Adtalem Global Education Inc
For the period ended Dec 31, 2024. Filed Jan 30, 2025.
View on SEC.govAbout 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, 2024 · Filed Jan 30, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
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 $7.0 million and $5.5 million during the second quarter of fiscal year 2025 and 2024, respectively, related to the earn-out. To date, we have received a total of $19.5 million related to the earn-out.
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 divestiture and the earn-outs we received (in thousands):
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · Three Months Ended · · Six Months Ended | ||||||||||||
| · · December 31, · · December 31, | ||||||||||||
| · · 2024 · · 2023 · · 2024 · · 2023 | ||||||||||||
| Revenue | | $— | | $— | | $— | | $— | ||||
| Operating cost and expense: | | | | | | | | | ||||
| Student services and administrative expense | | (6,271) | | (2,926) | | (6,164) | | (1,161) | ||||
| Total operating cost and expense | | (6,271) | | (2,926) | | (6,164) | | (1,161) | ||||
| Income from discontinued operations before income taxes | | | 6,271 | | | 2,926 | | | 6,164 | | | 1,161 |
| Provision for income taxes | | (1,591) | | (748) | | (1,564) | | (296) | ||||
| Income from discontinued operations | | $4,680 | | $2,178 | | $4,600 | | $865 | ||||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.