net
  
$
2.85
    
$
0.65
    
$
3.15
    
$
0.77
  
Diluted:
                                
Continuing operations
  
$
2.88
    
$
0.59
    
$
3.16
    
$
1.20
  
Discontinued operations
  
$
(0.05
)
  
$
0.05
    
$
(0.03
)
  
$
(0.44
)
Net
  
$
2.83
    
$
0.64
    
$
3.13
    
$
0.76
  
                                 
Weighted-average shares outstanding:
                                
Basic shares
    
52,955
      
58,061
      
54,117
      
59,199
  
Diluted shares
    
53,319
      
58,802
      
54,576
      
60,004
  


Adtalem Global Education Inc.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)

   
Nine Months Ended
  
   
March 31,
 
   
2020
    
2019
  
Operating activities:
            
Net income
  
$
170,384
    
$
45,787
  
Loss from discontinued operations
    
1,758
      
25,946
  
Income from continuing operations
    
172,142
      
71,733
  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Stock-based compensation expense
    
11,328
      
10,369
  
Amortization and adjustments to operating lease assets
    
32,369
      
—
  
Depreciation
    
25,773
      
24,726
  
Amortization
    
8,860
      
5,990
  
Provision for bad debts
    
12,955
      
5,150
  
Deferred income taxes
    
1,824
      
23,717
  
Loss on disposals, accelerated depreciation, and adjustments to property and equipment
    
147
      
41,082
  
Realized and unrealized loss on investments
    
1,106
      
407
  
Realized gain on sale of assets
    
(4,779
)
    
—
  
Insurance settlement gain
    
—
      
(15,571
)
Unrealized gain on derivative
    
(83,832
)
    
—
  
Changes in assets and liabilities:
                
Accounts receivable
    
(19,922
)
    
(24,511
)
Prepaid expenses and other current assets
    
(17,123
)
    
(11,948
)
Accounts payable
    
(18,495
)
    
(4,433
)
Accrued payroll and benefits
    
(6,291
)
    
(12,755
)
Accrued liabilities
    
(4,810
)
    
6,156
  
Deferred revenue
    
24,103
      
9,423
  
Operating lease liabilities
    
(41,628
)
    
—
  
Other assets and liabilities
    
(2,041
)
    
(22,355
)
Net cash provided by operating activities-continuing operations
    
91,686
      
107,180
  
Net cash provided by operating activities-discontinued operations
    
13,845
      
21,355
  
Net cash provided by operating activities
    
105,531
      
128,535
  
Investing activities:
                
Capital expenditures
    
(31,934
)
    
(45,269
)
Insurance proceeds received for damage to buildings and equipment
    
—
      
35,706
  
Proceeds from sales of marketable securities
    
1,572
      
1,625
  
Purchases of marketable securities
    
(1,755
)
    
(6,070
)
Proceeds from sale of assets
    
6,421
      
—
  
Cash received on purchase price adjustment
    
92
      
—
  
Loan to DeVry University
    
—
      
(10,000
)
Net cash used in investing activities-continuing operations
    
(25,604
)
    
(24,008
)
Net cash used in investing activities-discontinued operations
    
(3,803
)
    
(7,417
)
Cash and restricted cash transferred in divestitures of discontinued operations
    
—
      
(48,876
)
Net cash used in investing activities
    
(29,407
)
    
(80,301
)
Financing activities:
                
Proceeds from exercise of stock options
    
2,276
      
16,825
  
Employee taxes paid on withholding shares
    
(5,315
)
    
(6,527
)
Proceeds from stock issued under Colleague Stock Purchase Plan
    
—
      
421
  
Repurchases of common stock for treasury
    
(136,889
)
    
(176,903
)
Borrowings under credit facility
    
225,000
      
—
  
Repayments under credit facility
    
(177,250
)
    
(2,250
)
Proceeds from down payment on seller loan
    
5,200
      
—
  
Payment for purchase of redeemable noncontrolling interest of subsidiary
    
(6,247
)
    
—
  
Net cash used in financing activities-continuing operations
    
(93,225
)
    
(168,434
)
Net cash used in financing activities-discontinued operations
    
(2,920
)
    
(2,154
)
Net cash used in financing activities
    
(96,145
)
    
(170,588
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
    
(27,907
)
    
(449
)
Net decrease in cash, cash equivalents and restricted cash
    
(47,928
)
    
(122,803
)
Cash, cash equivalents and restricted cash at beginning of period
    
300,467
      
444,405
  
Cash, cash equivalents and restricted cash at end of period
    
252,539
      
321,602
  
Less: cash, cash equivalents and restricted cash of discontinued operations at end of period
    
