ADTALEM GLOBAL EDUCATION INC. Item 8.01 Other Assets
Following leadership changes during the first quarter of fiscal year 2022 and
the acquisition of
Reportable Segment* Operating Segments Changes
Chamberlain o Chamberlain University will
Chamberlain University be presented as a new
stand-alone reportable
segment and will no longer
be combined with the
Medical and Veterinary
Schools in the Medical and
Healthcare reportable
segment, which has been
eliminated.
Walden o Walden University will be
Walden University presented as a new
stand-alone reportable
segment as a result of
Adtalem's acquisition of
Walden University on August
12, 2021.
Medical and Veterinary o The Medical and Veterinary
Medical and Veterinary Schools Schools will be presented
as a new stand-alone
reportable segment and will
no longer be combined with
Chamberlain University in
the Medical and Healthcare
reportable segment, which
has been eliminated.
Financial Services o No changes.
Financial Services
*Home Office and Other contains items not allocated to a reportable segment will be included to reconcile to reported consolidated results.
Management has determined that these reportable segments align with Adtalem's future strategic priorities and resource allocations. Adtalem's chief operating decision maker, its President and Chief Executive Officer, regularly reviews financial information and evaluates operating and management performance based on these new segments.
For informational purposes, Adtalem is furnishing certain unaudited financial
information in the attached Exhibit 99.1 to provide investors with segment
summary financial information and segment historical data that aligns with the
new reporting segment structure. The schedules in Exhibit 99.1 provide unaudited
summary financial information in accordance with the new reportable segments for
the previously reported fiscal years ended
Additionally, for information purposes, Adtalem is furnishing certain unaudited
financial information in the schedules in Exhibit 99.2 which include operating
income by reportable segment on both a generally accepted accounting principles
("GAAP") and a non-GAAP basis. Management believes that the non-GAAP disclosure
of operating income excluding special items provides investors with useful
supplemental information regarding the underlying business trends and
performance of Adtalem's ongoing operations and is useful for period-over-period
comparisons of such operations given the nature of the special items. Adtalem
uses these supplemental financial measures internally in its management and
budgeting process. However, these non-GAAP financial measures should be viewed
in addition to, and not as a substitute for, Adtalem's reported results prepared
in accordance with GAAP. No information is provided in Exhibit 99.1 or 99.2 with
respect to the new Walden segment since Adtalem's acquisition of Walden closed
on
This information does not restate Adtalem's previously reported consolidated financial statements for any period. It does not change Adtalem's previously reported consolidated total assets, liabilities or shareholders' equity or its reported consolidated net income or earnings per share, nor does it reflect any subsequent information or events, other than as required to reflect the change in reportable segments as described above. The updated information should be read in conjunction with our previously filed reports on Form 10-K and Form 10-Q.
Adtalem management expects to file its Quarterly Report on Form 10-Q for the
quarter ended
Item 9.01 Financial Statements and Exhibits
Exhibit Number Description 99.1 Schedule of Segment Financial Information for the years endedJune 30, 2020 andJune 30, 2021 and quarters endedSeptember 30, 2020 throughJune 30, 2021 . 99.2 Schedule of non-GAAP Operating Income for the years endedJune 30, 2020 andJune 30, 2021 and quarters endedSeptember 30, 2020 throughJune 30, 2021 . 104 Cover Page Interactive Data File (formatted as Inline XBRL)
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