0001157523-23-000683.txt : 20230502 0001157523-23-000683.hdr.sgml : 20230502 20230502161615 ACCESSION NUMBER: 0001157523-23-000683 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20230502 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230502 DATE AS OF CHANGE: 20230502 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: 23879249 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 a53391567.htm ADTALEM GLOBAL EDUCATION INC. 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): May 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, 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 May 2, 2023, Adtalem Global Education Inc. (“Adtalem”) issued a press release announcing its fiscal 2023 third quarter academic, operating and financial results.  The press release is attached hereto as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
 
The information furnished pursuant to this Item 2.02, including Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Adtalem under the Securities Act of 1933, as amended, or the Exchange Act.
 
Forward-Looking Statements
 
Certain statements contained in this Form 8-K and related press release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact, which includes statements regarding Adtalem’s future growth, 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 May 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: May 2, 2023
 EX-99.1 2 a53391567_ex991.htm EXHIBIT 99.1
Exhibit 99.1

News Release
Investor Contact
Jay Spitzer and Chandrika Nigam
Investor.Relations@Adtalem.com
+1 312-906-6600
 
 
 
 
 
Media Contact
Jacquelyn Manetakis
adtalemmedia@Adtalem.com
+1 630-303-4438


Adtalem Global Education Announces Fiscal Third Quarter 2023 Results
  
Improving total enrollment trends
  
Strategic transformation momentum
  
Narrows guidance for fiscal year 2023
  
 
Third quarter highlights
 
•
Revenue $369.1 million, up 1.3% year-over-year
•
Total student enrollment 79,586, down 3.1% year-over-year, a quarterly sequential improvement of 100 basis points
•
Chamberlain University strong demand in pre-licensure BSN and post-licensure MSN programs
•
Diluted earnings per share $1.00 from $7.04 in the prior year; adjusted earnings per share $1.13, up 34.5% versus prior year
 
Fiscal year 2023 guidance
 
•
Revenue $1,400 million to $1,450 million
•
Adjusted earnings per share $4.05 to $4.20
 
Repurchased $48 million of shares in the third quarter against $300 million Board authorized share repurchase program
  
CHICAGO Ill. – May 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 third quarter fiscal 2023 ended March 31, 2023.
 “Our third quarter results showcase our unwavering commitment to provide access to high-quality, post-secondary and graduate level programs to nearly 80,000 diverse students and working adults. We continue to make steady progress in strengthening our operational excellence, supporting our portfolio of programs and solutions in ways that benefit all our stakeholders, especially our students. One testament to these benefits are the first time residency attainment rates for American University of the Caribbean School of Medicine and Ross University School of Medicine students attaining 2023/24 residency positions which, at 97%, are among the highest-ever for these institutions,” said Steve Beard, president and CEO of Adtalem Global Education.
 
Beard continued, “With market leading scale and a commitment to broad access and quality outcomes, we are addressing critical talent shortages in healthcare for the benefit of communities nationwide. Our strategic vision, disciplined execution, results, and improving industry outlook positions Adtalem to drive long-term sustainable growth.”
 
Financial Highlights
 
Selected financial data for the three months ended March 31, 2023:

•
Revenue of $369.1 million increased 1.3% compared with the prior year.
•
Operating income was $59.4 million, compared with $32.9 million in the prior year; adjusted operating income was $73.0 million, a decrease of 4.3% compared with $76.2 million in the prior year. Operating margin was 16.1% compared with 9.0% in the prior year, and adjusted operating margin was 19.8% compared with 20.9% in the prior year.
•
Net income was $45.9 million, compared with $347.7 million in the prior year; adjusted net income was $51.6 million, an increase of 24.7% compared with $41.4 million in the prior year.
•
Diluted earnings per share decreased to $1.00 from $7.04 in the prior year; adjusted earnings per share increased to $1.13, up 34.5% compared with $0.84 in the prior year.
•
Adjusted EBITDA was $85.9 million, a decrease of 6.8% compared with $92.2 million in the prior year; adjusted EBITDA margin was 23.3% compared with 25.3% in the prior year.

Selected financial data for the nine months ended March 31, 2023:
 
 •
Revenue of $1,086.2 million increased 6.4% compared with the prior year.
 •
Operating income was $128.6 million, compared with $30.8 million in the prior year; adjusted operating income was $217.6 million, an increase of 22.2% compared with $178.0 million in the prior year. Operating margin improved to 11.8% from 3.0% and adjusted operating margin increased to 20.0% from 17.4% in the prior year.
 •
Net income was $71.1 million, compared with $304.2 million in the prior year; adjusted net income was $146.9 million, an increase of 57.3% compared with $93.4 million in the prior year.
 •
Diluted earnings per share decreased to $1.54 from $6.15 in the prior year; adjusted earnings per share increased to $3.19, up 70.6% compared with $1.87 in the prior year.
 •
Adjusted EBITDA was $260.2 million, an increase of 16.2% compared with $223.9 million in the prior year; adjusted EBITDA margin was 24.0% compared with 21.9% in the prior year.
 
