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May 2023
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Document And Entity Information - shares | 6 Months Ended | |
---|---|---|
Dec. 31, 2022 | Jan. 26, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-13988 | |
Entity Registrant Name | Adtalem Global Education Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-3150143 | |
Entity Address, Address Line One | 500 West Monroe Street | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60661 | |
City Area Code | 312 | |
Local Phone Number | 651-1400 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,450,785 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000730464 | |
Amendment Flag | false | |
New York Stock Exchange | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock, $0.01 par value per share | |
Trading Symbol | ATGE | |
Security Exchange Name | NYSE | |
NYSE Chicago | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock, $0.01 par value per share | |
Trading Symbol | ATGE | |
Security Exchange Name | CHX |
Please wait while we load the requested 10-Q report or click the link below:
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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Adtalem Global Education Inc..
Adtalem Global Education Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
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Excluding the timing of the Walden acquisition in the prior year, intangible amortization expense, and CEO transition costs, student services and administrative expense decreased 0.9%, or $2.5 million, in the first six months of fiscal year 2023 compared to the year-ago period.
Although our current estimates contemplate current conditions, including, but not limited to, the impact of (i) the novel coronavirus ("COVID-19") pandemic, (ii) rising interest rates, and (iii) labor and material cost increases and shortages, and how we anticipate them to change in the future, as appropriate, it is reasonably possible that actual conditions could differ from what was anticipated in those estimates, which could materially affect our results of operations and financial condition.
In the event of unexpected market conditions or negative economic changes, including those caused by COVID-19, that could negatively affect Adtalem's earnings and/or operating cash flow, Adtalem maintains a $400.0 million revolving credit facility with availability of $400.0 million as of December 31, 2022.
The decreases in the percentages were primarily the result of the CEO transition costs incurred in the first six months of fiscal year 2022 and a decrease in intangible amortization expense.
The following are non-GAAP financial measures used in this Quarterly Report on Form 10-Q: Adjusted net income (most comparable GAAP measure: net income (loss)) - Measure of Adtalem's net income (loss) adjusted for deferred revenue adjustment, CEO transition costs, restructuring expense, business acquisition and integration expense, intangible amortization expense, pre-acquisition interest expense, write-off of debt discount and issuance costs, gain on extinguishment of debt, investment impairment, and net (income) loss from discontinued operations.
The decrease in amortization expense...Read more
We have not yet experienced...Read more
We have not yet experienced...Read more
While COVID-19 continues to dissipate,...Read more
Adjusted net income of $54.2...Read more
The decreased restructure expense in...Read more
Adjusted earnings per share (most...Read more
The decrease of $9.0 million...Read more
55 The following table provides...Read more
The seasonal pattern of Adtalem's...Read more
Adjusted EBITDA (most comparable GAAP...Read more
On March 1, 2022, we...Read more
Forward-looking statements provide current expectations...Read more
Adjusted operating income (most comparable...Read more
The cost increase in the...Read more
? CEO transition costs related...Read more
The increase of $2.6 million...Read more
The American Rescue Plan Act...Read more
See the "Non-GAAP Financial Measures...Read more
? On March 14, 2022,...Read more
Effective for semesters beginning in...Read more
Effective for semesters beginning in...Read more
While COVID-19 will continue to...Read more
The student services and administrative...Read more
Income taxes, interest expense, and...Read more
Consolidated adjusted operating income increased...Read more
Segment adjusted operating income increased...Read more
Segment adjusted operating income increased...Read more
The decreases in interest expense...Read more
While corrective actions have been...Read more
Financial and operational highlights for...Read more
The capital expenditures in fiscal...Read more
? Effective for semesters beginning...Read more
45 ? Effective for semesters...Read more
The following tables present operating...Read more
? For students who entered...Read more
The primary driver of the...Read more
? Intangible amortization expense on...Read more
See the "Forward-Looking Statements" section...Read more
The earliest we believe any...Read more
The increase in revenue in...Read more
The effective date of the...Read more
The three and six months...Read more
? Business acquisition and integration...Read more
? Pre-acquisition interest expense related...Read more
This expense category also includes...Read more
Applying various financial elements from...Read more
Excluding the timing of the...Read more
Management is executing its plan...Read more
The primary driver of the...Read more
? Restructuring expense primarily related...Read more
The decreases in the percentages...Read more
? Net income of $24.1...Read more
For students who entered RUSVM...Read more
Walden's fully online operating model...Read more
Excluding the $2.4 million deferred...Read more
In addition, the decrease in...Read more
In addition, this lower score...Read more
Excluding the timing of the...Read more
The following tables provide a...Read more
ED may alternatively issue new...Read more
These cost decreases were primarily...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Adtalem Global Education Inc. provided additional information to their SEC Filing as exhibits
Ticker: ATGE
CIK: 730464
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-23-000784
Submitted to the SEC: Thu Feb 02 2023 4:11:11 PM EST
Accepted by the SEC: Thu Feb 02 2023
Period: Saturday, December 31, 2022
Industry: Educational Services