0001157523-23-000155.txt : 20230202 0001157523-23-000155.hdr.sgml : 20230202 20230202160614 ACCESSION NUMBER: 0001157523-23-000155 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20230202 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230202 DATE AS OF CHANGE: 20230202 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: 23580879 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 a53298458.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): February 2, 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)

(312) 651-1400
(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 February 2, 2023, Adtalem Global Education Inc. (“Adtalem”) issued a press release announcing its second quarter 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 the future impacts of the COVID-19 pandemic and the expected synergies from the  Walden acquisition.  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 February 2, 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: February 2, 2023

EX-99.1 2 a53298458ex991.htm EXHIBIT 99.1
Exhibit 99.1
News Release

Investor Contact
Chandrika Nigam
Chandrika.Nigam@Adtalem.com
312-681-3209



Media Contact
Rosalind D’Eugenio
Rosalind.Deugenio@adtalem.com
312-906-6600


Adtalem Global Education Announces Fiscal Second Quarter 2023 Results
 
Ongoing margin expansion supported by solid operational execution
 
 
CHICAGO – Feb. 2, 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 second quarter fiscal 2023 ended Dec. 31, 2022.
 
“During the second quarter, we maintained our commitment to disciplined operational execution and enhanced student outcomes, which delivered solid results. Our ability to maximize operational effectiveness across our institutions, coupled with the implementation of a number of transformational initiatives, gives us confidence that we remain on track to deliver on our full year expectations,” said Steve Beard, president and CEO of Adtalem Global Education.
 
Beard continued, “Our teams have done an impressive job building the foundation to advance Adtalem’s leading position in healthcare education, supporting an expanding margin profile while positioning us for sustainable, long-term growth. Heading into the latter half of fiscal 2023, we remain optimistic that the demand environment will see modest improvement. Our strategic investments and enhanced operational effectiveness leave us well prepared to maximize the benefit of an improved macro dynamic for the benefit of all our stakeholders.”
 

 
Financial Highlights
 
Selected financial data for the three months ended Dec. 31, 2022:

•
Revenue of $363.3 million decreased 2.1% compared with the prior year
•
Diluted earnings per share increased to $0.52 from $0.36 in the prior year; adjusted earnings per share increased to $1.17 or by 56.0%, compared with $0.75 in the prior year
•
Operating income was $46.0 million, compared with $24.7 million in the prior year; adjusted operating income was $79.5 million, an increase of 13.2% compared with the prior year. Operating margin was 12.7% and adjusted operating margin increased to 21.9% from 18.9%
•
Net income was $24.1 million, compared with $17.9 million in the prior year; adjusted net income was $54.2 million, an increase of 43.4% compared with the prior year
•
Adjusted EBITDA was $92.1 million, an increase of 7.0% compared with the prior year; adjusted EBITDA margin expanded by 220 basis points to 25.4% from 23.2%
•
Gross debt was reduced by $50 million, representing a 6.6% decrease from the prior quarter end gross debt balance

 
Selected financial data for the six months ended Dec. 31, 2022:
 
•
Revenue of $717.9 million increased 8.7% compared with the prior year primarily due to the timing of the acquisition of Walden
•
Diluted earnings per share was $0.57 compared with diluted loss per share of $0.81 in the prior year; adjusted earnings per share increased to $2.06 or by 87.3%, compared with $1.10 in the prior year
•
Operating income was $69.1 million, compared with $2.7 million in the prior year; adjusted operating income was $144.6 million, an increase of 35.6% compared with the prior year. Operating margin was 9.6% and adjusted operating margin increased to 20.1% from 16.2%
•
Net income was $26.3 million compared with a net loss of $40.2 million in the prior year, adjusted net income was $95.2 million, an increase of 71.9% compared with the prior year
•
Adjusted EBITDA was $174.2 million, an increase of 27.6%, compared with the prior year; adjusted EBITDA margin expanded by 360 basis points to 24.3% compared with 20.7% in the prior year

 

Business Highlights
 
•
Chamberlain University launched a home health specialty initiative with $1.2 million grant from American Nurses Foundation awarded to Chamberlain in May for its Practice Ready Specialty FocusedTM model to address the dire need of healthcare professionals in continuing care and home health.

•
Walden University, a pioneer in flexible learning, launched the Believe and Achieve ScholarshipTM in line with its mission to empower students throughout their educational journey, paving a way for them to effect change in their careers and the communities they serve.
•
Adtalem was named one of America’s Most Responsible Companies 2023 by Newsweek magazine and Statista Inc. Statista is the world-leading statistics portal and industry ranking provider.  Adtalem was selected based on key performance indicators derived from corporate social responsibility reports, as well as an independent survey of U.S. residents.
•
Michael Malafronte was elected as Chairman of Adtalem's board of directors. Having previously served as an independent director since 2016, Malafronte will lead the board’s oversight of Adtalem’s vision and strategy.
•
Blake Simpson was appointed as Senior Vice President and Chief Communications Officer.  In this newly created role, Simpson is responsible for the development and implementation of Adtalem’s enterprise brand and communications strategy, including investor, government, and media relations, as well as sustainability.

