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Adtalem Global Education Announces Exceptional Fiscal Year 2025 Results; Initiates Fiscal Year 2026 Guidance

Total enrollment up 10.2% YoY for fourth quarter 2025

Revenue up 12.9% YoY for fiscal 2025

Fiscal 2025 diluted earnings per share $6.18; Adjusted EPS $6.67, growth of 33.1% YoY

Fourth quarter highlights

  • Revenue $457.1 million, up 11.5% year-over-year
  • Total student enrollment 91,780, up 10.2% year-over-year
  • Chamberlain tenth straight quarter of total enrollment growth, up 5.8% year-over-year
  • Walden eighth straight quarter of total enrollment growth, up 15.0% year-over-year
  • Medical and Veterinary sustained total enrollment growth, up 1.0% year-over-year
  • GAAP net income $54.2 million; adjusted EBITDA $110.2 million, up 13.2% year-over-year

Fiscal year highlights

  • Revenue $1,788.3 million, up 12.9% year-over-year
  • Chamberlain achieved record total enrollment, more than 40,500 enrolled
  • Walden total enrollment up double digits every quarter, achieving more than 48,500 enrolled
  • Medical and Veterinary approx. 5,000 students enrolled on average
  • Growth with Purpose momentum, GAAP net income $237.1 million; adjusted EBITDA $459.7 million, up 21.8% year-over-year

Fiscal year capital allocation

  • Repurchased $211 million of shares completing prior authorization; new $150 million Board authorization through May 2028
  • Repriced $253 million Term Loan B on Aug. 21, 2024, reducing interest rate by 75 bps; repaid $100 million of outstanding Term Loan B balance on Jan. 17, 2025
  • Net leverage 0.8x as of June 30, 2025

Fiscal year ‘26 guidance

  • Revenue $1,900 million to $1,940 million
  • Adjusted earnings per share $7.60 to $7.90

Adtalem Global Education Inc. (NYSE: ATGE), the leading healthcare educator in the United States, today reported fourth quarter and fiscal 2025 results (ended June 30, 2025), achieving exceptional results through sustained total enrollment growth, increased operational efficiency and strong student outcomes through disciplined strategic execution.

“Fiscal 2025 marked a defining moment for Adtalem—an inflection point that demonstrated the strength and scaled ability of our Growth with Purpose strategy,” said Steve Beard, chairman and chief executive officer of Adtalem Global Education. “We delivered strong financial results while deepening our impact—graduating more healthcare professionals into roles where they’re urgently needed. Our disciplined investments and student outcomes, coupled with strategic partnerships, are creating repeatable high return pathways from education to employment. With a resilient operating model and growing momentum, we are well-positioned to sustain performance and deliver long-term value for our students, shareholders and the U.S. healthcare system.”

Financial Highlights

Selected financial data for the three months ended June 30, 2025:

  • Revenue was $457.1 million, an increase of 11.5% compared with the prior year.
  • Operating income was $76.9 million, compared with $68.5 million in the prior year; adjusted operating income was $87.5 million, compared with $80.1 million in the prior year.
  • Net income was $54.2 million, compared with $49.4 million in the prior year; adjusted net income was $62.4 million, compared with $52.8 million in the prior year.
  • Diluted earnings per share was $1.44, compared with $1.28 in the prior year; adjusted earnings per share was $1.66, compared with $1.37 in the prior year.
  • Adjusted EBITDA was $110.2 million, compared with $97.4 million in the prior year; adjusted EBITDA margin was 24.1%, compared with 23.8% in the prior year.

Selected financial data for the fiscal year ended June 30, 2025:

  • Revenue was $1,788.3 million, an increase of 12.9% compared with the prior year.
  • Operating income was $341.5 million, compared with $217.1 million in the prior year; adjusted operating income was $370.2 million, compared with $308.8 million in the prior year.
  • Net income was $237.1 million, compared with $136.8 million in the prior year; adjusted net income was $255.6 million, compared with $201.8 million in the prior year.
  • Diluted earnings per share was $6.18, compared with $3.39 in the prior year; adjusted earnings per share was $6.67, compared with $5.01 in the prior year.
  • Adjusted EBITDA was $459.7 million, compared with $377.5 million in the prior year; adjusted EBITDA margin was 25.7%, compared with 23.8% in the prior year.

Business Highlights

  • Chamberlain University and SSM Health announced the Aspiring Nurse Program – a groundbreaking partnership designed to address critical healthcare workforce needs. The innovative partnership funds nursing education1, enhances clinical readiness and creates a pathway to employment across SSM Health’s care sites in Missouri, Oklahoma, Illinois and Wisconsin. The partnership offers a direct, employment-focused pathway for aspiring nurses, creating a sustainable talent pipeline that will graduate more than 400 new nurses annually.
  • Walden University and Chamberlain University earned the prestigious "Opportunity Colleges and Universities" designation in the 2025 Carnegie Classification. This selective recognition from the Carnegie Foundation and American Council on Education, awarded to only 16% of institutions assessed, confirms Chamberlain and Walden’s ability to serve broad student populations while delivering strong economic outcomes for graduates.
  • Walden University’s Doctor of Social Work (DSW) program has achieved accreditation by the Council on Social Work Education (CSWE), making it one of only four DSW programs in the U.S. to receive this recognition. This accreditation validates the quality of the DSW program and the professional excellence of its graduates.
  • Adtalem’s Medical and Veterinary schools (American University of the Caribbean School of Medicine, Ross University School of Medicine and Ross University School of Veterinary Medicine) graduated more than 1,100 students in fiscal year 2025. Medical students from 42 states and 30 countries and veterinary students from 43 states and four countries were amongst the graduating class.2
  • American University of the Caribbean School of Medicine (AUC) has collaborated with Massachusetts General Hospital Institute of Health Professions (MGH Institute of Health Professions) to create the MGHIHP-AUC-Gateway for Innovation Careers in Medical Technology (“MAGIC”) partnership, providing AUC students the ability to pursue a Master’s in Healthcare Data Analytics (MSDA) which can be completed while students complete their Doctor of Medicine (MD) degree. The partnership places AUC students and alumni at the forefront of the AI digital transformation in healthcare, shaping the future of medicine.