Business Highlights
 
•
Chamberlain University’s pre-licensure Bachelor of Science in Nursing (BSN) is accredited by the Higher Learning Commission and Commission on Collegiate Nursing Education. The online option now has over 500 enrollees spread across 22 states in just 2.5 years since launch.
•
First-time residency attainment rates for American University of the Caribbean School of Medicine and Ross University School of Medicine are at 97% for students attaining 2023/24 residency positions, among the highest-ever rates for the institutions, with 66% of those residents going into the all-important primary care specialty.
•
More than 875 students and graduates from Ross University School of Medicine and American University of the Caribbean School of Medicine will enter U.S. residency programs in 2023, representing 29 specialties deployed across 45 states. 26% of the students and graduates entering residency are from underrepresented minorities.
•
Walden University’s Master of Healthcare Administration program achieved Candidate Status from the Commission on Accreditation of Healthcare Management Education (CAHME).
•
Chamberlain University and Ochsner Health, the largest healthcare system and private employer in the state of Louisiana, partnered to launch the new Heart of Healthcare Program which awards up to three years of partial tuition coverage to eligible new students enrolled in the three-year Bachelor of Science in Nursing (BSN) degree program at Chamberlain University College of Nursing at Ochsner Health campus in New Orleans.
Segment Highlights
  
Chamberlain
 
•
Revenue in the third quarter increased 5.0% to $149.7 million from $142.6 million in the prior year.
•
Segment operating income increased 7.1% to $39.6 million from $37.0 million in the prior year. Adjusted segment operating income increased 1.7% to $39.6 million from $38.9 million in the prior year.
•
Adjusted EBITDA decreased 1.3% to $44.9 million compared with $45.5 million in the prior year.
•
Total student enrollment increased 2.0% compared with the prior year, driven by growth in pre-licensure and post-licensure nursing programs as well as higher persistence across the segment.
 
Walden
 
•
Revenue in the third quarter decreased 4.5% to $132.9 million from $139.1 million in the prior year.
•
Segment operating income increased to $10.3 million compared with segment operating loss of $3.2 million in the prior year. Adjusted segment operating income decreased 4.7% to $24.6 million compared with $25.8 million in the prior year.
•
Adjusted EBITDA decreased 4.9% to $27.8 million compared with $29.3 million in the prior year.
•
Total student enrollment decreased 7.9% compared with the prior year, primarily attributable to declines in non-healthcare programs and to a lesser extent to healthcare programs partially offset by higher persistence across the segment. Elimination of off-cycle start dates adversely impacted year-over-year total enrollment growth by 2.2%.
 
Medical and Veterinary
 
•
Revenue in the third quarter increased 4.6% to $86.5 million from $82.7 million in the prior year.
•
Segment operating income increased by 21.4% to $16.5 million from $13.6 million in the prior year. Adjusted segment operating income decreased 6.9% to $16.9 million compared with $18.1 million in the prior year.
•
Adjusted EBITDA decreased 8.4% to $20.7 million compared with $22.6 million in the prior year.
•
Total student enrollment increased 1.6% compared with the prior year, driven by growth in both medical and veterinary programs.
Fiscal Year 2023 Outlook
Adtalem narrowed its guidance for fiscal year 2023 revenue to a range of $1,400 million to $1,450 million from a range of $1,380 million to $1,450 million, and adjusted earnings per share to a range of $4.05 to $4.20 from a range of $3.95 to $4.20.
 
Conference Call and Webcast Information
 
Adtalem will hold a conference call to discuss its fiscal 2023 third quarter results today at 4:30 p.m. CDT (5:30 p.m. EDT).
 
The call can be accessed by dialing +1 877-407-6184 (U.S. participants) or +1 201-389-0877 (international participants) stating “Adtalem earnings call” or use conference ID: 13737030. The call will be simulcast through the Adtalem investor relations website at: https://investors.adtalem.com.
 
Adtalem will archive a replay of the call for 30 days. To access the replay, dial +1 877-660-6853 (U.S.) or +1 201-612-7415 (international), conference ID: 13737030, or visit the Adtalem investor relations website at: https://investors.adtalem.com.
 
Investor Day

Adtalem will host an Investor Day on Tuesday, June 20, 2023, at 9:00 a.m. CDT at Adtalem’s Chamberlain University Chicago campus. Advanced registration will be required to attend the event in-person. To register, please visit Adtalem’s Investor Day website.
 
During the investor event, Adtalem’s executive leadership team will discuss the Company’s strategic priorities, growth strategy, and financial outlook. Investors and analysts will have the opportunity to participate in a Q&A session. In-person participants are invited to join the leadership team to tour the campus.
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 Adtalem’s future growth, 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 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.
                   
     
Q3 2023
      
Q3 2022
    
% Change
  
Adtalem Global Education Student Enrollments
                      
Total students(1)
    
79,586
      
82,174
      
-3.1
%
                         
Chamberlain University
                        
Total students
    
34,847
      
34,158
      
2.0
%
                         
Walden University
                        
Total students
    
39,427
      
42,788
      
-7.9
%
                         
Medical & Veterinary
                        
Total students
    
5,312
      
5,228
      
1.6
%
                         

(1) Represents total students attending sessions during each institution’s most recent enrollment period in Q3 FY 2023 and Q3 FY 2022
Adtalem Global Education Inc.
Consolidated Balance Sheets
(unaudited)
(in thousands, except par value)
                   
   
March 31,
   
June 30,
   
March 31,
 
   
2023
    
2022
    
2022
  
Assets:
                  
Current assets:
                  
Cash and cash equivalents
  
$
315,373
    
$
346,973
    
$
788,729
  
Restricted cash
    
1,804
      
964
      
1,266
  
Accounts receivable, net
    
113,284
      
81,635
      
96,064
  
Prepaid expenses and other current assets
    
102,573
      
127,532
      
124,968
  
Current assets held for sale
    
—
      
—
      
1,432
  
Total current assets
    
533,034
      
557,104
      
1,012,459
  
Noncurrent assets:
                        