 
Segment Highlights

 
Chamberlain
 
Revenue in the second quarter increased to $141.4 million from $139.1 million in the prior year, and segment operating income increased 30.5% to $33.2 million primarily due to continued benefit from value capture initiatives and lower labor costs. Adjusted EBITDA increased to $37.7 million or by 17.2% compared with the prior year.

 
Total student enrollment decreased 0.8% compared with the prior year, primarily attributable to growth in pre-licensure nursing programs offset by declines in post-licensure nursing programs.
 

Walden
 
Revenue in the second quarter decreased to $131.9 million from $140.6 million in the prior year. Segment operating income increased to $12.8 million. Adjusted segment operating income decreased by 10.5% to $29.0 million compared with the prior year, due to lower revenue, partially offset by lower expenses. Adjusted EBITDA decreased to $31.6 million or by 11.5% compared with the prior year.
Total student enrollment decreased 7.8% compared with the prior year, which was primarily attributable to headwinds faced by post-licensure nursing programs.
 
 
Medical and Veterinary
 
Revenue in the second quarter decreased to $90.0 million from $91.5 million in the prior year. Segment operating income increased 17.5% to $22.9 million compared with the prior year due to continued benefit from cost discipline initiatives. Adjusted EBITDA increased to $26.3 million or by 8.0% compared with the prior year.
 
 
 
Adtalem Outlook
 
Adtalem reaffirmed its guidance of fiscal year 2023 revenue to be within the range of $1,380 million and $1,450 million, and adjusted earnings per share to be within the range of $3.95 to $4.20.
 

 
Conference Call and Webcast Information
 
Adtalem will hold a conference call to discuss its fiscal 2023 second quarter on Thursday, Feb. 2, 2023, at 4 p.m. CST (5 p.m. EST). The conference call will be led by Steve Beard, president and chief executive officer, and Bob Phelan, 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: 13734624. Adtalem will also broadcast the conference call live on the web at:
 
https://event.choruscall.com/mediaframe/webcast.html?webcastid=N0txs9lD.
 
 
 
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 March 3, 2023. To access the replay, dial 877-660-6853 (United States) or +1 201-612-7415 (outside the United States), conference ID: 13734624, or visit the Adtalem website at: https://investors.adtalem.com/overview/default.aspx.
 

 
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 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 the future impacts of the COVID-19 pandemic, and the expected synergies from the Walden acquisition. 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.
 
Q2 2023
Q2 2022
% Change
  
Adtalem Global Education Student Enrollments
        
Total students(1)
76,980
80,255
-4.1
%
         
         
Chamberlain University
        
Total students
33,390
33,648
-0.8
%
         
 
Walden University(3)
        
Walden University
        
Total students
37,956
41,158
-7.8
%
 
 
Walden University(3)
        
         
Medical & Veterinary(2)
        
Total students
5,634
5,449
3.4
%

(1)
Represents total students attending sessions during each institution’s most recent enrollment period in Q2 FY 2023 and Q2 FY 2022
(2)
Medical and Veterinary segment does not have an intake period during the fiscal second quarter
Adtalem Global Education Inc.
Consolidated Balance Sheets
(unaudited)
(in thousands, except par value)
   
December 31,
   
June 30,
   
December 31,
 
   
2022
    
2022
    
2021
  
Assets:
                  
Current assets:
                  
Cash and cash equivalents
  
$
207,776
    
$
346,973
    
$
275,420
  
Restricted cash
    
2,234
      
964
      
1,224
  
Accounts receivable, net
    
99,542
      
81,635
      
92,744
  
Prepaid expenses and other current assets
    
113,564
      
126,467
      
166,722
  
Current assets held for sale
    
—
      
—
      
74,397
  
Total current assets
    
423,116
      
556,039
      
610,507
  
Noncurrent assets:
                        
Property and equipment, net
    
275,617
      
289,926
      
301,666
  
Operating lease assets
    
175,097
      
177,995
      
155,356
  
Deferred income taxes
    
52,460
      
51,093
      
61,536
  
Intangible assets, net
    
838,873
      
873,577
      
923,701
  
Goodwill
    
961,262
      
961,262
      
960,058
  
Other assets, net
    
116,613
      
119,283
      
117,621
  
Noncurrent assets held for sale
    
—
      
—
      
529,328
  
Total noncurrent assets
    
2,419,922
      
2,473,136
      
3,049,266
  
Total assets
  
$
2,843,038
    
$
3,029,175
    
$
3,659,773
  
                         
Liabilities and shareholders' equity:
                        
Current liabilities:
                        
Accounts payable
  
$
71,189
    
$
57,140
    
$
65,422
  
Accrued payroll and benefits
    
42,465
      
66,642
      
52,086
  
Accrued liabilities
    
93,705
      
98,124
      
134,585
  
Deferred revenue
    
115,658
      
144,840
      
124,347
  
Current operating lease liabilities
    
48,445
      
50,781
      
54,845
  
Current portion of long-term debt
    
—
      
—
      
8,500
  
Current liabilities held for sale
    
—
      
—
      
57,690
  
Total current liabilities
    
371,462
      
417,527
      
497,475
  
Noncurrent liabilities:
                        
