Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-------------------------------------------------------------------------------------|-------------------------------------------------| | | | | For the tra ...

Second Quarter 2023 Earnings Presentation February 2, 2023 Confidential Safe Harbor Forward-Looking Statements Certain statements contained in this release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact, which includes statements regarding the future impacts of the CO ...

Adtalem Global Education Inc. (NYSE:ATGE) Q2 2023 Earnings Conference Call February 2, 2023 5:00 PM ET Company Participants Chandrika Nigam – Senior Director-Investor Relations Steve Beard – President and Chief Executive Officer Bob Phelan – Senior Vice President and Chief Financial Officer Conference Call Participants Jeff Meuler – Baird Jeff Silber – BMO Capital Markets Operator Hello, and welcome to the Adtalem Global Education Second Quarter Fiscal Year 2023 Earnings Call. [Operator Instructions] A ques ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-------------------------------------------------------------------------------------|-------------------------------------------------| | | | | For the ...

Adtalem Global Education Inc. (NYSE:ATGE) Q1 2023 Earnings Conference Call November 3, 2022 5:00 PM ET Company Participants Chandrika Nigam - Senior Director of Investor Relations Steve Beard - President & Chief Executive Officer Bob Phelan - Senior Vice President & Chief Financial Officer Conference Call Participants Steven Pawlak - Baird Operator Greetings and welcome to the First Quarter Fiscal Year 2023 Earnings Call for Adtalem Global Education. At this time, all participants are in a listen-only mode ...

Financial Data and Key Metrics Changes - Revenue in Q4 increased 62% to $361.2 million compared to the prior year, driven by the acquisition of Walden [21] - For the full year, revenue was $1.39 billion, up 53% or $480.2 million versus the prior year [21] - Consolidated operating income for Q4 was $88.1 million, an increase of 175% compared to the prior year, resulting in operating margins of 24% [22] - Full year net income from continuing operations increased 33% to $158.2 million, with diluted earnings per share of $3.24, a 40% increase compared to the prior year [23] Business Line Data and Key Metrics Changes - Chamberlain segment reported Q4 revenue of $140.2 million, a decrease of 1% year-over-year, but operating income increased 37% to $41.1 million [23] - Walden's Q4 revenue was $137.1 million, with operating income of $12.8 million, and total student enrollment decreased 9.5% compared to the prior year [24] - Medical and vet segment revenue increased 3% to $83.9 million in Q4, with operating income rising 30% to $14.5 million [25] Market Data and Key Metrics Changes - Total student enrollment decreased 5.8% in Q4 compared to the prior year, primarily due to COVID-related headwinds in post-licensure nursing programs [24] - Enrollment in pre-licensure on-campus programs continued to grow, aided by improved persistence [24] - The company noted a rise in federal student aid applications by 5% year-over-year, driven by low-income and underrepresented students [17] Company Strategy and Development Direction - The company aims to be the leading provider of professional talent to the healthcare industry, focusing on health care education [8] - A $150 million accelerated share repurchase program was initiated to return capital to shareholders and demonstrate confidence in long-term prospects [8] - The company is enhancing operational effectiveness through improved customer experience and marketing initiatives [11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for improved demand in the latter half of fiscal '23, despite current challenges in the higher education industry [17] - The company expects revenue for fiscal 2023 to be in the range of $1.38 billion to $1.45 billion, with adjusted diluted earnings per share between $3.95 and $4.20 [19] - Management highlighted that the business is not materially exposed to economic impacts from supply chain disruptions or oil price fluctuations [19] Other Important Information - The company reduced net leverage to 1.5x, well below the target of 2x, while executing a balanced approach to capital deployment [28] - The company is focused on driving productivity and increasing operating efficiency through expense management initiatives and cost synergies from the Walden integration [31] Q&A Session Summary Question: Understanding guidance and market assumptions - Management noted encouraging signs in Med Vet and social and behavioral sciences programs, expecting enrollment trends to improve in the back half of the year [33] Question: Operating margin assumptions - Management expects further margin expansion over the fiscal year, despite planned investments in marketing and persistence initiatives [35] Question: Update on operational constraints - Management stated that clinical opportunities and faculty are not currently constraints on growth [40] Question: Regulatory updates regarding the 90-10 rule - Management expressed confidence that they would not face challenges with the new rule, and they have a passing composite score with the Department of Education [42][43] Question: Update on the Department of Education announcement - Management indicated no updates on the situation and believes the risk profile remains unchanged [56]