0001157523-21-001079.txt : 20210819 0001157523-21-001079.hdr.sgml : 20210819 20210819160552 ACCESSION NUMBER: 0001157523-21-001079 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20210819 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210819 DATE AS OF CHANGE: 20210819 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: 211190153 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 a52479631.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 19, 2021
 
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, IL
 
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 19, 2021, Adtalem Global Education Inc. (“Adtalem”) issued a press release announcing its fourth quarter and full year fiscal 2021 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 Company’s future growth and 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 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 19, 2021, 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

 
Press Release of Adtalem Global Education Inc., dated August 19, 2021.

 
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
 
 
 
Interim Chief Financial Officer
 
    (Principal Financial Officer)  
 
 
Date: August 19, 2021
 
 EX-99.1 2 a52479631ex99_1.htm EXHIBIT 99.1
Exhibit 99.1


News Release

Investor Contact
John Kristoff
John.Kristoff@Adtalem.com
312-651-1437

Media Contact
Kelly Finelli
Kelly.Finelli@adtalem.com
872-270-0230




Adtalem Global Education Announces Fiscal Fourth Quarter and Full Year 2021 Results
Strong finish to the year as our workforce solutions provider strategy continues
to drive revenue and enrollment growth

CHICAGO – Aug. 19, 2021 – Adtalem Global Education Inc. (NYSE: ATGE), a leading workforce solutions provider, today reported academic, operating and financial results for its fiscal 2021 fourth quarter and full year ended June 30, 2021.

“Our strong fourth quarter performance and the completion of the Walden acquisition further position us as a leading healthcare education provider with market-leading scale and breadth,” said Lisa Wardell, chairman and CEO of Adtalem. “We took advantage of strong demand for our programs and offerings in the quarter, and we look forward to demonstrating the significant value Walden will bring to our students, employer partners and shareholders.

Wardell continued: “It has been a tremendous honor serving as CEO of Adtalem over the last five years. I am incredibly proud of everything we achieved in that time and exceedingly confident in Adtalem’s next phase of growth and impact under Steve Beard’s leadership. As I take on the role of executive chairman of Adtalem’s board of directors, there is no better leader than Steve to continue our growth trajectory as we execute on our workforce solutions strategy.”

“Thanks to Lisa’s tireless effort and inspiring leadership, we move into fiscal year 2022 with strong business momentum,” said Stephen Beard, COO of Adtalem. “This position of strength is driven by the realization of our workforce solutions strategy; a strategy designed to drive superior student outcomes, meet the critical workforce needs of our employer partners and drive value for our shareholders. I am eager to build upon the solid foundation Lisa has created over the course of her tenure, as we continue to expand access to high-quality education, amplify our social impact and unlock even more value for all of our stakeholders.”

Financial Highlights

Selected financial data for the three months ended June 30, 2021:

•
Revenue of $280.4 million increased 7.9% compared with the prior year
•
Diluted earnings per share was $0.18 compared with diluted loss per share of $4.86 in the prior year; diluted earnings per share from continuing operations, excluding special items, was $0.70, compared to $0.58 in the prior year, a 20.7% increase
•
Operating income was $40.2 million, compared with operating income of $21.7 million in the prior year; operating income excluding special items was $46.9 million, a 17.1% increase compared with the prior year
•
Net income attributable to Adtalem was $9.0 million, compared with a net loss of $256.1 million in the prior year, driven by a loss from discontinued operations of $327.6 million; net income from continuing operations attributable to Adtalem, excluding special items, was $35.1 million, a 14.9% increase compared with the prior year
•
COVID-19 resulted in an estimated revenue loss of approximately $16 million, an operating income loss of approximately $13 million and a loss of earnings per share of approximately $0.20

Selected financial data for the twelve months ended June 30, 2021:

•
Revenue of $1,112.4 million increased 5.7% compared with the prior year
•
Diluted earnings per share was $1.49 compared with diluted loss per share of $1.58 in the prior year; diluted earnings per share from continuing operations, excluding special items, was $2.98, compared to $2.28 in the prior year, a 30.7% increase
•
Operating income was $161.5 million compared with $142.3 million in the prior year; operating income excluding special items was $202.9 million, a 22.1% increase compared with the prior year
•
Net income attributable to Adtalem was $76.9 million, compared with a net loss of $85.3 million in the prior year; net income from continuing operations attributable to Adtalem, excluding special items, was $153.7 million, a 24.4% increase compared with the prior year
•
COVID-19 resulted in an estimated revenue loss of approximately $47 million, an operating income loss of approximately $33 million and a loss of earnings per share of approximately $0.50

Fiscal 2021 fourth quarter and full year ended June 30, 2021 results from continuing operations included special items totaling $22.1 million and $51.6 million, net of tax, respectively, primarily from business acquisition and integration expense and pre-acquisition interest expense.

