Adtalem Global Education (ATGE) 8-K Adtalem Global Education Announces Third Quarter Fiscal 2018 Results

Exhibit 99.1

Adtalem Global Education Announces Third Quarter Fiscal 2018 Results

CHICAGO--(BUSINESS WIRE)--May 3, 2018--Adtalem Global Education (NYSE: ATGE), a leading global education provider, today reported academic, operating and financial results for its fiscal 2018 third quarter ended March 31, 2018, including enrollment results at Adtalem Education Brazil, Carrington College, Chamberlain University, and DeVry University/Keller Graduate School of Management.

“Our ongoing portfolio transformation positions the organization for sustainable long-term growth in our medical and healthcare, professional education and technology and business verticals,” said Lisa Wardell, president and CEO of Adtalem Global Education. “Driven by our student-centric culture, we are focused on delivering superior outcomes and achieving academic excellence across our portfolio of institutions. The underlying economics of our organization continue to improve and our financial position remains strong, supporting our ability to invest in growth initiatives and consistently return capital to our fellow owners.”

Financial and Operating Highlights

Selected financial data for the three months ended March 31, 2018:

• Revenue of $342.2 million increased 2.9 percent compared to the prior year
• Net income was $39.3 million compared to $39.9 million in the prior year; net income from continuing operations, excluding special items, was $44.9 million, compared to $37.9 million in the prior year

• Diluted earnings per share was $0.63, compared to $0.62 in the prior year; diluted earnings per share from continuing operations excluding special items was $0.72, compared to $0.59 in the prior year
• Operating cash flow for the first nine months of fiscal year 2018 was $183.3 million, compared to $169.8 million in the prior year
• Cash and cash equivalents were $265.3 million as of March 31, 2018, compared to $208.8 million as of March 31, 2017. Outstanding bank borrowings were $120.0 million as of March 31, 2018 and March 31, 2017
• Approximately 393,500 shares of common stock were repurchased during the third quarter of fiscal 2018
• Subsequent to quarter end, on April 13, 2018, Adtalem refinanced its existing $400 million revolving credit agreement by entering into a new $300 million revolving credit and $300 million term loan facility. Proceeds from the term loan were used to repay the existing credit facility balance. In association with the new facility, Adtalem received long-term credit ratings of Ba3 from Moody’s and BB+ from Standard and Poor’s.

During the second quarter of fiscal 2018, Adtalem signed an agreement to transfer ownership of DeVry University to Cogswell Education LLC. The agreement is subject to certain terms and conditions to be met during the transition process, including regulatory and accreditor approval, and the transaction is anticipated to be completed in early fiscal year 2019. As a result of this transaction, DeVry University has been classified as a discontinued operation. Adtalem recorded an after-tax loss from discontinued operations of $5.2 million in the third quarter.

Segment Highlights

Medical and Healthcare Segment

Third quarter segment revenue of $220.1 million increased 5.7 percent compared to the prior year. Chamberlain revenue in the quarter increased 2.9 percent from the prior year to $128.5 million, with increases in new student enrollment of 4.3 percent and total student enrollment of 4.5 percent in the March 2018 session compared to the same term last year. Revenue in the quarter for the medical and veterinary schools increased 10.0 percent from the prior year to $91.6 million, with increases in new student enrollment of 11.5 percent and total student enrollment of 1.3 percent in the January 2018 semester compared to the same term last year. The medical schools, which include American University of the Caribbean School of Medicine (AUC) and Ross University School of Medicine (RUSM), experienced a shift in revenue from the first half of the fiscal year to the third quarter caused by the delayed September 2017 semester start due to disruption caused by Hurricanes Irma and Maria. Third quarter operating income for the segment was $60.3 million, representing an increase of 20.2 percent from the prior year.

Professional Education

Third quarter segment revenue increased 5.7 percent to $31.5 million compared to the prior year, driven by revenue growth from Association of Certified Anti-Money Laundering Specialists (ACAMS), which was partially offset by a decline in revenue at Becker Professional Education. Segment operating income for the third quarter was $2.4 million, compared to $2.6 million in the prior year.

