Adtalem Global Education Inc

For the period ended Jun 30, 2024. Filed Aug 6, 2024.

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FY2024 · Filed Aug 6, 2024

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Revision of Previously Issued Consolidated Financial Statements (Unaudited)

Revision of Previously Issued Consolidated Financial Statements (Unaudited)

As described in Note 2 “Summary of Significant Accounting Policies,” Adtalem identified an error in the presentation of capitalized cloud computing implementation costs in its previously issued financial statements. Adtalem assessed the materiality of this error individually and in the aggregate with other previously identified errors to prior periods’ Consolidated Financial Statements and concluded the errors were not material to prior periods and therefore, amendments of previously filed reports are not required. The errors impacted the unaudited Consolidated Balance Sheets and unaudited Consolidated Statements of Cash Flows as of and for the nine months ended March 31, 2024 and 2023, as of and for the six months ended December 31, 2023 and 2022, and as of and for the three months ended September 30, 2023 and 2022. In each of Adtalem’s fiscal year 2025 interim Form 10-Qs, the impact of this revision will be incorporated into the prior periods, as applicable. In connection with this revision, Adtalem also corrected other immaterial errors in the prior periods, including certain errors that had previously been adjusted for in the period identified.

The following tables summarize the effect of the revision on the affected line items within the Consolidated Balance Sheets (in thousands):


· · March 31, 2024
· · As Reported · · Adjustment · · As Revised
Assets:
Current assets:
Prepaid expenses and other current assets	$59,401	$4,183	$63,584
Total current assets	387,634	4,183	391,817
Noncurrent assets:
Property and equipment, net	272,792	(33,135)	239,657
Other assets, net	67,768	28,952	96,720
Total noncurrent assets	2,327,400	(4,183)	2,323,217


· · December 31, 2023
· · As Reported · · Adjustment · · As Revised
Assets:
Current assets:
Prepaid expenses and other current assets	$58,356	$3,010	$61,366
Total current assets	378,099	3,010	381,109
Noncurrent assets:
Property and equipment, net	260,484	(25,187)	235,297
Other assets, net	65,852	22,177	88,029
Total noncurrent assets	2,322,826	(3,010)	2,319,816


· · September 30, 2023
· · As Reported · · Adjustment · · As Revised
Assets:
Current assets:
Cash and cash equivalents	$262,438	$(1,612)	$260,826
Restricted cash	1,988	1,612	3,600
Prepaid expenses and other current assets	60,750	2,103	62,853
Total current assets	472,928	2,103	475,031
Noncurrent assets:
Property and equipment, net	264,766	(18,097)	246,669
Other assets, net	67,634	15,994	83,628
Total noncurrent assets	2,321,233	(2,103)	2,319,130


· · March 31, 2023
· · As Reported · · Adjustment · · As Revised
Assets:
Current assets:
Cash and cash equivalents	$315,373	$(1,613)	$313,760
Restricted cash	1,804	1,613	3,417
Prepaid expenses and other current assets	102,573	514	103,087
Total current assets	533,034	514	533,548
Noncurrent assets:
Property and equipment, net	252,797	(6,234)	246,563
Other assets, net	67,618	5,720	73,338
Total noncurrent assets	2,334,083	(514)	2,333,569


· · December 31, 2022
· · As Reported · · Adjustment · · As Revised
Assets:
Current assets:
Cash and cash equivalents	$207,776	$(1,492)	$206,284
Restricted cash	2,234	1,492	3,726
Prepaid expenses and other current assets	113,564	1,081	114,645
Total current assets	423,116	1,081	424,197
Noncurrent assets:
Property and equipment, net	275,617	(3,275)	272,342
Other assets, net	116,613	3,043	119,656
Total noncurrent assets	2,419,922	(232)	2,419,690
Total assets	2,843,038	849	2,843,887
Liabilities and shareholders' equity:
Current liabilities:
Deferred revenue	115,658	5,177	120,835
Total current liabilities	371,462	5,177	376,639
Noncurrent liabilities:
Other liabilities	61,901	9,177	71,078
Total noncurrent liabilities	948,854	9,177	958,031
Total liabilities	1,320,316	14,354	1,334,670
Shareholders' equity:
Retained earnings	2,349,146	(13,505)	2,335,641
Total shareholders' equity	1,522,722	(13,505)	1,509,217
Total liabilities and shareholders' equity	2,843,038	849	2,843,887


· · September 30, 2022
· · As Reported · · Adjustment · · As Revised
Assets:
Current assets:
Cash and cash equivalents	$327,515	$(1,681)	$325,834
Restricted cash	2,480	1,681	4,161
Noncurrent assets:
Property and equipment, net	281,581	(416)	281,165
Other assets, net	120,630	416	121,046

