Company Quick10K Filing
Adtalem Global Education
Price38.73 EPS2
Shares56 P/E18
MCap2,174 P/FCF9
Net Debt118 EBIT182
TEV2,292 TEV/EBIT13
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-05
10-Q 2019-12-31 Filed 2020-02-04
10-Q 2019-09-30 Filed 2019-10-30
10-K 2019-06-30 Filed 2019-08-28
10-Q 2019-03-31 Filed 2019-05-02
10-Q 2018-12-31 Filed 2019-02-07
10-Q 2018-09-30 Filed 2018-11-01
10-K 2018-06-30 Filed 2018-08-24
10-Q 2018-03-31 Filed 2018-05-03
10-Q 2017-12-31 Filed 2018-02-06
10-Q 2017-09-30 Filed 2017-11-02
10-K 2017-06-30 Filed 2017-08-24
10-Q 2017-03-31 Filed 2017-05-04
10-Q 2016-12-31 Filed 2017-02-02
10-Q 2016-09-30 Filed 2016-11-02
10-K 2016-06-30 Filed 2016-08-25
10-Q 2016-03-31 Filed 2016-05-05
10-Q 2015-12-31 Filed 2016-02-08
10-Q 2015-09-30 Filed 2015-11-04
10-K 2015-06-30 Filed 2015-08-27
10-Q 2015-03-31 Filed 2015-05-08
10-Q 2014-12-31 Filed 2015-02-05
10-Q 2014-09-30 Filed 2014-11-05
10-K 2014-06-30 Filed 2014-08-27
10-Q 2014-03-31 Filed 2014-05-05
10-Q 2013-12-31 Filed 2014-02-04
10-Q 2013-09-30 Filed 2013-11-05
10-K 2013-06-30 Filed 2013-08-29
10-Q 2013-03-31 Filed 2013-05-03
10-Q 2012-12-31 Filed 2013-02-07
10-Q 2012-09-30 Filed 2012-11-05
10-K 2012-06-30 Filed 2012-08-28
10-Q 2012-03-31 Filed 2012-05-03
10-Q 2011-12-31 Filed 2012-02-06
10-Q 2011-09-30 Filed 2011-11-04
10-K 2011-06-30 Filed 2011-08-26
10-Q 2011-03-31 Filed 2011-05-05
10-Q 2010-12-31 Filed 2011-02-04
10-Q 2010-09-30 Filed 2010-11-04
10-K 2010-06-30 Filed 2010-08-25
10-Q 2010-03-31 Filed 2010-05-06
10-Q 2009-12-31 Filed 2010-02-04
8-K 2020-05-06
8-K 2020-05-05
8-K 2020-04-29
8-K 2020-04-24
8-K 2020-02-11
8-K 2020-02-04
8-K 2019-11-06
8-K 2019-10-29
8-K 2019-10-29
8-K 2019-10-18
8-K 2019-08-26
8-K 2019-08-22
8-K 2019-07-15
8-K 2019-06-03
8-K 2019-05-13
8-K 2019-05-08
8-K 2019-05-02
8-K 2019-04-12
8-K 2019-02-07
8-K 2019-01-09
8-K 2018-12-11
8-K 2018-12-11
8-K 2018-12-10
8-K 2018-12-04
8-K 2018-11-06
8-K 2018-11-01
8-K 2018-10-03
8-K 2018-09-12
8-K 2018-08-16
8-K 2018-08-02
8-K 2018-07-17
8-K 2018-06-28
8-K 2018-06-19
8-K 2018-05-09
8-K 2018-05-08
8-K 2018-05-03
8-K 2018-04-13
8-K 2018-03-26
8-K 2018-02-06
8-K 2018-02-02
8-K 2018-02-01

ATGE 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A")
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 atge-20200331xex31d1.htm
EX-31.2 atge-20200331xex31d2.htm
EX-32 atge-20200331xex32.htm

Adtalem Global Education Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
2.52.01.51.00.50.02012201420172020
Assets, Equity
0.60.40.30.1-0.0-0.22012201420172020
Rev, G Profit, Net Income
0.20.1-0.0-0.2-0.3-0.42012201420172020
Ops, Inv, Fin

