INTERIM FINANCIAL STATEMENTS

3 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

INTERIM FINANCIAL STATEMENTS

NOTE 1: INTERIM FINANCIAL STATEMENTS

For purposes of this report, “Adtalem,” “we,” “our,” “us,” or similar references refers to Adtalem Global Education Inc. and its consolidated subsidiaries, unless the context requires otherwise. The interim Consolidated Financial Statements include accounts of Adtalem and its wholly-owned and majority-owned subsidiaries. Adtalem’s wholly-owned subsidiaries include:

● Chamberlain University (“Chamberlain”)

● American University of the Caribbean School of Medicine (“AUC”)

● Ross University School of Medicine (“RUSM”)

● Ross University School of Veterinary Medicine (“RUSVM”)

● Association of Certified Anti-Money Laundering Specialists (“ACAMS”)

● Becker Professional Education (“Becker”)

● OnCourse Learning (“OCL”)

In addition, Adtalem maintains a 69% ownership interest in EduPristine.

In addition, Adtalem had a 97.9% ownership interest in Adtalem Education of Brazil (“Adtalem Brazil”) as of June 30, 2019. On July 1, 2019, the Adtalem Brazil management noncontrolling interest members exercised their put options and sold their remaining ownership interests in Adtalem Brazil to Adtalem. As of the first quarter of fiscal year 2020, Adtalem owns 100% of Adtalem Brazil. On October 18, 2019, Adtalem entered into a definitive agreement to sell Adtalem Brazil. Adtalem Brazil is presented as discontinued operations, see “Note 2: Discontinued Operations and Assets Held for Sale” for further details.

On December 4, 2018, Adtalem completed the sale of its previously wholly-owned subsidiary Carrington College (“Carrington”). On December 11, 2018, Adtalem completed the sale of its previously wholly-owned subsidiary DeVry University. Carrington and DeVry University are presented as discontinued operations. See “Note 2: Discontinued Operations and Assets Held for Sale” for additional details.

These financial statements are unaudited but, in the opinion of management, contain all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial condition and results of operations of Adtalem.

The interim Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto contained in Adtalem's Annual Report on Form 10-K for the fiscal year ended June 30, 2019, as filed with the Securities and Exchange Commission (“SEC”).

The results of operations for the three months ended September 30, 2019 are not necessarily indicative of results to be expected for the entire fiscal year.