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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Adtalem Global Education Inc | NYSE:ATGE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.45 | 0.68% | 66.40 | 66.8473 | 65.55 | 66.17 | 539,783 | 01:00:00 |
Revenue up 11.8% YoY
Total enrollment up 7.8% YoY
Diluted earnings per share $0.93; Adjusted EPS $1.50, growth of 32.7% YoY
Third Quarter Highlights
Capital Allocation
Fiscal Year 2024 Guidance
Adtalem Global Education Inc. (NYSE: ATGE), the leading healthcare educator in the United States, today reported third quarter fiscal 2024 results (quarter ended March 31, 2024) reflecting robust operating performance through accelerated total enrollment growth and enhanced profitability.
“Our Growth with Purpose strategy, with its emphasis on operational excellence, continues to accelerate top- and bottom-line performance, permitting us to expand access to high-quality, in-demand programs,” said Steve Beard, president and chief executive officer, Adtalem Global Education.
“The momentum is built on strong enrollments, improved persistence and outstanding academic outcomes. With over 81,000 students graduated in the last three years, we are innately focused on our ability to have an outsized impact on U.S. healthcare.”
Financial Highlights
Selected financial data for the three months ended March 31, 2024:
Business Highlights
Segment Highlights
Chamberlain
$ in millions
Three Months Ended
Mar. 31,
2024
2023
% Change
Revenue
$170.3
$149.7
13.8%
Operating Income
$43.3
$39.6
9.5%
Adj. Operating Income
$43.3
$39.6
9.5%
Adj. EBITDA
$50.5
$44.9
12.3%
Total Students (2)
37,985
34,847
9.0%
Walden
$ in millions
Three Months Ended
Mar. 31,
2024
2023
% Change
Revenue
$150.6
$132.9
13.3%
Operating Income
$23.6
$10.3
128.0%
Adj. Operating Income
$31.9
$24.6
29.4%
Adj. EBITDA
$35.9
$27.8
28.9%
Total Students (2)
42,751
39,427
8.4%
Medical and Veterinary
$ in millions
Three Months Ended
Mar. 31,
2024
2023
% Change
Revenue
$91.7
$86.5
6.1%
Operating Income
$22.8
$16.5
38.2%
Adj. Operating Income
$23.0
$16.9
35.9%
Adj. EBITDA
$27.0
$20.7
30.3%
Total Students (2)
5,073
5,312
(4.5)%
Fiscal Year 2024 Outlook
Adtalem guidance for fiscal year 2024, raises revenue guidance to a range of $1,560 million to $1,580 million from $1,520 million to $1,560 million, and raises adjusted earnings per share to be in the range of $4.80 to $5.00 from $4.55 to $4.75.
Conference Call and Webcast Information
Adtalem will hold a conference call to discuss its fiscal third quarter 2024 results today at 4:00 p.m. CT (5:00 p.m. ET).
The call can be accessed by dialing +1 877-407-6184 (U.S. participants) or +1 201-389-0877 (international participants) stating “Adtalem earnings call” or use conference ID: 13745553. The call will be simulcast through the Adtalem investor relations website at: https://investors.adtalem.com.
Adtalem will archive a replay of the call for 30 days. To access the replay, dial +1 877-660-6853 (U.S.) or +1 201-612-7415 (international), conference ID: 13745553, or visit the Adtalem investor relations website.
About Adtalem Global Education
Adtalem Global Education (NYSE: ATGE) is the No. 1 provider of healthcare education in the U.S.3 and a systemically important solution for preparing a diverse talent workforce that meets needs of the healthcare industry. We are redefining the education pathway into healthcare and meeting the evolving patient needs for a thriving society. Adtalem recognizes the potential in each individual and guides them to success while maintaining the top-tier standards and rigor needed to fill the workforce deficit, by creating more opportunities to connect practice-ready clinicians with employers at scale. We empower a diverse learner population to achieve their goals and make inspiring contributions to their communities with a family of institutions dedicated to nursing, medicine, veterinary medicine, social work and more. Our community is comprised of approximately 80,000 students, over 300,000 alumni and nearly 10,000 employees. Visit Adtalem.com for more information and follow us on LinkedIn, Instagram and Facebook.
