Book Online or Call 1-855-SAUSALITO

Sign In  |  Register  |  About Sausalito  |  Contact Us

Sausalito, CA
September 01, 2020 1:41pm
7-Day Forecast | Traffic
  • Search Hotels in Sausalito

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Adtalem Global Education Fiscal Second Quarter 2024 Results; Guidance Raised

Revenue up 8.4% YoY

Total enrollment up 6.2% YoY

Diluted earnings per share $0.98; Adjusted EPS $1.23, growth of 5.1% YoY

Second quarter highlights

  • Revenue $393.2 million, up 8.4% year-over-year
  • Total student enrollment 81,772, up 6.2% year-over-year
  • Chamberlain University fourth straight quarter of total enrollment growth, up 6.6% year-over-year
  • Walden University accelerated total enrollment growth, up 7.9% year-over-year
  • Investing in Growth with Purpose strategy, GAAP net income $39.9 million, and adjusted EBITDA $92.6 million, up 2.2% year-over-year

Capital allocation

  • Completed $300 million February 2022 Board authorized share repurchase program on Jan. 16, 2024, representing a significant return for our shareholders
  • New $300 million Board authorized share repurchase program through January 2027
  • Repaid $50 million of outstanding Term Loan B balance on Jan. 26, 2024; remaining $253 million Term Loan B balance repriced, reducing interest rate by 50 bps
  • Net leverage 1.5x as of Dec. 31, 2023

Fiscal year 2024 guidance

  • Revenue $1,520 million to $1,560 million
  • Adjusted earnings per share $4.55 to $4.75

Adtalem Global Education Inc. (NYSE: ATGE) today reported second quarter fiscal 2024 results (ended Dec. 31, 2023) reflecting accelerated total enrollment and revenue growth, underpinned by strong profitability and high-quality academic outcomes through executing Growth with Purpose strategy.

“Adtalem once again performed ahead of expectations this quarter, solidifying our position as a leading healthcare educator,” said Steve Beard, president, and chief executive officer, Adtalem Global Education. “Our success was primarily driven by the continued execution of our Growth with Purpose strategy, which has yielded robust organic revenue growth, improved operational efficiencies and outstanding student outcomes. The Company’s foundation remains strong, affording us the opportunity to solidify our market-leading position and evolve the way education is delivered.”

Beard continued, “At a time when post-secondary and professional healthcare education is more critical than ever, we are continuing to invest in expanding our national reach to create additional opportunities for our institutions to connect with prospective students and employers, and provide opportunities for academic achievement and professional success. Reflecting the higher level of sustainable enrollment and our confidence in our ability to continue to deliver strong top- and bottom-line performance, we are raising our fiscal year 2024 guidance. We are increasingly well-positioned to make an outsized positive impact on U.S. healthcare workforce, delivering practice-ready clinicians at scale.”

Financial Highlights

Selected financial data for the three months ended Dec. 31, 2023:

  • Revenue of $393.2 million increased 8.4% compared with the prior year.
  • Operating income was $58.6 million, compared with $45.6 million in the prior year; adjusted operating income was $75.6 million, compared with $77.9 million in the prior year.
  • Net income was $39.9 million, compared with $24.7 million in the prior year; adjusted net income was $50.3 million, compared with $53.8 million in the prior year.
  • Diluted earnings per share was $0.98, compared with $0.53 in the prior year; adjusted earnings per share was $1.23, compared with $1.17 in the prior year.
  • Adjusted EBITDA was $92.6 million, compared with $90.5 million in the prior year; adjusted EBITDA margin was 23.5%, compared with 25.0% in the prior year.

Business Highlights

  • Chamberlain University continues to build a robust pipeline of nurses through programs like its Bachelor of Science in Nursing (BSN) Online Option, which offers flexibility and experiential learning opportunities to students in 32 states. The program has more than 1,100 current enrollees in just three years since launch.
  • Walden University remains committed to driving affordability and accessibility for working professionals through its Believe and Achieve™ scholarship, promoting student persistence and graduation by rewarding students for progress towards their degree, with tuition savings with over 15,000 students participating.
  • Chamberlain’s Psychiatric-Mental Health Nurse Practitioner program currently enrolls 2,200 students and Walden’s Social Behavioral Health programs enroll 18,000 students, addressing the nation’s growing challenges related to mental health. As one in five U.S. adults experience mental illness each year, according to Substance Abuse and Mental Health Services Administration, our institutions continue to be essential to aid in resolving this issue.
  • Ross University School of Veterinary Medicine (RUSVM) continues to amplify its impact and advance One Health through its newest partnership with the Government of St. Kitts and Nevis. Through the partnership they will transform St. Kitts and Nevis into a sustainable island state where RUSVM students and faculty will provide support through research in project areas put forth by the Ministries of Health and Agriculture. Learn more about RUSVM’s commitment to One Health and the role veterinarians play in achieving the best health results for all.
  • Ross University School of Medicine’s (RUSM) Return Home clinical offering is fostering a diverse physician pipeline for local communities, with RUSM students now able to complete clinical rotations within the communities they reside through select partner hospitals.

Segment Highlights

Chamberlain

$ in millions

 

Three Months Ended

Dec. 31,

 

 

2023

2022

% Change

Revenue

 

$153.6

$141.4

8.6%

Operating Income

 

$29.6

$33.2

(10.8)%

Adj. Operating Income

 

$29.6

$33.2

(10.8)%

Adj. EBITDA

 

$36.9

$37.7

(2.2)%

Total Students (1)

 

35,592

33,390

6.6%

  • Total student enrollment increased 6.6% compared with the prior year, driven by continued growth in pre-licensure and post-licensure nursing programs as well as high persistence.

