UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
DELAWARE | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
|
|
|
| ||
(Address of principal executive offices) |
| (Zip Code) |
(
(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):
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
| Trading Symbol(s) | Name of each exchange on which registered | |
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 7.01 Regulation FD Disclosure
As previously reported by Adtalem Global Education Inc. (“Adtalem”) on the Current Report on Form 8-K dated October 23, 2019, Adtalem and Global Education International B.V. (“Global Education”), a wholly owned subsidiary of Adtalem, entered into a Stock Purchase Agreement (the “Agreement”) with Estácio Participações S.A. (“Estácio”) and Sociedade de Ensino Superior Estácio de Sá Ltda., a wholly owned subsidiary of Estácio (the “Purchaser”). Pursuant to the terms and subject to the conditions set forth in the Agreement, Global Education will sell all of the issued and outstanding shares of Adtalem Brasil Holding S.A. (“Adtalem Brazil”) to the Purchaser for cash (such sale, the “Transaction”). The Transaction is expected to be completed in the first half of fiscal year 2021.
The potential sale represents a strategic shift that will have a major effect on Adtalem’s operations and financial results. In accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), Adtalem Brazil’s assets and liabilities have been classified as “Held for Sale” on the Consolidated Balance Sheets for all periods presented, and Adtalem Brazil’s results of operations have been classified as “Discontinued Operations” on the Consolidated Statements of Income (Loss) for all periods presented beginning with the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2019, as filed with the Securities Exchange Commission on October 29, 2019.
Adtalem is furnishing this Current Report on Form 8-K to provide investors with historical Consolidated Statements of Income (Loss) information, which reflects Adtalem Brazil as a discontinued operation. The statements in Exhibit 99.1 provide unaudited information in accordance with discontinued operations disclosure requirements for the previously reported fiscal years ended June 30, 2018 and June 30, 2019, and the previously reported quarters in fiscal year 2019.
The schedule in Exhibit 99.2 includes net income from continuing operations excluding special items, net of tax, and reconciles this non-GAAP measure to the most directly comparable GAAP measure. Management believes that the non-GAAP disclosure of net income from continuing operations excluding special items provides investors with useful supplemental information regarding the underlying business trends and performance of Adtalem’s ongoing operations and is useful for period-over-period comparisons of such operations given the nature of the special items. Adtalem uses these supplemental financial measures internally in its management and budgeting process. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, Adtalem’s reported results prepared in accordance with GAAP.
The schedule in Exhibit 99.3 includes operating income excluding special items on a consolidated and segment basis and reconciles these non-GAAP measures to the most directly comparable GAAP measures. Certain expenses previously allocated to Adtalem Brazil within our former Business and Law segment have been reclassified to the Home Office and Other segment for all periods as of June 30, 2019 and prior based on discontinued operations reporting guidance regarding allocation of corporate overhead.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, 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 of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific references in such a filing.
Item 9.01 Financial Statements and Exhibits
99.1 | |
99.2 | |
99.3 | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
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. | ||
Date: October 29, 2019 |
| By: |
| /s/ Michael Randolfi |
|
| Michael Randolfi | ||
|
| Senior Vice President and Chief Financial Officer |
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 |
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 |
Exhibit 99.3
ADTALEM GLOBAL EDUCATION INC.
