Adtalem Global Education Inc

For the period ended Mar 31, 2024. Filed May 2, 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.

Mar 31, 2024 · Filed May 2, 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)


· · Nine Months Ended
· · March 31,
· · 2024 · · 2023
Operating activities:
Net income	$87,358	$71,114
(Income) loss from discontinued operations	(245)	7,088
Income from continuing operations	87,113	78,202
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	19,405	10,908
Amortization and impairments to operating lease assets	24,705	37,928
Depreciation	32,106	31,618
Amortization of intangible assets	28,296	48,936
Amortization and write-off of debt discount and issuance costs	4,550	7,974
Provision for bad debts	35,741	23,391
Deferred income taxes	(4,650)	(1,718)
Loss on disposals, accelerated depreciation, and impairments to property and equipment	50	3,999
Gain on extinguishment of debt	—	(71)
(Gain) loss on investments	(1,281)	4,122
Gain on sale of assets	—	(13,317)
Unrealized loss on assets held for sale	647	—
Changes in assets and liabilities:
Accounts and financing receivables	(73,661)	(56,477)
Prepaid expenses and other current assets	(2,484)	7,034
Accounts payable	10,841	12,286
Accrued payroll and benefits	15,671	(11,719)
Accrued liabilities	39,748	(20,275)
Deferred revenue	60,935	26,038
Operating lease liabilities	(28,448)	(37,758)
Other assets and liabilities	(2,475)	(1,280)
Net cash provided by operating activities-continuing operations	246,809	149,821
Net cash provided by (used in) operating activities-discontinued operations	8,396	(404)
Net cash provided by operating activities	255,205	149,417
Investing activities:
Capital expenditures	(52,014)	(19,056)
Proceeds from sales of marketable securities	626	7,635
Purchases of marketable securities	(498)	(1,508)
Proceeds from note receivable related to property sold	—	46,800
Net cash (used in) provided by investing activities-continuing operations	(51,886)	33,871
Payment for working capital adjustment for sale of business	—	(3,174)
Net cash (used in) provided by investing activities	(51,886)	30,697
Financing activities:
Proceeds from exercise of stock options	15,412	1,622
Employee taxes paid on withholding shares	(6,600)	(4,214)
Proceeds from stock issued under Colleague Stock Purchase Plan	581	451
Repurchases of common stock for treasury	(250,463)	(44,710)
Payment on equity forward contract	—	(13,162)
Proceeds from issuance of long-term debt	1,896	—
Repayments of long-term debt	(51,896)	(150,861)
Net cash used in financing activities	(291,070)	(210,874)
Net decrease in cash, cash equivalents and restricted cash	(87,751)	(30,760)
Cash, cash equivalents and restricted cash at beginning of period	275,075	347,937
Cash, cash equivalents and restricted cash at end of period	$187,324	$317,177
Non-cash investing and financing activities:
Accrued capital expenditures	$11,086	$10,474
Accrued liability for repurchases of common stock	$2,995	$2,699
Accrued excise tax on share repurchases	$3,257	$361
Settlement of financing liability with assets	$—	$38,606

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.