Forward-Looking Statements
Certain statements contained in this release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact, which includes statements regarding Adtalem’s future growth. Forward-looking statements can also be identified by words such as “future,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “may,” “will,” “would,” “could,” “can,” “continue,” “preliminary,” “range,” and similar terms. These forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those described in the statements. These risk and uncertainties include the risk factors described in Item 1A. “Risk Factors” of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) and our other filings with the SEC. These forward-looking statements are based on information available to us as of the date any such statements are made, and Adtalem assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized, except as required by law.
A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of special items that may be incurred in the future, although these special items could be material to Adtalem's results in accordance with GAAP.
1 First-time residency attainment rate is the percent of students attaining a 2024-25 residency position out of all graduates or expected graduates in 2023-24 who were active applicants in the 2024 NRMP match or who attained a residency position outside the NRMP match.
2 Represents total students attending sessions during each institution’s most recent enrollment period in Q3 FY 2024 and Q3 FY 2023.
3 Based on most recent reported year, 2022, according to U.S. government IPEDS database.
Adtalem Global Education Inc.
Consolidated Balance Sheets
(unaudited)
(in thousands)
March 31,
June 30,
2024
2023
Assets:
Current assets:
Cash and cash equivalents
$
179,762
$
273,689
Restricted cash
7,562
1,386
Accounts and financing receivables, net
140,909
102,749
Prepaid expenses and other current assets
59,401
100,715
Total current assets
387,634
478,539
Noncurrent assets:
Property and equipment, net
272,792
258,522
Operating lease assets
169,498
174,677
Deferred income taxes
64,213
56,694
Intangible assets, net
784,042
812,338
Goodwill
961,262
961,262
Other assets, net
67,768
68,509
Assets held for sale
7,825
—
Total noncurrent assets
2,327,400
2,332,002
Total assets
$
2,715,034
$
2,810,541
Liabilities and shareholders' equity:
Current liabilities:
Accounts payable
$
92,198
$
81,812
Accrued payroll and benefits
67,647
52,041
Accrued liabilities
114,224
105,806
Deferred revenue
202,566
153,871
Current operating lease liabilities
32,475
37,673
Total current liabilities
509,110
431,203
Noncurrent liabilities:
Long-term debt
648,106
695,077
Long-term operating lease liabilities
159,717
163,441
Deferred income taxes
28,937
26,068
Other liabilities
48,201
37,416
Total noncurrent liabilities
884,961
922,002
Total liabilities
1,394,071
1,353,205
Commitments and contingencies
Total shareholders' equity
1,320,963
1,457,336
Total liabilities and shareholders' equity
$
2,715,034
$
2,810,541
Adtalem Global Education Inc.
Consolidated Statements of Income
(unaudited)
(in thousands, except per share data)
Three Months Ended
Nine Months Ended
March 31,
March 31,
2024
2023
2024
2023
Revenue
$
412,658
$
369,082
$
1,174,745
$
1,086,185
Operating cost and expense:
Cost of educational services
175,321
165,820
516,008
484,768
Student services and administrative expense
156,689
144,526
478,368
432,713
Restructuring expense
473
1,278
1,217
17,706
Business integration expense
18,450
11,346
30,621
35,702
Gain on sale of assets
—
(13,317
)
—
(13,317
)
Total operating cost and expense
350,933
309,653
1,026,214
957,572
Operating income
61,725
59,429
148,531
128,613
Interest expense
(16,560
)
(14,457
)
(48,910
)
(47,806
)
Other income, net
2,871
3,980
8,648
3,301
Income from continuing operations before income taxes
48,036
48,952
108,269
84,108
Provision for income taxes
(10,595
)
(389
)
(21,156
)
(5,906
)
Income from continuing operations
