Revenue up 4.1% YoY
Total enrollment up 1.9% YoY
Diluted earnings per share $0.25; Adjusted EPS
$0.93, growth of 3.3% YoY
Raises fiscal year 2024 revenue guidance to a
range of $1,470 million to $1,530 million and Adjusted EPS guidance
to a range of $4.25 to $4.45
First quarter highlights
- Revenue $368.8 million, up 4.1% year-over-year
- Total student enrollment 81,073, up 1.9% year-over-year
- Chamberlain University third straight quarter of total
enrollment growth, up 5.2% year-over-year
- Walden University returned to total enrollment growth, up 0.5%
year-over-year
- Investing in Growth with Purpose strategy, GAAP net income
$10.6 million, and adjusted EBITDA $80.5 million, down 3.8%
year-over-year
Capital allocation
- Repurchased $92 million of shares against $300 million Board
authorized share repurchase program
- Net leverage 1.3x
Fiscal year 2024 guidance
- Revenue $1,470 million to $1,530 million
- Adjusted earnings per share $4.25 to $4.45
Adtalem Global Education Inc. (NYSE: ATGE) today reported first
quarter fiscal 2024 results (ended Sept. 30, 2023) reflecting a
return to total enrollment growth and enhanced academic
outcomes.
“Our strategic transformation program – Growth with Purpose –
achieved another milestone during the first quarter – returning
Adtalem to total enrollment growth,” said Steve Beard, president,
and chief executive officer, Adtalem Global Education.
Beard continued, “As we accelerate our performance across our
five operational pillars, we are increasingly afforded the
opportunity to take full advantage of our market leading scale and
our market responsive healthcare focus. This gives us the
confidence to raise our expectations for fiscal 2024. With more
than 80,000 students and 300,000 alumni, Adtalem is well-positioned
to address critical healthcare provider shortages. And our
enterprise-wide emphasis on advancing health equity has never been
more important.”
Financial Highlights
Selected financial data for the three months ended Sept. 30,
2023:
- Revenue of $368.8 million increased 4.1% compared with the
prior year.
- Operating income was $28.2 million, compared with $23.6 million
in the prior year; adjusted operating income was $63.3 million,
compared with $66.8 million in the prior year.
- Net income was $10.6 million, compared with $0.6 million in the
prior year; adjusted net income was $39.4 million, compared with
$41.6 million in the prior year.
- Diluted earnings per share was $0.25, compared with $0.01 in
the prior year; adjusted earnings per share was $0.93, compared
with $0.90 in the prior year.
- Adjusted EBITDA was $80.5 million, compared with $83.7 million
in the prior year; adjusted EBITDA margin was 21.8%, compared with
23.6% in the prior year.
Business Highlights
- Chamberlain University continues to innovate in specialized
nursing education that addresses areas of acute nursing shortages,
such as peri-operative, home health, nephrology, and emergency,
through its Practice Ready. Specialty Focused.TM model. This model
has provided more than 1,000 students in Chamberlain’s Bachelor of
Science in Nursing degree program, the opportunity for specialized
training. The proprietary learning model has been expanded to all
23 Chamberlain campuses, broadening access to more students.
- Walden’s 69th commencement celebrated the conferral of more
than 6,500 doctoral, master’s, and bachelor’s degrees to students
from all 50 U.S. states and more than 40 countries, of which nearly
35% were for post-licensure nursing programs. More than 50% of the
graduates who reported their race, identified as being from
minority groups.
- Faculty members from Walden and Chamberlain were elected into
the Leadership Academy in Social Determinants of Health and Social
Change, which further equips current nurse educators and
interprofessional leaders to prepare future care providers to
confidently and competently promote social change and advance
health equity. The academy is the cornerstone of the groundbreaking
collaboration between the National League for Nursing and Walden
University.
- Adtalem’s ongoing investment in innovating the student
experience was recognized with 4 Telly and 12 Viddy awards for
immersive “user-centered design” and short-videos for enhanced
learning curriculum.
- Our 2023 Sustainability Report, which encapsulates our mission,
vision and sustainability efforts, was recently released and
highlights the many ways Adtalem serves to bridge the gap between
accessible education and systemic change in healthcare and
demonstrates our continued global impact for a better future.