Walden

$ in millions

 

Three Months Ended

Dec. 31,

 

 

2023

2022

% Change

Revenue

 

$146.8

$131.9

11.3%

Operating Income

 

$21.6

$12.8

68.8%

Adj. Operating Income

 

$30.2

$29.0

3.9%

Adj. EBITDA

 

$34.6

$31.6

9.8%

Total Students (1)

 

40,971

37,956

7.9%

  • Total student enrollment increased 7.9% compared with the prior year, driven by growth in healthcare and non-healthcare programs and higher persistence.

Medical and Veterinary

$ in millions

 

Three Months Ended

Dec. 31,

 

 

2023

2022

% Change

Revenue

 

$92.9

$89.5

3.8%

Operating Income

 

$22.0

$22.5

(2.0)%

Adj. Operating Income

 

$22.1

$22.5

(2.0)%

Adj. EBITDA

 

$26.4

$25.8

2.3%

Total Students (1)

 

5,209

5,634

(7.5)%

  • Medical and Veterinary schools do not have a new enrollment period starting in Q2 FY 2024. Q2 FY 2024 enrollment period is the same as Q1 FY 2024 enrollment period and corresponding reported enrollment data.

(1) Represents total students attending sessions during each institution’s most recent enrollment period in Q2 FY 2024 and Q2 FY 2023.

Fiscal Year 2024 Outlook

Adtalem guidance for fiscal year 2024, raises revenue guidance to a range of $1,520 million to $1,560 million from $1,470 million to $1,530 million, and raises adjusted earnings per share to be in the range of $4.55 to $4.75 from $4.25 to $4.45.

Conference Call and Webcast Information

Adtalem will hold a conference call to discuss its fiscal 2024 second quarter results today at 4:00 p.m. CT (5:00 p.m. ET).

The call can be accessed by dialing +1 877-407-6184 (U.S. participants) or +1 201-389-0877 (international participants) stating “Adtalem earnings call” or use conference ID: 13743388. The call will be simulcast through the Adtalem investor relations website at: https://investors.adtalem.com.

Adtalem will archive a replay of the call for 30 days. To access the replay, dial +1 877-660-6853 (U.S.) or +1 201-612-7415 (international), conference ID: 13743388, or visit the Adtalem investor relations website.

About Adtalem Global Education

Adtalem Global Education (NYSE: ATGE) is a national leader in post-secondary education and leading provider of professional talent to the healthcare industry. With a dedicated focus on driving strong outcomes that increase workforce preparedness, Adtalem empowers a diverse learner population to achieve their goals and make inspiring contributions to their communities. Adtalem is the parent organization of American University of the Caribbean School of Medicine, Chamberlain University, Ross University School of Medicine, Ross University School of Veterinary Medicine and Walden University. Adtalem’s family of institutions has more than 300,000 alumni and nearly 10,000 employees. Adtalem was named one of America’s Most Responsible Companies in 2021 and 2023 by Newsweek and Statista, and one of America’s Best Employers for Diversity in 2021 and 2022 by Forbes and Statista. Visit Adtalem.com for more information and follow on X, formerly known as Twitter, and LinkedIn.

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 Adtalem’s future growth. Forward-looking statements can also be identified by words such as “future,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “may,” “will,” “would,” “could,” “can,” “continue,” “preliminary,” “range,” and similar terms. These forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those described in the statements. These risk and uncertainties include the risk factors described in Item 1A. “Risk Factors” of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC), the Form 8-K filed with the SEC today and our other filings with the SEC. These forward-looking statements are based on information available to us as of the date any such statements are made, and Adtalem assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized, except as required by law.

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of special items that may be incurred in the future, although these special items could be material to Adtalem's results in accordance with GAAP.

Adtalem Global Education Inc.

Consolidated Balance Sheets

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

December 31,

 

June 30,

 

 

2023

 

2023

Assets:

 

 

 

 

 

 

Current assets:

Cash and cash equivalents

 

$

182,894

 

$

273,689

Restricted cash

 

 

3,183

 

 

1,386

Accounts receivable, net

 

 

133,666

 

 

102,749

Prepaid expenses and other current assets

 

 

58,356

 

 

100,715

Total current assets

 

 

378,099

 

 

478,539

Noncurrent assets:

 

 

 

 

 

 

Property and equipment, net

 

 

260,484

 

 

258,522

Operating lease assets

 

 

176,863

 

 

174,677

Deferred income taxes

 

 

58,212

 

 

56,694

Intangible assets, net

 

 

792,328

 

 

812,338

Goodwill

 

 

961,262

 

 

961,262

Other assets, net

 

 

65,852

 

 

68,509

Assets held for sale

 

 

7,825

 

 

Total noncurrent assets

 

 

2,322,826

 

 

2,332,002

Total assets

 

$

2,700,925

 

$

2,810,541

 

 

 

 

 

 

 

Liabilities and shareholders' equity:

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

88,093

 

$

81,812

Accrued payroll and benefits

 

 

45,928

 

 

52,041

Accrued liabilities

 

 

97,675

 

 

105,806

Deferred revenue

 

 

135,281

 

 

153,871

Current operating lease liabilities

 

 

31,596

 

 

37,673

Total current liabilities

 

 

398,573

 

 

431,203

Noncurrent liabilities:

 

 

 

 

 

 

Long-term debt

 

 

696,373

 

 

695,077

Long-term operating lease liabilities

 

 

168,603

 

 

163,441

Deferred income taxes

 

 

27,243

 

 

26,068

Other liabilities

 

 

40,734

 

 

37,416

Total noncurrent liabilities

 

 

932,953

 

 

922,002

Total liabilities

 

 

1,331,526

 

 

1,353,205

Commitments and contingencies

 

 

 

 

 

 

Total shareholders' equity

 

 

1,369,399

 

 

1,457,336

Total liabilities and shareholders' equity

 

$

2,700,925

 

$

2,810,541

Adtalem Global Education Inc.