Property and equipment, net
    
252,797
      
289,926
      
294,538
  
Operating lease assets
    
173,271
      
177,995
      
186,968
  
Deferred income taxes
    
54,494
      
51,093
      
47,574
  
Intangible assets, net
    
824,641
      
873,577
      
896,884
  
Goodwill
    
961,262
      
961,262
      
961,262
  
Other assets, net
    
67,618
      
119,283
      
120,145
  
Noncurrent assets held for sale
    
—
      
—
      
93
  
Total noncurrent assets
    
2,334,083
      
2,473,136
      
2,507,464
  
Total assets
  
$
2,867,117
    
$
3,030,240
    
$
3,519,923
  
                         
Liabilities and shareholders' equity:
                        
Current liabilities:
                        
Accounts payable
  
$
73,307
    
$
57,140
    
$
67,252
  
Accrued payroll and benefits
    
56,023
      
67,792
      
57,510
  
Accrued liabilities
    
86,691
      
98,124
      
176,921
  
Deferred revenue
    
175,488
      
149,810
      
171,937
  
Current operating lease liabilities
    
46,411
      
50,781
      
51,335
  
Current liabilities held for sale
    
—
      
—
      
1,417
  
Total current liabilities
    
437,920
      
423,647
      
526,372
  
Noncurrent liabilities:
                        
Long-term debt
    
694,429
      
838,908
      
1,225,360
  
Long-term operating lease liabilities
    
164,185
      
177,045
      
188,955
  
Deferred income taxes
    
27,237
      
25,554
      
25,862
  
Other liabilities
    
32,961
      
73,700
      
74,380
  
Noncurrent liabilities held for sale
    
—
      
—
      
41
  
Total noncurrent liabilities
    
918,812
      
1,115,207
      
1,514,598
  
Total liabilities
    
1,356,732
      
1,538,854
      
2,040,970
  
Commitments and contingencies
                        
Shareholders' equity:
                        
Common stock, $0.01 par value per share, 200,000 shares authorized; 44,232, 45,177, and 45,138 shares outstanding as of March 31, 2023, June 30, 2022, and March 31, 2022, respectively
    
822
      
818
      
818
  
Additional paid-in capital
    
564,363
      
521,848
      
517,431
  
Retained earnings
    
2,381,506
      
2,310,396
      
2,303,650
  
Accumulated other comprehensive loss
    
(2,227
)
    
(2,227
)
    
(3,417
)
Treasury stock, at cost, 37,939, 36,619, and 36,621 shares as of March 31, 2023, June 30, 2022, and March 31, 2022, respectively
    
(1,434,079
)
    
(1,339,449
)
    
(1,339,529
)
Total shareholders' equity
    
1,510,385
      
1,491,386
      
1,478,953
  
Total liabilities and shareholders' equity
  
$
2,867,117
    
$
3,030,240
    
$
3,519,923
  
                         


 Adtalem Global Education Inc.
Consolidated Statements of Income
(unaudited)
(in thousands, except per share data)
                         
   
Three Months Ended
    
Nine Months Ended
  
   
March 31,
   
March 31,
 
   
2023
    
2022
    
2023
    
2022
  
Revenue
  
$
369,082
    
$
364,281
    
$
1,086,185
    
$
1,021,195
  
Operating cost and expense:
                                
Cost of educational services
    
165,820
      
166,027
      
484,768
      
498,497
  
Student services and administrative expense
    
144,526
      
148,863
      
432,713
      
433,379
  
Restructuring expense
    
1,278
      
10,518
      
17,706
      
16,999
  
Business acquisition and integration expense
    
11,346
      
5,924
      
35,702
      
41,537
  
Gain on sale of assets
    
(13,317
)
    
—
      
(13,317
)
    
—
  
Total operating cost and expense
    
309,653
      
331,332
      
957,572
      
990,412
  
Operating income
    
59,429
      
32,949
      
128,613
      
30,783
  
Interest expense
    
(14,457
)
    
(36,585
)
    
(47,806
)
    
(109,907
)
Other income (expense), net
    
3,980
      
(327
)
    
3,301
      
2,435
  
Income (loss) from continuing operations before income taxes
    
48,952
      
(3,963
)
    
84,108
      
(76,689
)
(Provision for) benefit from income taxes
    
(389
)
    
8,363
      
(5,906
)
    
39,597
  
Income (loss) from continuing operations
    
48,563
      
4,400
      
78,202
      
(37,092
)
Discontinued operations:
                                
(Loss) income from discontinued operations before income taxes
    
(3,993
)
    
3,426
      
(6,734
)
    
1,535
  
(Loss) gain on disposal of discontinued operations before income taxes
    
(402
)
    
474,003
      
(3,576
)
    
474,003
  
Benefit from (provision for) income taxes
    
1,701
      
(134,089
)
    
3,222
      
(134,201
)
(Loss) income from discontinued operations
    
(2,694
)
    
343,340
      
(7,088
)
    
341,337
  
Net income
  
$
45,869
    
$
347,740
    
$
71,114
    
$
304,245
  
                                 
Earnings (loss) per share:
                                
Basic:
                                
Continuing operations
  
$
1.08
    
$
0.09
    
$
1.73
    
$
(0.75
)
Discontinued operations
  
$
(0.06
)
  
$
7.02
    
$
(0.16
)
  
$
6.90
  
Total basic earnings per share
  
$
1.02
    
$
7.11
    
$
1.57
    
$
6.15
  
Diluted:
                                