0000730464--06-302020Q3false970000010100000P1YP3Y100007304642018-07-012020-03-310000730464srt:MaximumMemberatge:AuthorizedOnNovemberSevenTwoThousandEighteenMember2020-03-310000730464atge:AuthorizedOnJanuaryThirtyOneTwoThousandTwentyMember2020-01-290000730464srt:MaximumMemberatge:AuthorizedOnNovemberSevenTwoThousandEighteenMember2018-11-070000730464us-gaap:TreasuryStockMember2020-01-012020-03-310000730464us-gaap:TreasuryStockMember2019-07-012020-03-310000730464us-gaap:CommonStockMember2019-07-012020-03-310000730464us-gaap:CommonStockMember2018-07-012019-03-310000730464us-gaap:TreasuryStockMember2019-01-012019-03-310000730464us-gaap:TreasuryStockMember2018-07-012019-03-310000730464us-gaap:TreasuryStockMember2020-03-310000730464us-gaap:RetainedEarningsMember2020-03-310000730464us-gaap:CommonStockMember2020-03-310000730464us-gaap:AdditionalPaidInCapitalMember2020-03-310000730464us-gaap:AccumulatedTranslationAdjustmentMember2020-03-310000730464us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000730464us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-03-310000730464atge:AccumulatedInterestRateSwapMember2020-03-310000730464us-gaap:TreasuryStockMember2019-12-310000730464us-gaap:RetainedEarningsMember2019-12-310000730464us-gaap:CommonStockMember2019-12-310000730464us-gaap:AdditionalPaidInCapitalMember2019-12-310000730464us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310000730464us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000730464us-gaap:TreasuryStockMember2019-06-300000730464us-gaap:RetainedEarningsMember2019-06-300000730464us-gaap:CommonStockMember2019-06-300000730464us-gaap:AdditionalPaidInCapitalMember2019-06-300000730464us-gaap:AccumulatedTranslationAdjustmentMember2019-06-300000730464us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300000730464us-gaap:TreasuryStockMember2019-03-310000730464us-gaap:RetainedEarningsMember2019-03-310000730464us-gaap:CommonStockMember2019-03-310000730464us-gaap:AdditionalPaidInCapitalMember2019-03-310000730464us-gaap:AccumulatedTranslationAdjustmentMember2019-03-310000730464us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310000730464us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-03-310000730464us-gaap:TreasuryStockMember2018-12-310000730464us-gaap:RetainedEarningsMember2018-12-310000730464us-gaap:CommonStockMember2018-12-310000730464us-gaap:AdditionalPaidInCapitalMember2018-12-310000730464us-gaap:AccumulatedTranslationAdjustmentMember2018-12-310000730464us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000730464us-gaap:TreasuryStockMember2018-06-300000730464us-gaap:RetainedEarningsMember2018-06-300000730464us-gaap:CommonStockMember2018-06-300000730464us-gaap:AdditionalPaidInCapitalMember2018-06-300000730464us-gaap:AccumulatedTranslationAdjustmentMember2018-06-300000730464us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-06-300000730464us-gaap:StockOptionMember2019-06-300000730464us-gaap:StockCompensationPlanMember2018-07-012019-03-310000730464us-gaap:StockOptionMember2019-07-012020-03-310000730464us-gaap:StockOptionMember2020-03-310000730464srt:MinimumMemberatge:NonPerformanceBasedSharesMember2019-07-012020-03-310000730464srt:MaximumMemberatge:NonPerformanceBasedSharesMember2019-07-012020-03-310000730464us-gaap:RestrictedStockUnitsRSUMember2020-03-310000730464us-gaap:RestrictedStockUnitsRSUMember2019-06-300000730464us-gaap:RestrictedStockUnitsRSUMember2018-07-012019-03-310000730464us-gaap:PerformanceSharesMember2019-07-012020-03-310000730464atge:NonPerformanceBasedSharesMember2019-07-012020-03-310000730464us-gaap:RestrictedStockUnitsRSUMember2019-07-012020-03-310000730464srt:MaximumMemberus-gaap:StockCompensationPlanMember2019-07-012020-03-310000730464atge:OncourseLearningMember2019-07-012020-03-310000730464atge:TestPreparationOrCertificationsMemberatge:FinancialServicesMember2020-01-012020-03-310000730464atge:OtherServicesMemberatge:MedicalAndHealthcareMember2020-01-012020-03-310000730464atge:OtherServicesMemberatge:FinancialServicesMember2020-01-012020-03-310000730464atge:MembershipsSubscriptionsMemberatge:FinancialServicesMember2020-01-012020-03-310000730464atge:HigherEducationMemberatge:MedicalAndHealthcareMember2020-01-012020-03-310000730464atge:ConferencesSeminarsMemberatge:FinancialServicesMember2020-01-012020-03-310000730464atge:TestPreparationOrCertificationsMember2020-01-012020-03-310000730464atge:OtherServicesMember2020-01-012020-03-310000730464atge:MembershipsSubscriptionsMember2020-01-012020-03-310000730464atge:MedicalAndHealthcareMember2020-01-012020-03-310000730464atge:InternationalOperationsMember2020-01-012020-03-310000730464atge:HigherEducationMember2020-01-012020-03-310000730464atge:FinancialServicesMember2020-01-012020-03-310000730464atge:DomesticOperationsMember2020-01-012020-03-310000730464atge:ConferencesSeminarsMember2020-01-012020-03-310000730464atge:BarbadosDominicaSt.KittsAndSt.MaartenMember2020-01-012020-03-310000730464atge:TestPreparationOrCertificationsMemberatge:FinancialServicesMember2019-07-012020-03-310000730464atge:OtherServicesMemberatge:MedicalAndHealthcareMember2019-07-012020-03-310000730464atge:OtherServicesMemberatge:FinancialServicesMember2019-07-012020-03-310000730464atge:MembershipsSubscriptionsMemberatge:FinancialServicesMember2019-07-012020-03-310000730464atge:HigherEducationMemberatge:MedicalAndHealthcareMember2019-07-012020-03-310000730464atge:ConferencesSeminarsMemberatge:FinancialServicesMember2019-07-012020-03-310000730464atge:TestPreparationOrCertificationsMember2019-07-012020-03-310000730464atge:OtherServicesMember2019-07-012020-03-310000730464atge:MembershipsSubscriptionsMember2019-07-012020-03-310000730464atge:MedicalAndHealthcareMember2019-07-012020-03-310000730464atge:InternationalOperationsMember2019-07-012020-03-310000730464atge:HomeOfficeAndOtherMember2019-07-012020-03-310000730464atge:HigherEducationMember2019-07-012020-03-310000730464atge:FinancialServicesMember2019-07-012020-03-310000730464atge:DomesticOperationsMember2019-07-012020-03-310000730464atge:ConferencesSeminarsMember2019-07-012020-03-310000730464atge:BarbadosDominicaSt.KittsAndSt.MaartenMember2019-07-012020-03-310000730464atge:TestPreparationOrCertificationsMemberatge:MedicalAndHealthcareMember2019-01-012019-03-310000730464atge:TestPreparationOrCertificationsMemberatge:HomeOfficeAndOtherMember2019-01-012019-03-310000730464atge:TestPreparationOrCertificationsMemberatge:FinancialServicesMember2019-01-012019-03-310000730464atge:OtherServicesMemberatge:MedicalAndHealthcareMember2019-01-012019-03-310000730464atge:OtherServicesMemberatge:HomeOfficeAndOtherMember2019-01-012019-03-310000730464atge:OtherServicesMemberatge:FinancialServicesMember2019-01-012019-03-310000730464atge:MembershipsSubscriptionsMemberatge:MedicalAndHealthcareMember2019-01-012019-03-310000730464atge:MembershipsSubscriptionsMemberatge:HomeOfficeAndOtherMember2019-01-012019-03-310000730464atge:MembershipsSubscriptionsMemberatge:FinancialServicesMember2019-01-012019-03-310000730464atge:HigherEducationMemberatge:MedicalAndHealthcareMember2019-01-012019-03-310000730464atge:HigherEducationMemberatge:HomeOfficeAndOtherMember2019-01-012019-03-310000730464atge:HigherEducationMemberatge:FinancialServicesMember2019-01-012019-03-310000730464atge:ConferencesSeminarsMemberatge:MedicalAndHealthcareMember2019-01-012019-03-310000730464atge:ConferencesSeminarsMemberatge:HomeOfficeAndOtherMember2019-01-012019-03-310000730464atge:ConferencesSeminarsMemberatge:FinancialServicesMember2019-01-012019-03-310000730464atge:TestPreparationOrCertificationsMember2019-01-012019-03-310000730464atge:OtherServicesMember2019-01-012019-03-310000730464atge:MembershipsSubscriptionsMember2019-01-012019-03-310000730464atge:MedicalAndHealthcareMember2019-01-012019-03-310000730464atge:InternationalOperationsMember2019-01-012019-03-310000730464atge:HomeOfficeAndOtherMember2019-01-012019-03-310000730464atge:HigherEducationMember2019-01-012019-03-310000730464atge:FinancialServicesMember2019-01-012019-03-310000730464atge:DomesticOperationsMember2019-01-012019-03-310000730464atge:ConferencesSeminarsMember2019-01-012019-03-310000730464atge:BarbadosDominicaSt.KittsAndSt.MaartenMember2019-01-012019-03-310000730464atge:TestPreparationOrCertificationsMemberatge:MedicalAndHealthcareMember2018-07-012019-03-310000730464atge:TestPreparationOrCertificationsMemberatge:HomeOfficeAndOtherMember2018-07-012019-03-310000730464atge:TestPreparationOrCertificationsMemberatge:FinancialServicesMember2018-07-012019-03-310000730464atge:OtherServicesMemberatge:MedicalAndHealthcareMember2018-07-012019-03-310000730464atge:OtherServicesMemberatge:HomeOfficeAndOtherMember2018-07-012019-03-310000730464atge:OtherServicesMemberatge:FinancialServicesMember2018-07-012019-03-310000730464atge:MembershipsSubscriptionsMemberatge:MedicalAndHealthcareMember2018-07-012019-03-310000730464atge:MembershipsSubscriptionsMemberatge:HomeOfficeAndOtherMember2018-07-012019-03-310000730464atge:MembershipsSubscriptionsMemberatge:FinancialServicesMember2018-07-012019-03-310000730464atge:HigherEducationMemberatge:MedicalAndHealthcareMember2018-07-012019-03-310000730464atge:HigherEducationMemberatge:HomeOfficeAndOtherMember2018-07-012019-03-310000730464atge:HigherEducationMemberatge:FinancialServicesMember2018-07-012019-03-310000730464atge:ConferencesSeminarsMemberatge:MedicalAndHealthcareMember2018-07-012019-03-310000730464atge:ConferencesSeminarsMemberatge:HomeOfficeAndOtherMember2018-07-012019-03-310000730464atge:ConferencesSeminarsMemberatge:FinancialServicesMember2018-07-012019-03-310000730464atge:TestPreparationOrCertificationsMember2018-07-012019-03-310000730464atge:OtherServicesMember2018-07-012019-03-310000730464atge:MembershipsSubscriptionsMember2018-07-012019-03-310000730464atge:MedicalAndHealthcareMember2018-07-012019-03-310000730464atge:InternationalOperationsMember2018-07-012019-03-310000730464atge:HomeOfficeAndOtherMember2018-07-012019-03-310000730464atge:HigherEducationMember2018-07-012019-03-310000730464atge:FinancialServicesMember2018-07-012019-03-310000730464atge:DomesticOperationsMember2018-07-012019-03-310000730464atge:ConferencesSeminarsMember2018-07-012019-03-310000730464atge:BarbadosDominicaSt.KittsAndSt.MaartenMember2018-07-012019-03-310000730464srt:MaximumMember2020-03-310000730464atge:AdtalemGlobalEducationIncMember2020-03-310000730464us-gaap:AccountingStandardsUpdate201602Member2019-07-012019-07-010000730464us-gaap:RealEstateOtherMemberatge:MedicalAndHealthcareMember2020-01-012020-03-310000730464us-gaap:RealEstateOtherMemberatge:HomeOfficeAndOtherMember2020-01-012020-03-310000730464us-gaap:EmployeeSeveranceMemberatge:HomeOfficeAndOtherMember2020-01-012020-03-310000730464us-gaap:RealEstateOtherMember2020-01-012020-03-310000730464us-gaap:EmployeeSeveranceMember2020-01-012020-03-310000730464us-gaap:RealEstateOtherMemberatge:MedicalAndHealthcareMember2019-07-012020-03-310000730464us-gaap:RealEstateOtherMemberatge:HomeOfficeAndOtherMember2019-07-012020-03-310000730464us-gaap:RealEstateOtherMemberatge:FinancialServicesMember2019-07-012020-03-310000730464us-gaap:EmployeeSeveranceMemberatge:MedicalAndHealthcareMember2019-07-012020-03-310000730464us-gaap:EmployeeSeveranceMemberatge:HomeOfficeAndOtherMember2019-07-012020-03-310000730464us-gaap:EmployeeSeveranceMemberatge:FinancialServicesMember2019-07-012020-03-310000730464us-gaap:RealEstateOtherMember2019-07-012020-03-310000730464us-gaap:EmployeeSeveranceMember2019-07-012020-03-310000730464us-gaap:RealEstateOtherMemberatge:MedicalAndHealthcareMember2019-01-012019-03-310000730464us-gaap:RealEstateOtherMemberatge:HomeOfficeAndOtherMember2019-01-012019-03-310000730464us-gaap:EmployeeSeveranceMemberatge:MedicalAndHealthcareMember2019-01-012019-03-310000730464us-gaap:EmployeeSeveranceMemberatge:HomeOfficeAndOtherMember2019-01-012019-03-310000730464us-gaap:RealEstateOtherMember2019-01-012019-03-310000730464us-gaap:EmployeeSeveranceMember2019-01-012019-03-310000730464us-gaap:RealEstateOtherMemberatge:MedicalAndHealthcareMember2018-07-012019-03-310000730464us-gaap:RealEstateOtherMemberatge:HomeOfficeAndOtherMember2018-07-012019-03-310000730464us-gaap:EmployeeSeveranceMemberatge:MedicalAndHealthcareMember2018-07-012019-03-310000730464us-gaap:EmployeeSeveranceMemberatge:HomeOfficeAndOtherMember2018-07-012019-03-310000730464us-gaap:RealEstateOtherMember2018-07-012019-03-310000730464us-gaap:EmployeeSeveranceMember2018-07-012019-03-310000730464atge:DevryUniversityMember2018-12-110000730464srt:MinimumMember2019-07-012020-03-310000730464srt:MaximumMember2019-07-012020-03-310000730464atge:DominicaCampusMemberatge:RossUniversitySchoolOfMedicineMember2019-03-310000730464us-gaap:LandMember2020-03-310000730464us-gaap:EquipmentMember2020-03-310000730464us-gaap:ConstructionInProgressMember2020-03-310000730464us-gaap:BuildingMember2020-03-310000730464us-gaap:LandMember2019-06-300000730464us-gaap:EquipmentMember2019-06-300000730464us-gaap:ConstructionInProgressMember2019-06-300000730464us-gaap:BuildingMember2019-06-300000730464us-gaap:LandMember2019-03-310000730464us-gaap:EquipmentMember2019-03-310000730464us-gaap:ConstructionInProgressMember2019-03-310000730464us-gaap:BuildingMember2019-03-310000730464atge:DominicaCampusMemberatge:RossUniversitySchoolOfMedicineMember2019-01-310000730464us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberatge:ColumbusOhioCampusMember2019-09-272019-09-270000730464us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberatge:DepaulCollegePrepMember2019-07-312019-07-310000730464us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberatge:DepaulCollegePrepMember2019-07-012019-09-300000730464srt:RestatementAdjustmentMemberus-gaap:AccountingStandardsUpdate201602Memberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2019-07-010000730464us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000730464us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-012020-03-310000730464us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-03-310000730464us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-03-310000730464us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-03-310000730464atge:AccumulatedInterestRateSwapMember2020-01-012020-03-310000730464us-gaap:AccumulatedTranslationAdjustmentMember2019-07-012020-03-310000730464us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-07-012020-03-310000730464atge:AccumulatedInterestRateSwapMember2019-07-012020-03-310000730464us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-03-310000730464us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-01-012019-03-310000730464us-gaap:AccumulatedTranslationAdjustmentMember2018-07-012019-03-310000730464us-gaap:OtherAssetsMember2020-03-310000730464us-gaap:OtherAssetsMember2019-06-300000730464us-gaap:OtherAssetsMember2019-03-310000730464us-gaap:AccountsReceivableMember2020-03-310000730464us-gaap:AccountsReceivableMember2019-06-300000730464us-gaap:AccountsReceivableMember2019-03-310000730464atge:OtherInternationalOperationsMember2020-03-310000730464atge:InternationalOperationsMember2020-03-310000730464atge:DomesticOperationsMember2020-03-310000730464atge:BarbadosDominicaSt.KittsAndSt.MaartenMember2020-03-310000730464atge:OtherInternationalOperationsMember2019-03-310000730464atge:InternationalOperationsMember2019-03-310000730464atge:DomesticOperationsMember2019-03-310000730464atge:BarbadosDominicaSt.KittsAndSt.MaartenMember2019-03-310000730464us-gaap:RetainedEarningsMember2020-01-012020-03-310000730464us-gaap:RetainedEarningsMember2019-07-012020-03-310000730464atge:EdupristineMember2020-03-310000730464atge:AdtalemBrazilMember2019-07-010000730464atge:AdtalemBrazilMember2019-06-300000730464atge:EdupristineMemberatge:KaizenMember2020-03-310000730464atge:AdtalemBrazilMemberatge:AdtalemBrazilSeniorManagementGroupMember2019-06-300000730464atge:AdtalemBrazilMember2019-07-012019-09-300000730464us-gaap:RetainedEarningsMember2019-01-012019-03-3100007304642019-12-3100007304642018-12-310000730464us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberatge:DepaulCollegePrepMember2020-03-310000730464us-gaap:LetterOfCreditMember2018-04-130000730464srt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:PrimeRateMember2019-07-012020-03-310000730464srt:MaximumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:PrimeRateMember2019-07-012020-03-310000730464srt:MinimumMemberus-gaap:RevolvingCreditFacilityMember2019-07-012020-03-310000730464srt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2019-07-012020-03-310000730464srt:WeightedAverageMember2020-03-310000730464srt:WeightedAverageMemberus-gaap:RevolvingCreditFacilityMember2019-06-3000007304642018-04-132018-04-1300007304642016-12-310000730464atge:OperatingLeaseLeaseNotYetCommencedContractTwoMembersrt:ScenarioForecastMember2020-09-300000730464atge:OperatingLeaseLeaseNotYetCommencedContractOneMembersrt:ScenarioForecastMember2020-06-3000007304642017-07-012018-06-300000730464us-gaap:TradeNamesMember2020-03-310000730464us-gaap:IntellectualPropertyMember2020-03-310000730464atge:RossTitleFourEligibilityAndAccreditationsMember2020-03-310000730464atge:ChamberlainTitleFourEligibilityAndAccreditationsMember2020-03-310000730464atge:AmericanUniversityOfCaribbeanTitleFourEligibilityAndAccreditationsMember2020-03-310000730464us-gaap:TradeNamesMember2019-06-300000730464us-gaap:IntellectualPropertyMember2019-06-300000730464atge:RossTitleFourEligibilityAndAccreditationsMember2019-06-300000730464atge:ChamberlainTitleFourEligibilityAndAccreditationsMember2019-06-300000730464atge:AmericanUniversityOfCaribbeanTitleFourEligibilityAndAccreditationsMember2019-06-300000730464us-gaap:TradeNamesMember2019-03-310000730464us-gaap:IntellectualPropertyMember2019-03-310000730464atge:RossTitleFourEligibilityAndAccreditationsMember2019-03-310000730464atge:ChamberlainTitleFourEligibilityAndAccreditationsMember2019-03-310000730464atge:AmericanUniversityOfCaribbeanTitleFourEligibilityAndAccreditationsMember2019-03-310000730464us-gaap:OperatingSegmentsMemberatge:MedicalAndHealthcareMember2020-01-012020-03-310000730464us-gaap:OperatingSegmentsMemberatge:HomeOfficeAndOtherMember2020-01-012020-03-310000730464us-gaap:OperatingSegmentsMemberatge:FinancialServicesMember2020-01-012020-03-310000730464us-gaap:OperatingSegmentsMember2020-01-012020-03-310000730464us-gaap:OperatingSegmentsMemberatge:MedicalAndHealthcareMember2019-07-012020-03-310000730464us-gaap:OperatingSegmentsMemberatge:HomeOfficeAndOtherMember2019-07-012020-03-310000730464us-gaap:OperatingSegmentsMemberatge:FinancialServicesMember2019-07-012020-03-310000730464us-gaap:OperatingSegmentsMember2019-07-012020-03-310000730464us-gaap:OperatingSegmentsMemberatge:MedicalAndHealthcareMember2019-01-012019-03-310000730464us-gaap:OperatingSegmentsMemberatge:HomeOfficeAndOtherMember2019-01-012019-03-310000730464us-gaap:OperatingSegmentsMemberatge:FinancialServicesMember2019-01-012019-03-310000730464us-gaap:OperatingSegmentsMember2019