Technology and Business

Third quarter segment revenue decreased 4.5 percent to $59.0 million compared to the prior year. On a constant currency basis, revenue decreased 0.4 percent. Revenue was impacted in the quarter by process delays in Brazilian public loan programs which impacted student enrollment. New student enrollment was up 3.7 percent for the March session and total enrollment was down 4.9 percent compared to the same term last year. Segment operating loss for the third quarter was $103,000 compared to income of $5.4 million in the prior year.

US Traditional Postsecondary

Third quarter segment revenue declined 4.2 percent to $32.1 million compared to the prior year. An operating loss of $251,000 was reported in the third quarter compared to an operating loss of $3.1 million in the prior year.

Adtalem Outlook

Fiscal 2018 fourth quarter revenue is expected to increase 1 to 2 percent compared to the prior year. Revenue growth within the Medical and Healthcare and Professional Education segments is expected to be partially offset by decreases in revenue within the Technology and Business and US Traditional Postsecondary segments. Fourth quarter operating costs before special items are expected to be flat to up 1 percent compared to the prior year. Fourth quarter expenses may be impacted by the timing of insurance proceeds for the reimbursement of hurricane-related expenses.

Fiscal 2018 full year revenue is expected to increase 1 to 2 percent compared to the prior year and earnings growth from continuing operations before special items is expected to be 10 to 12 percent compared to the prior year. Full year capital spending is expected to be in the $60 to $65 million range, excluding hurricane-related spending. The effective income tax rate on continuing operations for the fiscal year is expected to be 14 to 16 percent, before special items. Adtalem’s outlook excludes potential charges related to restructuring plans and the pending sale of DeVry University.

Conference Call and Webcast Information

Adtalem will hold a conference call to discuss its fiscal 2018 third quarter earnings on Thursday, May 3, at 4 p.m. CT (5 p.m. ET). The conference call will be led by Lisa Wardell, president and chief executive officer; and Patrick Unzicker, chief financial officer and treasurer.

For those wishing to participate by telephone, dial 877-407-6184 (domestic) or 201-389-0877 (international) and ask for the Adtalem call or use conference ID: 13678951. Adtalem will also broadcast the conference call on Adtalem's website at: http://www.investorcalendar.com/event/28016.

Please access the website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.

Adtalem will archive a telephone replay of the call until June 3, 2018. To access the replay, dial 877-660-6853 (domestic) or 201-612-7415 (international), conference ID: 13678951. To access the webcast replay, please visit Adtalem's website at: http://www.investorcalendar.com/event/28016.

About Adtalem Global Education

The purpose of Adtalem Global Education is to empower students to achieve their goals, find success, and make inspiring contributions to our global community. Adtalem Global Education Inc. (NYSE: ATGE; member S&P MidCap 400 Index) is a leading global education provider and the parent organization of Adtalem Educacional do Brasil, American University of the Caribbean School of Medicine, Association of Certified Anti-Money Laundering Specialists, Becker Professional Education, Carrington College, Chamberlain University, DeVry University and its Keller Graduate School of Management, Ross University School of Medicine and Ross University School of Veterinary Medicine. For more information, please visit adtalem.com.

Forward Looking Statement

Certain statements contained in this release concerning Adtalem Global Education’s future performance, including those statements concerning expectations or plans, may constitute forward-looking statements subject to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Adtalem Global Education or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Actual results may differ materially from those projected or implied by these forward-looking statements. Potential risks, uncertainties and other factors that could cause results to differ are described more fully in Item 1A, "Risk Factors," in the most recent Annual Report on Form 10-K for the year ending June 30, 2017 and filed with the Securities and Exchange Commission (SEC) on August 24, 2017 and its most recent Quarterly Report on Form 10-Q for the quarter ending March 31, 2018 and filed with the SEC on May 3, 2018.