Segment Highlights

Chamberlain

$ in millions

 

Three Months Ended

June 30,

 

Year Ended

June 30,

 

 

2025

2024

% Change

 

2025

2024

% Change

Revenue

 

$184.3

$167.0

10.3%

 

$725.8

$633.5

14.6%

Operating Income

 

$35.7

$40.5

(11.7)%

 

$151.5

$137.8

9.9%

Adj. Operating Income

 

$35.7

$40.5

(11.7)%

 

$153.4

$137.8

11.3%

Adj. EBITDA

 

$45.0

$47.3

(4.8)%

 

$191.4

$166.2

15.2%

Total Students (3)

 

38,891

36,750

5.8%

 

 

 

 

  • Total student enrollment increased 5.8% compared with the prior year, driven by continued growth in pre-licensure and post-licensure nursing programs.

Walden

$ in millions

 

Three Months Ended

June 30,

 

Year Ended

June 30,

 

 

2025

2024

% Change

 

2025

2024

% Change

Revenue

 

$182.2

$156.3

16.6%

 

$693.4

$595.3

16.5%

Operating Income

 

$44.0

$30.1

46.3%

 

$177.9

$77.2

130.5%

Adj. Operating Income

 

$46.8

$37.4

25.1%

 

$183.6

$130.5

40.6%

Adj. EBITDA

 

$52.7

$41.1

28.0%

 

$206.5

$146.8

40.7%

Total Students (3)

 

48,116

41,845

15.0%

 

 

 

 

  • Total student enrollment increased 15.0% compared with the prior year, driven by growth in healthcare and non-healthcare programs.

Medical and Veterinary

$ in millions

 

Three Months Ended

June 30,

 

Year Ended

June 30,

 

 

2025

2024

% Change

 

2025

2024

% Change

Revenue

 

$90.6

$86.6

4.7%

 

$369.1

$355.8

3.7%

Operating Income

 

$14.9

$11.9

24.7%

 

$68.8

$71.1

(3.2)%

Adj. Operating Income

 

$15.1

$12.0

25.8%

 

$69.3

$71.5

(3.2)%

Adj. EBITDA

 

$20.0

$16.5

21.7%

 

$88.8

$88.9

(0.1)%

Total Students (3)

 

4,773

4,726

1.0%

 

 

 

 

  • Total student enrollment increased 1.0% compared with the prior year, driven by growth at medical and veterinary.

Fiscal Year 2026 Outlook

Adtalem initiates guidance for fiscal year 2026, revenue in the range of $1,900 million to $1,940 million, approximately 6.0% to 8.5% growth year-over-year. Adjusted earnings per share to be in the range of $7.60 to $7.90, approximately 14.0% to 18.5% growth year-over-year.

Conference Call and Webcast Information

Adtalem will hold a conference call to discuss its fourth quarter and fiscal year 2025 results today at 4:00 p.m. CT (5:00 p.m. ET).

The call can be accessed by dialing +1 877-407-6184 (U.S. participants) or +1 201-389-0877 (international participants) and stating “Adtalem earnings call” or by using conference ID: 13754556. The call will be simulcast through the Adtalem investor relations website at: https://investors.adtalem.com.

Adtalem will archive a replay of the call for 30 days. To access the replay, dial +1 877-660-6853 (U.S.) or +1 201-612-7415 (international), conference ID: 13754556, or visit the Adtalem investor relations website.

About Adtalem Global Education

Adtalem Global Education is the leading provider of healthcare education in the U.S., shaping the future of healthcare by preparing a workforce with high-quality academic programs. We innovate education pathways, align with industry needs and empower individuals to reach their full potential. Our commitment to excellence and access is reflected in our expansive network of institutions, serving over 90,000 students and supported by a strong community of approximately 365,000 alumni and nearly 10,000 dedicated employees. Visit Adtalem.com for more information and follow us on LinkedIn, Instagram and Facebook.

Cautionary Disclosure Regarding Forward-Looking Statements

Certain statements contained in this release 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. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “future,” “believe,” “project,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “may,” “will,” “would,” “could,” “can,” “continue,” “preliminary,” “potential,” “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. Important factors that could cause actual results to differ materially from the expectations expressed or implied by our forward-looking statements are disclosed in Item 1A. “Risk Factors,” of our Annual Report on Form 10-K. You should evaluate forward-looking statements in the context of these risks and uncertainties and are cautioned to not place undue reliance on such forward-looking statements. We caution you that these factors, performance or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. All forward-looking statements are based on information available to use as of the date any such statements are made, 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.

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of special items that may be incurred in the future, although these special items could be material to Adtalem's results in accordance with GAAP.

1 For students who apply and qualify after graduating, passing NCLEX and fulfilling employment obligations with SSM Health of up to 4 years. Full coverage requires funding 100% of tuition and fees with student loans.