Continuing operations
  
$
1.06
    
$
0.09
    
$
1.70
    
$
(0.75
)
Discontinued operations
  
$
(0.06
)
  
$
6.95
    
$
(0.15
)
  
$
6.90
  
Total diluted earnings per share
  
$
1.00
    
$
7.04
    
$
1.54
    
$
6.15
  
                                 
Weighted-average shares outstanding:
                                
Basic shares
    
45,125
      
48,925
      
45,276
      
49,459
  
Diluted shares
    
45,801
      
49,377
      
46,089
      
49,459
  
                                 

Adtalem Global Education Inc.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
             
   
Nine Months Ended
  
   
March 31,
 
   
2023
    
2022
  
Operating activities:
            
Net income
  
$
71,114
    
$
304,245
  
Loss (income) from discontinued operations
    
7,088
      
(341,337
)
Income (loss) from continuing operations
    
78,202
      
(37,092
)
Adjustments to reconcile net income to net cash provided by operating activities:
                
Stock-based compensation expense
    
10,908
      
18,604
  
Amortization and impairments to operating lease assets
    
37,928
      
35,251
  
Depreciation
    
31,618
      
33,471
  
Amortization of intangible assets
    
48,936
      
73,967
  
Amortization and write-off of debt discount and issuance costs
    
7,974
      
34,481
  
Provision for bad debts
    
23,391
      
19,552
  
Deferred income taxes
    
(1,718
)
    
3,425
  
Loss on disposals, accelerated depreciation, and impairments to property and equipment
    
3,999
      
2,274
  
Gain on extinguishment of debt
    
(71
)
    
—
  
Loss on investments
    
4,122
      
807
  
Gain on sale of assets
    
(13,317
)
    
—
  
Changes in assets and liabilities:
                
Accounts receivable
    
(43,345
)
    
(40,520
)
Prepaid expenses and other current assets
    
7,034
      
2,398
  
Accounts payable
    
12,286
      
(5,737
)
Accrued payroll and benefits
    
(11,719
)
    
(22,416
)
Accrued liabilities
    
(20,275
)
    
(92,528
)
Deferred revenue
    
26,038
      
92,507
  
Operating lease liabilities
    
(37,758
)
    
(36,159
)
Other assets and liabilities
    
(14,412
)
    
(23,514
)
Net cash provided by operating activities-continuing operations
    
149,821
      
58,771
  
Net cash used in operating activities-discontinued operations
    
(404
)
    
(6,915
)
Net cash provided by operating activities
    
149,417
      
51,856
  
Investing activities:
                
Capital expenditures
    
(19,056
)
    
(22,249
)
Proceeds from sale of marketable securities
    
7,635
      
941
  
Purchases of marketable securities
    
(1,508
)
    
(1,315
)
Proceeds from note receivable related to property sold
    
46,800
      
—
  
Payment for purchase of business, net of cash and restricted cash acquired
    
—
      
(1,488,054
)
Cash received on DeVry University loan
    
—
      
10,000
  
Net cash provided by (used in) investing activities-continuing operations
    
33,871
      
(1,500,677
)
Net cash used in investing activities-discontinued operations
    
—
      
(3,287
)
Proceeds from sale of business, net of cash transferred
    
—
      
962,652
  
Payment for working capital adjustment for sale of business
    
(3,174
)
    
—
  
Net cash provided by (used in) investing activities
    
30,697
      
(541,312
)
Financing activities:
                
Proceeds from exercise of stock options
    
1,622
      
8,433
  
Employee taxes paid on withholding shares
    
(4,214
)
    
(2,727
)
Proceeds from stock issued under Colleague Stock Purchase Plan
    
451
      
400
  
Repurchases of common stock for treasury
    
(44,710
)
    
(120,000
)
Payment on equity forward contract
    
(13,162
)
    
(30,000
)
Proceeds from long-term debt
    
—
      
850,000
  
Repayments of long-term debt
    
(150,861
)
    
(687,667
)
Payment of debt discount and issuance costs
    
—
      
(49,553
)
Payment for purchase of redeemable noncontrolling interest of subsidiary
    
—
      
(1,790
)
Net cash used in financing activities
    
(210,874
)
    
(32,904
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
    
—
      
12
  
Net decrease in cash, cash equivalents and restricted cash
    
(30,760
)
    
(522,348
)
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
    
317,177
      
791,268
  
Less: cash, cash equivalents and restricted cash of discontinued operations at end of period
    
—
      
1,273
  
Cash, cash equivalents and restricted cash of continuing operations at end of period
  
$
317,177
    
$
789,995
  
Non-cash investing and financing activities:
                
Accrued capital expenditures
  
$
10,474
    
$
5,408
  
Accrued liability for repurchases of common stock
  
$
2,699
    
$
—
  
Accrued excise tax on share repurchases
  
$
361
    
$
—
  
Settlement of financing liability with assets
  
$
38,606
    
$
—
  
                 

Adtalem Global Education Inc.
Segment Information
(unaudited)
(in thousands)
                                                 
   
Three Months Ended
    
Nine Months Ended
  
   
March 31,
   
March 31,
 
               
Increase/(Decrease)
              
Increase/(Decrease)
   
2023
    
2022
     $
   

%
      
2023
      
2022
     $
   

%
  
Revenue:
                                                        
Chamberlain
  
$
149,737
    
$
142,550
    
$
7,187
      
5.0
%
  
$
426,538
    
$
417,310
    
$
9,228
      
2.2
%
Walden
    
132,874
      
139,081
      
(6,207
)
    