Long-term debt
    
693,781
      
838,908
      
1,599,538
  
Long-term operating lease liabilities
    
166,496
      
177,045
      
155,827
  
Deferred income taxes
    
26,676
      
25,554
      
27,127
  
Other liabilities
    
61,901
      
65,074
      
58,040
  
Noncurrent liabilities held for sale
    
—
      
—
      
32,086
  
Total noncurrent liabilities
    
948,854
      
1,106,581
      
1,872,618
  
Total liabilities
    
1,320,316
      
1,524,108
      
2,370,093
  
Commitments and contingencies
                        
Redeemable noncontrolling interest
    
—
      
—
      
1,790
  
Shareholders' equity:
                        
Common stock, $0.01 par value per share, 200,000 shares authorized; 45,443, 45,177, and
49,797 shares outstanding as of December 31, 2022, June 30, 2022, and December 31, 2021,
respectively
    
822
      
818
      
817
  
Additional paid-in capital
    
561,376
      
521,848
      
542,296
  
Retained earnings
    
2,349,146
      
2,322,810
      
1,964,954
  
Accumulated other comprehensive loss
    
(2,227
)
    
(960
)
    
(634
)
Treasury stock, at cost, 36,713, 36,619, and 31,908 shares as of December 31, 2022, June 30,
2022, and December 31, 2021, respectively
    
(1,386,395
)
    
(1,339,449
)
    
(1,219,543
)
Total shareholders' equity
    
1,522,722
      
1,505,067
      
1,287,890
  
Total liabilities and shareholders' equity
  
$
2,843,038
    
$
3,029,175
    
$
3,659,773
  
Adtalem Global Education Inc.
Consolidated Statements of Income (Loss)
(unaudited)
(in thousands, except per share data)
   
Three Months Ended
    
Six Months Ended
  
   
December 31,
   
December 31,
 
   
2022
    
2021
    
2022
    
2021
  
Revenue
  
$
363,302
    
$
371,198
    
$
717,861
    
$
660,268
  
Operating cost and expense:
                                
Cost of educational services
    
159,303
      
180,420
      
318,948
      
332,470
  
Student services and administrative expense
    
140,668
      
153,597
      
289,009
      
283,033
  
Restructuring expense
    
1,363
      
3,387
      
16,428
      
6,481
  
Business acquisition and integration expense
    
15,941
      
9,060
      
24,356
      
35,613
  
Total operating cost and expense
    
317,275
      
346,464
      
648,741
      
657,597
  
Operating income
    
46,027
      
24,734
      
69,120
      
2,671
  
Interest expense
    
(15,589
)
    
(25,929
)
    
(33,349
)
    
(73,322
)
Other (expense) income, net
    
(2,574
)
    
861
      
(1,007
)
    
1,739
  
Income (loss) from continuing operations before income taxes
    
27,864
      
(334
)
    
34,764
      
(68,912
)
(Provision for) benefit from income taxes
    
(4,247
)
    
39,368
      
(5,301
)
    
30,764
  
Income (loss) from continuing operations
    
23,617
      
39,034
      
29,463
      
(38,148
)
Discontinued operations:
                                
Income (loss) from discontinued operations before income taxes
    
524
      
4,159
      
(2,914
)
    
(1,891
)
Gain (loss) on disposal of discontinued operations before income taxes
    
185
      
—
      
(3,174
)
    
—
  
(Provision for) benefit from income taxes
    
(182
)
    
(25,340
)
    
2,961
      
(112
)
Income (loss) from discontinued operations
    
527
      
(21,181
)
    
(3,127
)
    
(2,003
)
Net income (loss)
  
$
24,144
    
$
17,853
    
$
26,336
    
$
(40,151
)
                                 
Earnings (loss) per share:
                                
Basic:
                                
Continuing operations
  
$
0.52
    
$
0.78
    
$
0.65
    
$
(0.77
)
Discontinued operations
  
$
0.01
    
$
(0.43
)
  
$
(0.07
)
  
$
(0.04
)
Total basic earnings (loss) per share
  
$
0.53
    
$
0.36
    
$
0.58
    
$
(0.81
)
Diluted:
                                
Continuing operations
  
$
0.51
    
$
0.78
    
$
0.64
    
$
(0.77
)
Discontinued operations
  
$
0.01
    
$
(0.42
)
  
$
(0.07
)
  
$
(0.04
)
Total diluted earnings (loss) per share
  
$
0.52
    
$
0.36
    
$
0.57
    
$
(0.81
)
                                 
Weighted-average shares outstanding:
                                
Basic shares
    
45,425
      
49,776
      
45,350
      
49,719
  
Diluted shares
    
46,121
      
50,237
      
46,232
      
49,719
  

Adtalem Global Education Inc.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
   