Consolidated Statements of Income

(unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

December 31,

 

December 31,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

$

393,242

 

 

$

362,834

 

 

$

762,087

 

 

$

717,103

 

Operating cost and expense:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of educational services

 

 

172,069

 

 

 

159,303

 

 

 

340,687

 

 

 

318,948

 

Student services and administrative expense

 

 

155,584

 

 

 

141,802

 

 

 

321,679

 

 

 

288,187

 

Restructuring expense

 

 

68

 

 

 

1,363

 

 

 

744

 

 

 

16,428

 

Business integration expense

 

 

6,909

 

 

 

14,816

 

 

 

12,171

 

 

 

24,356

 

Total operating cost and expense

 

 

334,630

 

 

 

317,284

 

 

 

675,281

 

 

 

647,919

 

Operating income

 

 

58,612

 

 

 

45,550

 

 

 

86,806

 

 

 

69,184

 

Interest expense

 

 

(16,693

)

 

 

(15,589

)

 

 

(32,350

)

 

 

(33,349

)

Other income (expense), net

 

 

3,563

 

 

 

(1,440

)

 

 

5,777

 

 

 

(679

)

Income from continuing operations before income taxes

 

 

45,482

 

 

 

28,521

 

 

 

60,233

 

 

 

35,156

 

Provision for income taxes

 

 

(7,769

)

 

 

(4,395

)

 

 

(10,561

)

 

 

(5,517

)

Income from continuing operations

 

 

37,713

 

 

 

24,126

 

 

 

49,672

 

 

 

29,639

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations before income taxes

 

 

2,926

 

 

 

524

 

 

 

1,161

 

 

 

(2,741

)

Gain (loss) on disposal of discontinued operations before income taxes

 

 

 

 

 

185

 

 

 

 

 

 

(3,174

)

(Provision for) benefit from income taxes

 

 

(748

)

 

 

(182

)

 

 

(296

)

 

 

1,521

 

Income (loss) from discontinued operations

 

 

2,178

 

 

 

527

 

 

 

865

 

 

 

(4,394

)

Net income and comprehensive income

 

$

39,891

 

 

$

24,653

 

 

$

50,537

 

 

$

25,245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.95

 

 

$

0.53

 

 

$

1.22

 

 

$

0.65

 

Discontinued operations

 

$

0.05

 

 

$

0.01

 

 

$

0.02

 

 

$

(0.10

)

Total basic earnings per share

 

$

1.00

 

 

$

0.54

 

 

$

1.24

 

 

$

0.56

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.92

 

 

$

0.52

 

 

$

1.20

 

 

$

0.64

 

Discontinued operations

 

$

0.05

 

 

$

0.01

 

 

$

0.02

 

 

$

(0.10

)

Total diluted earnings per share

 

$

0.98

 

 

$

0.53

 

 

$

1.22

 

 

$

0.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares

 

 

39,872

 

 

 

45,425

 

 

 

40,636

 

 

 

45,350

 

Diluted shares

 

 

40,787

 

 

 

46,121

 

 

 

41,486

 

 

 

46,232

 

Adtalem Global Education Inc.

Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

December 31,

 

 

2023

 

 

2022

 

Operating activities:

 

 

 

 

 

 

Net income

 

$

50,537

 

 

$

25,245

 

(Income) loss from discontinued operations

 

 

(865

)

 

 

4,394

 

Income from continuing operations

 

 

49,672

 

 

 

29,639

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Stock-based compensation expense

 

 

13,505

 

 

 

8,113

 

Amortization and impairments to operating lease assets

 

 

17,340

 

 

 

28,612

 

Depreciation

 

 

20,714

 

 

 

21,461

 

Amortization of intangible assets

 

 

20,010

 

 

 

34,704

 

Amortization and write-off of debt discount and issuance costs

 

 

2,310

 

 

 

6,819

 

Provision for bad debts

 

 

23,024

 

 

 

14,275

 

Deferred income taxes

 

 

(343

)

 

 

(245

)

Loss on disposals, accelerated depreciation, and impairments to property and equipment

 

 

38

 

 

 

3,483

 

Gain on extinguishment of debt

 

 

 

 

 

(71

)

(Gain) loss on investments

 

 

(575

)

 

 

4,950

 

Unrealized loss on assets held for sale

 

 

647

 

 

 

 

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(42,429

)

 

 

(25,045

)

Prepaid expenses and other current assets

 

 

(2,143

)

 

 

494

 

Accounts payable

 

 

7,824

 

 

 

13,233

 

Accrued payroll and benefits

 

 

(6,073

)

 

 

(25,295

)

Accrued liabilities

 

 

25,130

 

 

 

(4,849

)

Deferred revenue

 

 

(13,540

)

 

 

(28,424

)

Operating lease liabilities

 

 

(20,441

)

 

 

(25,923

)

Other assets and liabilities

 

 

(11,601

)

 

 

(13,654

)

Net cash provided by operating activities-continuing operations

 

 

83,069

 

 

 

42,277

 

