Total enrollment up 11.2% YoY
Revenue up 13.2% YoY
Diluted earnings per share $1.18; Adjusted EPS
$1.29, growth of 38.7% YoY
First quarter highlights
- Total student enrollment 90,140, up 11.2% year-over-year
- Revenue $417.4 million, up 13.2% year-over-year
- Chamberlain University seventh straight quarter of total
enrollment growth, up 11.7% year-over-year, highest total
enrollment in university history
- Walden University fifth straight quarter of total enrollment
growth, up 12.2% year-over-year
- Medical and Veterinary segment fourth straight enrollment
period of sequentially improved year-over-year total enrollment
trends
- Strong momentum starting second year of three-year Growth with
Purpose strategy, GAAP net income $46.2 million and adjusted EBITDA
$96.7 million, up 20.1% year-over-year
Capital allocation
- Repurchased $34 million of shares, $178 million remaining under
$300 million Board authorized share repurchase program through
January 2027
- Repriced $253 million Term Loan B on Aug. 21, 2024, reducing
interest rate by 75 bps
- Net leverage 1.0x as of Sept. 30, 2024
Fiscal year 2025 guidance
- Revenue $1,690 million to $1,730 million
- Adjusted earnings per share $5.75 to $5.95
Adtalem Global Education Inc. (NYSE: ATGE), the leading
healthcare educator in the United States, today reported first
quarter fiscal year 2025 results (ended Sept. 30, 2024) delivering
accelerated total enrollment growth and operational excellence,
fueling the Company’s expanded societal reach.
“We entered year two of our three-year Growth with Purpose
strategy with strong momentum, further integrating our tech-enabled
platform and expanding our impact through innovative partnerships,”
said Steve Beard, president and chief executive officer, Adtalem
Global Education. “Our reimagined education model creates a more
versatile learning experience that adapts to students' needs,
driving 11.2% growth in total enrollment. These results give us the
confidence to raise our expectations for fiscal year 2025.”
Financial Highlights
Selected financial data for the three months ended Sept. 30,
2024:
- Revenue of $417.4 million increased 13.2% compared with the
prior year.
- Operating income of $70.2 million, compared with $28.2 million
in the prior year; adjusted operating income of $75.8 million,
compared with $63.3 million in the prior year.
- Net income of $46.2 million, compared with $10.6 million in the
prior year; adjusted net income of $50.5 million, compared with
$39.4 million in the prior year.
- Diluted earnings per share of $1.18, compared with $0.25 in the
prior year; adjusted earnings per share of $1.29, compared with
$0.93 in the prior year.
- Adjusted EBITDA of $96.7 million, compared with $80.5 million
in the prior year; adjusted EBITDA margin of 23.2%, compared with
21.8% in the prior year.
Business Highlights
- Chamberlain University expanded its specialized nursing
education Practice Ready. Specialty Focused.™ (PRSF) model through
a partnership with the Oncology Nursing Society (ONS), offering an
introduction to caring for cancer patients and their families. The
ONS offering joins other specializations in the PRSF model,
including critical care, emergency nursing, nephrology, home
healthcare and perioperative nursing.
- Adtalem announced a partnership with Hippocratic AI to develop
a new curriculum focused on training healthcare professionals in
the use of AI technologies. The initiative includes the first-ever
AI certification, designed for both Chamberlain University and
Walden University students, as well as practicing clinicians,
focused on essential skills to effectively evaluate, navigate and
ethically utilize AI tools in patient care.
- Ross University School of Veterinary Medicine ranked third for
most graduates placed into the highly sought after Veterinary
Internship and Residency Matching Program™ (VIRMP) for 2024. Our
students matched into specialties including anesthesia, large
animal surgery, medical oncology, veterinary dermatology and
radiology.
- Chamberlain University's Bachelor of Science in Nursing and
Master of Science in Nursing degree programs received continuing
accreditation by the Commission on Collegiate Nursing Education
(CCNE) for the maximum accreditation period of 10 years.