(4.5
)%
    
395,715
      
348,325
      
47,390
      
13.6
%
Medical and Veterinary
    
86,471
      
82,650
      
3,821
      
4.6
%
    
263,932
      
255,560
      
8,372
      
3.3
%
Total consolidated revenue
  
$
369,082
    
$
364,281
    
$
4,801
      
1.3
%
  
$
1,086,185
    
$
1,021,195
    
$
64,990
      
6.4
%
Operating income (loss):
                                                                
Chamberlain
  
$
39,589
    
$
36,979
    
$
2,610
      
7.1
%
  
$
99,002
    
$
83,290
    
$
15,712
      
18.9
%
Walden
    
10,343
      
(3,199
)
    
13,542
    
NM
      
26,071
      
(17,748
)
    
43,819
    
NM
  
Medical and Veterinary
    
16,472
      
13,571
      
2,901
      
21.4
%
    
49,172
      
45,400
      
3,772
      
8.3
%
Home Office and Other
    
(6,975
)
    
(14,402
)
    
7,427
      
51.6
%
    
(45,632
)
    
(80,159
)
    
34,527
      
43.1
%
Total consolidated operating income
  
$
59,429
    
$
32,949
    
$
26,480
      
80.4
%
  
$
128,613
    
$
30,783
    
$
97,830
      
317.8
%
                                                                 

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) – Measure of Adtalem’s net income adjusted for deferred revenue adjustment, CEO transition costs, restructuring expense, business acquisition and integration expense, intangible amortization expense, gain on sale of assets, pre-acquisition interest expense, write-off of debt discount and issuance costs, gain on extinguishment of debt, investment impairment, net tax benefit related to a valuation allowance release, and net loss (income) from discontinued operations.
 
Adjusted earnings per share (most comparable GAAP measure: earnings per share) – Measure of Adtalem’s diluted earnings per share adjusted for deferred revenue adjustment, CEO transition costs, restructuring expense, business acquisition and integration expense, intangible amortization expense, gain on sale of assets, pre-acquisition interest expense, write-off of debt discount and issuance costs, gain on extinguishment of debt, investment impairment, net tax benefit related to a valuation allowance release, and net loss (income) from discontinued operations.
 
Adjusted operating income (most comparable GAAP measure: operating income) – Measure of Adtalem’s operating income adjusted for deferred revenue adjustment, CEO transition costs, restructuring expense, business acquisition and integration expense, intangible amortization expense, and gain on sale of assets. This measure is applied on a consolidated and segment basis, depending on the context of the discussion.
 
Adjusted EBITDA (most comparable GAAP measure: net income) – Measure of Adtalem’s net income adjusted for net loss (income) from discontinued operations, interest expense, other (income) expense, net, provision for (benefit from) income taxes, depreciation and amortization, stock-based compensation, deferred revenue adjustment, CEO transition costs, restructuring expense, business acquisition and integration expense, and gain on sale of assets. This measure is applied on a consolidated and segment basis, depending on the context of the discussion. Income taxes, interest expense, and other (income) expense, net is not recorded at the reportable segments, and therefore, the segment adjusted EBITDA reconciliations begin with operating income (loss).
 
Free cash flow (most comparable GAAP measure: net cash provided by operating activities-continuing operations) – Defined as net cash provided by operating activities-continuing operations less capital expenditures.
 
Net debt – Defined as long-term debt less cash and cash equivalents.
Net leverage – Defined as net debt divided by adjusted EBITDA.
 
A description of special items in our non-GAAP financial measures described above are as follows:

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

Adtalem Global Education Inc.
Non-GAAP Operating Income by Segment
(unaudited)
(in thousands)
                                                 
   
Three Months Ended
    
Nine Months Ended
  
   
March 31,
   
March 31,
 
               
Increase/(Decrease)
              
Increase/(Decrease)
   
2023
    
2022
     $
   

%
      
2023
      
2022
     $
   

%
  
Chamberlain:
                                                        
Operating income (GAAP)
  
$
39,589
    
$
36,979
    
$
2,610
      
7.1
%
  
$
99,002
    
$
83,290
    
$
15,712
      
18.9
%
Restructuring expense
    
—
      
1,931
      
(1,931
)
            
818
      
2,266
      
(1,448
)
        
Adjusted operating income (non-GAAP)
  
$
39,589
    
$
38,910
    
$
679
      
1.7
%
  
$
99,820
    
$
85,556
    
$
14,264
      
16.7
%
Operating margin (GAAP)
    
26.4
%
    
25.9
%
                    
23.2
%
    
20.0
%
                
Operating margin (non-GAAP)
    
26.4
%
    
27.3
%
                    
23.4
%
    
20.5
%
                
                                                                 
Walden:
                                                                
Operating income (loss) (GAAP)
  
$
10,343
    
$
(3,199
)
  
$
13,542
    
NM
    
$
26,071
    
$
(17,748
)
  
$
43,819
    
NM
  
Deferred revenue adjustment
    
—
      
—
      
—
              
—
      
8,561
      
(8,561
)
        
Restructuring expense
    
53
      
2,225
      
(2,172
)
            
3,174
      
4,016
      
(842
)
        
Intangible amortization expense
    
14,232
      
26,817
      
(12,585
)
            
48,936
      
73,967
      
(25,031
)
        
Adjusted operating income (non-GAAP)
  
$
24,628
    
$
25,843
    
$
(1,215
)
    