2 States include the District of Columbia; countries based on student citizenship.

3 Represents total students attending sessions during each institution’s most recent enrollment period in Q4 FY 2025 and Q4 FY 2024.

Adtalem Global Education Inc.

Consolidated Balance Sheets

(unaudited)

(in thousands, except par value)

 

 

 

 

 

 

 

 

 

June 30,

 

 

2025

 

2024

Assets:

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

199,601

 

$

219,306

Restricted cash

 

 

1,563

 

 

1,896

Accounts and financing receivables, net

 

 

146,189

 

 

126,833

Prepaid expenses and other current assets

 

 

68,837

 

 

70,050

Total current assets

 

 

416,190

 

 

418,085

Noncurrent assets:

 

 

 

 

 

 

Property and equipment, net

 

 

256,131

 

 

248,524

Operating lease assets

 

 

191,194

 

 

176,755

Deferred income taxes

 

 

32,956

 

 

49,088

Intangible assets, net

 

 

765,474

 

 

776,694

Goodwill

 

 

961,262

 

 

961,262

Other assets, net

 

 

129,145

 

 

103,184

Assets held for sale

 

 

 

 

7,825

Total noncurrent assets

 

 

2,336,162

 

 

2,323,332

Total assets

 

$

2,752,352

 

$

2,741,417

Liabilities and shareholders' equity:

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

105,017

 

$

102,626

Accrued payroll and benefits

 

 

76,374

 

 

71,373

Accrued liabilities

 

 

77,286

 

 

96,957

Deferred revenue

 

 

214,091

 

 

185,272

Current operating lease liabilities

 

 

35,159

 

 

31,429

Total current liabilities

 

 

507,927

 

 

487,657

Noncurrent liabilities:

 

 

 

 

 

 

Long-term debt

 

 

552,669

 

 

648,712

Long-term operating lease liabilities

 

 

186,172

 

 

167,712

Deferred income taxes

 

 

31,856

 

 

29,526

Other liabilities

 

 

40,103

 

 

38,675

Total noncurrent liabilities

 

 

810,800

 

 

884,625

Total liabilities

 

 

1,318,727

 

 

1,372,282

Commitments and contingencies

 

 

 

 

 

 

Total shareholders' equity

 

 

1,433,625

 

 

1,369,135

Total liabilities and shareholders' equity

 

$

2,752,352

 

$

2,741,417

Adtalem Global Education Inc.

Consolidated Statements of Income

(unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

June 30,

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$

457,106

 

 

$

409,907

 

 

$

1,788,290

 

 

$

1,584,652

 

Operating cost and expense:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of educational services

 

 

198,930

 

 

 

182,540

 

 

 

771,430

 

 

 

698,548

 

Student services and administrative expense

 

 

180,863

 

 

 

154,597

 

 

 

672,004

 

 

 

632,965

 

Restructuring expense

 

 

388

 

 

 

653

 

 

 

3,314

 

 

 

1,870

 

Business integration expense

 

 

 

 

 

3,594

 

 

 

 

 

 

34,215

 

Total operating cost and expense

 

 

380,181

 

 

 

341,384

 

 

 

1,446,748

 

 

 

1,367,598

 

Operating income

 

 

76,925

 

 

 

68,523

 

 

 

341,542

 

 

 

217,054

 

Interest expense

 

 

(10,853

)

 

 

(14,749

)

 

 

(52,318

)

 

 

(63,659

)

Other income, net

 

 

2,511

 

 

 

1,894

 

 

 

9,290

 

 

 

10,542

 

Income from continuing operations before income taxes

 

 

68,583

 

 

 

55,668

 

 

 

298,514

 

 

 

163,937

 

Provision for income taxes

 

 

(14,121

)

 

 

(5,068

)

 

 

(65,837

)

 

 

(26,224

)

Income from continuing operations

 

 

54,462

 

 

 

50,600

 

 

 

232,677

 

 

 

137,713

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from discontinued operations before income taxes

 

 

(346

)

 

 

(1,091

)

 

 

5,870

 

 

 

(762

)

Benefit from (provision for) income taxes

 

 

96

 

 

 

(90

)

 

 

(1,482

)

 

 

(174

)

(Loss) income from discontinued operations

 

 

(250

)

 

 

(1,181

)

 

 

4,388

 

 

 

(936

)

Net income and comprehensive income

 

$

54,212

 

 

$

49,419

 

 

$

237,065

 

 

$

136,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.51

 

 

$

1.34

 

 

$

6.27

 

 

$

3.49

 

Discontinued operations

 

$

(0.01

)

 

$

(0.03

)

 

$

0.12

 

 

$

(0.02

)

Total basic earnings per share

 

$

1.50

 

 

$

1.31

 

 

$

6.39

 

 

$

3.47

 

Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.45

 

 

$

1.31

 

 

$

6.07

 

 

$

3.42

 

Discontinued operations

 

$

(0.01

)

 

$

(0.03

)

 

$

0.11

 

 

$

(0.02

)

Total diluted earnings per share

 

$

1.44

 

 

$

1.28

 

 

$

6.18

 

 

$

3.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares

 

 

36,034

 

 

 

37,642

 

 

 

37,085

 

 

 

39,413

 

Diluted shares

 

 

37,584

 

 

 

38,595

 

 

 

38,334

 

 

 

40,307

 

Adtalem Global Education Inc.

Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

Year Ended June 30,

 

 

2025

 

 

2024

 

Operating activities:

 

 

 

 

 

 

Net income

 

$

237,065

 

 

$

136,777

 

(Income) loss from discontinued operations

 

 

(4,388

)

 

 

936

 

Income from continuing operations

 

 

232,677

 

 

 

137,713

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Stock-based compensation

 

 

41,590

 

 

 

25,947

 

Amortization and impairments to operating lease assets

 

 

32,543

 

 

 

32,641

 

Depreciation

 

 

40,702

 

 

 

39,676

 

Amortization of acquired intangible assets

 

 

11,220

 

 

 

35,644

 

Amortization and write-off of debt discount and issuance costs

 

 

5,985

 

 

 

5,663

 

Provision for bad debts

 

 

63,237

 

 

 

53,175

 

Deferred income taxes

 

 

18,413

 

 

 

11,073

 

Loss on disposals and impairments of property and equipment

 

 

2,527

 

 

 

466

 

Gain on investments

 

 

(1,074

)

 

 

(1,365

)

Loss on assets held for sale

 

 

490

 

 

 

647

 

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts and financing receivables

 

 

(80,820

)

 

 

(76,355

)

Prepaid expenses and other current assets

 

 

5,546

 

 

 

(8,781

)

Cloud computing implementation assets

 

 

(32,823

)

 

 

(27,154

)

Accounts payable

 

 

140

 

 

 

18,330

 

Accrued payroll and benefits

 

 

5,144

 

 

 

19,422

 

Accrued liabilities

 

 

(15,948

)

 

 

27,422

 

Deferred revenue

 

 

34,273

 

 

 

40,622

 

Operating lease liabilities

 

 

(24,792

)

 

 

(36,692

)

Other assets and liabilities

 

 

(5,296

)

 

 

(9,727

)

Net cash provided by operating activities-continuing operations

 

 

333,734

 

 

 

288,367

 

Net cash provided by operating activities-discontinued operations

 

 

4,165

 

 

 

7,408

 

Net cash provided by operating activities

 

 

337,899

 

 

 

295,775

 

Investing activities:

 

 

 

 

 

 

Capital expenditures

 

 

(50,327

)

 

 

(48,893

)

Proceeds from sales of marketable securities

 

 

3,120

 

 

 

1,732

 

Purchases of marketable securities

 

 

(2,048

)

 

 

(689

)

Proceeds from sale of assets

 

 

7,334

 

 

 

 

Net cash used in investing activities-continuing operations

 

 

(41,921

)

 

 

(47,850

)

Financing activities:

 

 

 

 

 

 

Proceeds from exercise of stock options

 

 

10,027

 

 

 

17,089

 

Employee taxes paid on withholding shares

 

 

(14,200

)

 

 

(7,731

)

Proceeds from stock issued under Colleague Stock Purchase Plan

 

 

1,282

 

 

 

810

 

Repurchases of common stock for treasury

 

 

(213,125

)

 

 

(261,966

)

Proceeds from issuance of long-term debt

 

 

9,873

 

 

 

1,896

 

Repayments of long-term debt

 

 

(109,873

)

 

 

(51,896

)

Net cash used in financing activities

 

 

(316,016

)

 

 

(301,798

)

Net decrease in cash, cash equivalents and restricted cash

 

 

(20,038

)

 

 

(53,873

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

221,202

 

 

 

275,075

 

Cash, cash equivalents and restricted cash at end of period

 

$

201,164

 

 

$

221,202

Adtalem Global Education Inc.

Segment Revenue

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

June 30,

 

June 30,

 

 

 

 

 

 

 

 

Increase/(Decrease)

 

 

 

 

 

 

 

 

Increase/(Decrease)

 

 

 

2025

 

2024

 

$

 

%

 

 

2025

 

2024

 

$

 

%

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chamberlain

 

$

184,266

 

$

167,035

 

$

17,231

 

10.3

%

 

$

725,774

 

$

633,522

 

$

92,252

 

14.6

%

Walden

 

 

182,193

 

 

156,309

 

 

25,884

 

16.6

%

 

 

693,430

 

 

595,332

 

 

98,098

 

16.5

%

Medical and Veterinary

 

 

90,647

 

 

86,563

 

 

4,084

 

4.7

%

 

 

369,086

 

 

355,798

 

 

13,288

 

3.7

%

Total consolidated revenue

 

$

457,106

 

$

409,907

 

$

47,199

 

11.5

%

 

$

1,788,290

 

$

1,584,652

 

$

203,638

 

12.9

%

Adtalem Global Education Inc.

Non-GAAP Financial Measures and Reconciliations

We believe that certain non-GAAP financial measures provide investors with useful supplemental information regarding the underlying business trends and performance of Adtalem’s ongoing operations as seen through the eyes of management and are useful for period-over-period comparisons. We use these supplemental non-GAAP financial measures internally in our assessment of performance and budgeting process. However, these non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The following are non-GAAP financial measures used in the subsequent GAAP to non-GAAP reconciliation tables:

Adjusted net income (most comparable GAAP measure: net income) – Measure of Adtalem’s net income adjusted for restructuring expense, business integration expense, amortization of acquired intangible assets, write-off of debt discount and issuance costs, litigation reserve, asset impairments, loss on assets held for sale, debt modification costs, strategic advisory costs, tax benefit due to change in unrecognized tax benefits, and loss (income) from discontinued operations.

Adjusted earnings per share (most comparable GAAP measure: diluted earnings per share) – Measure of Adtalem’s diluted earnings per share adjusted for restructuring expense, business integration expense, amortization of acquired intangible assets, write-off of debt discount and issuance costs, litigation reserve, asset impairments, loss on assets held for sale, debt modification costs, strategic advisory costs, tax benefit due to change in unrecognized tax benefits, and loss (income) from discontinued operations.