Segment Highlights
 
Medical and Healthcare

Fourth quarter segment revenue increased 5.7% to $223.5 million compared with the prior year.

Chamberlain revenue in the fourth quarter increased 5.3% compared with the prior year, driven by continued increases in new and total enrollments. New and total student enrollment in the May session increased 3.6% and 4.6%, respectively, compared with the prior year.

Revenue in the fourth quarter for the medical and veterinary schools increased 6.3% compared with the prior year, driven by increases in new enrollment. Compared with the prior year, May session medical and veterinary school new student enrollment increased 12.3% and total student enrollment decreased 1.2%.

Segment operating income in the fourth quarter increased 4.3% to $41.3 million compared with the prior year. The increase in segment operating income was driven by higher revenue in the segment.

Financial Services

Fourth quarter segment revenue increased 17.8% to $56.9 million compared with the prior year, driven by increases in revenue at ACAMS, OnCourse Learning and Becker. ACAMS revenue increased as non-conference certification offerings continue to perform well and conference revenue began to show a recovery. OnCourse Learning’s continued focus on execution in a favorable mortgage market and strength in its continuing education business drove increased revenue in the quarter. Becker revenue growth was driven by continued growth in its continuing education program offerings and an increase in CPA exam preparation revenue. Segment operating income in the fourth quarter, excluding special items, increased 29.8% to $11.0 million compared with the prior year, driven primarily by higher revenue, partially offset by increased sales and marketing expense to support continued growth.

 
Adtalem Outlook
 
For the full fiscal year 2022, Adtalem expects revenue to be within the range of $1,685 million and $1,735 million, and adjusted diluted earnings per share of $4.20 to $4.45 from continuing operations, excluding special items.

Conference Call and Webcast Information

Adtalem will hold a conference call to discuss its fiscal 2021 fourth quarter and full year on Thursday, August 19, 2021, at 4 p.m. CT (5 p.m. ET). The conference call will be led by Lisa Wardell, chairman and chief executive officer, Steve Beard, chief operating officer, and Bob Phelan, interim 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: 13721922. Adtalem will also broadcast the conference call live on the web at:
https://78449.themediaframe.com/dataconf/productusers/age/mediaframe/46106/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 September 19, 2021. To access the replay, dial 877-660-6853 (United States) or +1 201-612-7415 (outside the United States), conference ID: 13721922, or visit the Adtalem website at: https://investors.adtalem.com/overview/default.aspx.

About Adtalem Global Education
Adtalem Global Education (NYSE: ATGE), a leading workforce solutions provider, partners with organizations in the healthcare and financial services industries to solve critical workforce talent needs by expanding access to education, certifications and upskilling programs at scale. 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 the global community. Adtalem is the parent organization of ACAMS, American University of the Caribbean School of Medicine, Becker Professional Education, Chamberlain University, EduPristine, OnCourse Learning, Ross University School of Medicine, Ross University School of Veterinary Medicine and Walden University. Adtalem has more than 10,000 employees, a network of more than 275,000 alumni and serves over 82,000 members across 200 countries and territories. Adtalem was named one of America’s Most Responsible Companies 2021 by Newsweek and one of America’s Best Employers for Diversity 2021 by Forbes. Follow Adtalem on Twitter (@adtalemglobal), LinkedIn or visit adtalem.com for more information.

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 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 we do not undertake any obligation to update any forward-looking statement, except as required by law.