Segment Highlights
Chamberlain
$ in millions
Three Months Ended
Sept. 30,
2023
2022
% Change
Revenue
$142.6
$135.4
5.3%
Operating Income
$24.3
$26.2
(7.1)%
Adj. Operating Income
$24.3
$27.0
(9.9)%
Adj. EBITDA
$31.5
$33.8
(6.5)%
Total Students (1)
34,889
33,153
5.2%
- Total student enrollment increased 5.2% compared with the prior
year, driven by continued growth in pre-licensure and
post-licensure nursing programs as well as high persistence.
Walden
$ in millions
Three Months Ended
Sept. 30,
2023
2022
% Change
Revenue
$141.6
$130.9
8.2%
Operating Income
$1.9
$2.9
(33.9)%
Adj. Operating Income
$31.1
$24.5
26.8%
Adj. EBITDA
$35.1
$29.0
21.0%
Total Students (1)
40,975
40,772
0.5%
- Total student enrollment increased 0.5% compared with the prior
year, driven by growth in healthcare programs and high persistence.
Elimination of off-cycle start dates adversely impacted
year-over-year total enrollment growth by 2.9%.
Medical and Veterinary
$ in millions
Three Months Ended
Sept. 30,
2023
2022
% Change
Revenue
$84.6
$88.0
(3.8)%
Operating Income
$14.4
$10.2
40.3%
Adj. Operating Income
$14.5
$17.1
(15.2)%
Adj. EBITDA
$19.1
$21.6
(11.9)%
Total Students (1)
5,209
5,634
(7.5)%
- Total student enrollment decreased 7.5% compared with the prior
year, driven by declines in medical schools.
(1)
Represents total students attending
sessions during each institution’s most recent enrollment period in
Q1 FY 2024 and Q1 FY 2023
Fiscal Year 2024 Outlook
Adtalem guidance for fiscal year 2024, raises revenue guidance
to a range of $1,470 million to $1,530 million from $1,460 million
to $1,520 million, and raises adjusted earnings per share to be in
the range of $4.25 to $4.45 from $4.20 to $4.40.
Conference Call and Webcast Information
Adtalem will hold a conference call to discuss its fiscal 2024
first quarter results today at 4:30 p.m. CDT (5:30 p.m. EDT).
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: 13740758. 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: 13740758, or visit the Adtalem
investor relations website.
About Adtalem Global Education
Adtalem Global Education (NYSE: ATGE) is a national leader in
post-secondary education and leading provider of professional
talent to the healthcare industry. With a dedicated focus on
driving strong outcomes that increase workforce preparedness,
Adtalem empowers a diverse learner population to achieve their
goals and make inspiring contributions to their communities.
Adtalem is the parent organization of American University of the
Caribbean School of Medicine, Chamberlain University, Ross
University School of Medicine, Ross University School of Veterinary
Medicine and Walden University. Adtalem’s family of institutions
has more than 300,000 alumni and nearly 10,000 employees. Adtalem
was named one of America’s Most Responsible Companies in 2021 and
2023 by Newsweek and Statista, and one of America’s Best Employers
for Diversity in 2021 and 2022 by Forbes and Statista. Visit
Adtalem.com for more information and follow on Twitter and
LinkedIn.
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.
Adtalem Global Education
Inc.