Enrollment from Continuing Operations
	FY 2018	FY 2017	% Change
Adtalem Global Education Student Enrollments
New students	27,991	27,136	+3.2%
Total students(1)	118,233	121,179	-2.4%
Adtalem Education of Brazil(2)
March Session
New students	23,367	22,531	+3.7%
Total students	75,700	79,564	-4.9%
Chamberlain University
March Session(3)
New students	2,830	2,713	+4.3%
Total students	31,053	29,726	+4.5%
Carrington College
3 months ending March 31, 2018
New students	1,794	1,892	-5.2%
Total students	5,542	6,026	-8.0%
Enrollment from Discontinued Operations
DeVry University	FY 2018	FY 2017	% Change
Undergraduate – March Session
New students	2,627	2,545	+3.2%
Total students	17,936	22,192	-19.2%
Graduate – March Session
Coursetakers(5)	7,299	9,185	-20.5%

1) Includes the most recently reported enrollments at Adtalem’s postsecondary institutions
2) Excludes Damásio test prep students
3) Post-licensure online programs only; pre-licensure campus-based programs start in September, January and May
4) Includes enrollments in its medical and veterinary preparatory programs
5) The term “coursetaker” refers to the number of courses taken by a student. Thus one student taking two courses equals two coursetakers

ADTALEM GLOBAL EDUCATION INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
PRELIMINARY
					March 31,			June 30,			March 31,
					2018			2017			2017
ASSETS:					(in thousands, except share and par value amounts)
	Current Assets:
		Cash and Cash Equivalents		$	265,325		$	240,426		$	208,759
		Marketable Securities and Investments			4,200			4,013			3,950
		Restricted Cash			1,042			4,759			1,335
		Accounts Receivable, Net			169,343			161,405			133,683
		Prepaid Expenses and Other Current Assets			71,906			37,886			37,474
		Current Assets Held for Sale			27,524			22,718			43,391
			Total Current Assets		539,340			471,207			428,592
	Land, Building and Equipment:
		Land			48,369			48,947			49,085
		Building			410,960			436,418			439,334
		Equipment			331,045			307,308			324,043
		Construction in Progress			30,550			22,240			16,207
					820,924			814,913			828,669
		Accumulated Depreciation			(402,565	)		(371,589	)		(378,738	)
		Land, Building and Equipment Held for Sale, Net			-			45,502			48,331
			Land, Building and Equipment, Net		418,359			488,826			498,262
	Noncurrent Assets:
		Deferred Income Taxes, Net			29,479			33,772			35,497
		Intangible Assets, Net			405,342			412,158			421,304
		Goodwill			845,843			829,086			838,805
		Other Assets, Net			35,492			40,696			57,090
		Other Assets Held for Sale			13,450			38,290			38,259
			Total Noncurrent Assets		1,329,606			1,354,002			1,390,955
TOTAL ASSETS				$	2,287,305		$	2,314,035		$	2,317,809
LIABILITIES:
	Current Liabilities:
		Accounts Payable		$	38,351		$	46,417		$	30,203
		Accrued Salaries, Wages and Benefits			63,860			81,661			70,435
		Accrued Liabilities			78,464			90,515			88,384
		Deferred Revenue			142,143			115,770			136,612
		Current Liabilities Held for Sale			55,808			42,964			76,531
			Total Current Liabilities		378,626			377,327			402,165
	Noncurrent Liabilities:
		Revolving Loan			120,000			125,000			120,000
		Deferred Income Taxes, Net			33,519			34,712			30,228
		Deferred Rent and Other Liabilities			96,920			101,672			104,492
		Income Taxes Payable			88,562			-			-
			Total Noncurrent Liabilities		339,001			261,384			254,720
TOTAL LIABILITIES					717,627			638,711			656,885
NONCONTROLLING INTEREST					11,391			6,285			6,600
SHAREHOLDERS' EQUITY:
	Common Stock, $0.01 Par Value, 200,000,000 Shares Authorized; 60,369,000,
		62,371,000 and 62,618,000 Shares Outstanding at March 31, 2018,
		June 30, 2017 and March 31, 2017, respectively			792			781			778
	Additional Paid-in Capital				450,120			415,912			404,800
	Retained Earnings				1,852,122			1,881,397			1,837,738
	Accumulated Other Comprehensive Loss				(59,195	)		(59,119	)		(37,013	)
	Treasury Stock, at Cost, 18,852,000, 15,691,000 and 15,208,000 Shares at
		March 31, 2018, June 30, 2017 and March 31, 2017, respectively			(685,552	)		(569,932	)		(551,979	)
TOTAL SHAREHOLDERS' EQUITY					1,558,287			1,669,039			1,654,324
TOTAL LIABILITIES, NONCONTROLLING INTEREST AND
	SHAREHOLDERS' EQUITY			$	2,287,305		$	2,314,035		$	2,317,809

