Exhibit 99.1
ADTALEM GLOBAL EDUCATION INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(unaudited and amounts in thousands, except per share amounts)
| | | Three Months Ended | | | Year Ended | |
| | | September 30,
2017 | | | June 30,
2017 | | | March 31,
2017 | | | December 31,
2016 | | | September 30,
2016 | | | June 30,
2017 | | | June 30,
2016 | |
| REVENUE: | | | | | | | | | | | | | | | |
| Tuition | | $ | 280,023 | | | $ | 305,457 | | | $ | 287,774 | | | $ | 301,263 | | | $ | 286,898 | | | $ | 1,181,392 | | | $ | 1,092,148 | |
| Other Educational | | | 45,255 | | | | 42,069 | | | | 44,901 | | | | 32,695 | | | | 42,129 | | | | 161,794 | | | | 140,604 | |
| Total Revenue | | | 325,278 | | | | 347,526 | | | | 332,675 | | | | 333,958 | | | | 329,027 | | | | 1,343,186 | | | | 1,232,752 | |
| OPERATING COST AND EXPENSE: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Cost of Educational Services | | | 195,941 | | | | 180,980 | | | | 182,216 | | | | 179,148 | | | | 187,486 | | | | 729,830 | | | | 668,903 | |
| Student Services and Administrative Expense | | | 101,208 | | | | 105,087 | | | | 103,690 | | | | 101,167 | | | | 103,465 | | | | 413,409 | | | | 408,940 | |
| Restructuring Expense | | | 2,387 | | | | 9,002 | | | | 2,804 | | | | 2,963 | | | | 3,350 | | | | 18,119 | | | | 7,283 | |
| Regulatory Settlements | | | - | | | | - | | | | - | | | | 52,150 | | | | - | | | | 52,150 | | | | - | |
| Asset Impairment Charge | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 147,660 | |
| Total Operating Cost and Expense | | | 299,536 | | | | 295,069 | | | | 288,710 | | | | 335,428 | | | | 294,301 | | | | 1,213,508 | | | | 1,232,786 | |
| Operating Income (Loss) from Continuing Operations | | | 25,742 | | | | 52,457 | | | | 43,965 | | | | (1,470 | ) | | | 34,726 | | | | 129,678 | | | | (34 | ) |
| INTEREST: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest Income | | | 2,118 | | | | 1,184 | | | | 1,689 | | | | 988 | | | | 1,044 | | | | 4,905 | | | | 666 | |
| Interest Expense | | | (1,916 | ) | | | (2,734 | ) | | | (1,995 | ) | | | (2,300 | ) | | | (2,115 | ) | | | (9,144 | ) | | | (5,934 | ) |
| Net Interest Income (Expense) | | | 202 | | | | (1,550 | ) | | | (306 | ) | | | (1,312 | ) | | | (1,071 | ) | | | (4,239 | ) | | | (5,268 | ) |
| Income (Loss) from Continuing Operations Before Income Taxes | | | 25,944 | | | | 50,907 | | | | 43,659 | | | | (2,782 | ) | | | 33,655 | | | | 125,439 | | | | (5,302 | ) |
| Income Tax (Provision) Benefit | | | (3,596 | ) | | | (2,787 | ) | | | (7,343 | ) | | | 10,082 | | | | (7,719 | ) | | | (7,767 | ) | | | 8,297 | |
| Equity Method Investment Loss | | | (44 | ) | | | (694 | ) | | | - | | | | - | | | | - | | | | (694 | ) | | | - | |
| Income from Continuing Operations | | | 22,304 | | | | 47,426 | | | | 36,316 | | | | 7,300 | | | | 25,936 | | | | 116,978 | | | | 2,995 | |
| DISCONTINUED OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Loss) Income from Discontinued Operations Before Income Taxes | | | (11,306 | ) | | | 910 | | | | 3,329 | | | | 6,321 | | | | (1,605 | ) | | | 8,955 | | | | (11,996 | ) |
| Income Tax Benefit (Provision) | | | 1,918 | | | | (4,982 | ) | | | 377 | | | | 1,134 | | | | 818 | | | | (2,653 | ) | | | 6,245 | |
| (Loss) Income from Discontinued Operations | | | (9,388 | ) | | | (4,072 | ) | | | 3,706 | | | | 7,455 | | | | (787 | ) | | | 6,302 | | | | (5,751 | ) |
| NET INCOME (LOSS) | | | 12,916 | | | | 43,354 | | | | 40,022 | | | | 14,755 | | | | 25,149 | | | | 123,280 | | | | (2,756 | ) |
| Net (Income) Loss Attributable to Noncontrolling Interest | | | (131 | ) | | | (495 | ) | | | (163 | ) | | | (342 | ) | | | 3 | | | | (997 | ) | | | (410 | ) |
| NET INCOME (LOSS) ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION | | $ | 12,785 | | | $ | 42,859 | | | $ | 39,859 | | | $ | 14,413 | | | $ | 25,152 | | | $ | 122,283 | | | $ | (3,166 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| AMOUNTS ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Income from Continuing Operations | | $ | 22,173 | | | $ | 46,931 | | | $ | 36,153 | | | $ | 6,958 | | | $ | 25,939 | | | $ | 115,981 | | | $ | 2,585 | |
| (Loss) Income from Discontinued Operations | | | (9,388 | ) | | | (4,072 | ) | | | 3,706 | | | | 7,455 | | | | (787 | ) | | | 6,302 | | | | (5,751 | ) |
| NET INCOME (LOSS) ATTRIBUTABLE TO ADTALEM GLOBAL EDUCATION | | $ | 12,785 | | | $ | 42,859 | | | $ | 39,859 | | | $ | 14,413 | | | $ | 25,152 | | | $ | 122,283 | | | $ | (3,166 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ADTALEM GLOBAL EDUCATION SHAREHOLDERS: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Basic: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Continuing Operations | | $ | 0.35 | | | $ | 0.74 | | | $ | 0.57 | | | $ | 0.11 | | | $ | 0.41 | | | $ | 1.83 | | | $ | 0.04 | |
| Discontinued Operations | | $ | (0.15 | ) | | $ | (0.06 | ) | | $ | 0.06 | | | $ | 0.12 | | | $ | (0.01 | ) | | $ | 0.10 | | | $ | (0.09 | ) |
| Total | | $ | 0.20 | | | $ | 0.67 | | | $ | 0.63 | | | $ | 0.23 | | | $ | 0.40 | | | $ | 1.93 | | | $ | (0.05 | ) |
| Diluted: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Continuing Operations | | $ | 0.35 | | | $ | 0.73 | | | $ | 0.56 | | | $ | 0.11 | | | $ | 0.41 | | | $ | 1.81 | | | $ | 0.04 | |
| Discontinued Operations | | $ | (0.15 | ) | | $ | (0.06 | ) | | $ | 0.06 | | | $ | 0.12 | | | $ | (0.01 | ) | | $ | 0.10 | | | $ | (0.09 | ) |
| Total | | $ | 0.20 | | | $ | 0.67 | | | $ | 0.62 | | | $ | 0.23 | | | $ | 0.40 | | | $ | 1.91 | | | $ | (0.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Cash Dividends Declared per Common Share | | $ | - | | | $ | - | | | $ | - | | | $ | 0.18 | | | $ | - | | | $ | 0.18 | | | $ | 0.36 | |
