Exhibit 99.3
Adtalem Global Education Inc.
Schedule of non-GAAP Segment Operating Income
(in thousands)
| | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Year Ended | |||||||||||||||||
| | Sept. 30, | | June 30, | | March 31, | | Dec. 31, | | Sept. 30, | | June 30, | | June 30, | |||||||
| | 2021 | | 2021 | | 2021 | | 2020 | | 2020 | | 2021 | | 2020 | |||||||
Chamberlain: | | | | | | | | | | | | | | | | | | | | | |
Operating income (GAAP) | | $ | 20,855 | | $ | 30,093 | | $ | 36,107 | | $ | 32,482 | | $ | 30,169 | | $ | 128,851 | | $ | 99,361 |
Restructuring expense | | | — | | | — | | | — | | | — | | | — | | | — | | | 291 |
Operating income excluding special items (non-GAAP) | | $ | 20,855 | | $ | 30,093 | | $ | 36,107 | | $ | 32,482 | | $ | 30,169 | | $ | 128,851 | | $ | 99,652 |
| | | | | | | | | | | | | | | | | | | | | |
Walden: | | | | | | | | | | | | | | | | | | | | | |
Operating loss (GAAP) | | $ | (11,646) | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
Deferred revenue adjustment | | | 6,207 | | | — | | | — | | | — | | | — | | | — | | | — |
Walden intangible amortization expense | | | 16,451 | | | — | | | — | | | — | | | — | | | — | | | — |
Operating income excluding special items (non-GAAP) | | $ | 11,012 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — |
| | | | | | | | | | | | | | | | | | | | | |
Medical and Veterinary: | | | | | | | | | | | | | | | | | | | | | |
Operating income (GAAP) | | $ | 15,665 | | $ | 11,226 | | $ | 14,977 | | $ | 18,808 | | $ | 22,841 | | $ | 67,852 | | $ | 66,676 |
Restructuring expense | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,416 |
Operating income excluding special items (non-GAAP) | | $ | 15,665 | | $ | 11,226 | | $ | 14,977 | | $ | 18,808 | | $ | 22,841 | | $ | 67,852 | | $ | 68,092 |
| | | | | | | | | | | | | | | | | | | | | |
Home Office and Other: | | | | | | | | | | | | | | | | | | | | | |
Previously reported operating loss (GAAP) | | $ | (42,233) | | $ | (10,471) | | $ | (10,774) | | $ | (18,760) | | $ | (23,576) | | $ | (63,581) | | $ | (41,399) |
Stranded costs allocated to continuing operations | | | (4,704) | | | (3,772) | | | (4,349) | | | (3,466) | | | (3,483) | | | (15,070) | | | (14,571) |
Adjusted reported operating loss (GAAP) | | | (46,937) | | | (14,243) | | | (15,123) | | | (22,226) | | | (27,059) | | | (78,651) | | | (55,970) |
CEO transition costs | | | 6,195 | | | — | | | — | | | — | | | — | | | — | | | — |
Restructuring expense | | | 3,094 | | | 1,570 | | | 1,217 | | | 1,166 | | | 2,916 | | | 6,869 | | | 21,976 |
Business acquisition and integration expense | | | 26,553 | | | 3,432 | | | 3,646 | | | 11,079 | | | 13,436 | | | 31,593 | | | — |
Gain on sale of assets | | | — | | | — | | | — | | | — | | | — | | | — | | | (4,779) |
Operating loss excluding special items (non-GAAP) | | $ | (11,095) | | $ | (9,241) | | $ | (10,260) | | $ | (9,981) | | $ | (10,707) | | $ | (40,189) | | $ | (38,773) |
| | | | | | | | | | | | | | | | | | | | | |
Adtalem Global Education: | | | | | | | | | | | | | | | | | | | | | |
Previously reported operating income (loss) (GAAP) | | $ | (4,731) | | $ | 40,240 | | $ | 44,214 | | $ | 40,323 | | $ | 36,706 | | $ | 161,483 | | $ | 142,260 |
Financial Services operating income charged to discontinued operations | | | (12,628) | | | (9,392) | | | (3,904) | | | (7,793) | | | (7,272) | | | (28,361) | | | (17,622) |
Stranded costs allocated to continuing operations | | | (4,704) | | | (3,772) | | | (4,349) | | | (3,466) | | | (3,483) | | | (15,070) | | | (14,571) |
Adjusted reported operating income (loss) (GAAP) | | | (22,063) | | | 27,076 | | | 35,961 | | | 29,064 | | | 25,951 | | | 118,052 | | | 110,067 |
Deferred revenue adjustment | | | 6,207 | | | — | | | — | | | — | | | — | | | — | | | — |
CEO transition costs | | | 6,195 | | | — | | | — | | | — | | | — | | | — | | | — |
Restructuring expense | | | 3,094 | | | 1,570 | | | 1,217 | | | 1,166 | | | 2,916 | | | 6,869 | | | 23,683 |
Business acquisition and integration expense | | | 26,553 | | | 3,432 | | | 3,646 | | | 11,079 | | | 13,436 | | | 31,593 | | | — |
Walden intangible amortization expense | | | 16,451 | | | — | | | — | | | — | | | — | | | — | | | — |
Gain on sale of assets | | | — | | | — | | | — | | | — | | | — | | | — | | | (4,779) |
Operating income excluding special items (non-GAAP) | | $ | 36,437 | | $ | 32,078 | | $ | 40,824 | | $ | 41,309 | | $ | 42,303 | | $ | 156,514 | | $ | 128,971 |