ADTALEM GLOBAL EDUCATION INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited)
PRELIMINARY
					Three Months Ended March 31,				Nine Months Ended March 31,
					2018		2017		2018		2017
					(in thousands, except per share amounts)
REVENUE:
	Tuition			$	296,126	$	287,774	$	878,333	$	875,935
	Other Educational				46,067		44,901		126,382		119,725
		Total Revenue			342,193		332,675		1,004,715		995,660
OPERATING COST AND EXPENSE:
	Cost of Educational Services				179,736		182,216		554,647		548,850
	Student Services and Administrative Expense				108,046		103,690		309,590		308,322
	Restructuring Expense				621		2,804		5,562		9,117
	Regulatory Settlements				-		-		-		52,150
		Total Operating Cost and Expense			288,403		288,710		869,799		918,439
Operating Income from Continuing Operations					53,790		43,965		134,916		77,221
INTEREST:
	Interest Income				1,329		1,689		4,812		3,721
	Interest Expense				(2,850)		(1,995)		(7,247)		(6,410)
		Net Interest Expense			(1,521)		(306)		(2,435)		(2,689)
Income from Continuing Operations Before Income Taxes					52,269		43,659		132,481		74,532
Income Tax Provision					(7,656)		(7,343)		(120,888)		(4,980)
Equity Method Investment Loss					(100)		-		(138)		-
Income from Continuing Operations					44,513		36,316		11,455		69,552
DISCONTINUED OPERATIONS:
	(Loss) Income from Discontinued Operations Before
		Income Taxes			(8,708)		3,329		(63,887)		8,045
	Income Tax Benefit				3,483		377		23,854		2,329
	(Loss) Income from Discontinued Operations				(5,225)		3,706		(40,033)		10,374
NET INCOME (LOSS)					39,288		40,022		(28,578)		79,926
	Net Loss (Income) Attributable to Noncontrolling Interest				46		(163)		(459)		(502)
NET INCOME (LOSS) ATTRIBUTABLE TO ADTALEM GLOBAL
	EDUCATION			$	39,334	$	39,859	$	(29,037)	$	79,424
AMOUNTS ATTRIBUTABLE TO ADTALEM GLOBAL
	EDUCATION:
		Income from Continuing Operations		$	44,559	$	36,153	$	10,996	$	69,050
		(Loss) Income from Discontinued Operations			(5,225)		3,706		(40,033)		10,374
NET INCOME (LOSS) ATTRIBUTABLE TO ADTALEM GLOBAL
	EDUCATION			$	39,334	$	39,859	$	(29,037)	$	79,424
EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE
	TO ADTALEM GLOBAL EDUCATION SHAREHOLDERS:
		Basic:
			Continuing Operations	$	0.73	$	0.57	$	0.18	$	1.09
			Discontinued Operations	$	(0.09)	$	0.06	$	(0.65)	$	0.16
			Total	$	0.64	$	0.63	$	(0.47)	$	1.25
		Diluted:
			Continuing Operations	$	0.72	$	0.56	$	0.18	$	1.08
			Discontinued Operations	$	(0.08)	$	0.06	$	(0.64)	$	0.16
			Total	$	0.63	$	0.62	$	(0.46)	$	1.24
Cash Dividends Declared per Common Share				$	-	$	-	$	-	$	0.18