Chamberlain's Doctor of Nursing Practice degree program also
recently received continuing accreditation by the National League
for Nursing Commission for Nursing Education Accreditation (NLN
CNEA) for the accreditation period of 10 years.
- Adtalem recently released its 2024 Sustainability Report, which
highlights the Company’s collective efforts to address critical
workforce shortages in the U.S. healthcare system by strengthening
pathways to high-quality education and promoting health
equity.
Segment Highlights
Chamberlain
$ in millions
Three Months Ended
September 30,
2024
2023
% Change
Revenue
$167.9
$142.6
17.8%
Operating Income
$26.0
$24.3
6.8%
Adj. Operating Income
$27.8
$24.3
14.4%
Adj. EBITDA
$37.0
$31.5
17.2%
Total Students (1)
38,987
34,889
11.7%
- Total student enrollment increased 11.7% compared with the
prior year, driven by continued growth in pre-licensure and
post-licensure nursing programs.
Walden
$ in millions
Three Months Ended
September 30,
2024
2023
% Change
Revenue
$161.5
$141.6
14.1%
Operating Income
$39.8
$1.9
1,955.6%
Adj. Operating Income
$42.6
$31.1
37.0%
Adj. EBITDA
$47.8
$35.1
35.9%
Total Students (1)
45,979
40,975
12.2%
- Total student enrollment increased 12.2% compared with the
prior year, driven by growth in healthcare and non-healthcare
programs.
Medical and Veterinary
$ in millions
Three Months Ended
September 30,
2024
2023
% Change
Revenue
$88.0
$84.6
3.9%
Operating Income
$14.7
$14.4
2.1%
Adj. Operating Income
$14.7
$14.5
1.7%
Adj. EBITDA
$19.2
$19.1
0.7%
Total Students (1)
5,174
5,209
(0.7)%
- Total student enrollment decreased 0.7% compared with the prior
year, driven by declines at medical.
Fiscal Year 2025 Outlook
Adtalem raises guidance for fiscal year 2025, with revenue in
the range of $1,690 million to $1,730 million, approximately 6.5%
to 9.0% growth year-over-year. Adjusted earnings per share to be in
the range of $5.75 to $5.95, approximately 14.5% to 18.5% growth
year-over-year.
Conference Call and Webcast Information
Adtalem will hold a conference call to discuss its first quarter
fiscal year 2025 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) and
stating “Adtalem earnings call” or by using conference ID:
13749198. 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: 13749198, or visit the Adtalem
investor relations website.
About Adtalem Global Education
Adtalem Global Education is the leading provider of healthcare
education in the U.S., shaping the future of healthcare by
preparing a diverse workforce with high-quality academic programs.
We innovate education pathways, align with industry needs and
empower individuals to reach their full potential. Our commitment
to excellence and inclusivity is reflected in our expansive network
of institutions, serving over 90,000 students and supported by a
strong community of approximately 350,000 alumni and nearly 10,000
dedicated employees. Visit Adtalem.com for more information and
follow us on LinkedIn, Instagram and Facebook.
Cautionary Disclosure Regarding 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 generally can
be identified by the use of forward-looking terminology 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 risks 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 Represents total students attending sessions during each
institution’s most recent enrollment period in Q1 FY 2025 and Q1 FY
2024.
Adtalem Global Education
Inc.