-01-012019-03-310000730464us-gaap:OperatingSegmentsMemberatge:MedicalAndHealthcareMember2018-07-012019-03-310000730464us-gaap:OperatingSegmentsMemberatge:HomeOfficeAndOtherMember2018-07-012019-03-310000730464us-gaap:OperatingSegmentsMemberatge:FinancialServicesMember2018-07-012019-03-310000730464us-gaap:OperatingSegmentsMember2018-07-012019-03-310000730464atge:DominicaCampusMemberatge:RossUniversitySchoolOfMedicineMember2018-07-012019-03-3100007304642019-05-012019-05-310000730464atge:MedicalAndHealthcareMember2018-06-300000730464atge:FinancialServicesMember2018-06-300000730464atge:MedicalAndHealthcareMember2019-04-012019-06-300000730464atge:FinancialServicesMember2019-04-012019-06-300000730464atge:RossUniversityMember2020-03-310000730464atge:ChamberlainUniversityMember2020-03-310000730464atge:AmericanUniversityOfCaribbeanMember2020-03-310000730464atge:RossUniversityMember2019-06-300000730464atge:MedicalAndHealthcareMember2019-06-300000730464atge:FinancialServicesMember2019-06-300000730464atge:FinancialServicesMember2019-06-300000730464atge:ChamberlainUniversityMember2019-06-300000730464atge:AmericanUniversityOfCaribbeanMember2019-06-300000730464atge:RossUniversityMember2019-03-310000730464atge:FinancialServicesMember2019-03-310000730464atge:ChamberlainUniversityMember2019-03-310000730464atge:AmericanUniversityOfCaribbeanMember2019-03-310000730464atge:AmericanUniversityOfCaribbeanAndRossUniversityMember2018-10-012018-12-310000730464us-gaap:MaterialReconcilingItemsMember2020-01-012020-03-310000730464us-gaap:DiscontinuedOperationsHeldforsaleMemberatge:ColumbusOhioCampusMember2019-09-272019-09-270000730464us-gaap:MaterialReconcilingItemsMember2019-07-012020-03-310000730464us-gaap:MaterialReconcilingItemsMember2019-01-012019-03-310000730464us-gaap:MaterialReconcilingItemsMember2018-07-012019-03-310000730464us-gaap:CustomerRelationshipsMember2019-07-012020-03-310000730464atge:CurriculumSoftwareMember2019-07-012020-03-310000730464atge:CourseDeliveryTechnologyMember2019-07-012020-03-310000730464atge:FinancialServicesMember2020-03-310000730464us-gaap:CustomerRelationshipsMember2020-03-310000730464atge:CurriculumSoftwareMember2020-03-310000730464atge:CourseDeliveryTechnologyMember2020-03-310000730464us-gaap:CustomerRelationshipsMember2019-06-300000730464atge:CurriculumSoftwareMember2019-06-300000730464atge:CourseDeliveryTechnologyMember2019-06-300000730464us-gaap:PatentedTechnologyMember2019-03-310000730464us-gaap:CustomerRelationshipsMember2019-03-310000730464atge:CurriculumSoftwareMember2019-03-310000730464us-gaap:FinancingReceivables60To89DaysPastDueMember2020-03-310000730464us-gaap:FinancingReceivables30To59DaysPastDueMember2020-03-310000730464us-gaap:FinancingReceivables1To29DaysPastDueMember2020-03-310000730464atge:FinancingReceivablesGreaterThan90DaysPastDueMember2020-03-310000730464us-gaap:FinancingReceivables60To89DaysPastDueMember2019-06-300000730464us-gaap:FinancingReceivables30To59DaysPastDueMember2019-06-300000730464us-gaap:FinancingReceivables1To29DaysPastDueMember2019-06-300000730464atge:FinancingReceivablesGreaterThan90DaysPastDueMember2019-06-300000730464us-gaap:FinancingReceivables60To89DaysPastDueMember2019-03-310000730464us-gaap:FinancingReceivables30To59DaysPastDueMember2019-03-310000730464us-gaap:FinancingReceivables1To29DaysPastDueMember2019-03-310000730464atge:FinancingReceivablesGreaterThan90DaysPastDueMember2019-03-310000730464us-gaap:OtherLiabilitiesMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMemberatge:DepaulCollegePrepMember2019-07-310000730464us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberatge:DepaulCollegePrepMember2019-07-310000730464us-gaap:OtherAssetsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMemberatge:DepaulCollegePrepMember2019-07-310000730464atge:TermLoanMemberus-gaap:InterestRateSwapMember2020-03-310000730464us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberatge:AdtalemEducacionalDoBrasilMember2020-03-310000730464us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberatge:AdtalemEducacionalDoBrasilMember2020-01-012020-03-310000730464us-gaap:ScenarioPlanMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMemberatge:AdtalemEducacionalDoBrasilMember2019-07-012020-06-300000730464us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberatge:AdtalemEducacionalDoBrasilMember2019-07-012020-03-310000730464srt:MinimumMemberatge:TermLoanMemberus-gaap:InterestRateSwapMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-03-240000730464atge:TermLoanMemberus-gaap:InterestRateSwapMember2020-03-240000730464us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMemberatge:AdtalemEducacionalDoBrasilMember2020-03-310000730464us-gaap:OtherAssetsMemberatge:TermLoanMemberus-gaap:InterestRateSwapMember2020-03-310000730464srt:RestatementAdjustmentMemberus-gaap:AccountingStandardsUpdate201602Memberus-gaap:OtherNoncurrentLiabilitiesMember2019-07-010000730464srt:RestatementAdjustmentMemberus-gaap:AccountingStandardsUpdate201602Memberus-gaap:AccruedLiabilitiesMember2019-07-010000730464us-gaap:RevolvingCreditFacilityMember2019-06-300000730464atge:TermBLoanMember2019-06-3000007304642018-04-130000730464srt:MinimumMemberus-gaap:ScenarioPlanMember2019-06-300000730464srt:MaximumMemberus-gaap:ScenarioPlanMember2019-06-300000730464atge:TermLoanMember2020-03-310000730464atge:TermLoanMember2019-06-300000730464atge:TermLoanMember2019-03-310000730464atge:TermLoanMember2018-04-130000730464us-gaap:RevolvingCreditFacilityMember2020-03-310000730464atge:TermLoanMember2020-03-310000730464us-gaap:RevolvingCreditFacilityMember2019-06-300000730464atge:TermLoanMember2019-06-300000730464atge:TermLoanMember2019-03-310000730464atge:TermLoanMemberatge:EurocurrencyRateMember2020-03-242020-03-240000730464atge:TermLoanMemberus-gaap:BaseRateMember2019-07-012020-03-310000730464atge:TermLoanMemberatge:EurocurrencyRateMember2019-07-012020-03-310000730464us-gaap:RetainedEarningsMember2018-07-012019-03-310000730464us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-07-012019-03-310000730464us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2018-07-012019-03-310000730464us-gaap:RevenueFromContractWithCustomerMember2020-01-012020-03-310000730464us-gaap:RevenueFromContractWithCustomerMember2019-07-012020-03-310000730464us-gaap:RevenueFromContractWithCustomerMember