Adjusted operating income (most comparable GAAP measure: operating income) – Measure of Adtalem’s operating income adjusted for restructuring expense, business integration expense, amortization of acquired intangible assets, litigation reserve, asset impairments, strategic advisory costs, loss on assets held for sale, and debt modification costs.

Adjusted EBITDA (most comparable GAAP measure: net income) – Measure of Adtalem’s net income adjusted for loss (income) from discontinued operations, interest expense, other income, net, provision for income taxes, depreciation, amortization of acquired intangible assets, amortization of cloud computing implementation assets, stock-based compensation, restructuring expense, business integration expense, litigation reserve, asset impairments, strategic advisory costs, loss on assets held for sale, and debt modification costs. Provision for income taxes, interest expense, and other income, net is not recorded at the reportable segments, and therefore, the segment adjusted EBITDA reconciliations begin with adjusted operating income.

Free cash flow (most comparable GAAP measure: net cash provided by operating activities-continuing operations) – Defined as net cash provided by operating activities-continuing operations less capital expenditures.

Net debt – Defined as long-term debt less cash and cash equivalents.

Net leverage – Defined as net debt divided by adjusted EBITDA.

A description of special items in our non-GAAP financial measures described above are as follows:

  • Restructuring expense primarily related to workforce reductions, costs to exit certain course offerings, and prior real estate consolidations at Adtalem’s home office. We do not include normal, recurring, cash operating expenses in our restructuring expense.
  • Business integration expense includes expenses related to the Walden acquisition and certain costs related to growth transformation initiatives. We do not include normal, recurring, cash operating expenses in our business integration expense.
  • Amortization of acquired intangible assets.
  • Amortization of cloud computing implementation assets.
  • Write-off of debt discount and issuance costs related to prepayments of debt, reserves related to significant litigation, asset impairments related to adjusting certain operating lease assets and property and equipment as a result of adjusting carrying values to fair values, loss on assets held for sale related to adjusting those assets to estimated fair value less costs to sell, and debt modification costs related to refinancing our Term Loan B loan.
  • Strategic advisory costs related to expanding capabilities and bringing new capacities to market to further enhance our strategic position. We do not include normal, recurring, cash operating expenses in our strategic advisory costs.
  • Tax benefit due to change in unrecognized tax benefits.
  • Loss (income) from discontinued operations includes expense from ongoing litigation costs and settlements related to divestitures and the earn-outs we received.

Adtalem Global Education Inc.

Adjusted Operating Income

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

June 30,

 

June 30,

 

 

 

 

 

 

 

 

Increase/(Decrease)

 

 

 

 

 

 

 

 

Increase/(Decrease)

 

 

 

2025

 

 

2024

 

 

$

 

%

 

 

2025

 

 

2024

 

 

$

 

%

 

Chamberlain:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

35,739

 

 

$

40,487

 

 

$

(4,748

)

 

(11.7

)

%

 

$

151,455

 

 

$

137,800

 

 

$

13,655

 

 

9.9

 

%

Restructuring expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,912

 

 

 

 

 

 

1,912

 

 

 

 

Adjusted operating income

 

$

35,739

 

 

$

40,487

 

 

$

(4,748

)

 

(11.7

)

%

 

$

153,367

 

 

$

137,800

 

 

$

15,567

 

 

11.3

 

%

Operating margin

 

 

19.4

 

%

 

24.2

 

%

 

 

 

 

 

 

 

20.9

 

%

 

21.8

 

%

 

 

 

 

 

Adjusted operating margin

 

 

19.4

 

%

 

24.2

 

%

 

 

 

 

 

 

 

21.1

 

%

 

21.8

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Walden:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

43,982

 

 

$

30,058

 

 

$

13,924

 

 

46.3

 

%

 

$

177,911

 

 

$

77,179

 

 

$

100,732

 

 

130.5

 

%

Restructuring expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(776

)

 

 

776

 

 

 

 

Amortization of acquired intangible assets

 

 

2,805

 

 

 

7,348

 

 

 

(4,543

)

 

 

 

 

 

11,220

 

 

 

35,644

 

 

 

(24,424

)

 

 

 

Litigation reserve

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,550

)

 

 

18,500

 

 

 

(24,050

)

 

 

 

Adjusted operating income

 

$

46,787

 

 

$

37,406

 

 

$

9,381

 

 

25.1

 

%

 

$

183,581

 

 

$

130,547

 

 

$

53,034

 

 

40.6

 

%

Operating margin

 

 

24.1

 

%

 

19.2

 

%

 

 

 

 

 

 

 

25.7

 

%

 

13.0

 

%

 

 

 

 

 

Adjusted operating margin

 

 

25.7

 

%

 

23.9

 

%

 

 

 

 

 

 

 

26.5

 

%

 

21.9

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Medical and Veterinary:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

$

14,864

 

 

$

11,923

 

 

$

2,941

 

 

24.7

 

%

 

$

68,798

 

 

$

71,065

 

 

$

(2,267

)

 

(3.2

)

%

Restructuring expense

 

 

218

 

 

 

63

 

 

 

155

 

 

 

 

 

 

454

 

 

 

442

 

 

 

12

 

 

 

 

Adjusted operating income

 

$

15,082

 

 

$

11,986

 

 

$

3,096

 

 

25.8

 

%

 

$

69,252

 

 

$

71,507

 

 

$

(2,255

)

 

(3.2

)

%

Operating margin

 

 

16.4

 

%

 

13.8

 

%

 

 

 

 

 

 

 

