Attached files
| file | filename |
|---|---|
| EX-99.2 - EXHIBIT 99.2 - Adtalem Global Education Inc. | tv484632_ex99-2.htm |
| 8-K - FORM 8-K - Adtalem Global Education Inc. | tv484632_8k.htm |
Exhibit 99.1
ADTALEM GLOBAL EDUCATION INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(unaudited and amounts in thousands, except per share amounts)
| Three Months Ended | Year Ended | |||||||||||||||||||||||||||
| September 30, 2017 | June 30, 2017 | March 31, 2017 | December 31, 2016 | September 30, 2016 | June 30, 2017 | June 30, 2016 | ||||||||||||||||||||||
| REVENUE: | ||||||||||||||||||||||||||||
| Tuition | $ | 280,023 | $ | 305,457 | $ | 287,774 | $ | 301,263 | $ | 286,898 | $ | 1,181,392 | $ | 1,092,148 | ||||||||||||||
| Other Educational | 45,255 | 42,069 | 44,901 | 32,695 | 42,129 | 161,794 | 140,604 | |||||||||||||||||||||
| Total Revenue | 325,278 | 347,526 | 332,675 | 333,958 | 329,027 | 1,343,186 | 1,232,752 | |||||||||||||||||||||
| OPERATING COST AND EXPENSE: | ||||||||||||||||||||||||||||
| Cost of Educational Services | 195,941 | 180,980 | 182,216 | 179,148 | 187,486 | 729,830 | 668,903 | |||||||||||||||||||||
| Student Services and Administrative Expense | 101,208 | 105,087 | 103,690 | 101,167 | 103,465 | 413,409 | 408,940 | |||||||||||||||||||||
| Restructuring Expense | 2,387 | 9,002 | 2,804 | 2,963 | 3,350 | 18,119 | 7,283 | |||||||||||||||||||||
| Regulatory Settlements | - | - | - | 52,150 | - | 52,150 | - | |||||||||||||||||||||
| Asset Impairment Charge | - | - | - | - | - | - | 147,660 | |||||||||||||||||||||
| Total Operating Cost and Expense | 299,536 | 295,069 | 288,710 | 335,428 | 294,301 | 1,213,508 | 1,232,786 | |||||||||||||||||||||
| Operating Income (Loss) from Continuing Operations | 25,742 | 52,457 | 43,965 | (1,470 | ) | 34,726 | 129,678 | (34 | ) | |||||||||||||||||||
| INTEREST: | ||||||||||||||||||||||||||||
| Interest Income | 2,118 | 1,184 | 1,689 | 988 | 1,044 | 4,905 | 666 | |||||||||||||||||||||
| Interest Expense | (1,916 | ) | (2,734 | ) | (1,995 | ) | (2,300 | ) | (2,115 | ) | (9,144 | ) | (5,934 | ) | ||||||||||||||
| Net Interest Income (Expense) | 202 | (1,550 | ) | (306 | ) | (1,312 | ) | (1,071 | ) | (4,239 | ) | (5,268 | ) | |||||||||||||||
| Income (Loss) from Continuing Operations Before Income Taxes | 25,944 | 50,907 | 43,659 | (2,782 | ) | 33,655 | 125,439 | (5,302 | ) | |||||||||||||||||||
| Income Tax (Provision) Benefit | (3,596 | ) | (2,787 | ) | (7,343 | ) | 10,082 | (7,719 | ) | (7,767 | ) | 8,297 | ||||||||||||||||
| Equity Method Investment Loss | (44 | ) | (694 | ) | - | - | - | (694 | ) | - | ||||||||||||||||||
| Income from Continuing Operations | 22,304 | 47,426 | 36,316 | 7,300 | 25,936 | 116,978 | 2,995 | |||||||||||||||||||||
| DISCONTINUED OPERATIONS: | ||||||||||||||||||||||||||||
| (Loss) Income from Discontinued Operations Before Income Taxes | (11,306 | ) | 910 | 3,329 | 6,321 | (1,605 | ) | 8,955 | (11,996 | ) | ||||||||||||||||||
| Income Tax Benefit (Provision) | 1,918 | (4,982 | ) | 377 | 1,134 | 818 | (2,653 | ) | 6,245 | |||||||||||||||||||
| (Loss) Income from Discontinued Operations | (9,388 | ) | (4,072 | ) | 3,706 | 7,455 | (787 | ) | 6,302 | (5,751 | ) | |||||||||||||||||
| NET INCOME (LOSS) | 12,916 | 43,354 | 40,022 | 14,755 | 25,149 | 123,280 | (2,756 | ) | ||||||||||||||||||||
| Net (Income) Loss Attributable to Noncontrolling Interest | (131 | ) | (495 | ) | (163 | ) | (342 | ) | 3 | (997 | ) | (410 | ) | |||||||||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION | $ | 12,785 | $ | 42,859 | $ | 39,859 | $ | 14,413 | $ | 25,152 | $ | 122,283 | $ | (3,166 | ) | |||||||||||||
| AMOUNTS ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION: | ||||||||||||||||||||||||||||
| Income from Continuing Operations | $ | 22,173 | $ | 46,931 | $ | 36,153 | $ | 6,958 | $ | 25,939 | $ | 115,981 | $ | 2,585 | ||||||||||||||
| (Loss) Income from Discontinued Operations | (9,388 | ) | (4,072 | ) | 3,706 | 7,455 | (787 | ) | 6,302 | (5,751 | ) | |||||||||||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION | $ | 12,785 | $ | 42,859 | $ | 39,859 | $ | 14,413 | $ | 25,152 | $ | 122,283 | $ | (3,166 | ) | |||||||||||||
| EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO | ||||||||||||||||||||||||||||
| ADTALEM GLOBAL EDUCATION SHAREHOLDERS: | ||||||||||||||||||||||||||||
| Basic: | ||||||||||||||||||||||||||||
| Continuing Operations | $ | 0.35 | $ | 0.74 | $ | 0.57 | $ | 0.11 | $ | 0.41 | $ | 1.83 | $ | 0.04 | ||||||||||||||
| Discontinued Operations | $ | (0.15 | ) | $ | (0.06 | ) | $ | 0.06 | $ | 0.12 | $ | (0.01 | ) | $ | 0.10 | $ | (0.09 | ) | ||||||||||
| Total | $ | 0.20 | $ | 0.67 | $ | 0.63 | $ | 0.23 | $ | 0.40 | $ | 1.93 | $ | (0.05 | ) | |||||||||||||
| Diluted: | ||||||||||||||||||||||||||||
| Continuing Operations | $ | 0.35 | $ | 0.73 | $ | 0.56 | $ | 0.11 | $ | 0.41 | $ | 1.81 | $ | 0.04 | ||||||||||||||
| Discontinued Operations | $ | (0.15 | ) | $ | (0.06 | ) | $ | 0.06 | $ | 0.12 | $ | (0.01 | ) | $ | 0.10 | $ | (0.09 | ) | ||||||||||
| Total | $ | 0.20 | $ | 0.67 | $ | 0.62 | $ | 0.23 | $ | 0.40 | $ | 1.91 | $ | (0.05 | ) | |||||||||||||
| Cash Dividends Declared per Common Share | $ | - | $ | - | $ | - | $ | 0.18 | $ | - | $ | 0.18 | $ | 0.36 | ||||||||||||||