ADTALEM GLOBAL EDUCATION INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
PRELIMINARY
					Nine Months Ended March 31,
					2018			2017
					(in thousands)
CASH FLOW FROM OPERATING ACTIVITIES:
	Net (Loss) Income			$	(28,578	)	$	79,926
	Loss (Income) from Discontinued Operations				40,033			(10,374	)
	Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities:
		Stock-Based Compensation Expense			11,517			13,292
		Depreciation			38,347			39,841
		Amortization of Intangible Assets			7,333			8,487
		Amortization of Deferred Debt Issuance Costs			528			528
		Provision for Refunds and Uncollectible Accounts			31,787			31,883
		Deferred Income Taxes			4,562			(1,388	)
		Loss on Disposals, Accelerated Depreciation and Adjustments to Land, Building and Equipment			30,176			2,725
		Changes in Assets and Liabilities:
			Accounts Receivable		(38,581	)		(24,680	)
			Prepaid Expenses and Other		(29,936	)		(17,979	)
			Accounts Payable		(2,443	)		(11,496	)
			Accrued Salaries, Wages, Benefits and Liabilities		(30,918	)		(5,067	)
			Deferred Revenue		25,619			29,127
			Income Taxes Payable, Long-Term		88,562			-
	Net Cash Provided by Operating Activities-Continuing Operations				148,008			134,825
	Net Cash Provided by Operating Activities-Discontinued Operations				35,256			34,962
	NET CASH PROVIDED BY OPERATING ACTIVITIES				183,264			169,787
CASH FLOWS FROM INVESTING ACTIVITIES:
	Capital Expenditures				(52,653	)		(29,551	)
	Payment for Purchase of Businesses, Net of Cash Acquired				(4,041	)		(330,567	)
	Marketable Securities Purchased				(145	)		(82	)
	Net Cash Used in Investing Activities-Continuing Operations				(56,839	)		(360,200	)
	Net Cash Provided by (Used in) Investing Activities-Discontinued Operations				7,409			(2,978	)
	NET CASH USED IN INVESTING ACTIVITIES				(49,430	)		(363,178	)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Proceeds from Exercise of Stock Options				22,557			20,390
	Employee Taxes Paid on Withholding Shares				(3,862	)		(2,719	)
	Proceeds from Stock Issued Under Colleague Stock Purchase Plan				585			635
	Repurchase of Common Stock for Treasury				(111,626	)		(30,552	)
	Cash Dividends Paid				-			(11,414	)
	Payments of Seller Financed Obligations				(10,559	)		(3,943	)
	Borrowings Under Revolving Credit Facility				258,000			465,000
	Repayments Under Revolving Credit Facility				(263,000	)		(345,000	)
	NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES				(107,905	)		92,397
Effects of Exchange Rate Differences					(714	)		324
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH					25,215			(100,670	)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period					251,096			315,347
Cash, Cash Equivalents and Restricted Cash at End of Period					276,311			214,677
Less: Cash, Cash Equivalents and Restricted Cash of Discontinued Operations at End of Period					9,944			4,583
Cash, Cash Equivalents and Restricted Cash at End of Period				$	266,367		$	210,094

ADTALEM GLOBAL EDUCATION INC.
SEGMENT INFORMATION
(Unaudited)
PRELIMINARY
			Three Months Ended March 31,								Nine Months Ended March 31,
			2018			2017		Increase (Decrease)			2018			2017		Increase (Decrease)
REVENUE:			(in thousands)
	Medical and Healthcare	$	220,067		$	208,153		5.7	%	$	614,649		$	609,331		0.9	%
	Professional Education		31,505			29,810		5.7	%		101,906			91,906		10.9	%
	Technology and Business		59,030			61,810		(4.5	)%		196,602			193,437		1.6	%
	U.S. Traditional Postsecondary		32,123			33,537		(4.2	)%		93,291			102,967		(9.4	)%
	Home Office and Other		(532	)		(635	)	16.2	%		(1,733	)		(1,981	)	12.5	%
	Total Consolidated Revenue		342,193			332,675		2.9	%		1,004,715			995,660		0.9	%
OPERATING INCOME (LOSS):
	Medical and Healthcare		60,304			50,150		20.2	%		141,583			146,166		(3.1	)%
	Professional Education		2,382			2,619		(9.0	)%		15,082			8,810		71.2	%
	Technology and Business		(103	)		5,358		NM			15,749			16,864		(6.6	)%
	U.S. Traditional Postsecondary		(251	)		(3,067	)	91.8	%		(11,544	)		(11,369	)	(1.5	)%
	Home Office and Other		(8,542	)		(11,095	)	23.0	%		(25,954	)		(83,250	)	68.8	%
	Total Consolidated Operating Income	$	53,790		$	43,965		22.3	%	$	134,916		$	77,221		74.7	%