Consolidated Balance
Sheets
(unaudited)
(in thousands)
September 30,
June 30,
2024
2024
Assets:
Current assets:
Cash and cash equivalents
$
264,798
$
219,306
Restricted cash
2,074
1,896
Accounts and financing receivables,
net
171,509
126,833
Prepaid expenses and other current
assets
78,533
70,050
Total current assets
516,914
418,085
Noncurrent assets:
Property and equipment, net
244,503
248,524
Operating lease assets
171,921
176,755
Deferred income taxes
33,454
49,088
Intangible assets, net
773,889
776,694
Goodwill
961,262
961,262
Other assets, net
107,939
103,184
Assets held for sale
7,825
7,825
Total noncurrent assets
2,300,793
2,323,332
Total assets
$
2,817,707
$
2,741,417
Liabilities and shareholders'
equity:
Current liabilities:
Accounts payable
$
91,421
$
102,626
Accrued payroll and benefits
49,839
71,373
Accrued liabilities
87,212
96,957
Deferred revenue
290,571
185,272
Current operating lease liabilities
32,266
31,429
Total current liabilities
551,309
487,657
Noncurrent liabilities:
Long-term debt
649,318
648,712
Long-term operating lease liabilities
161,757
167,712
Deferred income taxes
30,348
29,526
Other liabilities
35,023
38,675
Total noncurrent liabilities
876,446
884,625
Total liabilities
1,427,755
1,372,282
Commitments and contingencies
Total shareholders' equity
1,389,952
1,369,135
Total liabilities and shareholders'
equity
$
2,817,707
$
2,741,417
Adtalem Global Education
Inc.
Consolidated Statements of
Income
(unaudited)
(in thousands, except per
share data)
Three Months Ended
September 30,
2024
2023
Revenue
$
417,400
$
368,845
Operating cost and expense:
Cost of educational services
185,995
168,618
Student services and administrative
expense
159,073
166,095
Restructuring expense
2,094
676
Business integration expense
—
5,262
Total operating cost and expense
347,162
340,651
Operating income
70,238
28,194
Interest expense
(14,482
)
(15,657
)
Other income, net
2,646
2,214
Income from continuing operations before
income taxes
58,402
14,751
Provision for income taxes
(12,157
)
(2,792
)
Income from continuing operations
46,245
11,959
Discontinued operations:
Loss from discontinued operations before
income taxes
(107
)
(1,765
)
Benefit from income taxes
27
452
Loss from discontinued operations
(80
)
(1,313
)
Net income and comprehensive income
$
46,165
$
10,646
Earnings (loss) per share:
Basic:
Continuing operations
$
1.23
$
0.29
Discontinued operations
$
(0.00
)
$
(0.03
)
Total basic earnings per share
$
1.22
$
0.26
Diluted:
Continuing operations
$
1.18
$
0.28
Discontinued operations
$
(0.00
)
$
(0.03
)
Total diluted earnings per share
$
1.18
$
0.25
Weighted-average shares outstanding:
Basic shares
37,721
41,399
Diluted shares
39,109
42,184
Adtalem Global Education
Inc.
Consolidated Statements of
Cash Flows
(unaudited)
(in thousands)
Three Months Ended
September 30,
2024
2023
Operating activities:
Net income
$
46,165
$
10,646
Loss from discontinued operations
80
1,313
Income from continuing operations
46,245
11,959
Adjustments to reconcile net income to net
cash provided by operating activities:
Stock-based compensation
9,451
7,455
Amortization and impairments to operating
lease assets
6,948
8,765
Depreciation
9,803
9,338
Amortization of acquired intangible
assets
2,805
10,677
Amortization of debt discount and issuance
costs
1,113
1,155
Provision for bad debts
13,720
10,226
Deferred income taxes
16,456
2,165
Loss on disposals of property and
equipment
107
38
(Gain) loss on investments
(613
)
447
Changes in assets and liabilities:
Accounts and financing receivables
(56,803
)
(54,867
)
Prepaid expenses and other current
assets
(7,389
)
(5,532
)
Cloud computing implementation assets
(7,888
)
(4,224
)