Net cash provided by (used in) operating activities-discontinued operations

 

 

9,515

 

 

 

(862

)

Net cash provided by operating activities

 

 

92,584

 

 

 

41,415

 

Investing activities:

 

 

 

 

 

 

Capital expenditures

 

 

(30,328

)

 

 

(9,747

)

Proceeds from sale of marketable securities

 

 

626

 

 

 

1,256

 

Purchases of marketable securities

 

 

(498

)

 

 

(1,257

)

Net cash used in investing activities-continuing operations

 

 

(30,200

)

 

 

(9,748

)

Payment for working capital adjustment for sale of business

 

 

 

 

 

(3,174

)

Net cash used in investing activities

 

 

(30,200

)

 

 

(12,922

)

Financing activities:

 

 

 

 

 

 

Proceeds from exercise of stock options

 

 

15,313

 

 

 

1,422

 

Employee taxes paid on withholding shares

 

 

(6,505

)

 

 

(4,108

)

Proceeds from stock issued under Colleague Stock Purchase Plan

 

 

359

 

 

 

289

 

Repurchases of common stock for treasury

 

 

(160,549

)

 

 

 

Payment on equity forward contract

 

 

 

 

 

(13,162

)

Repayments of long-term debt

 

 

 

 

 

(150,861

)

Net cash used in financing activities

 

 

(151,382

)

 

 

(166,420

)

Net decrease in cash, cash equivalents and restricted cash

 

 

(88,998

)

 

 

(137,927

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

275,075

 

 

 

347,937

 

Cash, cash equivalents and restricted cash at end of period

 

$

186,077

 

 

$

210,010

 

Non-cash investing and financing activities:

 

 

 

 

 

 

Accrued capital expenditures

 

$

9,062

 

 

$

5,209

 

Accrued liability for repurchases of common stock

 

$

2,400

 

 

$

 

Accrued excise tax on share repurchases

 

$

2,358

 

 

$

 

Adtalem Global Education Inc.

Segment Information

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

December 31,

 

December 31,

 

 

 

 

 

 

 

 

Increase/(Decrease)

 

 

 

 

 

 

 

 

Increase/(Decrease)

 

 

 

2023

 

 

2022

 

 

$

 

%

 

 

2023

 

 

2022

 

 

$

 

%

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chamberlain

 

$

153,553

 

 

$

141,396

 

 

$

12,157

 

 

8.6

 

%

 

$

296,149

 

 

$

276,801

 

 

$

19,348

 

 

7.0

 

%

Walden

 

 

146,808

 

 

 

131,940

 

 

 

14,868

 

 

11.3

 

%

 

 

288,416

 

 

 

262,841

 

 

 

25,575

 

 

9.7

 

%

Medical and Veterinary

 

 

92,881

 

 

 

89,498

 

 

 

3,383

 

 

3.8

 

%

 

 

177,522

 

 

 

177,461

 

 

 

61

 

 

0.0

 

%

Total consolidated revenue

 

$

393,242

 

 

$

362,834

 

 

$

30,408

 

 

8.4

 

%

 

$

762,087

 

 

$

717,103

 

 

$

44,984

 

 

6.3

 

%

Operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chamberlain

 

$

29,640

 

 

$

33,229

 

 

$

(3,589

)

 

(10.8

)

%

 

$

53,964

 

 

$

59,413

 

 

$

(5,449

)

 

(9.2

)

%

Walden

 

 

21,598

 

 

 

12,795

 

 

 

8,803

 

 

68.8

 

%

 

 

23,536

 

 

 

15,728

 

 

 

7,808

 

 

49.6

 

%

Medical and Veterinary

 

 

22,020

 

 

 

22,462

 

 

 

(442

)

 

(2.0

)

%

 

 

36,383

 

 

 

32,700

 

 

 

3,683

 

 

11.3

 

%

Home Office and Other

 

 

(14,646

)

 

 

(22,936

)

 

 

8,290

 

 

36.1

 

%

 

 

(27,077

)

 

 

(38,657

)

 

 

11,580

 

 

30.0

 

%

Total consolidated operating income

 

$

58,612

 

 

$

45,550

 

 

$

13,062

 

 

28.7

 

%

 

$

86,806

 

 

$

69,184

 

 

$

17,622

 

 

25.5

 

%

Non-GAAP Financial Measures and Reconciliations

We believe that certain non-GAAP financial measures provide investors with useful supplemental information regarding the underlying business trends and performance of Adtalem’s ongoing operations as seen through the eyes of management and are useful for period-over-period comparisons. We use these supplemental non-GAAP financial measures internally in our assessment of performance and budgeting process. However, these non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The following are non-GAAP financial measures used in the subsequent GAAP to non-GAAP reconciliation tables:

Adjusted net income (most comparable GAAP measure: net income) – Measure of Adtalem’s net income adjusted for restructuring expense, business integration expense, intangible amortization expense, write-off of debt discount and issuance costs, gain on extinguishment of debt, litigation reserve, investment impairment, loss on assets held for sale, and (income) loss from discontinued operations.

Adjusted earnings per share (most comparable GAAP measure: diluted earnings per share) – Measure of Adtalem’s diluted earnings per share adjusted for restructuring expense, business integration expense, intangible amortization expense, write-off of debt discount and issuance costs, gain on extinguishment of debt, litigation reserve, investment impairment, loss on assets held for sale, and (income) loss from discontinued operations.

Adjusted operating income (most comparable GAAP measure: operating income) – Measure of Adtalem’s operating income adjusted for restructuring expense, business integration expense, intangible amortization expense, litigation reserve, and loss on assets held for sale. This measure is applied on a consolidated and segment basis, depending on the context of the discussion.