Consolidated Balance
Sheets
(unaudited)
(in thousands)
September 30,
June 30,
2023
2023
Assets:
Current assets:
Cash and cash equivalents
$
262,438
$
273,689
Restricted cash
1,988
1,386
Accounts receivable, net
147,752
102,749
Prepaid expenses and other current
assets
60,750
100,715
Total current assets
472,928
478,539
Noncurrent assets:
Property and equipment, net
264,766
258,522
Operating lease assets
171,055
174,677
Deferred income taxes
54,855
56,694
Intangible assets, net
801,661
812,338
Goodwill
961,262
961,262
Other assets, net
67,634
68,509
Total noncurrent assets
2,321,233
2,332,002
Total assets
$
2,794,161
$
2,810,541
Liabilities and shareholders'
equity:
Current liabilities:
Accounts payable
$
76,866
$
81,812
Accrued payroll and benefits
43,138
52,041
Accrued liabilities
89,395
105,806
Deferred revenue
250,555
153,871
Current operating lease liabilities
35,681
37,673
Total current liabilities
495,635
431,203
Noncurrent liabilities:
Long-term debt
695,725
695,077
Long-term operating lease liabilities
160,523
163,441
Deferred income taxes
26,394
26,068
Other liabilities
37,221
37,416
Total noncurrent liabilities
919,863
922,002
Total liabilities
1,415,498
1,353,205
Commitments and contingencies
Total shareholders' equity
1,378,663
1,457,336
Total liabilities and shareholders'
equity
$
2,794,161
$
2,810,541
Adtalem Global Education
Inc.
Consolidated Statements of
Income
(unaudited)
(in thousands, except per
share data)
Three Months Ended
September 30,
2023
2022
Revenue
$
368,845
$
354,269
Operating cost and expense:
Cost of educational services
168,618
159,645
Student services and administrative
expense
166,095
146,385
Restructuring expense
676
15,065
Business integration expense
5,262
9,540
Total operating cost and expense
340,651
330,635
Operating income
28,194
23,634
Interest expense
(15,657
)
(17,760
)
Other income, net
2,214
761
Income from continuing operations before
income taxes
14,751
6,635
Provision for income taxes
(2,792
)
(1,122
)
Income from continuing operations
11,959
5,513
Discontinued operations:
Loss from discontinued operations before
income taxes
(1,765
)
(3,265
)
Loss on disposal of discontinued
operations before income taxes
—
(3,359
)
Benefit from income taxes
452
1,703
Loss from discontinued operations
(1,313
)
(4,921
)
Net income and comprehensive income
$
10,646
$
592
Earnings (loss) per share:
Basic:
Continuing operations
$
0.29
$
0.12
Discontinued operations
$
(0.03
)
$
(0.11
)
Total basic earnings per share
$
0.26
$
0.01
Diluted:
Continuing operations
$
0.28
$
0.12
Discontinued operations
$
(0.03
)
$
(0.11
)
Total diluted earnings per share
$
0.25
$
0.01
Weighted-average shares outstanding:
Basic shares
41,399
45,274
Diluted shares
42,184
46,342
Adtalem Global Education
Inc.
Consolidated Statements of
Cash Flows
(unaudited)
(in thousands)
Three Months Ended
September 30,
2023
2022
Operating activities:
Net income
$
10,646
$
592
Loss from discontinued operations
1,313
4,921
Income from continuing operations
11,959
5,513
Adjustments to reconcile net income to net
cash provided by operating activities:
Stock-based compensation expense
7,455
6,145
Amortization and impairments to operating
lease assets
8,765
19,708
Depreciation
9,778
10,805
Amortization of intangible assets
10,677
18,528
Amortization and write-off of debt
discount and issuance costs
1,155
4,227
Provision for bad debts
10,226
5,991
Deferred income taxes
2,165
2,629
Loss on disposals, accelerated
depreciation, and impairments to property and equipment
38
3,483
Gain on extinguishment of debt
—
(71
)
Loss on investments
447
901
Changes in assets and liabilities:
Accounts receivable
(50,116
)
(33,219
)
Prepaid expenses and other current
assets
(5,532
)
(2,483
)
Accounts payable
(2,870
)
8,711
Accrued payroll and benefits
(8,882
)
(12,743
)
Accrued liabilities
13,770
(9,010
)
Deferred revenue
98,658
82,688
Operating lease liabilities
(10,053
)
(12,921
)
Other assets and liabilities
(6,914
)
(7,406
)
Net cash provided by operating
activities-continuing operations
90,726
91,476
Net cash provided by (used in) operating
activities-discontinued operations
8,959
(130
)
Net cash provided by operating
activities
99,685
91,346
Investing activities:
Capital expenditures
(15,046
)
(5,551
)
Proceeds from sale of marketable
securities
400
356
Purchases of marketable securities
(300
)
(308
)
Net cash used in investing
activities-continuing operations
(14,946
)
(5,503
)
Payment for working capital adjustment for
sale of business
—
(811
)
Net cash used in investing activities
(14,946
)
(6,314
)
Financing activities:
Proceeds from exercise of stock
options
550
1,241
Employee taxes paid on withholding
shares
(5,651
)
(3,486
)
Proceeds from stock issued under Colleague
Stock Purchase Plan
190
132
Repurchases of common stock for
treasury
(90,477
)
—
Repayments of long-term debt
—
(100,861
)
Net cash used in financing activities
(95,388
)
(102,974
)
Net decrease in cash, cash equivalents and
restricted cash
(10,649
)
(17,942
)
Cash, cash equivalents and restricted cash
at beginning of period
275,075
347,937
Cash, cash equivalents and restricted cash
at end of period
$
264,426
$
329,995
Non-cash investing and financing
activities:
Accrued capital expenditures
$
9,217
$
4,713
Accrued liability for repurchases of
common stock
$
3,600
$
—
Accrued excise tax on share
repurchases
$
1,928
$
—
Adtalem Global Education
Inc.