37,441
48,563
87,113
78,202
Discontinued operations:
(Loss) income from discontinued operations before income taxes
(832
)
(3,993
)
329
(6,734
)
Loss on disposal of discontinued operations before income taxes
—
(402
)
—
(3,576
)
Benefit from (provision for) income taxes
212
1,701
(84
)
3,222
(Loss) income from discontinued operations
(620
)
(2,694
)
245
(7,088
)
Net income and comprehensive income
$
36,821
$
45,869
$
87,358
$
71,114
Earnings (loss) per share:
Basic:
Continuing operations
$
0.97
$
1.08
$
2.18
$
1.73
Discontinued operations
$
(0.02
)
$
(0.06
)
$
0.01
$
(0.16
)
Total basic earnings per share
$
0.95
$
1.02
$
2.18
$
1.57
Diluted:
Continuing operations
$
0.94
$
1.06
$
2.13
$
1.70
Discontinued operations
$
(0.02
)
$
(0.06
)
$
0.01
$
(0.15
)
Total diluted earnings per share
$
0.93
$
1.00
$
2.14
$
1.54
Weighted-average shares outstanding:
Basic shares
38,713
45,125
40,000
45,276
Diluted shares
39,636
45,801
40,874
46,089
Adtalem Global Education Inc.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
Nine Months Ended
March 31,
2024
2023
Operating activities:
Net income
$
87,358
$
71,114
(Income) loss from discontinued operations
(245
)
7,088
Income from continuing operations
87,113
78,202
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense
19,405
10,908
Amortization and impairments to operating lease assets
24,705
37,928
Depreciation
32,106
31,618
Amortization of intangible assets
28,296
48,936
Amortization and write-off of debt discount and issuance costs
4,550
7,974
Provision for bad debts
35,741
23,391
Deferred income taxes
(4,650
)
(1,718
)
Loss on disposals, accelerated depreciation, and impairments to property and equipment
50
3,999
Gain on extinguishment of debt
—
(71
)
(Gain) loss on investments
(1,281
)
4,122
Gain on sale of assets
—
(13,317
)
Unrealized loss on assets held for sale
647
—
Changes in assets and liabilities:
Accounts and financing receivables
(73,661
)
(56,477
)
Prepaid expenses and other current assets
(2,484
)
7,034
Accounts payable
10,841
12,286
Accrued payroll and benefits
15,671
(11,719
)
Accrued liabilities
39,748
(20,275
)
Deferred revenue
60,935
26,038
Operating lease liabilities
(28,448
)
(37,758
)
Other assets and liabilities
(2,475
)
(1,280
)
Net cash provided by operating activities-continuing operations
246,809
149,821
Net cash provided by (used in) operating activities-discontinued operations
8,396
(404
)
Net cash provided by operating activities
255,205
149,417
Investing activities:
Capital expenditures
(52,014
)
(19,056
)
Proceeds from sales of marketable securities
626
7,635
Purchases of marketable securities
(498
)
(1,508
)
Proceeds from note receivable related to property sold
—
46,800
Net cash (used in) provided by investing activities-continuing operations
(51,886
)
33,871
Payment for working capital adjustment for sale of business
—
(3,174
)
Net cash (used in) provided by investing activities
(51,886
)
30,697
Financing activities:
Proceeds from exercise of stock options
15,412
1,622
Employee taxes paid on withholding shares
(6,600
)
(4,214
)
Proceeds from stock issued under Colleague Stock Purchase Plan
581
451
Repurchases of common stock for treasury
(250,463
)
(44,710
)
Payment on equity forward contract
—
(13,162
)
Proceeds from issuance of long-term debt
1,896
—
Repayments of long-term debt
(51,896
)
(150,861
)
Net cash used in financing activities
(291,070
)
(210,874
)
Net decrease in cash, cash equivalents and restricted cash
(87,751
)
(30,760
)
Cash, cash equivalents and restricted cash at beginning of period
275,075
347,937
Cash, cash equivalents and restricted cash at end of period
$
187,324
$
317,177
Non-cash investing and financing activities:
Accrued capital expenditures
$
11,086
$
10,474
Accrued liability for repurchases of common stock
$
2,995
$
2,699
Accrued excise tax on share repurchases
$
3,257
$
361
Settlement of financing liability with assets
$
—
$
38,606
Adtalem Global Education Inc.
