Exhibit 99.2
ADTALEM GLOBAL EDUCATION INC.
SCHEDULE OF NON-GAAP EARNINGS
(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 |
||||||
Net Income (Loss) |
|
$ |
(9,530) |
|
$ |
17,295 |
|
$ |
37,905 |
|
$ |
49,498 |
|
$ |
95,168 |
|
$ |
33,769 |
Earnings (Loss) per Share (diluted, basic-9/30/18) |
|
$ |
(0.16) |
|
$ |
0.29 |
|
$ |
0.64 |
|
$ |
0.86 |
|
$ |
1.60 |
|
$ |
0.54 |
Continuing Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring Expense |
|
$ |
39,473 |
|
$ |
3,535 |
|
$ |
2,186 |
|
$ |
7,873 |
|
$ |
53,067 |
|
$ |
3,851 |
Effect on Earnings per Share (diluted) |
|
$ |
0.64 |
|
$ |
0.06 |
|
$ |
0.04 |
|
$ |
0.14 |
|
$ |
0.89 |
|
$ |
0.06 |
Settlement Gains |
|
|
— |
|
$ |
(15,571) |
|
|
— |
|
$ |
(10,607) |
|
$ |
(26,178) |
|
|
— |
Effect on Earnings per Share (diluted) |
|
|
— |
|
$ |
(0.26) |
|
|
— |
|
$ |
(0.19) |
|
$ |
(0.44) |
|
|
— |
Tax Cuts and Jobs Act of 2017 and Tax Charges Related to the Divestiture of DeVry University |
|
|
— |
|
$ |
1,526 |
|
|
— |
|
$ |
2,058 |
|
$ |
3,584 |
|
$ |
103,878 |
Effect on Earnings per Share (diluted) |
|
|
— |
|
$ |
0.03 |
|
|
— |
|
$ |
0.04 |
|
$ |
0.06 |
|
$ |
1.67 |
Net Tax Benefit on Carrington Loss |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
$ |
(48,903) |
Effect on Earnings per Share (diluted) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
$ |
$ (0.79) |
Income Tax Impact on Non-GAAP Adjustments |
|
$ |
(7,952) |
|
$ |
2,829 |
|
$ |
328 |
|
$ |
3,235 |
|
$ |
(1,560) |
|
$ |
(986) |
Effect on Earnings per Share (diluted) |
|
$ |
(0.13) |
|
$ |
0.05 |
|
$ |
0.01 |
|
$ |
0.06 |
|
$ |
(0.03) |
|
$ |
(0.02) |
Discontinued Operations, net of tax |
|
$ |
4,743 |
|
$ |
24,650 |
|
$ |
(3,065) |
|
$ |
(14,249) |
|
$ |
12,079 |
|
$ |
34,660 |
Effect on Earnings per Share (diluted) |
|
$ |
0.08 |
|
$ |
0.41 |
|
$ |
(0.05) |
|
$ |
(0.25) |
|
$ |
0.20 |
|
$ |
0.56 |
Net Income from Continuing Operations Excluding Special Items, net of tax |
|
$ |
26,734 |
|
$ |
34,264 |
|
$ |
37,354 |
|
$ |
37,808 |
|
$ |
136,160 |
|
$ |
126,269 |
Earnings per Share from Continuing Operations Excluding Special Items, net of tax (diluted) |
|
$ |
0.44 |
|
$ |
0.57 |
|
$ |
0.64 |
|
$ |
0.66 |
|
$ |
2.29 |
|
$ |
2.03 |
Shares used in Basic EPS Calculation |
|
|
60,328 |
|
|
NA |
|
|
NA |
|
|
NA |
|
|
NA |
|
|
NA |
Shares used in Diluted EPS Calculation |
|
|
61,202 |
|
|
60,000 |
|
|
58,802 |
|
|
57,284 |
|
|
59,330 |
|
|
62,280 |