2019-01-012019-03-310000730464us-gaap:RevenueFromContractWithCustomerMember2018-07-012019-03-310000730464atge:OtherInternationalOperationsMember2020-01-012020-03-310000730464atge:OtherInternationalOperationsMember2019-07-012020-03-310000730464atge:OtherInternationalOperationsMember2019-01-012019-03-310000730464atge:OtherInternationalOperationsMember2018-07-012019-03-3100007304642019-07-010000730464us-gaap:StockCompensationPlanMember2020-03-3100007304642018-06-300000730464atge:OncourseLearningMemberus-gaap:CustomerRelationshipsMember2019-05-310000730464atge:OncourseLearningMemberatge:CurriculumSoftwareMember2019-05-310000730464atge:OncourseLearningMemberatge:CourseDeliveryTechnologyMember2019-05-310000730464atge:OncourseLearningMemberatge:TradeNameMember2019-05-3100007304642019-10-012019-12-310000730464atge:OncourseLearningMember2019-05-310000730464us-gaap:DiscontinuedOperationsHeldforsaleMember2020-03-310000730464atge:MedicalAndHealthcareMember2020-03-310000730464atge:HomeOfficeAndOtherMember2020-03-310000730464atge:FinancialServicesMember2020-03-310000730464us-gaap:DiscontinuedOperationsHeldforsaleMember2019-03-310000730464atge:MedicalAndHealthcareMember2019-03-310000730464atge:HomeOfficeAndOtherMember2019-03-310000730464atge:FinancialServicesMember2019-03-310000730464us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310000730464us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-06-300000730464us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2018-12-310000730464us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2018-06-300000730464srt:WeightedAverageMember2020-01-012020-03-310000730464srt:WeightedAverageMember2019-07-012020-03-310000730464srt:WeightedAverageMember2019-01-012019-03-310000730464srt:WeightedAverageMember2018-07-012019-03-310000730464us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-03-310000730464atge:CostOfEducationalServicesMember2020-01-012020-03-310000730464us-gaap:SellingGeneralAndAdministrativeExpensesMember2019-07-012020-03-310000730464atge:CostOfEducationalServicesMember2019-07-012020-03-310000730464us-gaap:SellingGeneralAndAdministrativeExpensesMember2019-01-012019-03-310000730464atge:CostOfEducationalServicesMember2019-01-012019-03-310000730464us-gaap:SellingGeneralAndAdministrativeExpensesMember2018-07-012019-03-310000730464atge:CostOfEducationalServicesMember2018-07-012019-03-310000730464us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310000730464us-gaap:AdditionalPaidInCapitalMember2019-07-012020-03-310000730464us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-310000730464us-gaap:AdditionalPaidInCapitalMember2018-07-012019-03-310000730464atge:OncourseLearningMember2019-05-312019-05-310000730464atge:OncourseLearningMemberus-gaap:CustomerRelationshipsMember2019-05-012019-05-310000730464atge:OncourseLearningMemberatge:CurriculumSoftwareMember2019-05-012019-05-310000730464atge:OncourseLearningMemberatge:CourseDeliveryTechnologyMember2019-05-012019-05-310000730464us-gaap:RevolvingCreditFacilityMember2020-03-310000730464atge:TermBLoanMember2020-03-310000730464srt:RestatementAdjustmentMemberus-gaap:AccountingStandardsUpdate201602Member2019-07-010000730464us-gaap:AccountingStandardsUpdate201602Member2019-07-010000730464srt:ScenarioPreviouslyReportedMemberus-gaap:AccountingStandardsUpdate201602Member2019-06-3000007304642020-04-280000730464us-gaap:StockCompensationPlanMember2019-07-012020-03-310000730464atge:TLaniRobinsonCaseMembersrt:MaximumMember2019-11-252019-11-250000730464atge:EdupristineMember2020-03-2600007304642019-04-012019-06-300000730464atge:CarlsonCaseMember2019-04-042019-04-040000730464atge:CarlsonCaseMember2019-07-162019-07-160000730464atge:TLaniRobinsonCaseMember2019-04-032019-04-030000730464atge:RobbyBrownCaseMember2019-03-292019-03-290000730464atge:StoltmannCaseMember2018-08-092018-08-090000730464atge:CarlsonCaseMember2018-06-272018-06-270000730464atge:CarlsonCaseMember2018-05-082018-05-080000730464atge:NicoleVersettoMember2018-04-132018-04-1300007304642018-12-100000730464atge:StoltmannCaseMember2019-01-032019-01-030000730464atge:CarlsonCaseMember2019-01-022019-01-020000730464atge:PetrizzoAndJaraCaseMember2016-11-282016-11-280000730464atge:JaraCaseMember2016-10-282016-10-280000730464atge:PetrizzoCaseMember2016-10-142016-10-1400007304642019-06-140000730464atge:MedicalAndHealthcareMember2020-01-012020-03-310000730464atge:HomeOfficeAndOtherMember2020-01-012020-03-310000730464atge:FinancialServicesMember2020-01-012020-03-310000730464atge:MedicalAndHealthcareMember2019-07-012020-03-310000730464atge:HomeOfficeAndOtherMember2019-07-012020-03-310000730464atge:FinancialServicesMember2019-07-012020-03-310000730464atge:MedicalAndHealthcareMember2019-01-012019-03-310000730464atge:HomeOfficeAndOtherMember2019-01-012019-03-310000730464atge:FinancialServicesMember2019-01-012019-03-310000730464atge:MedicalAndHealthcareMember2018-07-012019-03-310000730464atge:HomeOfficeAndOtherMember2018-07-012019-03-310000730464atge:FinancialServicesMember2018-07-012019-03-3100007304642016-10-012016-12-310000730464us-gaap:RevolvingCreditFacilityMember2018-04-130000730464us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberatge:DepaulCollegePrepMember2019-07-012020-03-310000730464atge:DevryUniversityMember2019-07-012020-03-310000730464atge:DevryUniversityMember2018-12-012018-12-110000730464us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberatge:AdtalemEducacionalDoBrasilMember2019-10-1800007304642018-07-012019-06-3000007304642020-01-012020-03-3100007304642019-01-012019-03-310000730464us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberatge:AdtalemEducacionalDoBrasilMemberus-gaap:SubsequentEventMember2020-04-242020-04-2400007304642020-03-3100007304642019-06-3000007304642019-03-310000730464us-gaap:RevolvingCreditFacilityMember2018-04-132018-04-130000730464atge:TermLoanMember2018-04-132018-04-130000730464atge:TermBLoanMember2019-07-012020-03-310000730464us-gaap:DiscontinuedOperationsDisposedOfBySaleMemberatge:CarringtonCollegeMember2018-10-012018-12-310000730464atge:DevryUniversityMember2018-10-012018-12-3100007304642019-07-012020-03-3100007304642018-07-012019-03-31atge:classatge:segmentxbrli:sharesiso4217:USDxbrli:sharesiso4217:USDiso4217:BRLxbrli:pureatge:locationatge:facilityatge:lawsuitatge:stateatge:itematge:individual