Accounts payable
(8,508
)
(2,818
)
Accrued payroll and benefits
(21,501
)
(8,882
)
Accrued liabilities
(8,467
)
13,770
Deferred revenue
106,156
98,658
Operating lease liabilities
(7,232
)
(10,053
)
Other assets and liabilities
(4,836
)
(2,163
)
Net cash provided by operating
activities-continuing operations
89,567
86,114
Net cash (used in) provided by operating
activities-discontinued operations
(251
)
8,959
Net cash provided by operating
activities
89,316
95,073
Investing activities:
Capital expenditures
(10,414
)
(10,434
)
Proceeds from sales of marketable
securities
2,187
400
Purchases of marketable securities
(1,308
)
(300
)
Net cash used in investing activities
(9,535
)
(10,334
)
Financing activities:
Proceeds from exercise of stock
options
9,498
550
Employee taxes paid on withholding
shares
(10,717
)
(5,651
)
Proceeds from stock issued under Colleague
Stock Purchase Plan
298
190
Repurchases of common stock for
treasury
(33,190
)
(90,477
)
Proceeds from issuance of long-term
debt
9,873
—
Repayments of long-term debt
(9,873
)
—
Net cash used in financing activities
(34,111
)
(95,388
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
45,670
(10,649
)
Cash, cash equivalents and restricted cash
at beginning of period
221,202
275,075
Cash, cash equivalents and restricted cash
at end of period
$
266,872
$
264,426
Non-cash investing and financing
activities:
Accrued capital expenditures
$
4,193
$
6,087
Accrued liability for repurchases of
common stock
$
800
$
3,600
Accrued excise tax on share
repurchases
$
3,259
$
1,928
Adtalem Global Education
Inc.
Segment Information
(unaudited)
(in thousands)
Three Months Ended
September 30,
Increase/(Decrease)
2024
2023
$
%
Revenue:
Chamberlain
$
167,930
$
142,596
$
25,334
17.8
%
Walden
161,513
141,608
19,905
14.1
%
Medical and Veterinary
87,957
84,641
3,316
3.9
%
Total consolidated revenue
$
417,400
$
368,845
$
48,555
13.2
%
Operating income (loss):
Chamberlain
$
25,974
$
24,324
$
1,650
6.8
%
Walden
39,837
1,938
37,899
1,955.6
%
Medical and Veterinary
14,671
14,363
308
2.1
%
Home Office
(10,244
)
(12,431
)
2,187
17.6
%
Total consolidated operating income
$
70,238
$
28,194
$
42,044
149.1
%
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, amortization of acquired intangible
assets, litigation reserve, debt modification costs, and loss 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, amortization of acquired intangible assets, litigation
reserve, debt modification costs, and 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,
amortization of acquired intangible assets, litigation reserve, and
debt modification costs. 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 from discontinued
operations, interest expense, other income, net, provision for
income taxes, depreciation, amortization of acquired intangible
assets, amortization of cloud computing implementation assets,
stock-based compensation, restructuring expense, business
integration expense, litigation reserve, and debt modification
costs. 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:
- Restructuring expense primarily related to workforce
reductions, costs to exit certain course offerings, and prior real
estate consolidations at 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.
- Amortization of acquired intangible assets.
- Amortization of cloud computing implementation assets.
- Reserves related to significant litigation and debt
modification costs related to refinancing our Term Loan B
loan.
- Loss from discontinued operations includes expense from ongoing
litigation costs and settlements related to the DeVry University
and Carrington College divestitures.
Adtalem Global Education
Inc.