18.6

 

%

 

20.0

 

%

 

 

 

 

 

Adjusted operating margin

 

 

16.6

 

%

 

13.8

 

%

 

 

 

 

 

 

 

18.8

 

%

 

20.1

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home Office:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

$

(17,660

)

 

$

(13,945

)

 

$

(3,715

)

 

(26.6

)

%

 

$

(56,622

)

 

$

(68,990

)

 

$

12,368

 

 

17.9

 

%

Restructuring expense

 

 

170

 

 

 

590

 

 

 

(420

)

 

 

 

 

 

948

 

 

 

2,204

 

 

 

(1,256

)

 

 

 

Business integration expense

 

 

 

 

 

3,594

 

 

 

(3,594

)

 

 

 

 

 

 

 

 

34,215

 

 

 

(34,215

)

 

 

 

Asset impairments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,442

 

 

 

 

 

 

6,442

 

 

 

 

Strategic advisory costs

 

 

6,900

 

 

 

 

 

 

6,900

 

 

 

 

 

 

12,000

 

 

 

 

 

 

12,000

 

 

 

 

Loss on assets held for sale

 

 

490

 

 

 

 

 

 

490

 

 

 

 

 

 

490

 

 

 

647

 

 

 

(157

)

 

 

 

Debt modification costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

712

 

 

 

848

 

 

 

(136

)

 

 

 

Adjusted operating loss

 

$

(10,100

)

 

$

(9,761

)

 

$

(339

)

 

(3.5

)

%

 

$

(36,030

)

 

$

(31,076

)

 

$

(4,954

)

 

(15.9

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adtalem Global Education:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (GAAP)

 

$

76,925

 

 

$

68,523

 

 

$

8,402

 

 

12.3

 

%

 

$

341,542

 

 

$

217,054

 

 

$

124,488

 

 

57.4

 

%

Restructuring expense

 

 

388

 

 

 

653

 

 

 

(265

)

 

 

 

 

 

3,314

 

 

 

1,870

 

 

 

1,444

 

 

 

 

Business integration expense

 

 

 

 

 

3,594

 

 

 

(3,594

)

 

 

 

 

 

 

 

 

34,215

 

 

 

(34,215

)

 

 

 

Amortization of acquired intangible assets

 

 

2,805

 

 

 

7,348

 

 

 

(4,543

)

 

 

 

 

 

11,220

 

 

 

35,644

 

 

 

(24,424

)

 

 

 

Litigation reserve

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,550

)

 

 

18,500

 

 

 

(24,050

)

 

 

 

Asset impairments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,442

 

 

 

 

 

 

6,442

 

 

 

 

Strategic advisory costs

 

 

6,900

 

 

 

 

 

 

6,900

 

 

 

 

 

 

12,000

 

 

 

 

 

 

12,000

 

 

 

 

Loss on assets held for sale

 

 

490

 

 

 

 

 

 

490

 

 

 

 

 

 

490

 

 

 

647

 

 

 

(157

)

 

 

 

Debt modification costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

712

 

 

 

848

 

 

 

(136

)

 

 

 

Adjusted operating income (non-GAAP)

 

$

87,508

 

 

$

80,118

 

 

$

7,390

 

 

9.2

 

%

 

$

370,170

 

 

$

308,778

 

 

$

61,392

 

 

19.9

 

%

Operating margin (GAAP)

 

 

16.8

 

%

 

16.7

 

%

 

 

 

 

 

 

 

19.1

 

%

 

13.7

 

%

 

 

 

 

 

Adjusted operating margin (non-GAAP)

 

 

19.1

 

%

 

19.5

 

%

 

 

 

 

 

 

 

20.7

 

%

 

19.5

 

%

 

 

 

 

 

Adtalem Global Education Inc.

Adjusted EBITDA

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

June 30,

 

June 30,

 

 

 

 

 

 

 

 

Increase/(Decrease)

 

 

 

 

 

 

 

 

Increase/(Decrease)

 

 

 

2025

 

 

2024

 

 

$

 

%

 

 

2025

 

 

2024

 

 

$

 

%

 

Chamberlain:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income (GAAP)

 

$

35,739

 

 

$

40,487

 

 

$

(4,748

)

 

(11.7

)

%

 

$

153,367

 

 

$

137,800

 

 

$

15,567

 

 

11.3

 

%

Depreciation

 

 

5,503

 

 

 

4,912

 

 

 

591

 

 

 

 

 

 

21,687

 

 

 

18,752

 

 

 

2,935

 

 

 

 

Amortization of cloud computing implementation assets

 

 

780

 

 

 

382

 

 

 

398

 

 

 

 

 

 

3,033

 

 

 

1,332

 

 

 

1,701

 

 

 

 

Stock-based compensation

 

 

3,019

 

 

 

1,512

 

 

 

1,507

 

 

 

 

 

 

13,309

 

 

 

8,303

 

 

 

5,006

 

 

 

 

Adjusted EBITDA (non-GAAP)

 

$

45,041

 

 

$

47,293

 

 

$

(2,252

)

 

(4.8

)

%

 

$

191,396

 

 

$

166,187

 

 

$

25,209

 

 

15.2

 

%

Adjusted EBITDA margin (non-GAAP)

 

 

24.4

 

%

 

28.3

 

%

 

 

 

 

 

 

 

26.4

 

%

 

26.2

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Walden:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income (GAAP)

 

$

46,787

 

 

$

37,406

 

 

$

9,381

 

 

25.1

 

%

 

$

183,581

 

 

$

130,547

 

 

$

53,034

 

