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
Extracted filing text, with the paragraph anchors used by the comparison.
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Restructuring Expense
- Restructuring Expense
During the nine months ended March 31, 2025, Adtalem recorded restructuring expense primarily driven by workforce reductions, costs to exit certain course offerings, and prior real estate consolidations at Adtalem’s home office. We continue to incur restructuring charges or reversals related to exited leased space from previous restructuring actions. During the nine months ended March 31, 2024, Adtalem recorded restructuring expense primarily driven by prior real estate consolidations at Adtalem’s home office. When estimating costs of exiting lease space, estimates are made which
could differ materially from actual results and may result in additional restructuring charges or reversals in future periods. Termination benefit charges represent severance pay and benefits for employees impacted by workforce reductions. Restructuring expense by segment were as follows (in thousands):
| · · · · · · · · · · · · · · · · · · | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · Three Months Ended March 31, 2025 · · Nine Months Ended March 31, 2025 | ||||||||||||||||
| · · Real Estateand Other · · TerminationBenefits · · Total · · Real Estateand Other · · TerminationBenefits · · Total | ||||||||||||||||
| Chamberlain | $— | $(23) | $(23) | | $974 | $938 | $1,912 | |||||||||
| Medical and Veterinary | | 52 | | 69 | | 121 | | | 167 | | 69 | | 236 | |||
| Home Office | | 172 | | 240 | | 412 | | | 538 | | 240 | | 778 | |||
| Total | | $224 | | $286 | | $510 | | $1,679 | | $1,247 | | $2,926 | ||||
| · · · · · · · · · · · · · · · · · · | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · Three Months Ended March 31, 2024 · · Nine Months Ended March 31, 2024 | ||||||||||||||||
| · · Real Estateand Other · · TerminationBenefits · · Total · · Real Estateand Other · · TerminationBenefits · · Total | ||||||||||||||||
| Walden | $— | $— | $— | | $(776) | $— | $(776) | |||||||||
| Medical and Veterinary | | 194 | | — | | 194 | | | 339 | | 40 | | 379 | |||
| Home Office | | 279 | | — | | 279 | | | 1,614 | | — | | 1,614 | |||
| Total | | $473 | | $— | | $473 | | $1,177 | | $40 | | $1,217 | ||||
The following table summarizes the separation and restructuring plan activity for fiscal years 2024 and 2025, for which cash payments are required (in thousands):
| · · · | ||
|---|---|---|
| Liability balance as of June 30, 2023 | | $741 |
| Increase in liability (separation and other charges) | | 40 |
| Reduction in liability (payments and adjustments) | | (781) |
| Liability balance as of June 30, 2024 | | — |
| Increase in liability (separation and other charges) | | 1,247 |
| Reduction in liability (payments and adjustments) | | (1,059) |
| Liability balance as of March 31, 2025 | | $188 |
These liability balances are recorded as accrued liabilities on the Consolidated Balance Sheets.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.