Exhibit 99.2
ADTALEM GLOBAL EDUCATION INC.
SCHEDULE OF NON-GAAP EARNINGS
(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 | ||||||
Net Income (Loss) |
| $ | (9,530) |
| $ | 17,295 |
| $ | 37,905 |
| $ | 49,498 |
| $ | 95,168 |
| $ | 33,769 |
Earnings (Loss) per Share (diluted, basic-9/30/18) |
| $ | (0.16) |
| $ | 0.29 |
| $ | 0.64 |
| $ | 0.86 |
| $ | 1.60 |
| $ | 0.54 |
Continuing Operations: |
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Restructuring Expense |
| $ | 39,473 |
| $ | 3,535 |
| $ | 2,186 |
| $ | 7,873 |
| $ | 53,067 |
| $ | 3,851 |
Effect on Earnings per Share (diluted) |
| $ | 0.64 |
| $ | 0.06 |
| $ | 0.04 |
| $ | 0.14 |
| $ | 0.89 |
| $ | 0.06 |
Settlement Gains |
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| $ | (15,571) |
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| $ | (10,607) |
| $ | (26,178) |
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Effect on Earnings per Share (diluted) |
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| $ | (0.26) |
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| $ | (0.19) |
| $ | (0.44) |
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Tax Cuts and Jobs Act of 2017 and Tax Charges Related to the Divestiture of DeVry University |
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| $ | 1,526 |
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| $ | 2,058 |
| $ | 3,584 |
| $ | 103,878 |
Effect on Earnings per Share (diluted) |
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| $ | 0.03 |
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| $ | 0.04 |
| $ | 0.06 |
| $ | 1.67 |
Net Tax Benefit on Carrington Loss |
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| $ | (48,903) |
Effect on Earnings per Share (diluted) |
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| $ | $ (0.79) |
Income Tax Impact on Non-GAAP Adjustments |
| $ | (7,952) |
| $ | 2,829 |
| $ | 328 |
| $ | 3,235 |
| $ | (1,560) |
| $ | (986) |
Effect on Earnings per Share (diluted) |
| $ | (0.13) |
| $ | 0.05 |
| $ | 0.01 |
| $ | 0.06 |
| $ | (0.03) |
| $ | (0.02) |
Discontinued Operations, net of tax |
| $ | 4,743 |
| $ | 24,650 |
| $ | (3,065) |
| $ | (14,249) |
| $ | 12,079 |
| $ | 34,660 |
Effect on Earnings per Share (diluted) |
| $ | 0.08 |
| $ | 0.41 |
| $ | (0.05) |
| $ | (0.25) |
| $ | 0.20 |
| $ | 0.56 |
Net Income from Continuing Operations Excluding Special Items, net of tax |
| $ | 26,734 |
| $ | 34,264 |
| $ | 37,354 |
| $ | 37,808 |
| $ | 136,160 |
| $ | 126,269 |
Earnings per Share from Continuing Operations Excluding Special Items, net of tax (diluted) |
| $ | 0.44 |
| $ | 0.57 |
| $ | 0.64 |
| $ | 0.66 |
| $ | 2.29 |
| $ | 2.03 |
Shares used in Basic EPS Calculation |
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| 60,328 |
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| NA |
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| NA |
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| NA |
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| NA |
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| NA |
Shares used in Diluted EPS Calculation |
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| 61,202 |
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| 60,000 |
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| 58,802 |
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| 57,284 |
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| 59,330 |
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| 62,280 |