Segment Information
(unaudited)
(in thousands)
Three Months Ended
Nine Months Ended
March 31,
March 31,
Increase/(Decrease)
Increase/(Decrease)
2024
2023
$
%
2024
2023
$
%
Revenue:
Chamberlain
$
170,338
$
149,737
$
20,601
13.8
%
$
466,487
$
426,538
$
39,949
9.4
%
Walden
150,607
132,874
17,733
13.3
%
439,023
395,715
43,308
10.9
%
Medical and Veterinary
91,713
86,471
5,242
6.1
%
269,235
263,932
5,303
2.0
%
Total consolidated revenue
$
412,658
$
369,082
$
43,576
11.8
%
$
1,174,745
$
1,086,185
$
88,560
8.2
%
Operating income (loss):
Chamberlain
$
43,349
$
39,589
$
3,760
9.5
%
$
97,313
$
99,002
$
(1,689
)
(1.7
)%
Walden
23,585
10,343
13,242
128.0
%
47,121
26,071
21,050
80.7
%
Medical and Veterinary
22,759
16,472
6,287
38.2
%
59,142
49,172
9,970
20.3
%
Home Office and Other
(27,968
)
(6,975
)
(20,993
)
(301.0
)%
(55,045
)
(45,632
)
(9,413
)
(20.6
)%
Total consolidated operating income
$
61,725
$
59,429
$
2,296
3.9
%
$
148,531
$
128,613
$
19,918
15.5
%
Non-GAAP Financial Measures and Reconciliations
We believe that certain non-GAAP financial measures provide investors with useful supplemental information regarding the underlying business trends and performance of Adtalem’s ongoing operations as seen through the eyes of management and are useful for period-over-period comparisons. We use these supplemental non-GAAP financial measures internally in our assessment of performance and budgeting process. However, these non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The following are non-GAAP financial measures used in the subsequent GAAP to non-GAAP reconciliation tables:
Adjusted net income (most comparable GAAP measure: net income) – Measure of Adtalem’s net income adjusted for restructuring expense, business integration expense, intangible amortization expense, gain on sale of assets, write-off of debt discount and issuance costs, gain on extinguishment of debt, litigation reserve, investment impairment, loss on assets held for sale, debt modification costs, net tax benefit related to a valuation allowance release, and loss (income) from discontinued operations.
Adjusted earnings per share (most comparable GAAP measure: diluted earnings per share) – Measure of Adtalem’s diluted earnings per share adjusted for restructuring expense, business integration expense, intangible amortization expense, gain on sale of assets, write-off of debt discount and issuance costs, gain on extinguishment of debt, litigation reserve, investment impairment, loss on assets held for sale, debt modification costs, net tax benefit related to a valuation allowance release, and loss (income) from discontinued operations.
Adjusted operating income (most comparable GAAP measure: operating income) – Measure of Adtalem’s operating income adjusted for restructuring expense, business integration expense, intangible amortization expense, litigation reserve, loss on assets held for sale, debt modification costs, and gain on sale of assets. This measure is applied on a consolidated and segment basis, depending on the context of the discussion.
Adjusted EBITDA (most comparable GAAP measure: net income) – Measure of Adtalem’s net income adjusted for loss (income) from discontinued operations, interest expense, other income, net, provision for income taxes, depreciation and amortization, stock-based compensation, restructuring expense, business integration expense, litigation reserve, loss on assets held for sale, debt modification costs, and gain on sale of assets. This measure is applied on a consolidated and segment basis, depending on the context of the discussion. Provision for income taxes, interest expense, and other income, net is not recorded at the reportable segments, and therefore, the segment adjusted EBITDA reconciliations begin with operating income.
Free cash flow (most comparable GAAP measure: net cash provided by operating activities-continuing operations) – Defined as net cash provided by operating activities-continuing operations less capital expenditures.
Net debt – Defined as long-term debt less cash and cash equivalents.
Net leverage – Defined as net debt divided by adjusted EBITDA.
A description of special items in our non-GAAP financial measures described above are as follows:
Adtalem Global Education Inc.