Six Months Ended
  
   
December 31,
 
   
2022
    
2021
  
Operating activities:
            
Net income (loss)
  
$
26,336
    
$
(40,151
)
Loss from discontinued operations
    
3,127
      
2,003
  
Income (loss) from continuing operations
    
29,463
      
(38,148
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
                
Stock-based compensation expense
    
8,113
      
13,931
  
Amortization and impairments to operating lease assets
    
28,612
      
24,421
  
Depreciation
    
21,461
      
22,130
  
Amortization of intangible assets
    
34,704
      
47,150
  
Amortization and write-off of debt discount and issuance costs
    
6,819
      
19,985
  
Provision for bad debts
    
14,275
      
12,577
  
Deferred income taxes
    
(245
)
    
(9,331
)
Loss on disposals, accelerated depreciation, and impairments to property and equipment
    
3,483
      
266
  
Gain on extinguishment of debt
    
(71
)
    
—
  
Loss on investment
    
5,000
      
—
  
Changes in assets and liabilities:
                
Accounts receivable
    
(25,045
)
    
(33,765
)
Prepaid expenses and other current assets
    
227
      
(29,686
)
Accounts payable
    
13,233
      
(8,304
)
Accrued payroll and benefits
    
(24,145
)
    
(26,594
)
Accrued liabilities
    
(4,849
)
    
(10,524
)
Deferred revenue
    
(29,182
)
    
44,582
  
Operating lease liabilities
    
(25,923
)
    
(23,027
)
Other assets and liabilities
    
(13,654
)
    
(24,631
)
Net cash provided by (used in) operating activities-continuing operations
    
42,276
      
(18,968
)
Net cash (used in) provided by operating activities-discontinued operations
    
(862
)
    
20,062
  
Net cash provided by operating activities
    
41,414
      
1,094
  
Investing activities:
                
Capital expenditures
    
(9,747
)
    
(14,772
)
Payment for purchase of business, net of cash and restricted cash acquired
    
—
      
(1,488,054
)
Net cash used in investing activities-continuing operations
    
(9,747
)
    
(1,502,826
)
Net cash used in investing activities-discontinued operations
    
—
      
(2,199
)
Payment for working capital adjustment for sale of business
    
(3,174
)
    
—
  
Net cash used in investing activities
    
(12,921
)
    
(1,505,025
)
Financing activities:
                
Proceeds from exercise of stock options
    
1,422
      
8,200
  
Employee taxes paid on withholding shares
    
(4,108
)
    
(2,518
)
Proceeds from stock issued under Colleague Stock Purchase Plan
    
289
      
244
  
Payment on equity forward contract
    
(13,162
)
    
—
  
Proceeds from long-term debt
    
—
      
850,000
  
Repayments of long-term debt
    
(150,861
)
    
(291,000
)
Payment of debt discount and issuance costs
    
—
      
(49,553
)
Net cash (used in) provided by financing activities
    
(166,420
)
    
515,373
  
Effect of exchange rate changes on cash, cash equivalents and restricted cash
    
—
      
36
  
Net decrease in cash, cash equivalents and restricted cash
    
(137,927
)
    
(988,522
)
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
    
210,010
      
325,094
  
Less: cash, cash equivalents and restricted cash of discontinued operations at end of period
    
—
      
48,450
  
Cash, cash equivalents and restricted cash of continuing operations at end of period
  
$
210,010
    
$
276,644
  
Non-cash investing and financing activities:
                
Accrued capital expenditures
  
$
5,209
    
$
3,247
  

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

 
Three Months Ended
    
Six Months Ended
  
 
December 31,
   
December 31,
 
             
Increase/(Decrease)
                
Increase/(Decrease)
  
 
2022
    
2021
     $    

%
      
2022
      
2021
     $    

%
  
Revenue:
                                                      
Chamberlain
$
141,396
    
$
139,121
    
$
2,275
      
1.6
%
  
$
276,801
    
$
274,760
    
$
2,041
      
0.7
%
Walden
  
131,940
      
140,627
      
(8,687
)
    
(6.2
)%
    
262,841
      
209,244
      
53,597
      
25.6
%
Medical and Veterinary
  
89,966
      
91,450
      
(1,484
)
    
(1.6
)%
    
178,219
      
176,264
      
1,955
      
1.1
%
Total consolidated revenue
$
363,302
    
$
371,198
    
$
(7,896
)
    
(2.1
)%
  
$
717,861
    
$
660,268
    
$
57,593
      
8.7
%
Operating income (loss):
                                                              
Chamberlain
$
33,229
    
$
25,456
    
$
7,773
      
30.5
%
  
$
59,413
    
$
46,311
    
$
13,102
      
28.3
%
Walden
  
12,795
      
(2,443
)
    
15,238
    
NM
      
14,578
      
(14,089
)
    
28,667
    
NM
  
Medical and Veterinary
  
22,930
      
19,518
      
3,412
      
17.5
%
    
33,458
      
35,183
      
(1,725
)
    