Adjusted EBITDA (most comparable GAAP measure: net income) – Measure of Adtalem’s net income adjusted for (income) loss from discontinued operations, interest expense, other expense (income), net, provision for income taxes, depreciation and amortization, stock-based compensation, restructuring expense, business integration expense, litigation reserve, and loss on assets held for sale. This measure is applied on a consolidated and segment basis, depending on the context of the discussion. Provision for income taxes, interest expense, and other expense (income), net is not recorded at the reportable segments, and therefore, the segment adjusted EBITDA reconciliations begin with operating income.

Free cash flow (most comparable GAAP measure: net cash provided by operating activities-continuing operations) – Defined as net cash provided by operating activities-continuing operations less capital expenditures.

Net debt – Defined as long-term debt less cash and cash equivalents.

Net leverage – Defined as net debt divided by adjusted EBITDA.

A description of special items in our non-GAAP financial measures described above are as follows:

  • Restructuring expense primarily related to real estate consolidations at Walden, Medical and Veterinary, and Adtalem’s home office. We do not include normal, recurring, cash operating expenses in our restructuring expense.
  • Business integration expense include expenses related to the Walden acquisition and certain costs related to growth transformation initiatives. We do not include normal, recurring, cash operating expenses in our business integration expense.
  • Intangible amortization expense on acquired intangible assets.
  • Write-off of debt discount and issuance costs and gain on extinguishment of debt related to prepayments of debt, reserves related to significant litigation, impairment of an equity investment, and loss on assets held for sale related to a fair value write-down on assets.
  • (Income) loss from discontinued operations includes expense from ongoing litigation costs and settlements related to the DeVry University and Carrington College divestitures, a (gain) loss on sale of ACAMS, Becker, and OCL for working capital adjustments to the initial sales prices, and the earn-outs we received. 

Adtalem Global Education Inc.

Non-GAAP Operating Income by Segment

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

December 31,

 

December 31,

 

 

 

 

 

 

 

 

Increase/(Decrease)

 

 

 

 

 

 

 

 

Increase/(Decrease)

 

 

 

2023

 

 

2022

 

 

$

 

%

 

 

2023

 

 

2022

 

 

$

 

%

 

Chamberlain:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (GAAP)

 

$

29,640

 

 

$

33,229

 

 

$

(3,589

)

 

(10.8

)

%

 

$

53,964

 

 

$

59,413

 

 

$

(5,449

)

 

(9.2

)

%

Restructuring expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

818

 

 

 

(818

)

 

 

 

Adjusted operating income (non-GAAP)

 

$

29,640

 

 

$

33,229

 

 

$

(3,589

)

 

(10.8

)

%

 

$

53,964

 

 

$

60,231

 

 

$

(6,267

)

 

(10.4

)

%

Operating margin (GAAP)

 

 

19.3

 

%

 

23.5

 

%

 

 

 

 

 

 

 

18.2

 

%

 

21.5

 

%

 

 

 

 

 

Operating margin (non-GAAP)

 

 

19.3

 

%

 

23.5

 

%

 

 

 

 

 

 

 

18.2

 

%

 

21.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Walden:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (GAAP)

 

$

21,598

 

 

$

12,795

 

 

$

8,803

 

 

68.8

 

%

 

$

23,536

 

 

$

15,728

 

 

$

7,808

 

 

49.6

 

%

Restructuring expense

 

 

(776

)

 

 

41

 

 

 

(817

)

 

 

 

 

 

(776

)

 

 

3,121

 

 

 

(3,897

)

 

 

 

Intangible amortization expense

 

 

9,333

 

 

 

16,176

 

 

 

(6,843

)

 

 

 

 

 

20,010

 

 

 

34,704

 

 

 

(14,694

)

 

 

 

Litigation reserve

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,500

 

 

 

 

 

 

18,500

 

 

 

 

Adjusted operating income (non-GAAP)

 

$

30,155

 

 

$

29,012

 

 

$

1,143

 

 

3.9

 

%

 

$

61,270

 

 

$

53,553

 

 

$

7,717

 

 

14.4

 

%

Operating margin (GAAP)

 

 

14.7

 

%

 

9.7

 

%

 

 

 

 

 

 

 

8.2

 

%

 

6.0

 

%

 

 

 

 

 

Operating margin (non-GAAP)

 

 

20.5

 

%

 

22.0

 

%

 

 

 

 

 

 

 

21.2

 

%

 

20.4

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Medical and Veterinary:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (GAAP)

 

$

22,020

 

 

$

22,462

 

 

$

(442

)

 

(2.0

)

%

 

$

36,383

 

 

$

32,700

 

 

$

3,683

 

 

11.3

 

%

Restructuring expense

 

 

71

 

 

 

87

 

 

 

(16

)

 

 

 

 

 

185

 

 

 

6,913

 

 

 

(6,728

)

 

 

 

Adjusted operating income (non-GAAP)

 

$

22,091

 

 

$

22,549

 

 

$

(458

)

 

(2.0

)

%

 

$

36,568

 

 

$

39,613

 

 

$

(3,045

)

 

(7.7

)

%

Operating margin (GAAP)

 

 

23.7

 

%

 

25.1

 

%

 

 

 

 

 

 

 

20.5

 

%

 

18.4

 

%

 

 

 

 

 

Operating margin (non-GAAP)

 

 

23.8

 

%

 

25.2

 

%

 

 

 

 

 

 

 

20.6

 