 
4Q 2021
4Q 2020
% Change
Adtalem Global Education Student Enrollments(1)
      
New students
4,974
4,757
+4.6%
Total students
40,056
38,593
+3.8%
       
       
Chamberlain University
      
May Session
      
New students
4,363
4,213
+3.6%
Total students
 34,930
 33,407
+4.6%
       
Medical and Veterinary(2)
      
May Semester
      
New students
611
544
+12.3%
Total students
 5,126
 5,186
-1.2%
       

1)
Includes the most recently reported enrollment sessions at Adtalem’s postsecondary institutions
2)
Includes enrollments in its medical and veterinary preparatory programs




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

             
   
June 30,
 
   
2021
    
2020
  
Assets:
            
Current assets:
            
Cash and cash equivalents
  
$
494,613
    
$
500,516
  
Restricted cash
    
819,003
      
589
  
Accounts receivable, net
    
67,996
      
87,042
  
Prepaid expenses and other current assets
    
133,341
      
104,619
  
Total current assets
    
1,514,953
      
692,766
  
Noncurrent assets:
                
Property and equipment, net
    
297,237
      
286,102
  
Operating lease assets
    
168,943
      
174,935
  
Deferred income taxes
    
22,479
      
22,277
  
Intangible assets, net
    
276,249
      
287,514
  
Goodwill
    
686,374
      
686,214
  
Other assets, net
    
87,601
      
78,879
  
Total noncurrent assets
    
1,538,883
      
1,535,921
  
Total assets
  
$
3,053,836
    
$
2,228,687
  
                 
Liabilities and shareholders' equity:
                
Current liabilities:
                
Accounts payable
  
$
56,071
    
$
46,484
  
Accrued payroll and benefits
    
64,452
      
48,835
  
Accrued liabilities
    
129,258
      
104,431
  
Deferred revenue
    
100,697
      
91,589
  
Current operating lease liabilities
    
55,329
      
51,644
  
Current portion of long-term debt
    
3,000
      
3,000
  
Total current liabilities
    
408,807
      
345,983
  
Noncurrent liabilities:
                
Long-term debt
    
1,067,711
      
286,115
  
Long-term operating lease liabilities
    
167,855
      
176,032
  
Deferred income taxes
    
26,991
      
24,975
  
Other liabilities
    
79,612
      
82,309
  
Total noncurrent liabilities
    
1,342,169
      
569,431
  
Total liabilities
    
1,750,976
      
915,414
  
Commitments and contingencies
                
Redeemable noncontrolling interest
    
1,790
      
2,852
  
Shareholders' equity:
                
Common stock, $0.01 par value per share, 200,000 shares authorized; 49,253 and 51,871 shares outstanding as of June 30, 2021 and June 30, 2020, respectively
    
811
      
807
  
Additional paid-in capital
    
519,826
      
504,434
  
Retained earnings
    
2,005,105
      
1,927,568
  
Accumulated other comprehensive loss
    
(7,365
)
    
(9,055
)
Treasury stock, at cost, 31,846 and 28,794 shares as of June 30, 2021 and June 30, 2020, respectively
    
(1,217,307
)
    
(1,113,333
)
Total shareholders' equity
    
1,301,070
      
1,310,421
  
Total liabilities and shareholders' equity
  
$
3,053,836
    
$
2,228,687
  


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

                         
   
Three Months Ended
    
Year Ended
  
   
June 30,
   
June 30,
 
   
2021
    
2020
    
2021
    
2020
  
Revenue
  
$
280,374
    
$
259,729
    
$
1,112,380
    
$
1,052,001
  
Operating cost and expense:
                                
Cost of educational services
    
125,635
      
116,050
      
489,233
      
490,054
  
Student services and administrative expense
    
107,868
      
103,669
      
420,267
      
395,838
  
Restructuring expense
    
3,199
      
18,289
      
9,804
      
28,628
  
Business acquisition and integration expense
    
3,432
      
—
      
31,593
      
—
  
Gain on sale of assets
    
—
      
—
      
—
      
(4,779
)
Total operating cost and expense
    
240,134
      
238,008
      
950,897
      
909,741
  
Operating income
    
40,240
      
21,721
      
161,483
      
142,260
  
Other income (expense):
                                
Interest and dividend income
    
961
      
1,013
      
4,094
      
3,688
  
Interest expense
    
(25,382
)
    
(3,925
)
    
(41,365
)
    
(19,510
)
Investment gain
    
636
      
1,124
      
2,638
      
18
  
Gain on derivative
    
—
      
26,891
      
—
      
110,723
  
Net other (expense) income
    
(23,785
)
    
25,103
      
(34,633
)
    
94,919
  
Income from continuing operations before income taxes
    
16,455
      
46,824
      
126,850
      
237,179
  
(Provision for) benefit from income taxes
    
(3,594
)
    
24,571
      
(25,248
)
    
6,358
  
Income from continuing operations
    
12,861
      
71,395
      
101,602
      
243,537
  
Discontinued operations:
                                
