UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 20, 2023
ADTALEM GLOBAL EDUCATION INC.
(Exact name of registrant as specified in its charter)
Delaware | 001-13988 | 36-3150143 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
500 West Monroe |
Chicago, Illinois 60661 |
(Address of principal executive offices) (Zip Code) |
(312) 651-1400
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
Common Stock $0.01 Par Value | ATGE | New York Stock Exchange | ||
Common Stock $0.01 Par Value | ATGE | Chicago Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 | Regulation FD Disclosure |
On June 20, 2023, Adtalem Global Education Inc. (“Adtalem” or the “Company”) issued a press release regarding the Company’s hosting of an Investor Day in-person and virtually on June 20, 2023, beginning at 9:00 a.m. CDT, which is attached hereto as Exhibit 99.1. Members of Adtalem’s executive leadership team will discuss the Company’s financial performance outlook, including:
• | Reaffirming full-year 2023 financial guidance as provided on May 2, 2023, including: |
o | Full-year 2023 revenue guidance range of $1,400 million to $1,450 million. |
o | Full year 2023 adjusted earnings per share of $4.05 to $4.20. |
• | Providing fiscal year 2024 guidance, including: |
o | Revenue guidance range of $1,460 million to $1,520 million |
o | Adjusted earnings per share of $4.15 to $4.40. |
In the press release, the Company provided forward-looking guidance regarding adjusted earnings per share but did not provide a reconciliation to GAAP earnings per share because certain GAAP expense items are highly variable, and management is unable to predict them with reasonable certainty and without unreasonable effort.
This information is being furnished pursuant to Item 7.01, and the information contained therein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liabilities under that Section. Furthermore, the information contained in Exhibit 99.1 shall not be deemed to be incorporated by reference into the filings of Adtalem under the Securities Act of 1933, as amended.
Forward-Looking Statements
Certain statements contained in this Form 8-K and investor presentation 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 and the expected synergies from the Walden acquisition. 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 risks 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) and our other filings with the SEC.
These forward-looking statements are based on information as of June 20, 2023, 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.
Item 9.01 | Financial Statements and Exhibits |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ADTALEM GLOBAL EDUCATION INC. | |||
By: | /s/ Robert J. Phelan | ||
Robert J. Phelan | |||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
Date: June 20, 2023