SCHEDULE OF NON-GAAP SEGMENT OPERATING INCOME
(unaudited and amounts in thousands)
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||
|
|
September 30, |
|
December 31, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
||||||
|
|
2018 |
|
2018 |
|
2019 |
|
2019 |
|
2019 |
|
2018 |
||||||
Medical and Healthcare: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
$ |
1,656 |
|
$ |
60,647 |
|
$ |
53,093 |
|
$ |
39,726 |
|
$ |
155,122 |
|
$ |
189,672 |
Restructure Expense (Gain) |
|
|
39,015 |
|
|
2,445 |
|
|
(133) |
|
|
339 |
|
|
41,666 |
|
|
803 |
Settlement Gains |
|
|
— |
|
|
(15,571) |
|
|
— |
|
|
— |
|
|
(15,571) |
|
|
— |
Operating Income Excluding Special Items |
|
$ |
40,671 |
|
$ |
47,521 |
|
$ |
52,960 |
|
$ |
40,065 |
|
$ |
181,217 |
|
$ |
190,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Services: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
$ |
4,750 |
|
$ |
9,633 |
|
$ |
5,086 |
|
$ |
14,694 |
|
$ |
34,163 |
|
$ |
27,695 |
Restructure Expense |
|
|
— |
|
|
— |
|
|
— |
|
|
1,304 |
|
|
1,304 |
|
|
357 |
Operating Income Excluding Special Items |
|
$ |
4,750 |
|
$ |
9,633 |
|
$ |
5,086 |
|
$ |
15,998 |
|
$ |
35,467 |
|
$ |
28,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home Office and Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previously Reported Operating Income (Loss) |
|
$ |
(6,169) |
|
$ |
(8,452) |
|
$ |
(9,312) |
|
$ |
3,176 |
|
$ |
(20,757) |
|
$ |
(39,322) |
Stranded Costs Allocated to Continuing Operations |
|
|
(3,469) |
|
|
(3,159) |
|
|
(3,288) |
|
|
(2,782) |
|
|
(12,698) |
|
|
(10,883) |
Adjusted Reported Operating Income (Loss) |
|
|
(9,638) |
|
|
(11,611) |
|
|
(12,600) |
|
|
394 |
|
|
(33,455) |
|
|
(50,205) |
Restructure Expense |
|
|
458 |
|
|
1,090 |
|
|
2,319 |
|
|
6,230 |
|
|
10,097 |
|
|
2,691 |
Settlement Gains |
|
|
— |
|
|
— |
|
|
— |
|
|
(10,607) |
|
|
(10,607) |
|
|
— |
Operating Loss Excluding Special Items |
|
$ |
(9,180) |
|
$ |
(10,521) |
|
$ |
(10,281) |
|
$ |
(3,983) |
|
$ |
(33,965) |
|
$ |
(47,514) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adtalem Global Education: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previously Reported Operating Income (Loss) |
|
$ |
(2,508) |
|
$ |
70,299 |
|
$ |
46,306 |
|
$ |
71,892 |
|
$ |
185,989 |
|
$ |
207,476 |
Adtalem Brazil Operating (Income) Loss Charged to Discontinued Operations |
|
|
2,745 |
|
|
(8,471) |
|
|
2,561 |
|
|
(14,296) |
|
|
(17,461) |
|
|
(29,431) |
Stranded Costs Allocated to Continuing Operations |
|
|
(3,469) |
|
|
(3,159) |
|
|
(3,288) |
|
|
(2,782) |
|
|
(12,698) |
|
|
(10,883) |
Adjusted Reported Operating Income (Loss) |
|
|
(3,232) |
|
|
58,669 |
|
|
45,579 |
|
|
54,814 |
|
|
155,830 |
|
|
167,162 |
Restructure Expense |
|
|
39,473 |
|
|
3,535 |
|
|
2,186 |
|
|
7,873 |
|
|
53,067 |
|
|
3,851 |
Settlement Gains |
|
|
— |
|
|
(15,571) |
|
|
— |
|
|
(10,607) |
|
|
(26,178) |
|
|
— |
Operating Income Excluding Special Items |
|
$ |
36,241 |
|
$ |
46,633 |
|
$ |
47,765 |
|
$ |
52,080 |
|
$ |
182,719 |
|
$ |
171,013 |
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Document and Entity Information |
Oct. 29, 2019 |
---|---|
Document and Entity Information [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 29, 2019 |
Entity File Number | 1-13988 |
Entity Registrant Name | ADTALEM GLOBAL EDUCATION INC. |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 36-3150143 |
Entity Address, Address Line One | 500 WEST MONROE STREET |
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 |
Title of 12(b) Security | Common Stock $0.01 Par Value |
Trading Symbol | ATGE |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000730464 |
Amendment Flag | false |