EX-99.3 4 atge-20220208xex99d3.htm EX-99.3

Exhibit 99.3

Adtalem Global Education Inc.

Schedule of non-GAAP Segment Operating Income

(in thousands)

Three Months Ended

Year Ended

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

June 30,

June 30,

2021

2021

2021

2020

2020

2021

2020

Chamberlain:

Operating income (GAAP)

$

20,855

$

30,093

$

36,107

$

32,482

$

30,169

$

128,851

$

99,361

Restructuring expense

291

Operating income excluding special items (non-GAAP)

$

20,855

$

30,093

$

36,107

$

32,482

$

30,169

$

128,851

$

99,652

Walden:

Operating loss (GAAP)

$

(11,646)

$

$

$

$

$

$

Deferred revenue adjustment

6,207

Walden intangible amortization expense

16,451

Operating income excluding special items (non-GAAP)

$

11,012

$

$

$

$

$

$

Medical and Veterinary:

Operating income (GAAP)

$

15,665

$

11,226

$

14,977

$

18,808

$

22,841

$

67,852

$

66,676

Restructuring expense

1,416

Operating income excluding special items (non-GAAP)

$

15,665

$

11,226

$

14,977

$

18,808

$

22,841

$

67,852

$

68,092

Home Office and Other:

Previously reported operating loss (GAAP)

$

(42,233)

$

(10,471)

$

(10,774)

$

(18,760)

$

(23,576)

$

(63,581)

$

(41,399)

Stranded costs allocated to continuing operations

(4,704)

(3,772)

(4,349)

(3,466)

(3,483)

(15,070)

(14,571)

Adjusted reported operating loss (GAAP)

(46,937)

(14,243)

(15,123)

(22,226)

(27,059)

(78,651)

(55,970)

CEO transition costs

6,195

Restructuring expense

3,094

1,570

1,217

1,166

2,916

6,869

21,976

Business acquisition and integration expense

26,553

3,432

3,646

11,079

13,436

31,593

Gain on sale of assets

(4,779)

Operating loss excluding special items (non-GAAP)

$

(11,095)

$

(9,241)

$

(10,260)

$

(9,981)

$

(10,707)

$

(40,189)

$

(38,773)

Adtalem Global Education:

Previously reported operating income (loss) (GAAP)

$

(4,731)

$

40,240

$

44,214

$

40,323

$

36,706

$

161,483

$

142,260

Financial Services operating income charged to discontinued operations

(12,628)

(9,392)

(3,904)

(7,793)

(7,272)

(28,361)

(17,622)

Stranded costs allocated to continuing operations

(4,704)

(3,772)

(4,349)

(3,466)

(3,483)

(15,070)

(14,571)

Adjusted reported operating income (loss) (GAAP)

(22,063)

27,076

35,961

29,064

25,951

118,052

110,067

Deferred revenue adjustment

6,207

CEO transition costs

6,195

Restructuring expense

3,094

1,570

1,217

1,166

2,916

6,869

23,683

Business acquisition and integration expense

26,553

3,432

3,646

11,079

13,436

31,593

Walden intangible amortization expense

16,451

Gain on sale of assets

(4,779)

Operating income excluding special items (non-GAAP)

$

36,437

$

32,078

$

40,824

$

41,309

$

42,303

$

156,514

$

128,971