Segment Information
(unaudited)
(in thousands)
Three Months Ended
September 30,
Increase/(Decrease)
2023
2022
$
%
Revenue:
Chamberlain
$
142,596
$
135,405
$
7,191
5.3
%
Walden
141,608
130,901
10,707
8.2
%
Medical and Veterinary
84,641
87,963
(3,322
)
(3.8
)
%
Total consolidated revenue
$
368,845
$
354,269
$
14,576
4.1
%
Operating income (loss):
Chamberlain
$
24,324
$
26,184
$
(1,860
)
(7.1
)
%
Walden
1,938
2,933
(995
)
(33.9
)
%
Medical and Veterinary
14,363
10,238
4,125
40.3
%
Home Office and Other
(12,431
)
(15,721
)
3,290
20.9
%
Total consolidated operating income
$
28,194
$
23,634
$
4,560
19.3
%
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,
write-off of debt discount and issuance costs, gain on
extinguishment of debt, litigation reserve, and net loss from
discontinued operations.
Adjusted earnings per share (most comparable GAAP measure:
earnings per share) – Measure of Adtalem’s diluted earnings per
share adjusted for restructuring expense, business integration
expense, intangible amortization expense, write-off of debt
discount and issuance costs, gain on extinguishment of debt,
litigation reserve, and net loss 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, and litigation reserve. 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 net loss from
discontinued operations, interest expense, other income, net,
provision for income taxes, depreciation and amortization,
stock-based compensation, restructuring expense, business
integration expense, and litigation reserve. This measure is
applied on a consolidated and segment basis, depending on the
context of the discussion. 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:
- Restructuring expense primarily related to real estate
consolidations at Walden, Medical and Veterinary, and Adtalem’s
home office. We do not include normal, recurring, cash operating
expenses in our restructuring expense.
- Business integration expense include expenses related to the
Walden acquisition and certain costs related to growth
transformation initiatives. We do not include normal, recurring,
cash operating expenses in our business integration expense.
- Intangible amortization expense on acquired intangible
assets.
- Write-off of debt discount and issuance costs and gain on
extinguishment of debt related to prepayments of debt, and reserves
related to significant litigation.
- Net loss from discontinued operations includes expense from
ongoing litigation costs and settlements related to the DeVry
University divestiture and a loss on the sale of ACAMS, Becker, and
OCL for working capital adjustments to the initial sales
prices.
Adtalem Global Education
Inc.