(4.7
)%
  
$
78,181
    
$
68,796
    
$
9,385
      
13.6
%
Operating margin (GAAP)
    
7.8
%
    
(2.3
)%
                    
6.6
%
    
(5.1
)%
                
Operating margin (non-GAAP)
    
18.5
%
    
18.6
%
                    
19.8
%
    
19.8
%
                
                                                                 
Medical and Veterinary:
                                                                
Operating income (GAAP)
  
$
16,472
    
$
13,571
    
$
2,901
      
21.4
%
  
$
49,172
    
$
45,400
    
$
3,772
      
8.3
%
Restructuring expense
    
421
      
4,569
      
(4,148
)
            
7,334
      
4,757
      
2,577
          
Adjusted operating income (non-GAAP)
  
$
16,893
    
$
18,140
    
$
(1,247
)
    
(6.9
)%
  
$
56,506
    
$
50,157
    
$
6,349
      
12.7
%
Operating margin (GAAP)
    
19.0
%
    
16.4
%
                    
18.6
%
    
17.8
%
                
Operating margin (non-GAAP)
    
19.5
%
    
21.9
%
                    
21.4
%
    
19.6
%
                
                                                                 
Home Office and Other:
                                                                
Operating loss (GAAP)
  
$
(6,975
)
  
$
(14,402
)
  
$
7,427
      
51.6
%
  
$
(45,632
)
  
$
(80,159
)
  
$
34,527
      
43.1
%
CEO transition costs
    
—
      
—
      
—
              
—
      
6,195
      
(6,195
)
        
Restructuring expense
    
804
      
1,793
      
(989
)
            
6,380
      
5,960
      
420
          
Business acquisition and integration expense
    
11,346
      
5,924
      
5,422
              
35,702
      
41,537
      
(5,835
)
        
Gain on sale of assets
    
(13,317
)
    
—
      
(13,317
)
            
(13,317
)
    
—
      
(13,317
)
        
Adjusted operating loss (non-GAAP)
  
$
(8,142
)
  
$
(6,685
)
  
$
(1,457
)
    
(21.8
)%
  
$
(16,867
)
  
$
(26,467
)
  
$
9,600
      
36.3
%
                                                                 
Adtalem Global Education:
                                                                
Operating income (GAAP)
  
$
59,429
    
$
32,949
    
$
26,480
      
80.4
%
  
$
128,613
    
$
30,783
    
$
97,830
      
317.8
%
Deferred revenue adjustment
    
—
      
—
      
—
              
—
      
8,561
      
(8,561
)
        
CEO transition costs
    
—
      
—
      
—
              
—
      
6,195
      
(6,195
)
        
Restructuring expense
    
1,278
      
10,518
      
(9,240
)
            
17,706
      
16,999
      
707
          
Business acquisition and integration expense
    
11,346
      
5,924
      
5,422
              
35,702
      
41,537
      
(5,835
)
        
Intangible amortization expense
    
14,232
      
26,817
      
(12,585
)
            
48,936
      
73,967
      
(25,031
)
        
Gain on sale of assets
    
(13,317
)
    
—
      
(13,317
)
            
(13,317
)
    
—
      
(13,317
)
        
Adjusted operating income (non-GAAP)
  
$
72,968
    
$
76,208
    
$
(3,240
)
    
(4.3
)%
  
$
217,640
    
$
178,042
    
$
39,598
      
22.2
%
Operating margin (GAAP)
    
16.1
%
    
9.0
%
                    
11.8
%
    
3.0
%
                
Operating margin (non-GAAP)
    
19.8
%
    
20.9
%
                    
20.0
%
    
17.4
%
                
                                                                 

Adtalem Global Education Inc.
Non-GAAP Adjusted EBITDA by Segment
(unaudited)
(in thousands)
                                                 
   
Three Months Ended
    
Nine Months Ended
  
   
March 31,
   
March 31,
 
               
Increase/(Decrease)
              
Increase/(Decrease)
   
2023
    
2022
     $
   

%
      
2023
      
2022
     $
   

%
  
Chamberlain:
                                                        
Operating income (GAAP)
  
$
39,589
    
$
36,979
    
$
2,610
      
7.1
%
  
$
99,002
    
$
83,290
    
$
15,712
      
18.9
%
Restructuring expense
    
—
      
1,931
      
(1,931
)
            
818
      
2,266
      
(1,448
)
        
Depreciation
    
4,405
      
4,738
      
(333
)
            
12,985
      
14,048
      
(1,063
)
        
Stock-based compensation
    
923
      
1,869
      
(946
)
            
3,600
      
5,104
      
(1,504
)
        
Adjusted EBITDA (non-GAAP)
  
$
44,917
    
$
45,517
    
$
(600
)
    
(1.3
)%
  
$
116,405
    
$
104,708
    
$
11,697
      
11.2
%
Adjusted EBITDA margin (non-GAAP)
    
30.0
%
    
31.9
%
                    
27.3
%
    
25.1
%
                
                                                                 
Walden:
                                                                
Operating income (loss) (GAAP)
  
$
10,343
    
$
(3,199
)
  
$
13,542
    
NM
    
$
26,071
    
$
(17,748
)
  
$
43,819
    
NM
  
Deferred revenue adjustment
    
—
      
—
      
—
              
—
      
8,561
      
(8,561
)
        
Restructuring expense
    
53
      
2,225
      
(2,172
)
            
3,174
      
4,016
      
(842
)
        
Intangible amortization expense
    
14,232
      
26,817
      
(12,585
)
            