 

40.6

 

%

Depreciation

 

 

1,993

 

 

 

1,654

 

 

 

339

 

 

 

 

 

 

7,421

 

 

 

7,389

 

 

 

32

 

 

 

 

Amortization of cloud computing implementation assets

 

 

760

 

 

 

385

 

 

 

375

 

 

 

 

 

 

3,002

 

 

 

1,331

 

 

 

1,671

 

 

 

 

Stock-based compensation

 

 

3,123

 

 

 

1,703

 

 

 

1,420

 

 

 

 

 

 

12,477

 

 

 

7,525

 

 

 

4,952

 

 

 

 

Adjusted EBITDA (non-GAAP)

 

$

52,663

 

 

$

41,148

 

 

$

11,515

 

 

28.0

 

%

 

$

206,481

 

 

$

146,792

 

 

$

59,689

 

 

40.7

 

%

Adjusted EBITDA margin (non-GAAP)

 

 

28.9

 

%

 

26.3

 

%

 

 

 

 

 

 

 

29.8

 

%

 

24.7

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Medical and Veterinary:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating income (GAAP)

 

$

15,082

 

 

$

11,986

 

 

$

3,096

 

 

25.8

 

%

 

$

69,252

 

 

$

71,507

 

 

$

(2,255

)

 

(3.2

)

%

Depreciation

 

 

2,755

 

 

 

3,086

 

 

 

(331

)

 

 

 

 

 

10,853

 

 

 

11,983

 

 

 

(1,130

)

 

 

 

Amortization of cloud computing implementation assets

 

 

306

 

 

 

138

 

 

 

168

 

 

 

 

 

 

1,208

 

 

 

469

 

 

 

739

 

 

 

 

Stock-based compensation

 

 

1,873

 

 

 

1,243

 

 

 

630

 

 

 

 

 

 

7,486

 

 

 

4,930

 

 

 

2,556

 

 

 

 

Adjusted EBITDA (non-GAAP)

 

$

20,016

 

 

$

16,453

 

 

$

3,563

 

 

21.7

 

%

 

$

88,799

 

 

$

88,889

 

 

$

(90

)

 

(0.1

)

%

Adjusted EBITDA margin (non-GAAP)

 

 

22.1

 

%

 

19.0

 

%

 

 

 

 

 

 

 

24.1

 

%

 

25.0

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home Office:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating loss

 

$

(10,100

)

 

$

(9,761

)

 

$

(339

)

 

(3.5

)

%

 

$

(36,030

)

 

$

(31,076

)

 

$

(4,954

)

 

(15.9

)

%

Depreciation

 

 

184

 

 

 

145

 

 

 

39

 

 

 

 

 

 

741

 

 

 

1,552

 

 

 

(811

)

 

 

 

Stock-based compensation

 

 

2,394

 

 

 

2,084

 

 

 

310

 

 

 

 

 

 

8,318

 

 

 

5,189

 

 

 

3,129

 

 

 

 

Adjusted EBITDA

 

$

(7,522

)

 

$

(7,532

)

 

$

10

 

 

0.1

 

%

 

$

(26,971

)

 

$

(24,335

)

 

$

(2,636

)

 

(10.8

)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adtalem Global Education:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

54,212

 

 

$

49,419

 

 

$

4,793

 

 

9.7

 

%

 

$

237,065

 

 

$

136,777

 

 

$

100,288

 

 

73.3

 

%

Loss (income) from discontinued operations

 

 

250

 

 

 

1,181

 

 

 

(931

)

 

 

 

 

 

(4,388

)

 

 

936

 

 

 

(5,324

)

 

 

 

Interest expense

 

 

10,853

 

 

 

14,749

 

 

 

(3,896

)

 

 

 

 

 

52,318

 

 

 

63,659

 

 

 

(11,341

)

 

 

 

Other income, net

 

 

(2,511

)

 

 

(1,894

)

 

 

(617

)

 

 

 

 

 

(9,290

)

 

 

(10,542

)

 

 

1,252

 

 

 

 

Provision for income taxes

 

 

14,121

 

 

 

5,068

 

 

 

9,053

 

 

 

 

 

 

65,837

 

 

 

26,224

 

 

 

39,613

 

 

 

 

Depreciation and amortization

 

 

15,086

 

 

 

18,050

 

 

 

(2,964

)

 

 

 

 

 

59,165

 

 

 

78,452

 

 

 

(19,287

)

 

 

 

Stock-based compensation

 

 

10,409

 

 

 

6,542

 

 

 

3,867

 

 

 

 

 

 

41,590

 

 

 

25,947

 

 

 

15,643

 

 

 

 

Restructuring expense

 

 

388

 

 

 

653

 

 

 

(265

)

 

 

 

 

 

3,314

 

 

 

1,870

 

 

 

1,444

 

 

 

 

Business integration expense

 

 

 

 

 

3,594

 

 

 

(3,594

)

 

 

 

 

 

 

 

 

34,215

 

 

 

(34,215

)

 

 

 

Litigation reserve

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,550

)

 

 

18,500

 

 

 

(24,050

)

 

 

 

Asset impairments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,442

 

 

 

 

 

 

6,442

 

 

 

 

Strategic advisory costs

 

 

6,900

 

 

 

 

 

 

6,900

 

 

 

 

 

 

12,000

 

 

 

 

 

 

12,000

 

 

 

 

Loss on assets held for sale

 

 

490

 

 

 

 

 

 

490

 

 

 

 

 

 

490

 

 

 

647

 

 

 

(157

)

 

 

 

Debt modification costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

712

 

 

 

848

 

 

 

(136

)

 

 

 

Adjusted EBITDA (non-GAAP)

 

$

110,198

 

 

$

97,362

 

 

$

12,836

 

 

13.2

 

%

 

$

459,705

 

 

$

377,533

 

 

$

82,172

 

 

21.8

 

%

Adjusted EBITDA margin (non-GAAP)

 

 

24.1

 

%

 

23.8

 

%

 

 

 

 

 

 

 

25.7

 

%

 

23.8

 

%

 

 

 

 

 

Adtalem Global Education Inc.