(4.9
)%
Home Office and Other
  
(22,927
)
    
(17,797
)
    
(5,130
)
    
(28.8
)%
    
(38,329
)
    
(64,734
)
    
26,405
      
40.8
%
Total consolidated operating income
$
46,027
    
$
24,734
    
$
21,293
      
86.1
%
  
$
69,120
    
$
2,671
    
$
66,449
      
2,487.8
%

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 (loss)) – Measure of Adtalem’s net income (loss) adjusted for deferred revenue adjustment, CEO transition costs, restructuring expense, business acquisition and integration expense, intangible amortization expense, pre-acquisition interest expense, write-off of debt discount and issuance costs, gain on extinguishment of debt, investment impairment, and net (income) loss from discontinued operations.
 
Adjusted earnings per share (most comparable GAAP measure: earnings (loss) per share) – Measure of Adtalem’s diluted earnings (loss) per share adjusted for deferred revenue adjustment, CEO transition costs, restructuring expense, business acquisition and integration expense, intangible amortization expense, pre-acquisition interest expense, write-off of debt discount and issuance costs, gain on extinguishment of debt, investment impairment, and net (income) loss 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, and intangible amortization expense. 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 (loss)) – Measure of Adtalem’s net income (loss) adjusted for net (income) loss from discontinued operations, interest expense, other expense (income), net, provision for (benefit from) income taxes, depreciation and amortization, stock-based compensation, deferred revenue adjustment, CEO transition costs, restructuring expense, and business acquisition and integration expense. This measure is applied on a consolidated and segment basis, depending on the context of the discussion. Income taxes, interest expense, and other expense (income), net is not recorded at the reportable segments, and therefore, the segment adjusted EBITDA reconciliations begin with operating income.
 
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.
•
Business acquisition and integration expense include expenses related to the Walden acquisition and certain costs related to growth transformation initiatives.
•
Intangible amortization expense on acquired intangible assets.
•
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, and impairment of an equity investment.
Net (income) loss from discontinued operations includes the operations of ACAMS, Becker, OCL, and EduPristine, in addition to costs related to DeVry University.
Adtalem Global Education Inc.
Non-GAAP Operating Income by Segment
(unaudited)
(in thousands)


 
Three Months Ended
    
Six Months Ended
  
 
December 31,
   
December 31,
 
             
Increase/(Decrease)
                
Increase/(Decrease)
  
 
2022
    
2021
     $    

%
      
2022
      
2021
     $    

%
  
Chamberlain:
                                                      
Operating income (GAAP)
$
33,229
    
$
25,456
    
$
7,773
      
30.5
%
  
$
59,413
    
$
46,311
    
$
13,102
      
28.3
%
Restructuring expense
  
—
      
335
      
(335
)
            
818
      
335
      
483
          
Adjusted operating income (non-GAAP)
$
33,229
    
$
25,791
    
$
7,438
      
28.8
%
  
$
60,231
    
$
46,646
    
$
13,585
      
29.1
%
Operating margin (GAAP)
  
23.5
%
    
18.3
%
                    
21.5
%
    
16.9
%
                
Operating margin (non-GAAP)
  
23.5
%
    
18.5
%
                    
21.8
%
    
17.0
%
                
                                                               
Walden:
                                                              
Operating income (loss) (GAAP)
$
12,795
    
$
(2,443
)
  
$
15,238
    
NM
    
$
14,578
    
$
(14,089
)
  
$
28,667
    
NM
  
Deferred revenue adjustment
  
—
      
2,354
      
(2,354
)
            
—
      
8,561
      
(8,561
)
        
Restructuring expense
  
41
      
1,791
      
(1,750
)
            
3,121
      
1,791
      
1,330
          
Intangible amortization expense
  
16,176
      
30,699
      
(14,523
)
            
34,704
      
47,150
      
(12,446
)
        
Adjusted operating income (non-GAAP)
$
29,012
    
$
32,401
    
$
(3,389
)
    
(10.5
)%
  
$
52,403
    
$
43,413
    
$
8,990
      
20.7
%
Operating margin (GAAP)
  
9.7
%
    
(1.7
)%
                    
5.5
%
    
(6.7
)%
                
Operating margin (non-GAAP)
  
22.0
%
    
23.0
%
                    
19.9
%
    
20.7
%
                
                                                               
Medical and Veterinary:
                                                              
Operating income (GAAP)
$
22,930
    
$
19,518
    
$
3,412
      
17.5
%
  
$
33,458
    
$
35,183
    
$
(1,725
)
    
(4.9
)%
Restructuring expense
  
87
      
188
      
(101
)
            
6,913
      
188
      
6,725
          
Adjusted operating income (non-GAAP)
$
23,017
    
$
19,706
    
$
3,311
      
16.8
%
  
$
40,371
    
$
35,371
    
$
5,000
      
14.1
%
Operating margin (GAAP)
  
25.5
%
    
21.3
%
                    
18.8
%
    
20.0
%
                
Operating margin (non-GAAP)
  
