Adtalem Global Education Files 2024 10-K

TL;DR

Adtalem's 2024 10-K shows lower interest expense, but check the details on their debt.

AI Summary

Adtalem Global Education Inc. filed its 10-K for the fiscal year ending June 30, 2024. The company reported interest expense of $130 million for the fiscal year 2024, a decrease from $63 million in fiscal year 2023. The filing also details various financial instruments and their associated interest expenses, including a Senior Secured Term Loan and Senior Secured Notes due 2028.

Why It Matters

This filing provides a comprehensive overview of Adtalem's financial performance and position for the fiscal year 2024, offering insights into its debt structure and interest expenses.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not contain immediate red flags, but a full analysis of the financial statements is required for a complete risk assessment.

Key Numbers

• $130.0M — Interest Expense FY2024 (Represents the total interest paid on debt for the fiscal year ending June 30, 2024.)
• $63.0M — Interest Expense FY2023 (Represents the total interest paid on debt for the fiscal year ending June 30, 2023.)
• $4.0M — Interest Expense FY2022 (Represents the total interest paid on debt for the fiscal year ending June 30, 2022.)

Key Players & Entities

• Adtalem Global Education Inc. (company) — Filer of the 10-K
• 20240630 (date) — Fiscal year end date
• 20240806 (date) — Filing date
• $130000000 (dollar_amount) — Interest expense for fiscal year 2024
• $63000000 (dollar_amount) — Interest expense for fiscal year 2023

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share ATGE New York S
• $1.5 billion — August 12, 2021, Adtalem completed its $1.5 billion acquisition of all the issued and outst
• $962.7 m — er,") and OnCourse Learning ("OCL") for $962.7 million, net of cash 1 Table of Conten
• $21.5 m — net of cash 1 Table of Contents of $21.5 million, subject to post-closing adjustme

Filing Documents

• atge-20240630x10k.htm (10-K) — 4967KB
• atge-20240630xex3d2.htm (EX-3.2) — 10KB
• atge-20240630xex4d1.htm (EX-4.1) — 18KB
• atge-20240630xex10d43.htm (EX-10.43) — 495KB
• atge-20240630xex19d1.htm (EX-19.1) — 76KB
• atge-20240630xex21d1.htm (EX-21.1) — 26KB
• atge-20240630xex23d1.htm (EX-23.1) — 3KB
• atge-20240630xex31d1.htm (EX-31.1) — 11KB
• atge-20240630xex31d2.htm (EX-31.2) — 11KB
• atge-20240630xex32d1.htm (EX-32.1) — 9KB
• atge-20240630xex97d1.htm (EX-97.1) — 45KB
• atge-20240630x10k001.jpg (GRAPHIC) — 61KB
• 0001558370-24-011099.txt ( ) — 23541KB
• atge-20240630.xsd (EX-101.SCH) — 105KB
• atge-20240630_cal.xml (EX-101.CAL) — 138KB
• atge-20240630_def.xml (EX-101.DEF) — 504KB
• atge-20240630_lab.xml (EX-101.LAB) — 969KB
• atge-20240630_pre.xml (EX-101.PRE) — 807KB
• atge-20240630x10k_htm.xml (XML) — 5226KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 29 Item 1C Cybersecurity 29 Item 2.

Properties

Properties 31 Item 3.

Legal Proceedings

Legal Proceedings 32 Item 4. Mine Safety Disclosures 32 Information About Our Executive Officers 32 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34 Item 6. [Reserved] 36 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 53 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 102 Item 9A.

Controls and Procedures

Controls and Procedures 102 Item 9B. Other Information 103 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 103 PART III Item 10. Directors, Executive Officers and Corporate Governance 103 Item 11.

Executive Compensation

Executive Compensation 104 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 104 Item 13. Certain Relationships and Related Transactions, and Director Independence 104 Item 14. Principal Accountant Fees and Services 104 PART IV Item 15. Exhibits and Financial Statement Schedules 104 Item 16. Form 10-K Summary 108

Signatures

Signatures 109 Table of Contents Cautionary Disclosure Regarding Forward-Looking Statements Certain statements contained in this Annual Report on Form 10-K 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 generally can be identified by the use of forward-looking terminology 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 risks and uncertainties include the risk factors described in Item 1A. "Risk Factors," which should be read in conjunction with the forward-looking statements in this Annual Report on Form 10-K. 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. PART I

Business

Item 1. Business Overview In this Annual Report on Form 10-K, Adtalem Global Education Inc., together with its subsidiaries, is collectively referred to as "Adtalem," "we," "our," "us," or similar references. Adtalem was incorporated under the laws of the State of Delaware in August 1987. Our executive offices are located at 500 West Monroe Street, Chicago, Illinois, 60661, and the telephone number is (312) 651-1400. Adtalem is the leading healthcare educator in the U.S and a systemically important solution for preparing a diverse talent workforce that meets the needs of the healthcare industry. The purpose of Adtalem is to empower students to achieve their goals, find success, and make inspiring contributions to our global community. The Adtalem family of institutions offers programs with a focus in healthcare, including nursing, medicine, veterinary medicine, social and behavioral sciences, and more. Adtalem operates through five institutions: Chamberlain University ("Chamberlain"), Walden University ("Walden"), American University of the Caribbean School of Medicine ("AUC"), Ross University School of Medicine ("RUSM"), and Ross University School of Veterinary Medicine ("RUSVM"), which comprises more than 80,000 students learning at multiple campuses and online. Adtalem's institutions have an alumni community of over 300,000. Adtalem is a mission driven organization, committed to advancing health equity, addressing social determinates of health and delivering highly qualified healthcare clinicians to urban and rural communities as a scaled provider of workers to the U.S. healthcare system. Adtalem remains focused on expanding access to aspiring students through a seamless student experience, leveraging innovative learning technologies, diversifying into new program areas, and integrating our five institutions, providing the infrastructure necessary to meet the needs of where, when, and how students learn best. Adtalem aims to create value for society and