%

 

22.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home Office and Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss (GAAP)

 

$

(14,646

)

 

$

(22,936

)

 

$

8,290

 

 

36.1

 

%

 

$

(27,077

)

 

$

(38,657

)

 

$

11,580

 

 

30.0

 

%

Restructuring expense

 

 

773

 

 

 

1,235

 

 

 

(462

)

 

 

 

 

 

1,335

 

 

 

5,576

 

 

 

(4,241

)

 

 

 

Business integration expense

 

 

6,909

 

 

 

14,816

 

 

 

(7,907

)

 

 

 

 

 

12,171

 

 

 

24,356

 

 

 

(12,185

)

 

 

 

Loss on assets held for sale

 

 

647

 

 

 

 

 

 

647

 

 

 

 

 

 

647

 

 

 

 

 

 

647

 

 

 

 

Adjusted operating loss (non-GAAP)

 

$

(6,317

)

 

$

(6,885

)

 

$

568

 

 

8.2

 

%

 

$

(12,924

)

 

$

(8,725

)

 

$

(4,199

)

 

(48.1

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adtalem Global Education:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (GAAP)

 

$

58,612

 

 

$

45,550

 

 

$

13,062

 

 

28.7

 

%

 

$

86,806

 

 

$

69,184

 

 

$

17,622

 

 

25.5

 

%

Restructuring expense

 

 

68

 

 

 

1,363

 

 

 

(1,295

)

 

 

 

 

 

744

 

 

 

16,428

 

 

 

(15,684

)

 

 

 

Business integration expense

 

 

6,909

 

 

 

14,816

 

 

 

(7,907

)

 

 

 

 

 

12,171

 

 

 

24,356

 

 

 

(12,185

)

 

 

 

Intangible amortization expense

 

 

9,333

 

 

 

16,176

 

 

 

(6,843

)

 

 

 

 

 

20,010

 

 

 

34,704

 

 

 

(14,694

)

 

 

 

Litigation reserve

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,500

 

 

 

 

 

 

18,500

 

 

 

 

Loss on assets held for sale

 

 

647

 

 

 

 

 

 

647

 

 

 

 

 

 

647

 

 

 

 

 

 

647

 

 

 

 

Adjusted operating income (non-GAAP)

 

$

75,569

 

 

$

77,905

 

 

$

(2,336

)

 

(3.0

)

%

 

$

138,878

 

 

$

144,672

 

 

$

(5,794

)

 

(4.0

)

%

Operating margin (GAAP)

 

 

14.9

 

%

 

12.6

 

%

 

 

 

 

 

 

 

11.4

 

%

 

9.6

 

%

 

 

 

 

 

Operating margin (non-GAAP)

 

 

19.2

 

%

 

21.5

 

%

 

 

 

 

 

 

 

18.2

 

%

 

20.2

 

%

 

 

 

 

 

Adtalem Global Education Inc.

Non-GAAP Adjusted EBITDA by Segment

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

December 31,

 

December 31,

 

 

 

 

 

 

 

 

Increase/(Decrease)

 

 

 

 

 

 

 

 

Increase/(Decrease)

 

 

 

2023

 

 

2022

 

 

$

 

%

 

 

2023

 

 

2022

 

 

$

 

%

 

Chamberlain:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (GAAP)

 

$

29,640

 

 

$

33,229

 

 

$

(3,589

)

 

(10.8

)

%

 

$

53,964

 

 

$

59,413

 

 

$

(5,449

)

 

(9.2

)

%

Restructuring expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

818

 

 

 

(818

)

 

 

 

Depreciation

 

 

5,162

 

 

 

4,099

 

 

 

1,063

 

 

 

 

 

 

9,478

 

 

 

8,580

 

 

 

898

 

 

 

 

Stock-based compensation

 

 

2,089

 

 

 

404

 

 

 

1,685

 

 

 

 

 

 

4,996

 

 

 

2,677

 

 

 

2,319

 

 

 

 

Adjusted EBITDA (non-GAAP)

 

$

36,891

 

 

$

37,732

 

 

$

(841

)

 

(2.2

)

%

 

$

68,438

 

 

$

71,488

 

 

$

(3,050

)

 

(4.3

)

%

Adjusted EBITDA margin (non-GAAP)

 

 

24.0

 

%

 

26.7

 

%

 

 

 

 

 

 

 

23.1

 

%

 

25.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Walden:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (GAAP)

 

$

21,598

 

 

$

12,795

 

 

$

8,803

 

 

68.8

 

%

 

$

23,536

 

 

$

15,728

 

 

$

7,808

 

 

49.6

 

%

Restructuring expense

 

 

(776

)

 

 

41

 

 

 

(817

)

 

 

 

 

 

(776

)

 

 

3,121

 

 

 

(3,897

)

 

 

 

Intangible amortization expense

 

 

9,333

 

 

 

16,176

 

 

 

(6,843

)

 

 

 

 

 

20,010

 

 

 

34,704

 

 

 

(14,694

)

 

 

 

Litigation reserve

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,500

 

 

 

 

 

 

18,500

 

 

 

 

Depreciation

 

 

2,305

 

 

 

2,269

 

 

 

36

 

 

 

 

 

 

4,467

 

 

 

4,864

 

 

 

(397

)

 

 

 

Stock-based compensation

 

 

2,188

 

 

 

286

 

 

 

1,902

 

 

 

 

 

 

4,052

 

 

 

2,191

 

 

 

1,861

 

 

 

 

Adjusted EBITDA (non-GAAP)

 

$

34,648

 

 