NON-GAAP INFORMATION

During the third quarter and first nine months of fiscal year 2018, Adtalem classified the operating results of DeVry University as discontinued operations, and recorded special items related to the following: (i) Restructuring charges related to severance for workforce reductions and real estate consolidations at the medical and veterinary schools, which is part of the Medical and Healthcare segment, Carrington College ("Carrington"), which is part of the U.S. Traditional Postsecondary segment, and Adtalem's home office (not related to any segment) in order to align its cost structure with enrollments; and (ii) Income tax charges related to implementation of the Tax Cuts and Jobs Act of 2017. During the third quarter and first nine months of fiscal year 2017, Adtalem recorded special items related to the following: (i) Restructuring charges related to severance for workforce reductions and real estate consolidations at the administrative support operations of the medical and veterinary schools, Carrington and Adtalem's home office in order to align its cost structure with enrollments; and (ii) Charges related to regulatory settlement agreements. In addition, in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), the operating results of DeVry University are reclassified as discontinued operations for the third quarter and first nine months of fiscal year 2017. The following tables illustrate the effects of the discontinued operations and special items on Adtalem’s operating income and net income. Management believes that the non-GAAP disclosure of operating income and net income excluding the discontinued operations and special items provides investors with useful supplemental information regarding the underlying business trends and performance of Adtalem’s ongoing operations and is useful for period-over-period comparisons of such operations given the special nature of discontinued operations, restructuring charges and regulatory settlements. Adtalem uses these supplemental financial measures internally in its management and budgeting process. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, Adtalem’s reported results prepared in accordance with GAAP. The following tables reconcile these non-GAAP measures to the most directly comparable GAAP information (in thousands):

			Three Months Ended March 31,								Nine Months Ended March 31,
			2018			2017		Increase (Decrease)			2018			2017		Increase (Decrease)
Medical and Healthcare Operating Income		$	60,304		$	50,150		20.2	%	$	141,583		$	146,166		(3.1	)%
	Restructuring Expense		530			667		(20.5	)%		642			667		(3.7	)%
Medical and Healthcare Operating Income
	Excluding Special Items	$	60,834		$	50,817		19.7	%	$	142,225		$	146,833		(3.1	)%
U.S. Traditional Postsecondary Operating Loss		$	(251	)	$	(3,067	)	91.8	%	$	(11,544	)	$	(11,369	)	(1.5	)%
	Restructuring Expense		-			725		NM			2,378			4,429		(46.3	)%
U.S. Traditional Postsecondary Operating Loss
	Excluding Special Items	$	(251	)	$	(2,342	)	89.3	%	$	(9,166	)	$	(6,940	)	(32.1	)%
Home Office and Other Operating Loss		$	(8,542	)	$	(11,095	)	23.0	%	$	(25,954	)	$	(83,250	)	68.8	%
	Restructuring Expense		91			1,412		(93.6	)%		2,542			4,021		(36.8	)%
	Regulatory Settlement		-			-		NM			-			52,150		NM
Home Office and Other Operating Loss
	Excluding Special Items	$	(8,451	)	$	(9,683	)	12.7	%	$	(23,412	)	$	(27,079	)	13.5	%