25.6
%
    
21.5
%
                    
22.7
%
    
20.1
%
                
                                                               
Home Office and Other:
                                                              
Operating loss (GAAP)
$
(22,927
)
  
$
(17,797
)
  
$
(5,130
)
    
(28.8
)%
  
$
(38,329
)
  
$
(64,734
)
  
$
26,405
      
40.8
%
CEO transition costs
  
—
      
—
      
—
              
—
      
6,195
      
(6,195
)
        
Restructuring expense
  
1,235
      
1,073
      
162
              
5,576
      
4,167
      
1,409
          
Business acquisition and integration expense
  
15,941
      
9,060
      
6,881
              
24,356
      
35,613
      
(11,257
)
        
Adjusted operating loss (non-GAAP)
$
(5,751
)
  
$
(7,664
)
  
$
1,913
      
25.0
%
  
$
(8,397
)
  
$
(18,759
)
  
$
10,362
      
55.2
%
                                                               
Adtalem Global Education:
                                                              
Operating income (GAAP)
$
46,027
    
$
24,734
    
$
21,293
      
86.1
%
  
$
69,120
    
$
2,671
    
$
66,449
      
2,487.8
%
Deferred revenue adjustment
  
—
      
2,354
      
(2,354
)
            
—
      
8,561
      
(8,561
)
        
CEO transition costs
  
—
      
—
      
—
              
—
      
6,195
      
(6,195
)
        
Restructuring expense
  
1,363
      
3,387
      
(2,024
)
            
16,428
      
6,481
      
9,947
          
Business acquisition and integration expense
  
15,941
      
9,060
      
6,881
              
24,356
      
35,613
      
(11,257
)
        
Intangible amortization expense
  
16,176
      
30,699
      
(14,523
)
            
34,704
      
47,150
      
(12,446
)
        
Adjusted operating income (non-GAAP)
$
79,507
    
$
70,234
    
$
9,273
      
13.2
%
  
$
144,608
    
$
106,671
    
$
37,937
      
35.6
%
Operating margin (GAAP)
  
12.7
%
    
6.7
%
                    
9.6
%
    
0.4
%
                
Operating margin (non-GAAP)
  
21.9
%
    
18.9
%
                    
20.1
%
    
16.2
%
                
Adtalem Global Education Inc.
Non-GAAP Adjusted EBITDA by Segment
(unaudited)
(in thousands)


 
Three Months Ended
    
Six Months Ended
  
 
December 31,
   
December 31,
 
             
Increase/(Decrease)
                
Increase/(Decrease)
  
 
2022
    
2021
    
$
    
%
      
2022
      
2021
     $    

%
  
Chamberlain:
                                                      
Operating income (GAAP)
$
33,229
    
$
25,456
    
$
7,773
      
30.5
%
  
$
59,413
    
$
46,311
    
$
13,102
      
28.3
%
Restructuring expense
  
—
      
335
      
(335
)
            
818
      
335
      
483
          
Depreciation
  
4,099
      
4,726
      
(627
)
            
8,580
      
9,310
      
(730
)
        
Stock-based compensation
  
404
      
1,688
      
(1,284
)
            
2,677
      
3,235
      
(558
)
        
Adjusted EBITDA (non-GAAP)
$
37,732
    
$
32,205
    
$
5,527
      
17.2
%
  
$
71,488
    
$
59,191
    
$
12,297
      
20.8
%
Adjusted EBITDA margin (non-GAAP)
  
26.7
%
    
23.1
%
                    
25.8
%
    
21.5
%
                
                                                               
Walden:
                                                              
Operating income (loss) (GAAP)
$
12,795
    
$
(2,443
)
  
$
15,238
    
NM
    
$
14,578
    
$
(14,089
)
  
$
28,667
    
NM
  
Deferred revenue adjustment
  
—
      
2,354
      
(2,354
)
            
—
      
8,561
      
(8,561
)
        
Restructuring expense
  
41
      
1,791
      
(1,750
)
            
3,121
      
1,791
      
1,330
          
Intangible amortization expense
  
16,176
      
30,699
      
(14,523
)
            
34,704
      
47,150
      
(12,446
)
        
Depreciation
  
2,269
      
2,516
      
(247
)
            
4,864
      
4,228
      
636
          
Stock-based compensation
  
286
      
760
      
(474
)
            
2,191
      
1,467
      
724
          
Adjusted EBITDA (non-GAAP)
$
31,567
    
$
35,677
    
$
(4,110
)
    
(11.5
)%
  
$
59,458
    
$
49,108
    
$
10,350
      
21.1
%
Adjusted EBITDA margin (non-GAAP)
  
23.9
%
    
25.4
%
                    
22.6
%
    
23.5
%
                
                                                               
Medical and Veterinary:
                                                              
Operating income (GAAP)
$
22,930
    
$
19,518
    
$
3,412
      
17.5
%
  
$
33,458
    
$
35,183
    
$
(1,725
)
    