Loss from discontinued operations before income taxes
    
(5,839
)
    
(57,042
)
    
(33,946
)
    
(62,578
)
Loss on disposal of discontinued operations before income taxes (includes ($293,360) accumulated other comprehensive income reclassifications for realized loss on foreign currency translation adjustments for the periods ended June 30, 2020)
    
—
      
(287,560
)
    
—
      
(287,560
)
Benefit from income taxes
    
1,915
      
17,045
      
8,819
      
20,823
  
Loss from discontinued operations
    
(3,924
)
    
(327,557
)
    
(25,127
)
    
(329,315
)
Net income (loss)
    
8,937
      
(256,162
)
    
76,475
      
(85,778
)
Net loss attributable to redeemable noncontrolling interest
    
75
      
110
      
434
      
444
  
Net income (loss) attributable to Adtalem Global Education
  
$
9,012
    
$
(256,052
)
  
$
76,909
    
$
(85,334
)
                                 
Amounts attributable to Adtalem Global Education:
                                
Net income from continuing operations
  
$
12,936
    
$
71,505
    
$
102,036
    
$
243,981
  
Net loss from discontinued operations
    
(3,924
)
    
(327,557
)
    
(25,127
)
    
(329,315
)
Net income (loss) attributable to Adtalem Global Education
  
$
9,012
    
$
(256,052
)
  
$
76,909
    
$
(85,334
)
                                 
Earnings (loss) per share attributable to Adtalem Global Education:
                                
Basic:
                                
Continuing operations
  
$
0.26
    
$
1.37
    
$
1.99
    
$
4.55
  
Discontinued operations
  
$
(0.08
)
  
$
(6.27
)
  
$
(0.49
)
  
$
(6.14
)
Net
  
$
0.18
    
$
(4.90
)
  
$
1.50
    
$
(1.59
)
Diluted:
                                
Continuing operations
  
$
0.26
    
$
1.36
    
$
1.98
    
$
4.51
  
Discontinued operations
  
$
(0.08
)
  
$
(6.22
)
  
$
(0.49
)
  
$
(6.09
)
Net
  
$
0.18
    
$
(4.86
)
  
$
1.49
    
$
(1.58
)
                                 
Weighted-average shares outstanding:
                                
Basic shares
    
49,884
      
52,274
      
51,322
      
53,659
  
Diluted shares
    
50,326
      
52,650
      
51,645
      
54,094
  

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

             
   
Year Ended June 30,
 
   
2021
    
2020
  
Operating activities:
            
Net income (loss)
  
$
76,475
    
$
(85,778
)
Loss from discontinued operations
    
25,127
      
329,315
  
Income from continuing operations
    
101,602
      
243,537
  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
                
Stock-based compensation expense
    
13,875
      
14,584
  
Amortization and adjustments to operating lease assets
    
51,380
      
54,716
  
Depreciation
    
37,598
      
34,428
  
Amortization of intangible assets
    
10,073
      
10,262
  
Amortization of debt issuance costs
    
2,657
      
1,566
  
Impairment of intangible assets
    
1,211
      
—
  
Reclassification adjustment from other comprehensive income
    
(126
)
    
—
  
Provision for bad debts
    
11,573
      
16,152
  
Deferred income taxes
    
1,519
      
(4,548
)
Loss on disposals, accelerated depreciation, and adjustments to property and equipment
    
1,912
      
4,564
  
Realized and unrealized gain on investments
    
(2,638
)
    
(18
)
Realized gain on sale of assets
    
—
      
(4,779
)
Gain on derivative
    
—
      
(110,723
)
Changes in assets and liabilities:
                
Accounts receivable
    
13,259
      
(12,840
)
Prepaid expenses and other current assets
    
(18,135
)
    
(17,612
)
Accounts payable
    
8,530
      
(6,340
)
Accrued payroll and benefits
    
15,646
      
2,173
  
Accrued liabilities
    
29,740
      
(2,477
)
Deferred revenue
    
9,108
      
(4,355
)
Operating lease liabilities
    
(49,880
)
    
(53,726
)
Other assets and liabilities
    
(15,746
)
    
(14,999
)
Net cash provided by operating activities-continuing operations
    
223,158
      
149,565
  
Net cash used in operating activities-discontinued operations
    
(30,959
)
    
(41,873
)
Net cash provided by operating activities
    
192,199
      
107,692
  
Investing activities:
                