Non-GAAP Operating Income by Segment
(unaudited)
(in thousands)
Three Months Ended
Nine Months Ended
March 31,
March 31,
Increase/(Decrease)
Increase/(Decrease)
2024
2023
$
%
2024
2023
$
%
Chamberlain:
Operating income (GAAP)
$
43,349
$
39,589
$
3,760
9.5
%
$
97,313
$
99,002
$
(1,689
)
(1.7
)%
Restructuring expense
—
—
—
—
818
(818
)
Adjusted operating income (non-GAAP)
$
43,349
$
39,589
$
3,760
9.5
%
$
97,313
$
99,820
$
(2,507
)
(2.5
)%
Operating margin (GAAP)
25.4
%
26.4
%
20.9
%
23.2
%
Operating margin (non-GAAP)
25.4
%
26.4
%
20.9
%
23.4
%
Walden:
Operating income (GAAP)
$
23,585
$
10,343
$
13,242
128.0
%
$
47,121
$
26,071
$
21,050
80.7
%
Restructuring expense
—
53
(53
)
(776
)
3,174
(3,950
)
Intangible amortization expense
8,286
14,232
(5,946
)
28,296
48,936
(20,640
)
Litigation reserve
—
—
—
18,500
—
18,500
Adjusted operating income (non-GAAP)
$
31,871
$
24,628
$
7,243
29.4
%
$
93,141
$
78,181
$
14,960
19.1
%
Operating margin (GAAP)
15.7
%
7.8
%
10.7
%
6.6
%
Operating margin (non-GAAP)
21.2
%
18.5
%
21.2
%
19.8
%
Medical and Veterinary:
Operating income (GAAP)
$
22,759
$
16,472
$
6,287
38.2
%
$
59,142
$
49,172
$
9,970
20.3
%
Restructuring expense
194
421
(227
)
379
7,334
(6,955
)
Adjusted operating income (non-GAAP)
$
22,953
$
16,893
$
6,060
35.9
%
$
59,521
$
56,506
$
3,015
5.3
%
Operating margin (GAAP)
24.8
%
19.0
%
22.0
%
18.6
%
Operating margin (non-GAAP)
25.0
%
19.5
%
22.1
%
21.4
%
Home Office and Other:
Operating loss (GAAP)
$
(27,968
)
$
(6,975
)
$
(20,993
)
(301.0
)%
$
(55,045
)
$
(45,632
)
$
(9,413
)
(20.6
)%
Restructuring expense
279
804
(525
)
1,614
6,380
(4,766
)
Business integration expense
18,450
11,346
7,104
30,621
35,702
(5,081
)
Loss on assets held for sale
—
—
—
647
—
647
Debt modification costs
848
—
848
848
—
848
Gain on sale of assets
—
(13,317
)
13,317
—
(13,317
)
13,317
Adjusted operating loss (non-GAAP)
$
(8,391
)
$
(8,142
)
$
(249
)
(3.1
)%
$
(21,315
)
$
(16,867
)
$
(4,448
)
(26.4
)%
Adtalem Global Education:
Operating income (GAAP)
$
61,725
$
59,429
$
2,296
3.9
%
$
148,531
$
128,613
$
19,918
15.5
%
Restructuring expense
473
1,278
(805
)
1,217
17,706
(16,489
)
Business integration expense
18,450
11,346
7,104
30,621
35,702
(5,081
)
Intangible amortization expense
8,286
14,232
(5,946
)
28,296
48,936
(20,640
)
Litigation reserve
—
—
—
18,500
—
18,500
Loss on assets held for sale
—
—
—
647
—
647
Debt modification costs
848
—
848
848
—
848
Gain on sale of assets
—
(13,317
)
13,317
—
(13,317
)
13,317
Adjusted operating income (non-GAAP)
$
89,782
$
72,968
$
16,814
23.0
%
$
228,660
$
217,640
$
11,020
5.1
%
Operating margin (GAAP)
15.0
%
16.1
%
12.6
%
11.8
%
Operating margin (non-GAAP)
21.8
%
19.8
%
19.5
%
20.0
%
Adtalem Global Education Inc.