$

31,567

 

 

$

3,081

 

 

9.8

 

%

 

$

69,789

 

 

$

60,608

 

 

$

9,181

 

 

15.1

 

%

Adjusted EBITDA margin (non-GAAP)

 

 

23.6

 

%

 

23.9

 

%

 

 

 

 

 

 

 

24.2

 

%

 

23.1

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Medical and Veterinary:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (GAAP)

 

$

22,020

 

 

$

22,462

 

 

$

(442

)

 

(2.0

)

%

 

$

36,383

 

 

$

32,700

 

 

$

3,683

 

 

11.3

 

%

Restructuring expense

 

 

71

 

 

 

87

 

 

 

(16

)

 

 

 

 

 

185

 

 

 

6,913

 

 

 

(6,728

)

 

 

 

Depreciation

 

 

3,110

 

 

 

3,031

 

 

 

79

 

 

 

 

 

 

6,054

 

 

 

6,136

 

 

 

(82

)

 

 

 

Stock-based compensation

 

 

1,196

 

 

 

229

 

 

 

967

 

 

 

 

 

 

2,836

 

 

 

1,704

 

 

 

1,132

 

 

 

 

Adjusted EBITDA (non-GAAP)

 

$

26,397

 

 

$

25,809

 

 

$

588

 

 

2.3

 

%

 

$

45,458

 

 

$

47,453

 

 

$

(1,995

)

 

(4.2

)

%

Adjusted EBITDA margin (non-GAAP)

 

 

28.4

 

%

 

28.8

 

%

 

 

 

 

 

 

 

25.6

 

%

 

26.7

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home Office and Other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss (GAAP)

 

$

(14,646

)

 

$

(22,936

)

 

$

8,290

 

 

36.1

 

%

 

$

(27,077

)

 

$

(38,657

)

 

$

11,580

 

 

30.0

 

%

Restructuring expense

 

 

773

 

 

 

1,235

 

 

 

(462

)

 

 

 

 

 

1,335

 

 

 

5,576

 

 

 

(4,241

)

 

 

 

Business integration expense

 

 

6,909

 

 

 

14,816

 

 

 

(7,907

)

 

 

 

 

 

12,171

 

 

 

24,356

 

 

 

(12,185

)

 

 

 

Loss on assets held for sale

 

 

647

 

 

 

 

 

 

647

 

 

 

 

 

 

647

 

 

 

 

 

 

647

 

 

 

 

Depreciation

 

 

359

 

 

 

1,257

 

 

 

(898

)

 

 

 

 

 

715

 

 

 

1,881

 

 

 

(1,166

)

 

 

 

Stock-based compensation

 

 

577

 

 

 

1,049

 

 

 

(472

)

 

 

 

 

 

1,621

 

 

 

1,541

 

 

 

80

 

 

 

 

Adjusted EBITDA (non-GAAP)

 

$

(5,381

)

 

$

(4,579

)

 

$

(802

)

 

(17.5

)

%

 

$

(10,588

)

 

$

(5,303

)

 

$

(5,285

)

 

(99.7

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adtalem Global Education:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

39,891

 

 

$

24,653

 

 

$

15,238

 

 

61.8

 

%

 

$

50,537

 

 

$

25,245

 

 

$

25,292

 

 

100.2

 

%

(Income) loss from discontinued operations

 

 

(2,178

)

 

 

(527

)

 

 

(1,651

)

 

 

 

 

 

(865

)

 

 

4,394

 

 

 

(5,259

)

 

 

 

Interest expense

 

 

16,693

 

 

 

15,589

 

 

 

1,104

 

 

 

 

 

 

32,350

 

 

 

33,349

 

 

 

(999

)

 

 

 

Other expense (income), net

 

 

(3,563

)

 

 

1,440

 

 

 

(5,003

)

 

 

 

 

 

(5,777

)

 

 

679

 

 

 

(6,456

)

 

 

 

Provision for income taxes

 

 

7,769

 

 

 

4,395

 

 

 

3,374

 

 

 

 

 

 

10,561

 

 

 

5,517

 

 

 

5,044

 

 

 

 

Operating income (GAAP)

 

 

58,612

 

 

 

45,550

 

 

 

13,062

 

 

 

 

 

 

86,806

 

 

 

69,184

 

 

 

17,622

 

 

 

 

Depreciation and amortization

 

 

20,269

 

 

 

26,832

 

 

 

(6,563

)

 

 

 

 

 

40,724

 

 

 

56,165

 

 

 

(15,441

)

 

 

 

Stock-based compensation

 

 

6,050

 

 

 

1,968

 

 

 

4,082

 

 

 

 

 

 

13,505

 

 

 

8,113

 

 

 

5,392

 

 

 

 

Restructuring expense

 

 

68

 

 

 

1,363

 

 

 

(1,295

)

 

 

 

 

 

744

 

 

 

16,428

 

 

 

(15,684

)

 

 

 

Business integration expense

 

 

6,909

 

 

 

14,816

 

 

 

(7,907

)

 

 

 

 

 

12,171

 

 

 

24,356

 

 

 

(12,185

)

 

 

 

Litigation reserve

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,500

 

 

 

 

 

 

18,500

 

 

 

 

Loss on assets held for sale

 

 

647

 

 

 

 

 

 

647

 

 

 

 

 

 

647

 

 

 

 

 

 

647

 

 

 

 

Adjusted EBITDA (non-GAAP)

 

$

92,555

 

 

$

90,529

 

 

$

2,026

 

 

2.2

 

%

 

$

173,097

 

 

$

174,246

 

 

$

(1,149

)

 

(0.7

)

%

Adjusted EBITDA margin (non-GAAP)

 

 

23.5

 

%

 

25.0

 

%

 

 

 

 

 

 

 

22.7

 

%

 

24.3

 

%

 

 

 

 

 

Adtalem Global Education Inc.