Capital expenditures
    
(48,664
)
    
(44,137
)
Proceeds from sales of marketable securities
    
2,721
      
2,829
  
Purchases of marketable securities
    
(10,745
)
    
(3,015
)
Proceeds from sale of assets
    
—
      
6,421
  
Cash received on settlement of derivative
    
—
      
110,723
  
Cash received on purchase price adjustment
    
—
      
92
  
Net cash (used in) provided by investing activities-continuing operations
    
(56,688
)
    
72,913
  
Net cash used in investing activities-discontinued operations
    
—
      
(3,908
)
Proceeds from sale of business, net of cash transferred
    
—
      
313,518
  
Net cash (used in) provided by investing activities
    
(56,688
)
    
382,523
  
Financing activities:
                
Proceeds from exercise of stock options
    
1,457
      
3,761
  
Employee taxes paid on withholding shares
    
(4,206
)
    
(5,485
)
Proceeds from stock issued under Colleague Stock Purchase Plan
    
262
      
17
  
Repurchases of common stock for treasury
    
(100,000
)
    
(136,889
)
Proceeds from long-term debt
    
800,000
      
225,000
  
Repayments of long-term debt
    
(3,000
)
    
(338,000
)
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
    
676,466
      
(252,643
)
Net cash used in financing activities-discontinued operations
    
—
      
(3,466
)
Net cash provided by (used in) financing activities
    
676,466
      
(256,109
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
    
534
      
(33,468
)
Net increase in cash, cash equivalents and restricted cash
    
812,511
      
200,638
  
Cash, cash equivalents and restricted cash at beginning of period
    
501,105
      
300,467
  
Cash, cash equivalents and restricted cash at end of period
  
$
1,313,616
    
$
501,105
  


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


   
Three Months Ended
    
Year Ended
  
   
June 30,
   
June 30,
 
   
2021
    
2020
    
Increase
(Decrease)
    
2021
    
2020
    
Increase
(Decrease)
  
Revenue:
                                    
Medical and Healthcare
  
$
223,466
    
$
211,417
      
5.7
%
  
$
906,901
    
$
866,428
      
4.7
%
Financial Services
    
56,908
      
48,312
      
17.8
%
    
205,479
      
185,573
      
10.7
%
Total consolidated revenue
  
$
280,374
    
$
259,729
      
7.9
%
  
$
1,112,380
    
$
1,052,001
      
5.7
%
Operating income (loss):
                                                
Medical and Healthcare
  
$
41,319
    
$
39,605
      
4.3
%
  
$
196,703
    
$
166,037
      
18.5
%
Financial Services
    
9,392
      
6,762
      
38.9
%
    
28,361
      
17,622
      
60.9
%
Home Office and Other
    
(10,471
)
    
(24,646
)
    
57.5
%
    
(63,581
)
    
(41,399
)
    
(53.6
)%
Total consolidated operating income
  
$
40,240
    
$
21,721
      
85.3
%
  
$
161,483
    
$
142,260
      
13.5
%

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 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 (loss) attributable to Adtalem) – Measure of Adtalem’s net income (loss) attributable to Adtalem adjusted for restructuring expense, business acquisition and integration expense, pre-acquisition interest expense, gain on sale of assets, gain on derivative, tax charges related to the implementation of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”), a net tax benefit for a former subsidiary investment loss, and loss from discontinued operations.
 
Earnings per share from continuing operations excluding special items (most comparable GAAP measure: earnings (loss) per share) – Measure of Adtalem’s diluted earnings (loss) per share adjusted for restructuring expense, business acquisition and integration expense, pre-acquisition interest expense, gain on sale of assets, gain on derivative, tax charges related to the implementation of the Tax Act, a net tax benefit for a former subsidiary investment loss, and loss from discontinued operations.
 
Operating income excluding special items (most comparable GAAP measure: operating income) – Measure of Adtalem’s operating income adjusted for restructuring expense, business acquisition and integration expense, and gain on sale of assets. This measure is applied on a consolidated and segment basis, depending on the context of the discussion.
 
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.
 
A description of special items in our non-GAAP financial measures described above are as follows:
•
Restructuring charges primarily related to real estate consolidations at Adtalem’s home office and ACAMS, the write-down of EduPristine’s assets, and the sale of Becker’s courses for healthcare students.
•
Business acquisition and integration expense include expenses related to the Walden University acquisition.
•
Pre-acquisition interest expense related to financing arrangements in connection with the 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.
•
Tax charges related to the implementation of the Tax Act.
•
A net tax benefit for a former subsidiary investment loss.
•
Loss from discontinued operations include the operations of Adtalem Brazil, Carrington, and DeVry University.