(4.9
)%
Restructuring expense
  
87
      
188
      
(101
)
            
6,913
      
188
      
6,725
          
Depreciation
  
3,031
      
3,645
      
(614
)
            
6,136
      
7,100
      
(964
)
        
Stock-based compensation
  
229
      
971
      
(742
)
            
1,704
      
1,899
      
(195
)
        
Adjusted EBITDA (non-GAAP)
$
26,277
    
$
24,322
    
$
1,955
      
8.0
%
  
$
48,211
    
$
44,370
    
$
3,841
      
8.7
%
Adjusted EBITDA margin (non-GAAP)
  
29.2
%
    
26.6
%
                    
27.1
%
    
25.2
%
                
                                                               
Home Office and Other:
                                                              
Operating loss (GAAP)
$
(22,927
)
  
$
(17,797
)
  
$
(5,130
)
    
(28.8
)%
  
$
(38,329
)
  
$
(64,734
)
  
$
26,405
      
40.8
%
CEO transition costs
  
—
      
—
      
—
              
—
      
6,195
      
(6,195
)
        
Restructuring expense
  
1,235
      
1,073
      
162
              
5,576
      
4,167
      
1,409
          
Business acquisition and integration expense
  
15,941
      
9,060
      
6,881
              
24,356
      
35,613
      
(11,257
)
        
Depreciation
  
1,257
      
744
      
513
              
1,881
      
1,492
      
389
          
Stock-based compensation
  
1,049
      
801
      
248
              
1,541
      
1,135
      
406
          
Adjusted EBITDA (non-GAAP)
$
(3,445
)
  
$
(6,119
)
  
$
2,674
      
43.7
%
  
$
(4,975
)
  
$
(16,132
)
  
$
11,157
      
69.2
%
                                                               
Adtalem Global Education:
                                                              
Net income (loss) (GAAP)
$
24,144
    
$
17,853
    
$
6,291
      
35.2
%
  
$
26,336
    
$
(40,151
)
  
$
66,487
    
NM
  
Net (income) loss from discontinued operations
  
(527
)
    
21,181
      
(21,708
)
            
3,127
      
2,003
      
1,124
          
Interest expense
  
15,589
      
25,929
      
(10,340
)
            
33,349
      
73,322
      
(39,973
)
        
Other expense (income), net
  
2,574
      
(861
)
    
3,435
              
1,007
      
(1,739
)
    
2,746
          
Provision for (benefit from) income taxes
  
4,247
      
(39,368
)
    
43,615
              
5,301
      
(30,764
)
    
36,065
          
Operating income (GAAP)
  
46,027
      
24,734
      
21,293
              
69,120
      
2,671
      
66,449
          
Depreciation and amortization
  
26,832
      
42,330
      
(15,498
)
            
56,165
      
69,280
      
(13,115
)
        
Stock-based compensation
  
1,968
      
4,220
      
(2,252
)
            
8,113
      
7,736
      
377
          
Deferred revenue adjustment
  
—
      
2,354
      
(2,354
)
            
—
      
8,561
      
(8,561
)
        
CEO transition costs
  
—
      
—
      
—
              
—
      
6,195
      
(6,195
)
        
Restructuring expense
  
1,363
      
3,387
      
(2,024
)
            
16,428
      
6,481
      
9,947
          
Business acquisition and integration expense
  
15,941
      
9,060
      
6,881
              
24,356
      
35,613
      
(11,257
)
        
Adjusted EBITDA (non-GAAP)
$
92,131
    
$
86,085
    
$
6,046
      
7.0
%
  
$
174,182
    
$
136,537
    
$
37,645
      
27.6
%
Adjusted EBITDA margin (non-GAAP)
  
25.4
%
    
23.2
%
                    
24.3
%
    
20.7
%
                
Adtalem Global Education Inc.
Non-GAAP Earnings Disclosure
(unaudited)
(in thousands, except per share data)

   
Three Months Ended
    
Six Months Ended
  
   
December 31,
   
December 31,
 
   
2022
    
2021
    
2022
    
2021
  
Net income (loss) (GAAP)
  
$
24,144
    
$
17,853
    
$
26,336
    
$
(40,151
)
Deferred revenue adjustment
    
—
      
2,354
      
—
      
8,561
  
CEO transition costs
    
—
      
—
      
—
      
6,195
  
Restructuring expense
    
1,363
      
3,387
      
16,428
      
6,481
  
Business acquisition and integration expense
    
15,941
      
9,060
      
24,356
      
35,613
  
Intangible amortization expense
    
16,176
      
30,699
      
34,704
      
47,150
  
Pre-acquisition interest expense, write-off of debt discount and issuance costs, gain on extinguishment of debt, and investment impairment
    
6,402
      
—
      
9,226
      
31,634
  
Income tax impact on non-GAAP adjustments (1)
    
(9,309
)
    
(46,742
)
    
(18,982
)
    
(42,102
)
Net (income) loss from discontinued operations
    
(527
)
    
21,181
      
3,127
      
2,003
  
Adjusted net income (non-GAAP)
  
$
54,190
    
$
37,792
    
$
95,195
    
$
55,384
  
(1) Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements.