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____ to _____

 

Commission file number: 1-13988

Adtalem Global Education Inc.

(Exact name of registrant as specified in its charter)

Delaware

36-3150143

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

 

 

500 West Monroe Street

Chicago, Illinois

60661

(Address of principal executive offices)

(Zip Code)

(866) 374-2678

(Registrant’s telephone number; including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.01 par value per share

ATGE

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

þ

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No þ

As of April 28, 2020, there were 51,802,441 shares of the registrant’s common stock, $0.01 par value per share outstanding.

Table of Contents

Adtalem Global Education Inc.

Form 10-Q

Table of Contents

 

Page

Part I. Financial Information

Item 1.

Financial Statements (unaudited)

1

Consolidated Balance Sheets

1

Consolidated Statements of Income

2

Consolidated Statements of Comprehensive Income

3

Consolidated Statements of Cash Flows

4

Consolidated Statements of Shareholders’ Equity

5

Notes to Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

39

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

62

Item 4.

Controls and Procedures

63

Part II. Other Information

Item 1.

Legal Proceedings

63

Item 1A.

Risk Factors

63

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

Item 3.

Defaults Upon Senior Securities

64

Item 4.

Mine Safety Disclosures

64

Item 5.

Other Information

64

Item 6.

Exhibits

65

Signature 

66

Table of Contents

Part I. Financial Information

Item 1. Financial Statements

Adtalem Global Education Inc.

Consolidated Balance Sheets

(unaudited)

(in thousands, except par value)

March 31, 

June 30, 

March 31, 

    

2020

    

2019

    

2019

Assets:

Current assets:

Cash and cash equivalents

$

167,771

$

204,202

$

230,700

Investments in marketable securities

 

7,754

 

8,680

 

8,341

Restricted cash

 

807

 

1,022

 

391

Accounts receivable, net

 

98,732

 

83,560

 

89,578

Prepaid expenses and other current assets

 

126,785

 

29,313

 

44,524

Current assets held for sale

 

142,417

 

177,923

 

166,557

Total current assets

 

544,266

 

504,700

 

540,091

Noncurrent assets:

 

 

 

Property and equipment, net

286,346

283,433

279,387

Operating lease assets

 

188,629

 

 

Deferred income taxes

 

15,066

 

18,314

 

19,199

Intangible assets, net

 

290,092

 

297,989

 

237,013

Goodwill

 

686,235

 

687,256

 

627,685

Other assets, net

 

84,825

 

52,113

 

54,386

Other assets held for sale

 

348,561

 

398,891

 

390,942

Total noncurrent assets

 

1,899,754

 

1,737,996

 

1,608,612

Total assets

$

2,444,020

$

2,242,696

$

2,148,703

Liabilities and shareholders' equity:

 

  

 

  

 

  

Current liabilities:

 

  

 

  

 

  

Accounts payable

$

33,932

$

53,385

$

39,092

Accrued payroll and benefits

 

40,373

 

46,664

 

39,439

Accrued liabilities

 

60,458

 

76,529

 

74,614

Deferred revenue

 

120,047

 

95,944

 

108,370

Current operating lease liabilities

 

51,926

 

 

Current portion of long-term debt

 

3,000

 

3,000

 

3,000

Current liabilities held for sale

 

34,950

 

36,109

 

44,690

Total current liabilities

 

344,686

 

311,631

 

309,205

Noncurrent liabilities:

 

 

 

Long-term debt

 

446,610

 

398,094

 

288,589

Long-term operating lease liabilities

 

179,195

 

 

Deferred income taxes

 

28,147

 

29,426

 

33,278

Other liabilities

 

91,011

 

86,326

 

88,190

Noncurrent liabilities held for sale

 

56,850

 

16,146

 

16,372

Total noncurrent liabilities

 

801,813

 

529,992

 

426,429

Total liabilities

 

1,146,499

 

841,623

 

735,634

Commitments and contingencies (Note 19)

 

 

 

Redeemable noncontrolling interest

 

2,962

 

9,543

 

8,482

Shareholders' equity:

 

 

 

Common stock, $0.01 par value per share, 200,000 shares authorized; 51,802, 55,303, and 56,954 shares outstanding as of March 31, 2020, June 30, 2019, and March 31, 2019, respectively

 

806

 

801

 

801

Additional paid-in capital

 

499,703

 

486,061

 

483,043

Retained earnings

 

2,183,620

 

2,012,902

 

1,964,169

Accumulated other comprehensive loss

 

(276,379)

 

(137,290)

 

(148,706)

Treasury stock, at cost, 28,790, 24,830, and 23,149 shares as of March 31, 2020, June 30, 2019, and March 31, 2019, respectively

 

(1,113,191)

 

(970,944)

 

(894,720)

Total shareholders' equity

 

1,294,559

 

1,391,530

 

1,404,587

Total liabilities and shareholders' equity

$

2,444,020

$

2,242,696

$

2,148,703

The accompanying notes are an integral part of these consolidated financial statements.

1

Table of Contents

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, 

    

2020

    

2019

    

2020

    

2019

Revenue

$

271,487

$

258,703

$

792,272

$

749,603

Operating cost and expense:

 

  

 

  

 

  

 

  

Cost of educational services

 

118,712

 

120,192

 

374,004

 

349,803

Student services and administrative expense

 

96,434

 

90,746

 

292,169

 

269,161

Restructuring expense

 

1,854

 

2,186

 

10,339

 

45,194

Gain on sale of assets

 

 

 

(4,779)

 

Settlement gain

(15,571)

Total operating cost and expense

 

217,000

 

213,124

 

671,733

 

648,587

Operating income from continuing operations

 

54,487

 

45,579

 

120,539

 

101,016

Other income (expense):

 

  

 

  

 

  

 

  

Interest and dividend income

 

782

 

1,062

 

2,675

 

3,204

Interest expense

 

(5,191)

 

(4,786)

 

(15,585)

 

(14,710)

Investment (loss) gain

(1,548)

715

(1,106)

(407)

Gain on derivative

111,838

83,832

Net other income (expense)

 

105,881

 

(3,009)

 

69,816

 

(11,913)

Income from continuing operations before income taxes

 

160,368

 

42,570

 

190,355

 

89,103

Provision for income taxes

 

(6,937)

 

(7,843)

 

(18,213)

 

(17,370)

Income from continuing operations

 

153,431

 

34,727

 

172,142

 

71,733

Discontinued operations:

 

  

 

  

 

  

 

  

(Loss) income from discontinued operations before income taxes

 

(5,947)

 

3,222

 

(5,536)

 

1,271

Loss on disposal of discontinued operations before income taxes

(265)

(32,979)

Benefit from income taxes

 

3,228

 

182

 

3,778

 

5,762

(Loss) income from discontinued operations

 

(2,719)

 

3,139

 

(1,758)

 

(25,946)

Net income

 

150,712

 

37,866

 

170,384

 

45,787

Net loss attributable to redeemable noncontrolling interest from continuing operations

 

120

 

113

 

334

 

