Adtalem Global Education Inc
For the period ended Sep 30, 2024. Filed Oct 29, 2024.
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Sep 30, 2024 · Filed Oct 29, 2024
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Discontinued Operations
- Discontinued Operations
On December 11, 2018, Adtalem completed the sale of DeVry University to Cogswell Education, LLC (“Cogswell”) for de minimis consideration. As the sale represented a strategic shift that had a major effect on Adtalem’s operations and
financial results, DeVry University is presented in Adtalem’s Consolidated Financial Statements as a discontinued operation. The purchase agreement includes an earn-out entitling Adtalem to payments of up to $20.0 million over aten-year period payable based on DeVry University’s financial results. Adtalem received $5.5 million, $4.1 million, and $2.9 million during the second quarter of fiscal year 2024, 2023, and 2022, respectively, related to the earn-out. We have received a total of $12.5 million related to the earn-out thus far.
The following is a summary of income statement information reported as discontinued operations, which includes expense from ongoing litigation costs and settlements related to the DeVry University and Carrington College divestitures (in thousands):
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Three Months Ended | ||||||
| · · September 30, | ||||||
| · · 2024 · · 2023 | ||||||
| Revenue | | $— | | $— | ||
| Operating cost and expense: | | | | | ||
| Student services and administrative expense | | 107 | | 1,765 | ||
| Total operating cost and expense | | 107 | | 1,765 | ||
| Loss from discontinued operations before income taxes | | | (107) | | | (1,765) |
| Benefit from income taxes | | 27 | | 452 | ||
| Loss from discontinued operations | | $(80) | | $(1,313) | ||
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