ADTALEM GLOBAL EDUCATION INC.
NON-GAAP EARNINGS DISCLOSURE
(Unaudited)
PRELIMINARY
					Three Months Ended March 31,						Nine Months Ended March 31,
					2018			2017			2018			2017
					(in thousands, except per share amounts)
Net Income (Loss)				$	39,334		$	39,859		$	(29,037	)	$	79,424
	Earnings (Loss) per Share (diluted)			$	0.63		$	0.62		$	(0.46	)	$	1.24
Continuing Operations:
	Restructuring Expense			$	621		$	2,804		$	5,562		$	9,117
		Effect on Earnings per Share (diluted)		$	0.01		$	0.04		$	0.09		$	0.14
	Tax Cuts and Jobs Act of 2017			$	-		$	-		$	101,196		$	-
		Effect on Earnings per Share (diluted)		$	-		$	-		$	1.62		$	-
	Regulatory Settlements			$	-		$	-		$	-		$	52,150
		Effect on Earnings per Share (diluted)		$	-		$	-		$	-		$	0.81
	Income Tax Impact on Non-GAAP Adjustments			$	(320	)	$	(1,096	)	$	(1,604	)	$	(22,952	)
		Effect on Earnings per Share (diluted)		$	(0.01	)	$	(0.02	)	$	(0.03	)	$	(0.36	)
Discontinued Operations, net of tax				$	5,225		$	(3,706	)	$	40,033		$	(10,374	)
	Effect on Earnings per Share (diluted)			$	0.08		$	(0.06	)	$	0.64		$	(0.16	)
Net Income from Continuing Operations Excluding Special
	Items, net of tax			$	44,860		$	37,861		$	116,150		$	107,365
		Earnings per Share from Continuing Operations Excluding
			Special Items, net of tax	$	0.72		$	0.59		$	1.86		$	1.68
Shares used in EPS calculation					61,965			64,266			62,474			63,991

SUPPLEMENTAL RECONCILIATIONS
(Unaudited)
PRELIMINARY
			Three Months Ended March 31, 2018
			(in thousands)
Revenue:			Medical and Healthcare			Professional Education			Technology and Business			U.S. Traditional Postsecondary			Home Office and Other			Consolidated
Fiscal Year 2017 as Reported		$	208,153		$	29,810		$	61,810		$	33,537		$	(635	)	$	332,675
Organic Growth (Decline)			8,245			1,313			(998	)		(1,414	)		103			7,249
Effect of Acquisitions			-			382			775			-			-			1,157
Hurricane Impact			3,669			-			-			-			-			3,669
Effect of Currency Change			-			-			(2,557	)		-			-			(2,557	)
Fiscal Year 2018 as Reported		$	220,067		$	31,505		$	59,030		$	32,123		$	(532	)	$	342,193
Fiscal Year 2018 % Change:
Organic Growth (Decline)			4.0	%		4.4	%		(1.6	%)		(4.2	%)		NM			2.2	%
Effect of Acquisitions			-			1.3	%		1.3	%		-			NM			0.3	%
Constant Currency Change			4.0	%		5.7	%		(0.4	%)		(4.2	%)		NM			2.5	%
Hurricane Impact			1.8	%		-			-			-			NM			1.1	%
Effect of Currency Change			-			-			(4.1	%)		-			NM			(0.8	%)
Fiscal Year 2018 % Change
	as Reported		5.7	%		5.7	%		(4.5	%)		(4.2	%)		NM			2.9	%

			Nine Months Ended March 31, 2018
			(in thousands)
Revenue:			Medical and Healthcare			Professional Education			Technology and Business			U.S. Traditional Postsecondary			Home Office and Other			Consolidated
Fiscal Year 2017 as Reported		$	609,331		$	91,906		$	193,437		$	102,967		$	(1,981	)	$	995,660
Organic Growth (Decline)			9,885			9,618			1,950			(9,676	)		248			12,025
Effect of Acquisitions			-			382			993			-			-			1,375
Hurricane Impact			(4,567	)		-			-			-			-			(4,567	)
Effect of Currency Change			-			-			222			-			-			222
Fiscal Year 2018 as Reported		$	614,649		$	101,906		$	196,602		$	93,291		$	(1,733	)	$	1,004,715
Fiscal Year 2018 % Change:
Organic Growth (Decline)			1.6	%		10.5	%		1.0	%		(9.4	%)		NM			1.2	%
Effect of Acquisitions			-			0.4	%		0.5	%		-			NM			0.1	%
Constant Currency Change			1.6	%		10.9	%		1.5	%		(9.4	%)		NM			1.3	%
Hurricane Impact			(0.7	%)		-			-			-			NM			(0.5	%)
Effect of Currency Change			-			-			0.1	%		-			NM			0.0	%
Fiscal Year 2018 % Change
	as Reported		0.9	%		10.9	%		1.6	%		(9.4	%)		NM			0.9	%