   
Three Months Ended
    
Six Months Ended
  
   
December 31,
   
December 31,
 
   
2022
    
2021
    
2022
    
2021
  
Earnings (loss) per share, diluted (GAAP)
  
$
0.52
    
$
0.36
    
$
0.57
    
$
(0.81
)
Effect on diluted earnings per share:
                                
Deferred revenue adjustment
    
-
      
0.05
      
-
      
0.17
  
CEO transition costs
    
-
      
-
      
-
      
0.12
  
Restructuring expense
    
0.03
      
0.07
      
0.36
      
0.13
  
Business acquisition and integration expense
    
0.35
      
0.18
      
0.53
      
0.71
  
Intangible amortization expense
    
0.35
      
0.61
      
0.75
      
0.94
  
Pre-acquisition interest expense, write-off of debt discount and issuance costs, gain on extinguishment of debt, and investment impairment
    
0.14
      
-
      
0.20
      
0.63
  
Income tax impact on non-GAAP adjustments (1)
    
(0.20
)
    
(0.93
)
    
(0.41
)
    
(0.84
)
Net (income) loss from discontinued operations
    
(0.01
)
    
0.42
      
0.07
      
0.04
  
Adjusted earnings per share, diluted (non-GAAP)
  
$
1.17
    
$
0.75
    
$
2.06
    
$
1.10
  
Diluted shares used in non-GAAP EPS calculation
    
46,121
      
50,237
      
46,232
      
50,166
  
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
    
FY22
    
FY22
    
FY22
  
   
Q2
    
Q2
    
Q2
    
Q1
    
Q4
    
Q3
    
Q2
  
Net cash (used in) provided by
operating activities-continuing
operations (GAAP)
   $
(49,248
)
   $
(48,474
)
   $
225,069
     $
225,843
     $
163,825
     $
101,481
     $
91,835
  
Capital expenditures
  
(4,196
)
  
(8,081
)
  
(26,029
)
  
(29,914
)
  
(31,054
)
  
(33,539
)
  
(34,949
)
Free cash flow (non-GAAP)
   $
(53,444
)
   $
(56,555
)
   $
199,040
     $
195,929
     $
132,771
     $
67,942
     $
56,886
  
   
     
     
     
     
     
     
   
Adtalem Global Education Inc.
Non-GAAP Outlook Disclosure
(unaudited)
(in thousands, except per share data)

   
Year Ended
  
   
June 30, 2023
  
Expected earnings per share, diluted (GAAP)
  
$
$1.90 to 2.15
  
Expected effects on diluted earnings per share:
        
Restructuring expense
    
0.36
  
Integration costs
    
0.53
  
Estimated intangible amortization
    
1.32
  
Write-off of debt discount and issuance costs, gain on extinguishment of debt, and investment impairment
    
0.20
  
Estimated incremental integration costs
    
0.25
  
Estimated income tax impact on non-GAAP adjustments(1)
    
(0.68
)
Net loss from discontinued operations
    
0.07
  
Expected adjusted earnings per share, diluted (non-GAAP)(2)
  
$
$3.95 to 4.20
  
Diluted shares used in EPS calculation
    
46,232
  
(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 the remainder of fiscal year 2023. The expected effects on diluted earnings per share (“EPS”) of (1) the estimated intangible amortization and (2) the estimated incremental integration costs are estimates related to the Walden University acquisition and certain costs related to growth transformation initiatives. The effects on diluted EPS of restructuring expense, integration costs, write-off of debt discount and issuance costs, gain on extinguishment of debt, investment impairment, and loss from discontinued operations includes the results realized through December 31, 2022. We are not able to further estimate certain special items for the full fiscal year. Additional charges to these special items, or additional special items not currently identified, which may occur during the remainder of fiscal year 2023, would impact the GAAP expected EPS provided above.
Adtalem Global Education Inc.
Non-GAAP Net Leverage Disclosure
(unaudited)
(in thousands)


 
Twelve Months Ended
  
 
December 31, 2022
  
Adtalem Global Education:
      
Net income (GAAP)
  
$
384,192
  
Net income from discontinued operations
    
(346,408
)
Interest expense
    
89,375
  
Other income, net
    
(1,074
)
Benefit from income taxes
    
20,828
  
Depreciation and amortization
    
128,733
  
Stock-based compensation
    
16,793
  
Restructuring expense
    
35,575
  
Business acquisition and integration expense
    
41,941
  
Adjusted EBITDA (non-GAAP)
  
$
369,955
  
         
 
December 31, 2022
  
Long-term debt
  
$
708,283
  
Less: Cash and cash equivalents
    
(207,776
)
Net debt (non-GAAP)
  
$
500,507
  
         
Net leverage (non-GAAP)
    
1.4
x


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Document and Entity Information
Feb. 02, 2023
Entity Listings [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 02, 2023
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 312
Local Phone Number 651-1400
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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