FY25 Performance - Adtalem's revenue reached $1,788.3 million, a 12.9% increase compared to the prior year[15] - Adjusted EBITDA margin was 25.7%, up by 190 bps from the previous year[15] - Adjusted EPS was $6.67, a 33.1% increase compared to the prior year[15] Q4 FY25 Performance - Revenue was $457.1 million, an 11.5% increase compared to the prior year[19, 20] - Adjusted EBITDA margin was 24.1%, up by 30 bps from the prior year[20] - Adjusted EPS was $1.66, a 21.2% increase compared to the prior year[20] - Total enrollment grew by 10.2% year-over-year[18] Enrollment Trends - Total enterprise enrollments reached 91,780, a 10.2% increase year-over-year[33] - Chamberlain's enrollment increased by 5.8% year-over-year[31] - Walden's enrollment increased by 15.0% year-over-year[31] - Medical & Veterinary enrollments increased by 1.0% year-over-year[31] Financial Position - Free Cash Flow was $283 million, up $44 million compared to the prior year[17] - The company returned $211 million in capital to shareholders through share repurchases[17] FY26 Guidance - Revenue is projected to be between $1,900 million and $1,940 million, representing a year-over-year growth of approximately 6.0% to 8.5%[53] - Adjusted EPS is projected to be between $7.60 and $7.90, representing a year-over-year growth of approximately 14.0% to 18.5%[53]

Summary of Adtalem Global Education Conference Call Company Overview - **Company**: Adtalem Global Education - **Industry**: Post-secondary education, specifically healthcare-focused institutions - **Current Enrollment**: Approximately 92,000 to 94,000 students across five institutions, with 92% of programs in healthcare [1][5] Core Business and Strategy - **Mission**: Expand access to high-quality clinical careers for historically overlooked students and address critical workforce shortages in healthcare [4] - **Institutions**: - Chamberlain University: Largest nursing school in the U.S. with over 40,000 students [5] - Walden University: Fully online university with nearly 50,000 students, third largest nursing school [6] - Medical and Veterinary Schools: Two medical schools and one veterinary school serving about 4,500 students [6][7] - **Strategic Focus**: Operational excellence through a three-year strategy termed "growth with purpose," focusing on marketing, enrollment, retention, pricing, and programs [8][10] Financial Performance - **Enrollment Growth**: Total enrollment has grown sequentially for nine straight quarters [9] - **Revenue and Profitability**: Revenue growth has been primarily organic, with profitability improving significantly over the years [11] - **Earnings Per Share**: Attractive growth in earnings per share due to improved profitability and effective balance sheet management [11] Key Metrics and Achievements - **Leading Grantor**: Number one grantor of nursing and MD degrees in the U.S. [12] - **Alumni Success**: Strong employability and low cohort default rates, reflecting the quality of education and job placement [14] - **Diversity**: Largest producer of Black and Latino physicians in the U.S. [19] Market Environment - **Demand Trends**: Normalized demand environment post-COVID, with a growing competitive landscape in healthcare education [21][22] - **Competitive Moat**: Strong brand equity, clinical relationships, and regulatory approvals allow for uncapped student enrollment across states [23] Institutional Branding - **Chamberlain vs. Walden**: Distinct branding strategies allow for capturing different market segments; Chamberlain focuses on pre-licensure nursing while Walden targets post-licensure [24][26] Pricing Strategy - **Pricing Philosophy**: Chamberlain is positioned as a premium brand, while Walden operates as a more affordable option, allowing for a diverse enrollment mix [26][27] - **Price Optimization**: Adjustments made to pricing based on market conditions and enrollment trends [28][29] Future Growth and Sustainability - **Growth Drivers**: Focus on student success, maximizing existing capacity, and introducing new programs in new geographies [35][36] - **Operating Leverage**: Ability to grow revenues without proportional increases in expenses, targeting 100 basis points of margin improvement annually [38][39] Regulatory Environment - **Current Landscape**: Favorable regulatory conditions for proprietary higher education, with potential positive changes in legislation that could benefit Adtalem [47][50] - **Concerns**: Proposed cuts to education funding and loan programs, but the company believes it can manage these challenges through alternative financing options [51][53] Conclusion - **Outlook**: The company is optimistic about sustaining growth and profitability, with plans for future investor updates and projections [44][45]

Q3 2025 Performance Highlights - Adtalem's revenue reached $466.1 million, a 12.9% increase compared to the prior year[16] - Adjusted EBITDA margin was 27.4%, a 150 bps increase compared to the prior year[17] - Adjusted EPS was $1.92, a 28.0% increase compared to the prior year[17] - Total enrollment grew by 9.8% year-over-year[15] Segment Performance - Chamberlain's revenue increased by 13.1% to $192.6 million, with a 6.8% increase in total enrollment[30] - Walden's revenue increased by 18.5% to $178.4 million, with a 13.5% increase in total enrollment[35] - Medical & Veterinary revenue increased by 3.6% to $95.0 million, with a 1.2% increase in total enrollment[40] Cash Flow and Capital Allocation - Trailing twelve months free cash flow was $287 million[21] - The company repaid $100 million of outstanding Term Loan B balance on January 17, 2025[21] - A new $150 million share repurchase authorization was approved through May 2028[21] FY 2025 Guidance - The company raised its revenue outlook to $1.760 billion - $1.775 billion[46] - The company raised its Adjusted EPS outlook to $6.40 - $6.60[46]