SUPPLEMENTAL RECONCILIATIONS
(Unaudited)
PRELIMINARY
			Three Months Ended March 31, 2018
			(in thousands)
Total Expenses:			Medical and Healthcare			Professional Education			Technology and Business			U.S. Traditional Postsecondary			Home Office and Other			Consolidated
Fiscal Year 2017 as Reported		$	158,003		$	27,192		$	56,453		$	36,603		$	10,459		$	288,710
Cost Investment (Reduction)			1,898			1,256			4,051			(3,504	)		(1,129	)		2,572
Effect of Acquisitions			-			675			455			-			-			1,130
Hurricane Impact			-			-			-			-			-			-
Restructuring Expense Change			(137	)		-			-			(725	)		(1,321	)		(2,183	)
Effect of Currency Change			-			-			(1,826	)		-			-			(1,826	)
Fiscal Year 2018 as Reported		$	159,764		$	29,123		$	59,133		$	32,374		$	8,009		$	288,403
Fiscal Year 2018 % Change:
Cost Investment (Reduction)			1.2	%		4.6	%		7.2	%		(9.6	%)		NM			0.9	%
Effect of Acquisitions			-			2.5	%		0.8	%		-			NM			0.4	%
Constant Currency Change			1.2	%		7.1	%		8.0	%		(9.6	%)		NM			1.3	%
Hurricane Impact			-			-			-			-			NM			-
Restructuring Expense Change			(0.1	%)		-			-			(2.0	%)		NM			(0.8	%)
Effect of Currency Change			-			-			(3.2	%)		-			NM			(0.6	%)
Fiscal Year 2018 % Change
	as Reported		1.1	%		7.1	%		4.7	%		(11.6	%)		NM			(0.1	%)

			Nine Months Ended March 31, 2018
			(in thousands)
Total Expenses:			Medical and Healthcare			Professional Education			Technology and Business			U.S. Traditional Postsecondary			Home Office and Other			Consolidated
Fiscal Year 2017 as Reported		$	463,165		$	83,097		$	176,573		$	114,335		$	81,269		$	918,439
Cost Investment (Reduction)			(3,446	)		3,052			3,186			(7,449	)		(3,419	)		(8,076	)
Effect of Acquisitions			-			675			606			-			-			1,281
Hurricane Impact			13,372			-			-			-			-			13,372
Restructuring Expense Change			(25	)		-			-			(2,051	)		(1,479	)		(3,555	)
Regulatory Settlement Change			-			-			-			-			(52,150	)		(52,150	)
Effect of Currency Change			-			-			488			-			-			488
Fiscal Year 2018 as Reported		$	473,066		$	86,824		$	180,853		$	104,835		$	24,221		$	869,799
Fiscal Year 2018 % Change:
Cost Investment (Reduction)			(0.7	%)		3.7	%		1.8	%		(6.5	%)		NM			(0.9	%)
Effect of Acquisitions			-			0.8	%		0.3	%		-			NM			0.1	%
Constant Currency Change			(0.7	%)		4.5	%		2.1	%		(6.5	%)		NM			(0.7	%)
Hurricane Impact			2.9	%		-			-			-			NM			1.5	%
Restructuring Expense Change			(0.0	%)		-			-			(1.8	%)		NM			(0.4	%)
Regulatory Settlement Change			-			-			-			-			NM			(5.7	%)
Effect of Currency Change			-			-			0.3	%		-			NM			0.1	%
Fiscal Year 2018 % Change
	as Reported		2.1	%		4.5	%		2.4	%		(8.3	%)		NM			(5.3	%)

CONTACT:
Adtalem Global Education
Investor Contact:
Beth Coronelli
Beth.Coronelli@Adtalem.com
630-353-9035
or
Media Contact:
Ernie Gibble
Ernie.Gibble@Adtalem.com
630-353-9920