Adtalem Global Education Inc
For the period ended Mar 31, 2025. Filed May 8, 2025.
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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, 2025 · Filed May 8, 2025
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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 $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 divestitures and the earn-outs we received (in thousands):
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · Three Months Ended · · Nine Months Ended | ||||||||||||
| · · March 31, · · March 31, | ||||||||||||
| · · 2025 · · 2024 · · 2025 · · 2024 | ||||||||||||
| Revenue | | $— | | $— | | $— | | $— | ||||
| Operating cost and expense: | | | | | | | | | ||||
| Student services and administrative expense | | (52) | | 832 | | (6,216) | | (329) | ||||
| Total operating cost and expense | | (52) | | 832 | | (6,216) | | (329) | ||||
| Income (loss) from discontinued operations before income taxes | | | 52 | | | (832) | | | 6,216 | | | 329 |
| (Provision for) benefit from income taxes | | (14) | | 212 | | (1,578) | | (84) | ||||
| Income (loss) from discontinued operations | | $38 | | $(620) | | $4,638 | | $245 | ||||
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