Adjusted Earnings

(unaudited)

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

June 30,

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net income (GAAP)

 

$

54,212

 

 

$

49,419

 

 

$

237,065

 

 

$

136,777

 

Restructuring expense

 

 

388

 

 

 

653

 

 

 

3,314

 

 

 

1,870

 

Business integration expense

 

 

 

 

 

3,594

 

 

 

 

 

 

34,215

 

Amortization of acquired intangible assets

 

 

2,805

 

 

 

7,348

 

 

 

11,220

 

 

 

35,644

 

Write-off of debt discount and issuance costs, litigation reserve, asset impairments, loss on assets held for sale, and debt modification costs

 

 

490

 

 

 

 

 

 

3,832

 

 

 

21,108

 

Strategic advisory costs

 

 

6,900

 

 

 

 

 

 

12,000

 

 

 

 

Tax benefit due to change in unrecognized tax benefits

 

 

 

 

 

(5,657

)

 

 

 

 

 

(5,657

)

Income tax impact on non-GAAP adjustments (1)

 

 

(2,602

)

 

 

(3,749

)

 

 

(7,423

)

 

 

(23,104

)

Loss (income) from discontinued operations

 

 

250

 

 

 

1,181

 

 

 

(4,388

)

 

 

936

 

Adjusted net income (non-GAAP)

 

$

62,443

 

 

$

52,789

 

 

$

255,620

 

 

$

201,789

 

(1) Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

June 30,

 

June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Diluted earnings per share (GAAP)

 

$

1.44

 

 

$

1.28

 

 

$

6.18

 

 

$

3.39

 

Effect on diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring expense

 

 

0.01

 

 

 

0.02

 

 

 

0.09

 

 

 

0.05

 

Business integration expense

 

 

 

 

 

0.09

 

 

 

 

 

 

0.85

 

Amortization of acquired intangible assets

 

 

0.07

 

 

 

0.19

 

 

 

0.29

 

 

 

0.88

 

Write-off of debt discount and issuance costs, litigation reserve, asset impairments, loss on assets held for sale, and debt modification costs

 

 

0.01

 

 

 

 

 

 

0.10

 

 

 

0.52

 

Strategic advisory costs

 

 

0.18

 

 

 

 

 

 

0.31

 

 

 

 

Tax benefit due to change in unrecognized tax benefits

 

 

 

 

 

(0.15

)

 

 

 

 

 

(0.14

)

Income tax impact on non-GAAP adjustments (1)

 

 

(0.07

)

 

 

(0.10

)

 

 

(0.19

)

 

 

(0.57

)

Loss (income) from discontinued operations

 

 

0.01

 

 

 

0.03

 

 

 

(0.11

)

 

 

0.02

 

Adjusted earnings per share (non-GAAP)

 

$

1.66

 

 

$

1.37

 

 

$

6.67

 

 

$

5.01

 

Diluted shares used in non-GAAP EPS calculation

 

 

37,584

 

 

 

38,595

 

 

 

38,334

 

 

 

40,307

 

Note: May not sum due to rounding.

(1) Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements.

Adtalem Global Education Inc.

Free Cash Flow

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended

 

 

FY24

 

FY25

 

FY25

 

FY25

 

FY25

 

 

Q4

 

Q1

 

Q2

 

Q3

 

Q4

Net cash provided by operating activities-continuing operations (GAAP)

 

$

288,367

 

 

$

291,820

 

 

$

281,971

 

 

$

335,069

 

 

$

333,734

 

Capital expenditures

 

 

(48,893

)

 

 

(48,873

)

 

 

(50,375

)

 

 

(47,914

)

 

 

(50,327

)

Free cash flow (non-GAAP)

 

$

239,474

 

 

$

242,947

 

 

$

231,596

 

 

$

287,155

 

 

$

283,407

 

Adtalem Global Education Inc.

Net Leverage

(unaudited)

(in thousands)

 

 

 

 

 

 

Year Ended

 

 

June 30, 2025

Adtalem Global Education:

 

 

 

Net income (GAAP)

 

$

237,065

 

Net income from discontinued operations

 

 

(4,388

)

Interest expense

 

 

52,318

 

Other income, net

 

 

(9,290

)

Provision for income taxes

 

 

65,837

 

Depreciation and amortization

 

 

59,165

 

Stock-based compensation

 

 

41,590

 

Restructuring expense

 

 

3,314

 

Litigation reserve

 

 

(5,550

)

Asset impairments

 

 

6,442

 

Strategic advisory costs

 

 

12,000

 

Loss on assets held for sale

 

 

490

 

Debt modification costs

 

 

712

 

Adjusted EBITDA (non-GAAP)

 

$

459,705

 

 

 

 

 

 

 

June 30, 2025

Long-term debt

 

$

558,283

 

Less: Cash and cash equivalents

 

 

(199,601

)

Net debt (non-GAAP)

 

$

358,682

 

 

 

 

 

Net leverage (non-GAAP)

 

 

0.8 x

 

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