83,961
      
90,511
  
Cash, cash equivalents and restricted cash at end of period
  
$
168,578
    
$
231,091
  


Adtalem Global Education Inc.
Segment Information
(unaudited)
(in thousands)

   
Three Months Ended
    
Nine Months Ended
  
   
March 31,
   
March 31,
 
   
2020
    
2019
  

  Increase
(Decrease)		    
2020
    
2019
  
  Increase
(Decrease)
  
Revenue:
                                
Medical and Healthcare
  
$
227,344
    
$
223,575
      
1.7
%
  
$
655,011
    
$
638,302
      
2.6
%
Financial Services
    
44,143
      
35,935
      
22.8
%
    
137,261
      
113,723
      
20.7
%
Home Office and Other
    
—
      
(807
)
NM
      
—
      
(2,422
)
NM
  
Total consolidated revenue
  
$
271,487
    
$
258,703
      
4.9
%
  
$
792,272
    
$
749,603
      
5.7
%
Operating income (loss):
                                                
Medical and Healthcare
  
$
56,749
    
$
53,093
      
6.9
%
  
$
126,432
    
$
115,396
      
9.6
%
Financial Services
    
4,190
      
5,086
      
(17.6
)%
    
10,860
      
19,469
      
(44.2
)%
Home Office and Other
    
(6,452
)
    
(12,600
)
    
48.8
%
    
(16,753
)
    
(33,849
)
    
50.5
%
Total consolidated operating income
  
$
54,487
    
$
45,579
      
19.5
%
  
$
120,539
    
$
101,016
      
19.3
%

Non-GAAP Financial Measures and Reconciliations

We believe that certain non-GAAP financial measures provides investors with useful supplemental information regarding the underlying business trends and performance of Adtalem’s ongoing operations and is 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 be 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:
 
Net income from continuing operations attributable to Adtalem excluding special items (most comparable GAAP measure: net income attributable to Adtalem) – Measure of Adtalem’s net income attributable to Adtalem adjusted for restructuring expense, gain on sale of assets, settlement gain, gain on derivative, tax charges related to the divestiture of DeVry University, and loss (income) from discontinued operations.
 
Earnings per share from continuing operations excluding special items (most comparable GAAP measure: earnings per share) – Measure of Adtalem’s diluted earnings per share adjusted for restructuring expense, gain on sale of assets, settlement gain, gain on derivative, tax charges related to the divestiture of DeVry University, and loss (income) from discontinued operations.
 
Operating income from continuing operations excluding special items (most comparable GAAP measure: operating income from continuing operations) – Measure of Adtalem’s operating income from continuing operations adjusted for restructuring expense, gain on sale of assets, and settlement gain. This measure is applied on a consolidated and segment basis, depending on the context of the discussion.
 
A description of special items in our non-GAAP financial measures described above are as follows:
 
•
Restructuring charges primarily related to the sale of Becker’s courses for healthcare students, real estate consolidations and workforce reductions at Adtalem’s home office, and the closing of the Ross University School of Medicine (“RUSM”) campus in Dominica.
•
Gain on the sale of Adtalem’s Columbus, Ohio, campus facility.
•
Settlement gain related to the final insurance settlement related to Hurricanes Irma and Maria at the American University of the Caribbean School of Medicine (“AUC”) and RUSM.
•
Gain on the deal-contingent foreign currency hedge arrangement entered into in connection with the sale of Adtalem Brazil to economically hedge the Brazilian Real denominated purchase price through mitigation of the currency exchange rate risk.
•
Tax charges related to the divestiture of DeVry University.
•
Discontinued operations include the operations of Adtalem Brazil, Carrington, and DeVry University.


Adtalem Global Education Inc.
Non-GAAP Operating Income from Continuing Operations by Segment
(unaudited)
(in thousands)

   
Three Months Ended
    
Nine Months Ended
  
   
March 31,
   
March 31,
 
   
2020
    
2019
  

  Increase
(Decrease)
    
2020
    
2019
  

  Increase
(Decrease)
 
Medical and Healthcare:
                                
Operating income (GAAP)
  
$
56,749
    
$
53,093
      
6.9
%
  
$
126,432
    
$
115,396
      
9.6
%
Restructuring expense
    
810
      
(133
)
NM
      
1,354
      
41,327
      
(96.7
)%
Settlement gain
    
—
      
—
  
NM
      
—
      
(15,571
)
NM
  
Operating income excluding special items (non-GAAP)
  
$
57,559
    
$
52,960
      
8.7
%
  
$
127,786
    
$
141,152
      
(9.5
)%
                                                 
Financial Services:
                                                
Operating income (GAAP)
  