The following tables summarize the effect of the revision on the affected line items within the Consolidated Statements of Cash Flows (in thousands):


· · Nine Months Ended March 31, 2024
· · As Reported · · Adjustment · · As Revised
Operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	$32,106	$(2,227)	$29,879
Changes in assets and liabilities:
Cloud computing implementation assets	—	(19,262)	(19,262)
Accounts payable	10,841	1,791	12,632
Net cash provided by operating activities-continuing operations	246,809	(19,698)	227,111
Net cash provided by operating activities	255,205	(19,698)	235,507
Investing activities:
Capital expenditures	(52,014)	19,698	(32,316)
Net cash used in investing activities-continuing operations	(51,886)	19,698	(32,188)
Net cash used in investing activities	(51,886)	19,698	(32,188)
Non-cash investing and financing activities:
Accrued capital expenditures	11,086	(4,869)	6,217


· · Six Months Ended December 31, 2023
· · As Reported · · Adjustment · · As Revised
Operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	$20,714	$(1,333)	$19,381
Changes in assets and liabilities:
Cloud computing implementation assets	—	(11,314)	(11,314)
Accounts payable	7,824	1,931	9,755
Net cash provided by operating activities-continuing operations	83,069	(10,716)	72,353
Net cash provided by operating activities	92,584	(10,716)	81,868
Investing activities:
Capital expenditures	(30,328)	10,716	(19,612)
Net cash used in investing activities-continuing operations	(30,200)	10,716	(19,484)
Net cash used in investing activities	(30,200)	10,716	(19,484)
Non-cash investing and financing activities:
Accrued capital expenditures	9,062	(5,009)	4,053


· · Three Months Ended September 30, 2023
· · As Reported · · Adjustment · · As Revised
Operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	$9,778	$(440)	$9,338
Changes in assets and liabilities:
Cloud computing implementation assets	—	(4,224)	(4,224)
Accounts payable	(2,870)	52	(2,818)
Net cash provided by operating activities-continuing operations	90,726	(4,612)	86,114
Net cash provided by operating activities	99,685	(4,612)	95,073
Investing activities:
Capital expenditures	(15,046)	4,612	(10,434)
Net cash used in investing activities-continuing operations	(14,946)	4,612	(10,334)
Net cash used in investing activities	(14,946)	4,612	(10,334)
Non-cash investing and financing activities:
Accrued capital expenditures	9,217	(3,130)	6,087


· · Nine Months Ended March 31, 2023
· · As Reported · · Adjustment · · As Revised
Operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	$31,618	$(112)	$31,506
Changes in assets and liabilities:
Cloud computing implementation assets	—	(6,234)	(6,234)
Accounts payable	12,286	1,483	13,769
Net cash provided by operating activities-continuing operations	149,821	(4,863)	144,958
Net cash provided by operating activities	149,417	(4,863)	144,554
Investing activities:
Capital expenditures	(19,056)	4,863	(14,193)
Net cash provided by investing activities-continuing operations	33,871	4,863	38,734
Net cash provided by investing activities	30,697	4,863	35,560
Non-cash investing and financing activities:
Accrued capital expenditures	10,474	(1,483)	8,991


· · Six Months Ended December 31, 2022
· · As Reported · · Adjustment · · As Revised
Operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	$21,461	$(34)	$21,427
Changes in assets and liabilities:
Cloud computing implementation assets	—	(3,275)	(3,275)
Accounts payable	13,233	475	13,708
Net cash provided by operating activities-continuing operations	42,277	(2,834)	39,443
Net cash provided by operating activities	41,415	(2,834)	38,581
Investing activities:
Capital expenditures	(9,747)	2,834	(6,913)
Net cash used in investing activities-continuing operations	(9,748)	2,834	(6,914)
Net cash used in investing activities	(12,922)	2,834	(10,088)
Non-cash investing and financing activities:
Accrued capital expenditures	5,209	(475)	4,734


· · Three Months Ended September 30, 2022
· · As Reported · · Adjustment · · As Revised
Operating activities:
Changes in assets and liabilities:
Cloud computing implementation assets	$—	$(416)	$(416)
Accounts payable	8,711	243	8,954
Net cash provided by operating activities-continuing operations	91,476	(173)	91,303
Net cash provided by operating activities	91,346	(173)	91,173
Investing activities:
Capital expenditures	(5,551)	173	(5,378)
Net cash used in investing activities-continuing operations	(5,503)	173	(5,330)
Net cash used in investing activities	(6,314)	173	(6,141)
Non-cash investing and financing activities:
Accrued capital expenditures	4,713	(243)	4,470

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