Exhibit 99.1

ADTALEM GLOBAL EDUCATION INC.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(unaudited and amounts in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

September 30,

 

December 31,

 

March 31,

 

June 30,

 

June 30,

 

June 30,

 

    

2018

    

2018

    

2019

    

2019

    

2019

    

2018

REVENUE

 

$

236,939

 

$

253,961

 

$

258,703

 

$

264,240

 

$

1,013,843

 

$

960,277

OPERATING COST AND EXPENSE:

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Cost of Educational Services

 

 

111,534

 

 

118,077

 

 

120,192

 

 

121,979

 

 

471,782

 

 

461,557

Student Services and Administrative Expense

 

 

89,164

 

 

89,251

 

 

90,746

 

 

90,181

 

 

359,342

 

 

327,707

Restructuring Expense

 

 

39,473

 

 

3,535

 

 

2,186

 

 

7,873

 

 

53,067

 

 

3,851

Settlement Gains

 

 

 —

 

 

(15,571)

 

 

 —

 

 

(10,607)

 

 

(26,178)

 

 

 —

Total Operating Cost and Expense

 

 

240,171

 

 

195,292

 

 

213,124

 

 

209,426

 

 

858,013

 

 

793,115

Operating Income (Loss) from Continuing Operations

 

 

(3,232)

 

 

58,669

 

 

45,579

 

 

54,814

 

 

155,830

 

 

167,162

OTHER INCOME (EXPENSE):

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Interest and Dividend Income

 

 

969

 

 

1,173

 

 

1,062

 

 

764

 

 

3,968

 

 

598

Interest Expense

 

 

(4,918)

 

 

(5,006)

 

 

(4,786)

 

 

(5,188)

 

 

(19,898)

 

 

(11,581)

Investment Gain (Loss)

 

 

 —

 

 

(1,122)

 

 

715

 

 

254

 

 

(153)

 

 

 —

Net Other Expense

 

 

(3,949)

 

 

(4,955)

 

 

(3,009)

 

 

(4,170)

 

 

(16,083)

 

 

(10,983)

Income (Loss) from Continuing Operations Before Income Taxes

 

 

(7,181)

 

 

53,714

 

 

42,570

 

 

50,644

 

 

139,747

 

 

156,179

Income Tax (Provision) Benefit

 

 

2,330

 

 

(11,857)

 

 

(7,843)

 

 

(15,508)

 

 

(32,878)

 

 

(88,107)

Equity Method Investment Loss

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(138)

Income (Loss) from Continuing Operations

 

 

(4,851)

 

 

41,857

 

 

34,727

 

 

35,136

 

 

106,869

 

 

67,934

DISCONTINUED OPERATIONS:

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Income (Loss) from Discontinued Operations Before Income Taxes

 

 

(5,719)

 

 

3,768

 

 

3,222

 

 

14,532

 

 

15,803

 

 

(81,657)

Loss on Disposal of Discontinued Operations Before Income Taxes

 

 

 —

 

 

(32,714)

 

 

(265)

 

 

(625)

 

 

(33,604)

 

 

 —

Income Tax Benefit

 

 

985

 

 

4,595

 

 

182

 

 

751

 

 

6,513

 

 

48,020

Income (Loss) from Discontinued Operations

 

 

(4,734)

 

 

(24,351)

 

 

3,139

 

 

14,658

 

 

(11,288)

 

 

(33,637)

NET INCOME (LOSS)

 

 

(9,585)

 

 

17,506

 

 

37,866

 

 

49,794

 

 

95,581

 

 

34,297

Net Loss Attributable to Noncontrolling Interest from Continuing Operations

 

 

64

 

 

88

 

 

113

 

 

113

 

 

378

 

 

495

Net Income Attributable to Noncontrolling Interest from Discontinued Operations

 

 

(9)

 

 

(299)

 

 

(74)

 

 

(409)

 

 

(791)

 

 

(1,023)

NET INCOME (LOSS) ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION

 

$

(9,530)

 

$

17,295

 

$

37,905

 

$

49,498

 

$

95,168

 

$

33,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMOUNTS ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION:

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Income (Loss) from Continuing Operations

 

$

(4,787)

 

$

41,945

 

$

34,840

 

$

35,249

 

$

107,247

 

$

68,429

Income (Loss) from Discontinued Operations

 

 

(4,743)

 

 

(24,650)

 

 

3,065

 

 

14,249

 

 

(12,079)

 

 

(34,660)

NET INCOME (LOSS) ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION

 

$

(9,530)

 

$

17,295

 

$

37,905

 

$

49,498

 

$

95,168

 

$

33,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION SHAREHOLDERS:

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Basic:

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Continuing Operations

 

$

(0.08)

 

$

0.71

 

$

0.60

 

$

0.62

 

$

1.83

 

$

1.11

Discontinued Operations

 

$

(0.08)

 

$

(0.42)

 

$

0.05

 

$

0.25

 

$

(0.21)

 

$

(0.56)

Total

 

$

(0.16)

 

$

0.29

 

$

0.65

 

$

0.88

 

$

1.63

 

$

0.55

Diluted:

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Continuing Operations

 

$

(0.08)

 

$

0.70

 

$

0.59

 

$

0.62

 

$

1.81

 

$

1.10

Discontinued Operations

 

$

(0.08)

 

$

(0.41)

 

$

0.05

 

$

0.25

 

$

(0.20)

 

$

(0.56)

Total

 

$

(0.16)

 

$

0.29

 

$

0.64

 

$

0.86

 

$

1.60

 

$

0.54