Non-GAAP Adjusted EBITDA by Segment
(unaudited)
(in thousands)
Three Months Ended
Nine Months Ended
March 31,
March 31,
Increase/(Decrease)
Increase/(Decrease)
2024
2023
$
%
2024
2023
$
%
Chamberlain:
Operating income (GAAP)
$
43,349
$
39,589
$
3,760
9.5
%
$
97,313
$
99,002
$
(1,689
)
(1.7
)%
Restructuring expense
—
—
—
—
818
(818
)
Depreciation
5,312
4,405
907
14,790
12,985
1,805
Stock-based compensation
1,795
923
872
6,791
3,600
3,191
Adjusted EBITDA (non-GAAP)
$
50,456
$
44,917
$
5,539
12.3
%
$
118,894
$
116,405
$
2,489
2.1
%
Adjusted EBITDA margin (non-GAAP)
29.6
%
30.0
%
25.5
%
27.3
%
Walden:
Operating income (GAAP)
$
23,585
$
10,343
$
13,242
128.0
%
$
47,121
$
26,071
$
21,050
80.7
%
Restructuring expense
—
53
(53
)
(776
)
3,174
(3,950
)
Intangible amortization expense
8,286
14,232
(5,946
)
28,296
48,936
(20,640
)
Litigation reserve
—
—
—
18,500
—
18,500
Depreciation
2,214
2,439
(225
)
6,681
7,303
(622
)
Stock-based compensation
1,770
754
1,016
5,822
2,945
2,877
Adjusted EBITDA (non-GAAP)
$
35,855
$
27,821
$
8,034
28.9
%
$
105,644
$
88,429
$
17,215
19.5
%
Adjusted EBITDA margin (non-GAAP)
23.8
%
20.9
%
24.1
%
22.3
%
Medical and Veterinary:
Operating income (GAAP)
$
22,759
$
16,472
$
6,287
38.2
%
$
59,142
$
49,172
$
9,970
20.3
%
Restructuring expense
194
421
(227
)
379
7,334
(6,955
)
Depreciation
3,174
3,231
(57
)
9,228
9,367
(139
)
Stock-based compensation
851
587
264
3,687
2,291
1,396
Adjusted EBITDA (non-GAAP)
$
26,978
$
20,711
$
6,267
30.3
%
$
72,436
$
68,164
$
4,272
6.3
%
Adjusted EBITDA margin (non-GAAP)
29.4
%
24.0
%
26.9
%
25.8
%
Home Office and Other:
Operating loss (GAAP)
$
(27,968
)
$
(6,975
)
$
(20,993
)
(301.0
)%
$
(55,045
)
$
(45,632
)
$
(9,413
)
(20.6
)%
Restructuring expense
279
804
(525
)
1,614
6,380
(4,766
)
Business integration expense
18,450
11,346
7,104
30,621
35,702
(5,081
)
Loss on assets held for sale
—
—
—
647
—
647
Debt modification costs
848
—
848
848
—
848
Gain on sale of assets
—
(13,317
)
13,317
—
(13,317
)
13,317
Depreciation
692
82
610
1,407
1,963
(556
)
Stock-based compensation
1,484
531
953
3,105
2,072
1,033
Adjusted EBITDA (non-GAAP)
$
(6,215
)
$
(7,529
)
$
1,314
17.5
%
$
(16,803
)
$
(12,832
)
$
(3,971
)
(30.9
)%
Adtalem Global Education:
Net income (GAAP)
$
36,821
$
45,869
$
(9,048
)
(19.7
)%
$
87,358
$
71,114
$
16,244
22.8
%
Loss (income) from discontinued operations
620
2,694
(2,074
)
(245
)
7,088
(7,333
)
Interest expense
16,560
14,457
2,103
48,910
47,806
1,104
Other income, net
(2,871
)
(3,980
)
1,109
(8,648
)
(3,301
)
(5,347
)
Provision for income taxes
10,595
389
10,206
21,156
5,906
15,250
Operating income (GAAP)
61,725
59,429
2,296
148,531
128,613
19,918
Depreciation and amortization
19,678
24,389
(4,711
)
60,402
80,554
(20,152
)
Stock-based compensation
5,900
2,795
3,105
19,405
10,908
8,497
Restructuring expense
473
1,278
(805
)
1,217
17,706
(16,489
)
Business integration expense
18,450
11,346
7,104
30,621
35,702
(5,081
)
Litigation reserve
—
—
—
18,500
—
18,500
Loss on assets held for sale
—
—
—
647
—
647
Debt modification costs
848
—
848
848
—
848
Gain on sale of assets
—
(13,317
)
13,317
—
(13,317
)
13,317
Adjusted EBITDA (non-GAAP)
$
107,074
$
85,920
$
21,154
24.6
%
$
280,171
$
260,166
$
20,005
7.7
%
Adjusted EBITDA margin (non-GAAP)
25.9
%
23.3
%
23.8
%
24.0
%
Adtalem Global Education Inc.