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


   
Three Months Ended
    
Year Ended
  
   
June 30,
   
June 30,
 
   
2021
    
2020
    
Increase
(Decrease)
    
2021
    
2020
    
Increase
(Decrease)
  
Medical and Healthcare:
                                    
Operating income (GAAP)
  
$
41,319
    
$
39,605
      
4.3
%
  
$
196,703
    
$
166,037
      
18.5
%
Restructuring expense
    
—
      
353
              
—
      
1,707
          
Operating income excluding special items (non-GAAP)
  
$
41,319
    
$
39,958
      
3.4
%
  
$
196,703
    
$
167,744
      
17.3
%
                                                 
Financial Services:
                                                
Operating income (GAAP)
  
$
9,392
    
$
6,762
      
38.9
%
  
$
28,361
    
$
17,622
      
60.9
%
Restructuring expense
    
1,629
      
1,726
              
3,044
      
4,842
          
Operating income excluding special items (non-GAAP)
  
$
11,021
    
$
8,488
      
29.8
%
  
$
31,405
    
$
22,464
      
39.8
%
                                                 
Home Office and Other:
                                                
Operating loss (GAAP)
  
$
(10,471
)
  
$
(24,646
)
    
57.5
%
  
$
(63,581
)
  
$
(41,399
)
    
(53.6
)%
Restructuring expense
    
1,570
      
16,210
              
6,760
      
22,079
          
Business acquisition and integration expense
    
3,432
      
—
              
31,593
      
—
          
Gain on sale of assets
    
—
      
—
              
—
      
(4,779
)
        
Operating loss excluding special items (non-GAAP)
  
$
(5,469
)
  
$
(8,436
)
    
35.2
%
  
$
(25,228
)
  
$
(24,099
)
    
(4.7
)%
                                                 
Adtalem Global Education:
                                                
Operating income (GAAP)
  
$
40,240
    
$
21,721
      
85.3
%
  
$
161,483
    
$
142,260
      
13.5
%
Restructuring expense
    
3,199
      
18,289
              
9,804
      
28,628
          
Business acquisition and integration expense
    
3,432
      
—
              
31,593
      
—
          
Gain on sale of assets
    
—
      
—
              
—
      
(4,779
)
        
Operating income excluding special items (non-GAAP)
  
$
46,871
    
$
40,010
      
17.1
%
  
$
202,880
    
$
166,109
      
22.1
%


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

                         
   
Three Months Ended
    
Year Ended
  
   
June 30,
   
June 30,
 
   
2021
    
2020
    
2021
    
2020
  
Net income (loss) attributable to Adtalem (GAAP)
  
$
9,012
    
$
(256,052
)
  
$
76,909
    
$
(85,334
)
Restructuring expense
    
3,199
      
18,289
      
9,804
      
28,628
  
Business acquisition and integration expense
    
3,432
      
—
      
31,593
      
—
  
Pre-acquisition interest expense
    
21,750
      
—
      
26,746
      
—
  
Gain on sale of assets
    
—
      
—
      
—
      
(4,779
)
Gain on derivative
    
—
      
(26,891
)
    
—
      
(110,723
)
Tax Cuts and Jobs Act of 2017
    
—
      
(2,230
)
    
—
      
(2,230
)
Net tax benefit for a former subsidiary investment loss
    
—
      
(25,688
)
    
—
      
(25,688
)
Income tax impact on non-GAAP adjustments (1)
    
(6,263
)
    
(4,483
)
    
(16,501
)
    
(5,648
)
Loss from discontinued operations
    
3,924
      
327,557
      
25,127
      
329,315
  
Net income from continuing operations attributable to Adtalem excluding special items (non-GAAP)
  
$
35,054
    
$
30,502
    
$
153,678
    
$
123,541
  
(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,
 
   
2021
    
2020
    
2021
    
2020
  
Earnings (loss) per share, diluted (GAAP)
  
$
0.18
    
$
(4.86
)
  
$
1.49
    
$
(1.58
)
Effect on diluted earnings per share:
                                