$
4,190
    
$
5,086
      
(17.6
)%
  
$
10,860
    
$
19,469
      
(44.2
)%
Restructuring expense
    
—
      
—
  
NM
      
3,116
      
—
  
NM
  
Operating income excluding special items (non-GAAP)
  
$
4,190
    
$
5,086
      
(17.6
)%
  
$
13,976
    
$
19,469
      
(28.2
)%
                                                 
Home Office and Other:
                                                
Operating loss (GAAP)
  
$
(6,452
)
  
$
(12,600
)
    
48.8
%
  
$
(16,753
)
  
$
(33,849
)
    
50.5
%
Restructuring expense
    
1,044
      
2,319
      
(55.0
)%
    
5,869
      
3,867
      
51.8
%
Gain on sale of assets
    
—
      
—
  
NM
      
(4,779
)
    
—
  
NM
  
Operating loss excluding special items (non-GAAP)
  
$
(5,408
)
  
$
(10,281
)
    
47.4
%
  
$
(15,663
)
  
$
(29,982
)
    
47.8
%
                                                 
Adtalem Global Education:
                                                
Operating income (GAAP)
  
$
54,487
    
$
45,579
      
19.5
%
  
$
120,539
    
$
101,016
      
19.3
%
Restructuring expense
    
1,854
      
2,186
      
(15.2
)%
    
10,339
      
45,194
      
(77.1
)%
Gain on sale of assets
    
—
      
—
  
NM
      
(4,779
)
    
—
  
NM
  
Settlement gain
    
—
      
—
  
NM
      
—
      
(15,571
)
NM
  
Operating income excluding special items (non-GAAP)
  
$
56,341
    
$
47,765
      
18.0
%
  
$
126,099
    
$
130,639
      
(3.5
)%


Adtalem Global Education Inc.
Non-GAAP Earnings Disclosure
(unaudited)
(in thousands, except per share data)

   
Three Months Ended
    
Nine Months Ended
  
   
March 31,
   
March 31,
 
   
2020
    
2019
    
2020
    
2019
  
Net income attributable to Adtalem (GAAP)
  
$
150,832
    
$
37,905
    
$
170,718
    
$
45,670
  
Restructuring expense
    
1,854
      
2,186
      
10,339
      
45,194
  
Gain on sale of assets
    
—
      
—
      
(4,779
)
    
—
  
Settlement gain
    
—
      
—
      
—
      
(15,571
)
Gain on derivative
    
(111,838
)
    
—
      
(83,832
)
    
—
  
Tax charges related to the divestiture of DeVry University
    
—
      
—
      
—
      
1,526
  
Income tax impact on non-GAAP adjustments (1)
    
(361
)
    
328
      
(1,165
)
    
(4,795
)
Loss (income) from discontinued operations
    
2,719
      
(3,065
)
    
1,758
      
26,328
  
Net income from continuing operations attributable to Adtalem excluding special items (non-GAAP)
  
$
43,206
    
$
37,354
    
$
93,039
    
$
98,352
  
(1) Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements.


   
Three Months Ended
    
Nine Months Ended
  
   
March 31,
   
March 31,
 
   
2020
    
2019
    
2020
    
2019
  
Earnings per share, diluted (GAAP)
  
$
2.83
    
$
0.64
    
$
3.13
    
$
0.76
  
Effect on diluted earnings per share:
                                
Restructuring expense
    
0.03
      
0.04
      
0.19
      
0.75
  
Gain on sale of assets
    
-
      
-
      
(0.09
)
    
-
  
Settlement gain
    
-
      
-
      
-
      
(0.26
)
Gain on derivative
    
(2.10
)
    
-
      
(1.54
)
    
-
  
Tax charges related to the divestiture of DeVry University
    
-
      
-
      
-
      
0.03
  
Income tax impact on non-GAAP adjustments (1)
    
(0.01
)
    
0.01
      
(0.02
)
    
(0.08
)
Loss (income) from discontinued operations
    
0.05
      
(0.05
)
    
0.03
      
0.44
  
Earnings per share from continuing operations excluding special items, diluted (non-GAAP)
  
$
0.81
    
$
0.64
    
$
1.70
    
$
1.64
  
Diluted shares used in EPS calculation
    
53,319
      
58,802
      
54,576
      
60,004
  
(1) Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements.

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Document and Entity Information
May 05, 2020
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date May 05, 2020
Entity Registrant Name Adtalem Global Education Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-13988
Entity Tax Identification Number 36-3150143
Entity Address, Address Line One 500 West Monroe
Entity Address, City or Town Chicago
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60661
City Area Code 866
Local Phone Number 374-2678
Entity Information, Former Legal or Registered Name N/A
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000730464
Title of 12(b) Security Common Stock $0.01 Par Value
Trading Symbol ATGE
Security Exchange Name NYSE
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