Non-GAAP Operating Income by
Segment
(unaudited)
(in thousands)
Three Months Ended
September 30,
Increase/(Decrease)
2024
2023
$
%
Chamberlain:
Operating income (GAAP)
$
25,974
$
24,324
$
1,650
6.8
%
Restructuring expense
1,858
—
1,858
Adjusted operating income (non-GAAP)
$
27,832
$
24,324
$
3,508
14.4
%
Operating margin (GAAP)
15.5
%
17.1
%
Operating margin (non-GAAP)
16.6
%
17.1
%
Walden:
Operating income (GAAP)
$
39,837
$
1,938
$
37,899
1,955.6
%
Amortization of acquired intangible
assets
2,805
10,677
(7,872
)
Litigation reserve
—
18,500
(18,500
)
Adjusted operating income (non-GAAP)
$
42,642
$
31,115
$
11,527
37.0
%
Operating margin (GAAP)
24.7
%
1.4
%
Operating margin (non-GAAP)
26.4
%
22.0
%
Medical and Veterinary:
Operating income (GAAP)
$
14,671
$
14,363
$
308
2.1
%
Restructuring expense
59
114
(55
)
Adjusted operating income (non-GAAP)
$
14,730
$
14,477
$
253
1.7
%
Operating margin (GAAP)
16.7
%
17.0
%
Operating margin (non-GAAP)
16.7
%
17.1
%
Home Office:
Operating loss (GAAP)
$
(10,244
)
$
(12,431
)
$
2,187
17.6
%
Restructuring expense
177
562
(385
)
Business integration expense
—
5,262
(5,262
)
Debt modification costs
712
—
712
Adjusted operating loss (non-GAAP)
$
(9,355
)
$
(6,607
)
$
(2,748
)
(41.6
)
%
Adtalem Global Education:
Operating income (GAAP)
$
70,238
$
28,194
$
42,044
149.1
%
Restructuring expense
2,094
676
1,418
Business integration expense
—
5,262
(5,262
)
Amortization of acquired intangible
assets
2,805
10,677
(7,872
)
Litigation reserve
—
18,500
(18,500
)
Debt modification costs
712
—
712
Adjusted operating income (non-GAAP)
$
75,849
$
63,309
$
12,540
19.8
%
Operating margin (GAAP)
16.8
%
7.6
%
Operating margin (non-GAAP)
18.2
%
17.2
%
Adtalem Global Education
Inc.
Non-GAAP Adjusted EBITDA by
Segment
(unaudited)
(in thousands)
Three Months Ended
September 30,
Increase/(Decrease)
2024
2023
$
%
Chamberlain:
Operating income (GAAP)
$
25,974
$
24,324
$
1,650
6.8
%
Restructuring expense
1,858
—
1,858
Depreciation
5,368
4,116
1,252
Amortization of cloud computing
implementation assets
652
200
452
Stock-based compensation
3,119
2,907
212
Adjusted EBITDA (non-GAAP)
$
36,971
$
31,547
$
5,424
17.2
%
Adjusted EBITDA margin (non-GAAP)
22.0
%
22.1
%
Walden:
Operating income (GAAP)
$
39,837
$
1,938
$
37,899
1,955.6
%
Amortization of acquired intangible
assets
2,805
10,677
(7,872
)
Litigation reserve
—
18,500
(18,500
)
Depreciation
1,682
1,974
(292
)
Amortization of cloud computing
implementation assets
701
188
513
Stock-based compensation
2,740
1,864
876
Adjusted EBITDA (non-GAAP)
$
47,765
$
35,141
$
12,624
35.9
%
Adjusted EBITDA margin (non-GAAP)
29.6
%
24.8
%
Medical and Veterinary:
Operating income (GAAP)
$
14,671
$
14,363
$
308
2.1
%
Restructuring expense
59
114
(55
)
Depreciation
2,569
2,892
(323
)
Amortization of cloud computing
implementation assets
283
52
231
Stock-based compensation
1,607
1,640
(33
)
Adjusted EBITDA (non-GAAP)
$
19,189
$
19,061
$
128
0.7
%
Adjusted EBITDA margin (non-GAAP)
21.8
%
22.5
%
Home Office:
Operating loss (GAAP)
$
(10,244
)
$
(12,431
)
$
2,187
17.6
%
Restructuring expense
177
562
(385
)
Business integration expense
—
5,262
(5,262
)
Debt modification costs
712
—
712
Depreciation
184
356
(172
)
Stock-based compensation
1,985
1,044
941
Adjusted EBITDA (non-GAAP)
$
(7,186
)
$
(5,207
)
$
(1,979
)
(38.0
)
%
Adtalem Global Education:
Net income (GAAP)
$
46,165
$
10,646
$
35,519
333.6
%
Loss from discontinued operations
80
1,313
(1,233
)
Interest expense
14,482
15,657
(1,175
)
Other income, net
(2,646
)
(2,214
)
(432
)
Provision for income taxes
12,157
2,792
9,365
Operating income (GAAP)
70,238
28,194
42,044
Depreciation and amortization
14,244
20,455
(6,211
)
Stock-based compensation
9,451
7,455
1,996
Restructuring expense
2,094
676
1,418
Business integration expense
—
5,262
(5,262
)
Litigation reserve
—
18,500
(18,500
)
Debt modification costs
712
—
712
Adjusted EBITDA (non-GAAP)
$
96,739
$
80,542
$
16,197
20.1
%
Adjusted EBITDA margin (non-GAAP)
23.2
%
21.8
%
Adtalem Global Education
Inc.