48,936
      
73,967
      
(25,031
)
        
Depreciation
    
2,439
      
2,573
      
(134
)
            
7,303
      
6,801
      
502
          
Stock-based compensation
    
754
      
841
      
(87
)
            
2,945
      
2,308
      
637
          
Adjusted EBITDA (non-GAAP)
  
$
27,821
    
$
29,257
    
$
(1,436
)
    
(4.9
)%
  
$
88,429
    
$
77,905
    
$
10,524
      
13.5
%
Adjusted EBITDA margin (non-GAAP)
    
20.9
%
    
21.0
%
                    
22.3
%
    
22.4
%
                
                                                                 
Medical and Veterinary:
                                                                
Operating income (GAAP)
  
$
16,472
    
$
13,571
    
$
2,901
      
21.4
%
  
$
49,172
    
$
45,400
    
$
3,772
      
8.3
%
Restructuring expense
    
421
      
4,569
      
(4,148
)
            
7,334
      
4,757
      
2,577
          
Depreciation
    
3,231
      
3,397
      
(166
)
            
9,367
      
10,497
      
(1,130
)
        
Stock-based compensation
    
587
      
1,075
      
(488
)
            
2,291
      
2,974
      
(683
)
        
Adjusted EBITDA (non-GAAP)
  
$
20,711
    
$
22,612
    
$
(1,901
)
    
(8.4
)%
  
$
68,164
    
$
63,628
    
$
4,536
      
7.1
%
Adjusted EBITDA margin (non-GAAP)
    
24.0
%
    
27.4
%
                    
25.8
%
    
24.9
%
                
                                                                 
Home Office and Other:
                                                                
Operating loss (GAAP)
  
$
(6,975
)
  
$
(14,402
)
  
$
7,427
      
51.6
%
  
$
(45,632
)
  
$
(80,159
)
  
$
34,527
      
43.1
%
CEO transition costs
    
—
      
—
      
—
              
—
      
6,195
      
(6,195
)
        
Restructuring expense
    
804
      
1,793
      
(989
)
            
6,380
      
5,960
      
420
          
Business acquisition and integration expense
    
11,346
      
5,924
      
5,422
              
35,702
      
41,537
      
(5,835
)
        
Gain on sale of assets
    
(13,317
)
    
—
      
(13,317
)
            
(13,317
)
    
—
      
(13,317
)
        
Depreciation
    
82
      
633
      
(551
)
            
1,963
      
2,125
      
(162
)
        
Stock-based compensation
    
531
      
888
      
(357
)
            
2,072
      
2,023
      
49
          
Adjusted EBITDA (non-GAAP)
  
$
(7,529
)
  
$
(5,164
)
  
$
(2,365
)
    
(45.8
)%
  
$
(12,832
)
  
$
(22,319
)
  
$
9,487
      
42.5
%
                                                                 
Adtalem Global Education:
                                                                
Net income (GAAP)
  
$
45,869
    
$
347,740
    
$
(301,871
)
    
(86.8
)%
  
$
71,114
    
$
304,245
    
$
(233,131
)
    
(76.6
)%
Net loss (income) from discontinued operations
    
2,694
      
(343,340
)
    
346,034
              
7,088
      
(341,337
)
    
348,425
          
Interest expense
    
14,457
      
36,585
      
(22,128
)
            
47,806
      
109,907
      
(62,101
)
        
Other (income) expense, net
    
(3,980
)
    
327
      
(4,307
)
            
(3,301
)
    
(2,435
)
    
(866
)
        
Provision for (benefit from) income taxes
    
389
      
(8,363
)
    
8,752
              
5,906
      
(39,597
)
    
45,503
          
Operating income (GAAP)
    
59,429
      
32,949
      
26,480
              
128,613
      
30,783
      
97,830
          
Depreciation and amortization
    
24,389
      
38,158
      
(13,769
)
            
80,554
      
107,438
      
(26,884
)
        
Stock-based compensation
    
2,795
      
4,673
      
(1,878
)
            
10,908
      
12,409
      
(1,501
)
        
Deferred revenue adjustment
    
—
      
—
      
—
              
—
      
8,561
      
(8,561
)
        
CEO transition costs
    
—
      
—
      
—
              
—
      
6,195
      
(6,195
)
        
Restructuring expense
    
1,278
      
10,518
      
(9,240
)
            
17,706
      
16,999
      
707
          
Business acquisition and integration expense
    
11,346
      
5,924
      
5,422
              
35,702
      
41,537
      
(5,835
)
        
Gain on sale of assets
    
(13,317
)
    
—
      
(13,317
)
            
(13,317
)
    
—
      
(13,317
)
        
Adjusted EBITDA (non-GAAP)
  
$
85,920
    
$
92,222
    
$
(6,302
)
    
(6.8
)%
  
$
260,166
    
$
223,922
    
$
36,244
      
16.2
%
Adjusted EBITDA margin (non-GAAP)
    
23.3
%
    
25.3
%
                    
24.0
%
    
21.9
%
                
                                                                 

Adtalem Global Education Inc.
Non-GAAP Earnings Disclosure
(unaudited)
(in thousands, except per share data)
                         
   
Three Months Ended
    
Nine Months Ended
  
   
March 31,
   
March 31,
 
   
2023
    
2022
    
2023
    
2022
  
Net income (GAAP)
  
