Adtalem Global Education Inc.

Consolidated Statements of Income (Loss)

(unaudited)

(in thousands, except per share data)

Three Months Ended

Year Ended

Sept. 30,

June 30,

March 31,

Dec. 31,

Sept. 30,

June 30,

June 30,

2021

2021

2021

2020

2020

2021

2020

Revenue

$

289,070

$

223,466

$

230,213

$

234,396

$

218,826

$

906,901

$

866,427

Operating cost and expense:

Cost of educational services

152,050

116,408

114,977

120,827

105,693

457,905

457,165

Student services and administrative expense

129,436

74,980

74,412

72,260

70,830

292,482

280,291

Restructuring expense

3,094

1,570

1,217

1,166

2,916

6,869

23,683

Business acquisition and integration expense

26,553

3,432

3,646

11,079

13,436

31,593

-

Gain on sale of assets

-

-

-

-

-

-

(4,779)

Total operating cost and expense

311,133

196,390

194,252

205,332

192,875

788,849

756,360

Operating income (loss)

(22,063)

27,076

35,961

29,064

25,951

118,052

110,067

Other income (expense):

Interest and dividend income

878

961

910

1,219

1,004

4,094

3,688

Interest expense

(47,393)

(25,382)

(8,555)

(3,736)

(3,692)

(41,365)

(19,510)

Investment gain

-

636

479

1,005

518

2,638

18

Gain on derivative

-

-

-

-

-

-

110,723

Net other income (expense)

(46,515)

(23,785)

(7,166)

(1,512)

(2,170)

(34,633)

94,919

Income (loss) from continuing operations before income taxes

(68,578)

3,291

28,795

27,552

23,781

83,419

204,986

(Provision for) benefit from income taxes

(8,604)

(726)

(4,557)

(3,611)

(4,195)

(13,089)

14,939

Income (loss) from continuing operations

(77,182)

2,565

24,238

23,941

19,586

70,330

219,925

Discontinued operations:

Income (loss) from discontinued operations before income taxes

(6,050)

7,326

1,416

72

671

9,485

(30,386)

Loss on disposal of discontinued operations before income taxes (includes ($293,360) accumulated other comprehensive income reclassifications for realized loss on foreign currency translation adjustments for the year ended June 30, 2020)

-

-

-

-

-

-

(287,560)

(Provision for) benefit from income taxes

25,228

(954)

(1,104)

(864)

(418)

(3,340)

12,243

Income (loss) from discontinued operations

19,178

6,372

312

(792)

253

6,145

(305,703)

Net income (loss)

(58,004)

8,937

24,550

23,149

19,839

76,475

(85,778)

Net loss attributable to redeemable noncontrolling interest

-

75

102

166

91

434

444

Net income (loss) attributable to Adtalem Global Education

$

(58,004)

$

9,012

$

24,652

$

23,315

$

19,930

$

76,909

$

(85,334)

Amounts attributable to Adtalem Global Education:

Net income (loss) from continuing operations

$

(77,182)

$

2,565

$

24,238

$

23,941

$

19,586

$

70,330

$

219,925

Net income (loss) from discontinued operations

19,178

6,447

414

(626)

344

6,579

(305,259)

Net income (loss) attributable to Adtalem Global Education

$

(58,004)

$

9,012

$

24,652

$

23,315

$

19,930

$

76,909

$

(85,334)

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

Basic:

Continuing operations

$

(1.55)

$

0.05

$

0.48

$

0.46

$

0.37

$

1.37

$

4.10

Discontinued operations

$

0.39

$

0.13

$

0.01

$

(0.01)

$

0.01

$

0.13

$

(5.69)

Net

$

(1.17)

$

0.18

$

0.49

$

0.45

$

0.38

$

1.50

$

(1.59)

Diluted:

Continuing operations

$

(1.55)

$

0.05

$

0.47

$

0.46

$

0.37

$

1.36

$

4.07

Discontinued operations

$

0.39

$

0.13

$

0.01

$

(0.01)

$

0.01

$

0.13

$

(5.64)

Net

$

(1.17)

$

0.18

$

0.48

$

0.44

$

0.38

$

1.49

$

(1.58)

Weighted-average shares outstanding:

Basic shares

49,663

49,884

50,658

52,251

52,464

51,322

53,659

Diluted shares

49,663

50,326

51,111

52,441

52,797

51,645

54,094

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Adtalem Global Education Inc. published this content on 08 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 February 2022 21:26:02 UTC.