Non-GAAP Operating Income by
Segment
(unaudited)
(in thousands)
Three Months Ended
September 30,
Increase/(Decrease)
2023
2022
$
%
Chamberlain:
Operating income (GAAP)
$
24,324
$
26,184
$
(1,860
)
(7.1
)
%
Restructuring expense
—
818
(818
)
Adjusted operating income (non-GAAP)
$
24,324
$
27,002
$
(2,678
)
(9.9
)
%
Operating margin (GAAP)
17.1
%
19.3
%
Operating margin (non-GAAP)
17.1
%
19.9
%
Walden:
Operating income (GAAP)
$
1,938
$
2,933
$
(995
)
(33.9
)
%
Restructuring expense
—
3,080
(3,080
)
Intangible amortization expense
10,677
18,528
(7,851
)
Litigation reserve
18,500
—
18,500
Adjusted operating income (non-GAAP)
$
31,115
$
24,541
$
6,574
26.8
%
Operating margin (GAAP)
1.4
%
2.2
%
Operating margin (non-GAAP)
22.0
%
18.7
%
Medical and Veterinary:
Operating income (GAAP)
$
14,363
$
10,238
$
4,125
40.3
%
Restructuring expense
114
6,826
(6,712
)
Adjusted operating income (non-GAAP)
$
14,477
$
17,064
$
(2,587
)
(15.2
)
%
Operating margin (GAAP)
17.0
%
11.6
%
Operating margin (non-GAAP)
17.1
%
19.4
%
Home Office and Other:
Operating loss (GAAP)
$
(12,431
)
$
(15,721
)
$
3,290
20.9
%
Restructuring expense
562
4,341
(3,779
)
Business integration expense
5,262
9,540
(4,278
)
Adjusted operating loss (non-GAAP)
$
(6,607
)
$
(1,840
)
$
(4,767
)
(259.1
)
%
Adtalem Global Education:
Operating income (GAAP)
$
28,194
$
23,634
$
4,560
19.3
%
Restructuring expense
676
15,065
(14,389
)
Business integration expense
5,262
9,540
(4,278
)
Intangible amortization expense
10,677
18,528
(7,851
)
Litigation reserve
18,500
—
18,500
Adjusted operating income (non-GAAP)
$
63,309
$
66,767
$
(3,458
)
(5.2
)
%
Operating margin (GAAP)
7.6
%
6.7
%
Operating margin (non-GAAP)
17.2
%
18.8
%
Adtalem Global Education
Inc.
Non-GAAP Adjusted EBITDA by
Segment
(unaudited)
(in thousands)
Three Months Ended
September 30,
Increase/(Decrease)
2023
2022
$
%
Chamberlain:
Operating income (GAAP)
$
24,324
$
26,184
$
(1,860
)
(7.1
)
%
Restructuring expense
—
818
(818
)
Depreciation
4,316
4,481
(165
)
Stock-based compensation
2,907
2,274
633
Adjusted EBITDA (non-GAAP)
$
31,547
$
33,757
$
(2,210
)
(6.5
)
%
Adjusted EBITDA margin (non-GAAP)
22.1
%
24.9
%
Walden:
Operating income (GAAP)
$
1,938
$
2,933
$
(995
)
(33.9
)
%
Restructuring expense
—
3,080
(3,080
)
Intangible amortization expense
10,677
18,528
(7,851
)
Litigation reserve
18,500
—
18,500
Depreciation
2,162
2,595
(433
)
Stock-based compensation
1,864
1,905
(41
)
Adjusted EBITDA (non-GAAP)
$
35,141
$
29,041
$
6,100
21.0
%
Adjusted EBITDA margin (non-GAAP)
24.8
%
22.2
%
Medical and Veterinary:
Operating income (GAAP)
$
14,363
$
10,238
$
4,125
40.3
%
Restructuring expense
114
6,826
(6,712
)
Depreciation
2,944
3,105
(161
)
Stock-based compensation
1,640
1,475
165
Adjusted EBITDA (non-GAAP)
$
19,061
$
21,644
$
(2,583
)
(11.9
)
%
Adjusted EBITDA margin (non-GAAP)
22.5
%
24.6
%
Home Office and Other:
Operating loss (GAAP)
$
(12,431
)
$
(15,721
)
$
3,290
20.9
%
Restructuring expense
562
4,341
(3,779
)
Business integration expense
5,262
9,540
(4,278
)
Depreciation
356
624
(268
)
Stock-based compensation
1,044
491
553
Adjusted EBITDA (non-GAAP)
$
(5,207
)
$
(725
)
$
(4,482
)
(618.2
)
%
Adtalem Global Education:
Net income (GAAP)
$
10,646
$
592
$
10,054
1,698.3
%
Net loss from discontinued operations
1,313
4,921
(3,608
)
Interest expense
15,657
17,760
(2,103
)
Other income, net
(2,214
)
(761
)
(1,453
)
Provision for income taxes
2,792
1,122
1,670
Operating income (GAAP)
28,194
23,634
4,560
Depreciation and amortization
20,455
29,333
(8,878
)
Stock-based compensation
7,455
6,145
1,310
Restructuring expense
676
15,065
(14,389
)
Business integration expense
5,262
9,540
(4,278
)
Litigation reserve
18,500
—
18,500
Adjusted EBITDA (non-GAAP)
$
80,542
$
83,717
$
(3,175
)
(3.8
)
%
Adjusted EBITDA margin (non-GAAP)
21.8
%
23.6
%
Adtalem Global Education
Inc.
