Exhibit 99.2
ADTALEM GLOBAL EDUCATION INC.
SCHEDULE OF NON-GAAP EARNINGS
(unaudited and amounts in thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Year Ended |
| | September 30, | | December 31, | | March 31, | | June 30, | | June 30, | | June 30, |
| | 2018 | | 2018 | | 2019 | | 2019 | | 2019 | | 2018 |
Net Income (Loss) | | $ | (9,530) | | $ | 17,295 | | $ | 37,905 | | $ | 49,498 | | $ | 95,168 | | $ | 33,769 |
Earnings (Loss) per Share (diluted, basic-9/30/18) | | $ | (0.16) | | $ | 0.29 | | $ | 0.64 | | $ | 0.86 | | $ | 1.60 | | $ | 0.54 |
Continuing Operations: | | | | | | | | | | | | | | | | | | |
Restructuring Expense | | $ | 39,473 | | $ | 3,535 | | $ | 2,186 | | $ | 7,873 | | $ | 53,067 | | $ | 3,851 |
Effect on Earnings per Share (diluted) | | $ | 0.64 | | $ | 0.06 | | $ | 0.04 | | $ | 0.14 | | $ | 0.89 | | $ | 0.06 |
Settlement Gains | | | — | | $ | (15,571) | | | — | | $ | (10,607) | | $ | (26,178) | | | — |
Effect on Earnings per Share (diluted) | | | — | | $ | (0.26) | | | — | | $ | (0.19) | | $ | (0.44) | | | — |
Tax Cuts and Jobs Act of 2017 and Tax Charges Related to the Divestiture of DeVry University | | | — | | $ | 1,526 | | | — | | $ | 2,058 | | $ | 3,584 | | $ | 103,878 |
Effect on Earnings per Share (diluted) | | | — | | $ | 0.03 | | | — | | $ | 0.04 | | $ | 0.06 | | $ | 1.67 |
Net Tax Benefit on Carrington Loss | | | — | | | — | | | — | | | — | | | — | | $ | (48,903) |
Effect on Earnings per Share (diluted) | | | — | | | — | | | — | | | — | | | — | | $ | $ (0.79) |
Income Tax Impact on Non-GAAP Adjustments | | $ | (7,952) | | $ | 2,829 | | $ | 328 | | $ | 3,235 | | $ | (1,560) | | $ | (986) |
Effect on Earnings per Share (diluted) | | $ | (0.13) | | $ | 0.05 | | $ | 0.01 | | $ | 0.06 | | $ | (0.03) | | $ | (0.02) |
Discontinued Operations, net of tax | | $ | 4,743 | | $ | 24,650 | | $ | (3,065) | | $ | (14,249) | | $ | 12,079 | | $ | 34,660 |
Effect on Earnings per Share (diluted) | | $ | 0.08 | | $ | 0.41 | | $ | (0.05) | | $ | (0.25) | | $ | 0.20 | | $ | 0.56 |
Net Income from Continuing Operations Excluding Special Items, net of tax | | $ | 26,734 | | $ | 34,264 | | $ | 37,354 | | $ | 37,808 | | $ | 136,160 | | $ | 126,269 |
Earnings per Share from Continuing Operations Excluding Special Items, net of tax (diluted) | | $ | 0.44 | | $ | 0.57 | | $ | 0.64 | | $ | 0.66 | | $ | 2.29 | | $ | 2.03 |
Shares used in Basic EPS Calculation | | | 60,328 | | | NA | | | NA | | | NA | | | NA | | | NA |
Shares used in Diluted EPS Calculation | | | 61,202 | | | 60,000 | | | 58,802 | | | 57,284 | | | 59,330 | | | 62,280 |