$
45,869
    
$
347,740
    
$
71,114
    
$
304,245
  
Deferred revenue adjustment
    
—
      
—
      
—
      
8,561
  
CEO transition costs
    
—
      
—
      
—
      
6,195
  
Restructuring expense
    
1,278
      
10,518
      
17,706
      
16,999
  
Business acquisition and integration expense
    
11,346
      
5,924
      
35,702
      
41,537
  
Intangible amortization expense
    
14,232
      
26,817
      
48,936
      
73,967
  
Gain on sale of assets
    
(13,317
)
    
—
      
(13,317
)
    
—
  
Pre-acquisition interest expense, write-off of debt discount
and issuance costs, gain on extinguishment of debt, and
investment impairment
    
—
      
12,471
      
9,226
      
44,105
  
Net tax benefit related to a valuation allowance release
    
(6,184
)
    
—
      
(6,184
)
    
—
  
Income tax impact on non-GAAP adjustments (1)
    
(4,359
)
    
(18,769
)
    
(23,341
)
    
(60,871
)
Net loss (income) from discontinued operations
    
2,694
      
(343,340
)
    
7,088
      
(341,337
)
Adjusted net income (non-GAAP)
  
$
51,559
    
$
41,361
    
$
146,930
    
$
93,401
  







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

                         
   
Three Months Ended
    
Nine Months Ended
  
   
March 31,
   
March 31,
 
   
2023
    
2022
    
2023
    
2022
  
Earnings per share, diluted (GAAP)
  
$
1.00
    
$
7.04
    
$
1.54
    
$
6.15
  
Effect on diluted earnings per share:
                                
Deferred revenue adjustment
    
-
      
-
      
-
      
0.17
  
CEO transition costs
    
-
      
-
      
-
      
0.12
  
Restructuring expense
    
0.03
      
0.21
      
0.38
      
0.34
  
Business acquisition and integration expense
    
0.25
      
0.12
      
0.77
      
0.83
  
Intangible amortization expense
    
0.31
      
0.54
      
1.06
      
1.48
  
Gain on sale of assets
    
(0.29
)
    
-
      
(0.29
)
    
-
  
Pre-acquisition interest expense, write-off of debt discount
and issuance costs, gain on extinguishment of debt, and
investment impairment
    
-
      
0.25
      
0.20
      
0.88
  
Net tax benefit related to a valuation allowance release
    
(0.14
)
    
-
      
(0.13
)
    
-
  
Income tax impact on non-GAAP adjustments (1)
    
(0.10
)
    
(0.38
)
    
(0.51
)
    
(1.22
)
Net loss (income) from discontinued operations
    
0.06
      
(6.95
)
    
0.15
      
(6.90
)
Adjusted earnings per share, diluted (non-GAAP)
  
$
1.13
    
$
0.84
    
$
3.19
    
$
1.87
  
Diluted shares used in non-GAAP EPS calculation
    
45,801
      
49,377
      
46,089
      
49,872
  
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
Q3
    
FY22
Q3
    
FY23
Q3
    
FY23
Q2
    
FY23
Q1
    
FY22
Q4
    
FY22
Q3
  
Net cash provided by operating
activities-continuing operations (GAAP)
  
$
107,544
    
$
77,739
    
$
255,052
    
$
225,247
    
$
225,972
    
$
164,002
    
$
101,855
  
Capital expenditures
    
(9,309
)
    
(7,477
)
    
(27,861
)
    
(26,029
)
    
(29,914
)
    
(31,054
)
    
(33,539
)
Free cash flow (non-GAAP)
  
$
98,235
    
$
70,262
    
$
227,191
    
$
199,218
    
$
196,058
    
$
132,948
    
$
68,316
  
                                                         

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)
  
$2.14 to 2.29
  
Expected effects on diluted earnings per share:
      
Restructuring expense
    
0.38
  
Integration costs
    
0.77
  
Estimated incremental integration costs
    
0.15
  
Estimated intangible amortization
    
1.33
  
Gain on sale of assets
    
(0.29
)
Write-off of debt discount and issuance costs, gain on extinguishment of debt, and investment impairment
    
0.20
  
Net tax benefit related to a valuation allowance release
    
(0.13
)
Estimated income tax impact on non-GAAP adjustments(1)
    
(0.65
)
Net loss from discontinued operations
    
0.15
  
Expected adjusted earnings per share, diluted (non-GAAP)(2)
  
$4.05 to 4.20
  
Diluted shares used in EPS calculation
    
46,089
  
(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, gain on sale of assets, write-off of debt discount and issuance costs, gain on extinguishment of debt, investment impairment, net tax benefit related to a valuation allowance release, and loss from discontinued operations includes the results realized through March 31, 2023. 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
  
 
March 31, 2023
  
Adtalem Global Education:
      
Net income (GAAP)
  
$
77,860
  
Net income from discontinued operations
    
1,479
  
Interest expense
    
67,247
  
Other income, net
    
(1,974
)
Provision for income taxes
    
29,964
  
Depreciation and amortization
    
114,964
  
Stock-based compensation
    
14,915
  
Restructuring expense
    
26,335
  
Business acquisition and integration expense
    
47,363
  
Gain on sale of assets
    
(13,317
)
Adjusted EBITDA (non-GAAP)
  
$
364,836
  
         
 
March 31, 2023
  
Long-term debt
  
$
708,283
  
Less: Cash and cash equivalents
    
(315,373
)
Net debt (non-GAAP)
  
$
392,910
  
         
Net leverage (non-GAAP)
    
1.1
x
         

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Document and Entity Information
May 02, 2023
Entity Listings [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date May 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 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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