265

Net income attributable to redeemable noncontrolling interest from discontinued operations

 

 

(74)

 

 

(382)

Net income attributable to Adtalem Global Education

$

150,832

$

37,905

$

170,718

$

45,670

Amounts attributable to Adtalem Global Education:

 

  

 

  

 

  

 

  

Net income from continuing operations

$

153,551

$

34,840

$

172,476

$

71,998

Net (loss) income from discontinued operations

 

(2,719)

 

3,065

 

(1,758)

 

(26,328)

Net income attributable to Adtalem Global Education

$

150,832

$

37,905

$

170,718

$

45,670

Earnings (loss) per share attributable to Adtalem Global Education:

 

  

 

  

 

  

 

  

Basic:

 

  

 

  

 

  

 

  

Continuing operations

$

2.90

$

0.60

$

3.19

$

1.22

Discontinued operations

$

(0.05)

$

0.05

$

(0.03)

$

(0.44)

Net

$

2.85

$

0.65

$

3.15

$

0.77

Diluted:

 

 

 

 

Continuing operations

$

2.88

$

0.59

$

3.16

$

1.20

Discontinued operations

$

(0.05)

$

0.05

$

(0.03)

$

(0.44)

Net

$

2.83

$

0.64

$

3.13

$

0.76

Weighted-average shares outstanding:

Basic shares

52,955

58,061

54,117

59,199

Diluted shares

53,319

58,802

54,576

60,004

The accompanying notes are an integral part of these consolidated financial statements.

2

Table of Contents

Adtalem Global Education Inc.

Consolidated Statements of Comprehensive Income

(unaudited)

(in thousands)

Three Months Ended

Nine Months Ended

March 31, 

March 31, 

    

2020

    

2019

    

2020

    

2019

Net income

$

150,712

$

37,866

$

170,384

$

45,787

Other comprehensive income (loss), net of tax

 

 

 

 

Loss on foreign currency translation adjustments

 

(117,669)

 

(5,238)

 

(139,539)

 

(6,193)

Unrealized (loss) gain on marketable securities, net of tax

 

(44)

 

50

 

(2)

 

36

Unrealized gain on interest rate swap, net of tax

452

452

Comprehensive income

 

33,451

 

32,678

 

31,295

 

39,630

Comprehensive loss attributable to redeemable noncontrolling interest

 

271

 

138

 

586

 

51

Comprehensive income attributable to Adtalem Global Education

$

33,722

$

32,816

$

31,881

$

39,681

The accompanying notes are an integral part of these consolidated financial statements.

3

Table of Contents

Adtalem Global Education Inc.

Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

Nine Months Ended

March 31, 

    

2020

    

2019

Operating activities:

 

  

Net income

$

170,384

$

45,787

Loss from discontinued operations

 

1,758

 

25,946

Income from continuing operations

172,142

71,733

Adjustments to reconcile net income to net cash provided by operating activities:

 

  

 

  

Stock-based compensation expense

 

11,328

 

10,369

Amortization and adjustments to operating lease assets

32,369

Depreciation

 

25,773

 

24,726

Amortization

 

8,860

 

5,990

Provision for bad debts

12,955

5,150

Deferred income taxes

 

1,824

 

23,717

Loss on disposals, accelerated depreciation, and adjustments to property and equipment

 

147

 

41,082

Realized and unrealized loss on investments

1,106

407

Realized gain on sale of assets

(4,779)

Insurance settlement gain

(15,571)

Unrealized gain on derivative

(83,832)

Changes in assets and liabilities:

 

 

  

Accounts receivable

 

(19,922)

 

(24,511)

Prepaid expenses and other current assets

 

(17,123)

 

(11,948)

Accounts payable

 

(18,495)

 

(4,433)

Accrued payroll and benefits

(6,291)

(12,755)

Accrued liabilities

 

(4,810)

 

6,156

Deferred revenue

 

24,103

 

9,423

Operating lease liabilities

(41,628)

Other assets and liabilities

 

(2,041)

 

(22,355)

Net cash provided by operating activities-continuing operations

 

91,686

 

107,180

Net cash provided by operating activities-discontinued operations

 

13,845

 

21,355

Net cash provided by operating activities

 

105,531

 

128,535

Investing activities:

 

  

 

  

Capital expenditures

 

(31,934)

 

(45,269)

Insurance proceeds received for damage to buildings and equipment

35,706

Proceeds from sales of marketable securities

1,572

1,625

Purchases of marketable securities

 

(1,755)

 

(6,070)

Proceeds from sale of assets

 

6,421

 

Cash received on purchase price adjustment

92

Loan to DeVry University

(10,000)

Net cash used in investing activities-continuing operations

 

(25,604)

 

(24,008)

Net cash used in investing activities-discontinued operations

 

(3,803)

 

(7,417)

Cash and restricted cash transferred in divestitures of discontinued operations

(48,876)

Net cash used in investing activities

 

(29,407)

 

(80,301)

Financing activities:

 

  

 

  

Proceeds from exercise of stock options

 

2,276

 

16,825

Employee taxes paid on withholding shares

 

(5,315)

 

(6,527)

Proceeds from stock issued under Colleague Stock Purchase Plan

 

 

421

Repurchases of common stock for treasury

 

(136,889)

 

(176,903)

Borrowings under credit facility

 

225,000

 

Repayments under credit facility

 

(177,250)

 

(2,250)

Proceeds from down payment on seller loan

5,200

Payment for purchase of redeemable noncontrolling interest of subsidiary

 

(6,247)

 

Net cash used in financing activities-continuing operations

 

(93,225)

 

(168,434)

Net cash used in financing activities-discontinued operations

 

(2,920)

 

(2,154)

Net cash used in financing activities

 

(96,145)

 

(170,588)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(27,907)

 

(449)

Net decrease in cash, cash equivalents and restricted cash

 

(47,928)

 

(122,803)

Cash, cash equivalents and restricted cash at beginning of period

 

300,467

 

444,405

Cash, cash equivalents and restricted cash at end of period

 

252,539

 

321,602

Less: cash, cash equivalents and restricted cash of discontinued operations at end of period

 

83,961

 

90,511

Cash, cash equivalents and restricted cash at end of period

$

168,578

$

231,091

The accompanying notes are an integral part of these consolidated financial statements.

4

Table of Contents

Adtalem Global Education Inc.

Consolidated Statements of Shareholders’ Equity

(unaudited)

(in thousands)

Accumulated

Additional

Other

Common

Paid-In

Retained

Comprehensive

Treasury

    

Stock

    

Capital

    

Earnings

    

Loss

    

Stock

    

Total

December 31, 2018

$

801

$

479,946

$

1,926,134

$

(143,518)

$

(833,716)

$

1,429,647

Net income attributable to Adtalem Global Education