Exhibit 99.1
ADTALEM GLOBAL EDUCATION INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(unaudited and amounts in thousands, except per share amounts)
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| Three Months Ended |
| Year Ended | ||||||||||||||
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| September 30, |
| December 31, |
| March 31, |
| June 30, |
| June 30, |
| June 30, | ||||||
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| 2018 |
| 2018 |
| 2019 |
| 2019 |
| 2019 |
| 2018 | ||||||
REVENUE |
| $ | 236,939 |
| $ | 253,961 |
| $ | 258,703 |
| $ | 264,240 |
| $ | 1,013,843 |
| $ | 960,277 |
OPERATING COST AND EXPENSE: |
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Cost of Educational Services |
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| 111,534 |
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| 118,077 |
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| 120,192 |
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| 121,979 |
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| 471,782 |
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| 461,557 |
Student Services and Administrative Expense |
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| 89,164 |
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| 89,251 |
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| 90,746 |
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| 90,181 |
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| 359,342 |
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| 327,707 |
Restructuring Expense |
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| 39,473 |
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| 3,535 |
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| 2,186 |
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| 7,873 |
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| 53,067 |
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| 3,851 |
Settlement Gains |
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| — |
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| (15,571) |
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| — |
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| (10,607) |
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| (26,178) |
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| — |
Total Operating Cost and Expense |
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| 240,171 |
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| 195,292 |
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| 213,124 |
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| 209,426 |
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| 858,013 |
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| 793,115 |
Operating Income (Loss) from Continuing Operations |
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| (3,232) |
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| 58,669 |
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| 45,579 |
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| 54,814 |
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| 155,830 |
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| 167,162 |
OTHER INCOME (EXPENSE): |
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Interest and Dividend Income |
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| 969 |
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| 1,173 |
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| 1,062 |
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| 764 |
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| 3,968 |
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| 598 |
Interest Expense |
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| (4,918) |
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| (5,006) |
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| (4,786) |
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| (5,188) |
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| (19,898) |
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| (11,581) |
Investment Gain (Loss) |
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| — |
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| (1,122) |
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| 715 |
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| 254 |
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| (153) |
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| — |
Net Other Expense |
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| (3,949) |
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| (4,955) |
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| (3,009) |
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| (4,170) |
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| (16,083) |
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| (10,983) |
Income (Loss) from Continuing Operations Before Income Taxes |
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| (7,181) |
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| 53,714 |
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| 42,570 |
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| 50,644 |
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| 139,747 |
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| 156,179 |
Income Tax (Provision) Benefit |
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| 2,330 |
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| (11,857) |
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| (7,843) |
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| (15,508) |
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| (32,878) |
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| (88,107) |
Equity Method Investment Loss |
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| — |
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| — |
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| — |
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| — |
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| — |
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| (138) |
Income (Loss) from Continuing Operations |
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| (4,851) |
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| 41,857 |
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| 34,727 |
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| 35,136 |
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| 106,869 |
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| 67,934 |
DISCONTINUED OPERATIONS: |
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Income (Loss) from Discontinued Operations Before Income Taxes |
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| (5,719) |
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| 3,768 |
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| 3,222 |
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| 14,532 |
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| 15,803 |
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| (81,657) |
Loss on Disposal of Discontinued Operations Before Income Taxes |
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| — |
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| (32,714) |
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| (265) |
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| (625) |
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| (33,604) |
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| — |
Income Tax Benefit |
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| 985 |
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| 4,595 |
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| 182 |
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| 751 |
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| 6,513 |
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| 48,020 |
Income (Loss) from Discontinued Operations |
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| (4,734) |
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| (24,351) |
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| 3,139 |
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| 14,658 |
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| (11,288) |
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| (33,637) |
NET INCOME (LOSS) |
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| (9,585) |
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| 17,506 |
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| 37,866 |
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| 49,794 |
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| 95,581 |
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| 34,297 |
Net Loss Attributable to Noncontrolling Interest from Continuing Operations |
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| 64 |
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| 88 |
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| 113 |
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| 113 |
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| 378 |
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| 495 |
Net Income Attributable to Noncontrolling Interest from Discontinued Operations |
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| (9) |
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| (299) |
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| (74) |
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| (409) |
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| (791) |
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| (1,023) |
NET INCOME (LOSS) ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION |
| $ | (9,530) |
| $ | 17,295 |
| $ | 37,905 |
| $ | 49,498 |
| $ | 95,168 |
| $ | 33,769 |
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AMOUNTS ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION: |
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Income (Loss) from Continuing Operations |
| $ | (4,787) |
| $ | 41,945 |
| $ | 34,840 |
| $ | 35,249 |
| $ | 107,247 |
| $ | 68,429 |
Income (Loss) from Discontinued Operations |
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| (4,743) |
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| (24,650) |
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| 3,065 |
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| 14,249 |
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| (12,079) |
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| (34,660) |
NET INCOME (LOSS) ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION |
| $ | (9,530) |
| $ | 17,295 |
| $ | 37,905 |
| $ | 49,498 |
| $ | 95,168 |
| $ | 33,769 |
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EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION SHAREHOLDERS: |
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Basic: |
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Continuing Operations |
| $ | (0.08) |
| $ | 0.71 |
| $ | 0.60 |
| $ | 0.62 |
| $ | 1.83 |
| $ | 1.11 |
Discontinued Operations |
| $ | (0.08) |
| $ | (0.42) |
| $ | 0.05 |
| $ | 0.25 |
| $ | (0.21) |
| $ | (0.56) |
Total |
| $ | (0.16) |
| $ | 0.29 |
| $ | 0.65 |
| $ | 0.88 |
| $ | 1.63 |
| $ | 0.55 |
Diluted: |
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Continuing Operations |
| $ | (0.08) |
| $ | 0.70 |
| $ | 0.59 |
| $ | 0.62 |
| $ | 1.81 |
| $ | 1.10 |
Discontinued Operations |
| $ | (0.08) |
| $ | (0.41) |
| $ | 0.05 |
| $ | 0.25 |
| $ | (0.20) |
| $ | (0.56) |
Total |
| $ | (0.16) |
| $ | 0.29 |
| $ | 0.64 |
| $ | 0.86 |
| $ | 1.60 |
| $ | 0.54 |