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 |
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|
|
September 30, |
|
December 31, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||
|
|
2018 |
|
2018 |
|
2019 |
|
2019 |
|
2019 |
|
2018 |
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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 |