Non-GAAP Earnings Disclosure

(unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

December 31,

 

December 31,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income (GAAP)

 

$

39,891

 

 

$

24,653

 

 

$

50,537

 

 

$

25,245

 

Restructuring expense

 

 

68

 

 

 

1,363

 

 

 

744

 

 

 

16,428

 

Business integration expense

 

 

6,909

 

 

 

14,816

 

 

 

12,171

 

 

 

24,356

 

Intangible amortization expense

 

 

9,333

 

 

 

16,176

 

 

 

20,010

 

 

 

34,704

 

Write-off of debt discount and issuance costs, gain on extinguishment of debt, litigation reserve, investment impairment, and loss on assets held for sale

 

 

647

 

 

 

6,402

 

 

 

19,147

 

 

 

9,226

 

Income tax impact on non-GAAP adjustments (1)

 

 

(4,402

)

 

 

(9,111

)

 

 

(12,095

)

 

 

(18,982

)

(Income) loss from discontinued operations

 

 

(2,178

)

 

 

(527

)

 

 

(865

)

 

 

4,394

 

Adjusted net income (non-GAAP)

 

$

50,268

 

 

$

53,772

 

 

$

89,649

 

 

$

95,371

 

 

(1) Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

December 31,

 

December 31,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Diluted earnings per share (GAAP)

 

$

0.98

 

 

$

0.53

 

 

$

1.22

 

 

$

0.55

 

Effect on diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring expense

 

 

0.00

 

 

 

0.03

 

 

 

0.02

 

 

 

0.36

 

Business integration expense

 

 

0.17

 

 

 

0.32

 

 

 

0.29

 

 

 

0.53

 

Intangible amortization expense

 

 

0.23

 

 

 

0.35

 

 

 

0.48

 

 

 

0.75

 

Write-off of debt discount and issuance costs, gain on extinguishment of debt, litigation reserve, investment impairment, and loss on assets held for sale

 

 

0.02

 

 

 

0.14

 

 

 

0.46

 

 

 

0.20

 

Income tax impact on non-GAAP adjustments (1)

 

 

(0.11

)

 

 

(0.20

)

 

 

(0.29

)

 

 

(0.41

)

(Income) loss from discontinued operations

 

 

(0.05

)

 

 

(0.01

)

 

 

(0.02

)

 

 

0.10

 

Adjusted earnings per share (non-GAAP)

 

$

1.23

 

 

$

1.17

 

 

$

2.16

 

 

$

2.06

 

Diluted shares used in non-GAAP EPS calculation

 

 

40,787

 

 

 

46,121

 

 

 

41,486

 

 

 

46,232

 

 

Note: May not sum due to rounding.

(1) Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements.

Adtalem Global Education Inc.

Non-GAAP Free Cash Flow Disclosure

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

Twelve Months Ended

 

 

FY24

 

FY23

 

FY24

 

FY23

 

FY24

 

FY24

 

FY23

 

FY23

 

FY23

 

 

Q2

 

Q2

 

Q2

 

Q2

 

Q2

 

Q1

 

Q4

 

Q3

 

Q2

Net cash provided by (used in) operating activities-continuing operations (GAAP)

 

$

(7,657

)

 

$

(49,199

)

 

$

83,069

 

 

$

42,277

 

 

$

246,476

 

 

$

204,934

 

 

$

205,684

 

 

$

255,052

 

 

$

225,247

 

Capital expenditures

 

 

(15,282

)

 

 

(4,196

)

 

 

(30,328

)

 

 

(9,747

)

 

 

(57,589

)

 

 

(46,503

)

 

 

(37,008

)

 

 

(27,861

)

 

 

(26,029

)

Free cash flow (non-GAAP)

 

$

(22,939

)

 

$

(53,395

)

 

$

52,741

 

 

$

32,530

 

 

$

188,887

 

 

$

158,431

 

 

$

168,676

 

 

$

227,191

 

 

$

199,218

 

Adtalem Global Education Inc.

Non-GAAP Net Leverage Disclosure

(unaudited)

(in thousands)

 

 

 

 

 

 

Twelve Months Ended

 

 

December 31, 2023

Adtalem Global Education:

 

 

 

Net income (GAAP)

 

$

118,650

 

Net loss from discontinued operations

 

 

3,135

 

Interest expense

 

 

62,101

 

Other income, net

 

 

(13,421

)

Provision for income taxes

 

 

15,327

 

Depreciation and amortization

 

 

87,373

 

Stock-based compensation

 

 

19,691

 

Restructuring expense

 

 

3,133

 

Business integration expense

 

 

30,476

 

Litigation reserve

 

 

28,500

 

Loss on assets held for sale

 

 

647

 

Gain on sale of assets

 

 

(13,317

)

Adjusted EBITDA (non-GAAP)

 

$

342,295

 

 

 

 

 

 

 

December 31, 2023

Long-term debt

 

$

708,283

 

Less: Cash and cash equivalents

 

 

(182,894

)

Net debt (non-GAAP)

 

$

525,389

 

 

 

 

 

Net leverage (non-GAAP)

 

 

1.5 x

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Photos copyright by Jay Graham Photographer
Copyright © 2010-2020 Sausalito.com & California Media Partners, LLC. All rights reserved.