Restructuring expense
    
0.06
      
0.35
      
0.19
      
0.53
  
Business acquisition and integration expense
    
0.07
      
—
      
0.61
      
—
  
Pre-acquisition interest expense
    
0.43
      
—
      
0.52
      
—
  
Gain on sale of assets
    
—
      
—
      
—
      
(0.09
)
Gain on derivative
    
—
      
(0.51
)
    
—
      
(2.05
)
Tax Cuts and Jobs Act of 2017
    
—
      
(0.04
)
    
—
      
(0.04
)
Net tax benefit for a former subsidiary investment loss
    
—
      
(0.49
)
    
—
      
(0.47
)
Income tax impact on non-GAAP adjustments (1)
    
(0.12
)
    
(0.09
)
    
(0.32
)
    
(0.10
)
Loss from discontinued operations
    
0.08
      
6.22
      
0.49
      
6.09
  
Earnings per share from continuing operations excluding special items, diluted (non-GAAP)
  
$
0.70
    
$
0.58
    
$
2.98
    
$
2.28
  
Diluted shares used in EPS calculation
    
50,326
      
52,650
      
51,645
      
54,094
  
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
  
      FY21
      FY20
      FY21
      FY21
      FY21
      FY21
      FY20
      FY20
      FY20
      FY20
 
      Q4
      Q4
      Q4
      Q3
      Q2
      Q1
      Q4
      Q3
      Q2
      Q1
 
                                                                                 
Net cash provided by operating activities-continuing operations (GAAP)
  
$
55,953
    
$
57,535
    
$
223,158
    
$
224,740
    
$
259,091
    
$
200,743
    
$
149,565
    
$
170,304
    
$
159,150
    
$
165,413
  
Capital expenditures
    
(13,820
)
    
(12,203
)
    
(48,664
)
    
(47,047
)
    
(48,001
)
    
(48,144
)
    
(44,137
)
    
(44,239
)
    
(45,827
)
    
(54,689
)
Free cash flow (non-GAAP)
  
$
42,133
    
$
45,332
    
$
174,494
    
$
177,693
    
$
211,090
    
$
152,599
    
$
105,428
    
$
126,065
    
$
113,323
    
$
110,724
  


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

       
   
Year Ended
  
   
June 30, 2021
  
Expected earnings per share, diluted (GAAP)
  
$2.73 to 2.98
  
Expected effects on diluted earnings per share:
      
Estimated incremental acquisition integration costs
    
0.52
  
Estimated incremental purchase accounting adjustment - deferred revenue
    
0.18
  
Estimated incremental purchase accounting adjustment - intangible amortization
    
1.26
  
Estimated income tax impact on non-GAAP adjustments(1)
    
(0.49
)
Expected adjusted earnings per share from continuing operations excluding special items, diluted (non-GAAP)(2)
  
$4.20 to 4.45
  
Diluted shares used in EPS calculation
    
50.1
  
(1) Represents the estimated income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements.
(2) The outlook provided above does not reflect the potential impact of any business or asset acquisitions or dispositions that may occur during fiscal year 2022, besides Walden University. The expected effects on diluted earnings per share (“EPS”) of the items listed above are estimates related to the Walden University acquisition. We are not able to estimate additional special items not currently identified, which may occur during fiscal year 2022 that could impact the GAAP expected EPS provided above.


       
   
Year Ended
  
   
June 30, 2021
  
Expected revenue (GAAP)
  
$1,676 to 1,726
  
Estimated incremental purchase accounting adjustment - deferred revenue
    
9
  
Expected revenue excluding special items (non-GAAP)(3)
  
$1,685 to 1,735
  
(3) The outlook provided above does not reflect the potential impact of any business or asset acquisitions or dispositions that may occur during fiscal year 2022, besides Walden University. The expected effects on revenue of the item listed above is an estimate related to the Walden University acquisition.

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DE 001-13988 36-3150143 500 West Monroe Chicago 60661 866 374-2678 false false false false Common Stock $0.01 Par Value ATGE NYSE Common Stock $0.01 Par Value ATGE false XML 9 R1.htm IDEA: XBRL DOCUMENT v3.21.2
Document and Entity Information
Aug. 19, 2021
Entity Listings [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 19, 2021
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
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
New York Stock Exchange [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security Common Stock $0.01 Par Value
Trading Symbol ATGE
Security Exchange Name NYSE
Chicago Stock Exchange, Inc. [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security Common Stock $0.01 Par Value
Trading Symbol ATGE
Security Exchange Name CHX
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