Non-GAAP Earnings Disclosure
(unaudited)
(in thousands, except per share data)
Three Months Ended
Nine Months Ended
March 31,
March 31,
2024
2023
2024
2023
Net income (GAAP)
$
36,821
$
45,869
$
87,358
$
71,114
Restructuring expense
473
1,278
1,217
17,706
Business integration expense
18,450
11,346
30,621
35,702
Intangible amortization expense
8,286
14,232
28,296
48,936
Gain on sale of assets
—
(13,317
)
—
(13,317
)
Write-off of debt discount and issuance costs, gain on extinguishment of debt, litigation reserve, investment impairment, loss on assets held for sale, and debt modification costs
1,961
—
21,108
9,226
Net tax benefit related to a valuation allowance release
—
(6,184
)
—
(6,184
)
Income tax impact on non-GAAP adjustments (1)
(7,260
)
(4,359
)
(19,355
)
(23,341
)
Loss (income) from discontinued operations
620
2,694
(245
)
7,088
Adjusted net income (non-GAAP)
$
59,351
$
51,559
$
149,000
$
146,930
(1)
Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements.
Three Months Ended
Nine Months Ended
March 31,
March 31,
2024
2023
2024
2023
Diluted earnings per share (GAAP)
$
0.93
$
1.00
$
2.14
$
1.54
Effect on diluted earnings per share:
Restructuring expense
0.01
0.03
0.03
0.38
Business integration expense
0.47
0.25
0.75
0.77
Intangible amortization expense
0.21
0.31
0.69
1.06
Gain on sale of assets
-
(0.29
)
-
(0.29
)
Write-off of debt discount and issuance costs, gain on extinguishment of debt, litigation reserve, investment impairment, loss on assets held for sale, and debt modification costs
0.05
-
0.52
0.20
Net tax benefit related to a valuation allowance release
-
(0.14
)
-
(0.13
)
Income tax impact on non-GAAP adjustments (1)
(0.18
)
(0.10
)
(0.47
)
(0.51
)
Loss (income) from discontinued operations
0.02
0.06
(0.01
)
0.15
Adjusted earnings per share (non-GAAP)
$
1.50
$
1.13
$
3.65
$
3.19
Diluted shares used in non-GAAP EPS calculation
39,636
45,801
40,874
46,089
Note: May not sum due to rounding.
(1)
Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements.
Adtalem Global Education Inc.
Non-GAAP Free Cash Flow Disclosure
(unaudited)
(in thousands)
Three Months Ended
Nine Months Ended
Twelve Months Ended
FY24
FY23
FY24
FY23
FY24
FY24
FY24
FY23
FY23
Q3
Q3
Q3
Q3
Q3
Q2
Q1
Q4
Q3
Net cash provided by operating activities-continuing operations (GAAP)
$
163,740
$
107,544
$
246,809
$
149,821
$
302,672
$
246,476
$
204,934
$
205,684
$
255,052
Capital expenditures
(21,686
)
(9,309
)
(52,014
)
(19,056
)
(69,966
)
(57,589
)
(46,503
)
(37,008
)
(27,861
)
Free cash flow (non-GAAP)
$
142,054
$
98,235
$
194,795
$
130,765
$
232,706
$
188,887
$
158,431
$
168,676
$
227,191
Adtalem Global Education Inc.
Non-GAAP Net Leverage Disclosure
(unaudited)
(in thousands)
Twelve Months Ended
March 31, 2024
Adtalem Global Education:
Net income (GAAP)
$
109,602
Loss from discontinued operations
1,061
Interest expense
64,204
Other income, net
(12,312
)
Provision for income taxes
25,533
Depreciation and amortization
82,662
Stock-based compensation
22,796
Restructuring expense
2,328
Business integration expense
37,580
Litigation reserve
28,500
Loss on assets held for sale
647
Debt modification costs
848
Adjusted EBITDA (non-GAAP)
$
363,449
March 31, 2024
Long-term debt
$
658,283
Less: Cash and cash equivalents
(179,762
)
Net debt (non-GAAP)
$
478,521
Net leverage (non-GAAP)
1.3 x
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502563037/en/
Investor Contact Jay Spitzer Investor.Relations@Adtalem.com +1 312-906-6600
Media Contact Britt Mitchell AdtalemMedia@Adtalem.com +1 872-270-0301
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