Adtalem Global Education Inc

For the period ended Dec 31, 2023. Filed Jan 30, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 31, 2023 · Filed Jan 30, 2024

CVSA$116.50+2.2%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows

(in thousands)


· · Six Months Ended
· · December 31,
· · 2023 · · 2022
Operating activities:
Net income	$50,537	$25,245
(Income) loss from discontinued operations	(865)	4,394
Income from continuing operations	49,672	29,639
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	13,505	8,113
Amortization and impairments to operating lease assets	17,340	28,612
Depreciation	20,714	21,461
Amortization of intangible assets	20,010	34,704
Amortization and write-off of debt discount and issuance costs	2,310	6,819
Provision for bad debts	23,024	14,275
Deferred income taxes	(343)	(245)
Loss on disposals, accelerated depreciation, and impairments to property and equipment	38	3,483
Gain on extinguishment of debt	—	(71)
(Gain) loss on investments	(575)	4,950
Unrealized loss on assets held for sale	647	—
Changes in assets and liabilities:
Accounts receivable	(42,429)	(25,045)
Prepaid expenses and other current assets	(2,143)	494
Accounts payable	7,824	13,233
Accrued payroll and benefits	(6,073)	(25,295)
Accrued liabilities	25,130	(4,849)
Deferred revenue	(13,540)	(28,424)
Operating lease liabilities	(20,441)	(25,923)
Other assets and liabilities	(11,601)	(13,654)
Net cash provided by operating activities-continuing operations	83,069	42,277
Net cash provided by (used in) operating activities-discontinued operations	9,515	(862)
Net cash provided by operating activities	92,584	41,415
Investing activities:
Capital expenditures	(30,328)	(9,747)
Proceeds from sale of marketable securities	626	1,256
Purchases of marketable securities	(498)	(1,257)
Net cash used in investing activities-continuing operations	(30,200)	(9,748)
Payment for working capital adjustment for sale of business	—	(3,174)
Net cash used in investing activities	(30,200)	(12,922)
Financing activities:
Proceeds from exercise of stock options	15,313	1,422
Employee taxes paid on withholding shares	(6,505)	(4,108)
Proceeds from stock issued under Colleague Stock Purchase Plan	359	289
Repurchases of common stock for treasury	(160,549)	—
Payment on equity forward contract	—	(13,162)
Repayments of long-term debt	—	(150,861)
Net cash used in financing activities	(151,382)	(166,420)
Net decrease in cash, cash equivalents and restricted cash	(88,998)	(137,927)
Cash, cash equivalents and restricted cash at beginning of period	275,075	347,937
Cash, cash equivalents and restricted cash at end of period	$186,077	$210,010
Non-cash investing and financing activities:
Accrued capital expenditures	$9,062	$5,209
Accrued liability for repurchases of common stock	$2,400	$—
Accrued excise tax on share repurchases	$2,358	$—

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.