Non-GAAP Earnings
Disclosure
(unaudited)
(in thousands, except per
share data)
Three Months Ended
September 30,
2024
2023
Net income (GAAP)
$
46,165
$
10,646
Restructuring expense
2,094
676
Business integration expense
—
5,262
Amortization of acquired intangible
assets
2,805
10,677
Litigation reserve and debt modification
costs
712
18,500
Income tax impact on non-GAAP adjustments
(1)
(1,332
)
(7,693
)
Loss from discontinued operations
80
1,313
Adjusted net income (non-GAAP)
$
50,524
$
39,381
(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,
2024
2023
Diluted earnings per share (GAAP)
$
1.18
$
0.25
Effect on diluted earnings per share:
Restructuring expense
0.05
0.02
Business integration expense
-
0.12
Amortization of acquired intangible
assets
0.07
0.25
Litigation reserve and debt modification
costs
0.02
0.44
Income tax impact on non-GAAP adjustments
(1)
(0.03
)
(0.18
)
Loss from discontinued operations
0.00
0.03
Adjusted earnings per share (non-GAAP)
$
1.29
$
0.93
Diluted shares used in non-GAAP EPS
calculation
39,109
42,184
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
FY25
FY24
FY24
FY24
FY24
FY25
Q1
Q1
Q1
Q2
Q3
Q4
Q1
Net cash provided by operating
activities-continuing operations (GAAP)
$
86,114
$
89,567
$
189,501
$
227,600
$
276,843
$
288,367
$
291,820
Capital expenditures
(10,434
)
(10,414
)
(31,070
)
(38,713
)
(44,137
)
(48,893
)
(48,873
)
Free cash flow (non-GAAP)
$
75,680
$
79,153
$
158,431
$
188,887
$
232,706
$
239,474
$
242,947
Adtalem Global Education
Inc.
Non-GAAP Net Leverage
Disclosure
(unaudited)
(in thousands)
Twelve Months Ended
September 30, 2024
Adtalem Global Education:
Net income (GAAP)
$
172,296
Income from discontinued operations
(297
)
Interest expense
62,484
Other income, net
(10,974
)
Provision for income taxes
35,589
Depreciation and amortization
72,241
Stock-based compensation
27,943
Restructuring expense
3,288
Business integration expense
28,953
Loss on assets held for sale
647
Debt modification costs
1,560
Adjusted EBITDA (non-GAAP)
$
393,730
September 30, 2024
Long-term debt
$
658,283
Less: Cash and cash equivalents
(264,798
)
Net debt (non-GAAP)
$
393,485
Net leverage (non-GAAP)
1.0 x
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241029106618/en/
Investor Contact Jay Spitzer
Investor.Relations@Adtalem.com +1 312-906-6600
Media Contact Britt Mitchell AdtalemMedia@Adtalem.com +1
872-270-0301
Grafico Azioni Adtalem Global Education (NYSE:ATGE)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Adtalem Global Education (NYSE:ATGE)
Storico
Da Gen 2024 a Gen 2025