Non-GAAP Earnings
Disclosure
(unaudited)
(in thousands, except per
share data)
Three Months Ended
September 30,
2023
2022
Net income (GAAP)
$
10,646
$
592
Restructuring expense
676
15,065
Business integration expense
5,262
9,540
Intangible amortization expense
10,677
18,528
Write-off of debt discount and issuance
costs, gain on extinguishment of debt, and litigation reserve
18,500
2,824
Income tax impact on non-GAAP adjustments
(1)
(7,693
)
(9,871
)
Net loss from discontinued operations
1,313
4,921
Adjusted net income (non-GAAP)
$
39,381
$
41,599
(1)
Represents the income tax impact of
non-GAAP continuing operations adjustments that is recognized in
our GAAP financial statements.
Three Months Ended
September 30,
2023
2022
Earnings per share, diluted (GAAP)
$
0.25
$
0.01
Effect on diluted earnings per share:
Restructuring expense
0.02
0.33
Business integration expense
0.12
0.21
Intangible amortization expense
0.25
0.40
Write-off of debt discount and issuance
costs, gain on extinguishment of debt, and litigation reserve
0.44
0.06
Income tax impact on non-GAAP adjustments
(1)
(0.18
)
(0.21
)
Net loss from discontinued operations
0.03
0.11
Adjusted earnings per share, diluted
(non-GAAP)
$
0.93
$
0.90
Diluted shares used in non-GAAP EPS
calculation
42,184
46,342
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
Twelve Months Ended
FY24
FY23
FY24
FY23
FY23
FY23
FY23
Q1
Q1
Q1
Q4
Q3
Q2
Q1
Net cash provided by operating
activities-continuing operations (GAAP)
$
90,726
$
91,476
$
204,934
$
205,684
$
255,052
$
225,247
$
225,972
Capital expenditures
(15,046
)
(5,551
)
(46,503
)
(37,008
)
(27,861
)
(26,029
)
(29,914
)
Free cash flow (non-GAAP)
$
75,680
$
85,925
$
158,431
$
168,676
$
227,191
$
199,218
$
196,058
Adtalem Global Education
Inc.
Non-GAAP Net Leverage
Disclosure
(unaudited)
(in thousands)
Twelve Months Ended
September 30, 2023
Adtalem Global Education:
Net income (GAAP)
$
103,412
Net loss from discontinued operations
4,786
Interest expense
60,997
Other income, net
(8,418
)
Provision for income taxes
11,953
Depreciation and amortization
93,936
Stock-based compensation
15,609
Restructuring expense
4,428
Business integration expense
38,383
Litigation reserve
28,500
Gain on sale of assets
(13,317
)
Adjusted EBITDA (non-GAAP)
$
340,269
September 30, 2023
Long-term debt
$
708,283
Less: Cash and cash equivalents
(262,438
)
Net debt (non-GAAP)
$
445,845
Net leverage (non-GAAP)
1.3 x
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231026062619/en/
Investor Contact Jay Spitzer and Chandrika Nigam
Investor.Relations@Adtalem.com +1 312-906-6600
Media Contact Talisha Holmes AdtalemMedia@Adtalem.com +1
872-270-0331
Adtalem Global Education (NYSE:ATGE)
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