ADTALEM GLOBAL EDUCATION INC., 10-Q filed on 1/30/2024
Quarterly Report
v3.24.0.1
Document And Entity Information - shares
 6 Months Ended
Dec. 31, 2023
Jan. 26, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2023  
Document Transition Report false  
Entity File Number 001-13988  
Entity Registrant Name Adtalem Global Education Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 36-3150143  
Entity Address, Address Line One 500 West Monroe Street  
Entity Address, City or Town Chicago  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60661  
City Area Code 312  
Local Phone Number 651-1400  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   39,188,069
Current Fiscal Year End Date --06-30  
Document Fiscal Year Focus 2024  
Entity Central Index Key 0000730464  
Document Fiscal Period Focus Q2  
Amendment Flag false  
New York Stock Exchange    
Document Information [Line Items]    
Title of 12(b) Security Common stock, $0.01 par value per share  
Trading Symbol ATGE  
Security Exchange Name NYSE  
NYSE Chicago    
Document Information [Line Items]    
Title of 12(b) Security Common stock, $0.01 par value per share  
Trading Symbol ATGE  
Security Exchange Name CHX  
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Jun. 30, 2023
Current assets:    
Cash and cash equivalents $ 182,894 $ 273,689
Restricted cash 3,183 1,386
Accounts receivable, net 133,666 102,749
Prepaid expenses and other current assets 58,356 100,715
Total current assets 378,099 478,539
Noncurrent assets:    
Property and equipment, net 260,484 258,522
Operating lease assets 176,863 174,677
Deferred income taxes 58,212 56,694
Intangible assets, net 792,328 812,338
Goodwill 961,262 961,262
Other assets, net 65,852 68,509
Assets held for sale 7,825  
Total noncurrent assets 2,322,826 2,332,002
Total assets 2,700,925 2,810,541
Current liabilities:    
Accounts payable 88,093 81,812
Accrued payroll and benefits 45,928 52,041
Accrued liabilities 97,675 105,806
Deferred revenue 135,281 153,871
Current operating lease liabilities 31,596 37,673
Total current liabilities 398,573 431,203
Noncurrent liabilities:    
Long-term debt 696,373 695,077
Long-term operating lease liabilities 168,603 163,441
Deferred income taxes 27,243 26,068
Other liabilities 40,734 37,416
Total noncurrent liabilities 932,953 922,002
Total liabilities 1,331,526 1,353,205
Commitments and contingencies
Shareholders' equity:    
Common stock, $0.01 par value per share, 200,000 shares authorized; 39,526 and 42,310 shares outstanding as of December 31, 2023 and June 30, 2023, respectively 831 822
Additional paid-in capital 597,587 568,761
Retained earnings 2,454,269 2,403,750
Accumulated other comprehensive loss (2,227) (2,227)
Treasury stock, at cost, 43,566 and 39,922 shares as of December 31, 2023 and June 30, 2023, respectively (1,681,061) (1,513,770)
Total shareholders' equity 1,369,399 1,457,336
Total liabilities and shareholders' equity $ 2,700,925 $ 2,810,541
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands
Dec. 31, 2023
Jun. 30, 2023
Statement of Financial Position [Abstract]    
Common Stock, Par Value $ 0.01 $ 0.01
Common Stock, Shares Authorized 200,000 200,000
Common Stock, Shares Outstanding 39,526 42,310
Treasury Stock, Shares 43,566 39,922
v3.24.0.1
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]        
Revenue $ 393,242 $ 362,834 $ 762,087 $ 717,103
Operating cost and expense:        
Cost of educational services 172,069 159,303 340,687 318,948
Student services and administrative expense 155,584 141,802 321,679 288,187
Restructuring expense 68 1,363 744 16,428
Business integration expense 6,909 14,816 12,171 24,356
Total operating cost and expense 334,630 317,284 675,281 647,919
Operating income 58,612 45,550 86,806 69,184
Other income (expense):        
Interest expense (16,693) (15,589) (32,350) (33,349)
Other income (expense), net 3,563 (1,440) 5,777 (679)
Income from continuing operations before income taxes 45,482 28,521 60,233 35,156
Provision for income taxes (7,769) (4,395) (10,561) (5,517)
Income from continuing operations 37,713 24,126 49,672 29,639
Discontinued operations:        
Income (loss) from discontinued operations before income taxes 2,926 524 1,161 (2,741)
Gain (loss) on disposal of discontinued operations before income taxes 0 185 0 (3,174)
(Provision for) benefit from income taxes (748) (182) (296) 1,521
Income (loss) from discontinued operations 2,178 527 865 (4,394)
Net income and comprehensive income $ 39,891 $ 24,653 $ 50,537 $ 25,245
Basic:        
Continuing operations (In dollars per share) $ 0.95 $ 0.53 $ 1.22 $ 0.65
Discontinued operations (In dollars per share) 0.05 0.01 0.02 (0.10)
Total basic earnings per share (In dollar per share) 1.00 0.54 1.24 0.56
Diluted:        
Continuing operations (In dollars per share) 0.92 0.52 1.20 0.64
Discontinued operations (In dollars per share) 0.05 0.01 0.02 (0.10)
Total diluted earnings per share (In dollars per share) $ 0.98 $ 0.53 $ 1.22 $ 0.55
Weighted-average shares outstanding:        
Basic shares (In shares) 39,872 45,425 40,636 45,350
Diluted shares (In shares) 40,787 46,121 41,486 46,232
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 24,653 $ 50,537 $ 25,245
(Income) loss from discontinued operations (527) (865) 4,394
Income from continuing operations 24,126 49,672 29,639
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation expense   13,505 8,113
Amortization and impairments to operating lease assets   17,340 28,612
Depreciation 10,656 20,714 21,461
Amortization of intangible assets 16,176 20,010 34,704
Amortization and write-off of debt discount and issuance costs   2,310 6,819
Provision for bad debts 8,284 23,024 14,275
Deferred income taxes   (343) (245)
Loss on disposals, accelerated depreciation, and impairments to property and equipment   38 3,483
Gain on extinguishment of debt 0 0 (71)
(Gain) loss on investments 4,049 (575) 4,950
Unrealized loss on assets held for sale 0 647 0
Changes in assets and liabilities:      
Accounts receivable   (42,429) (25,045)
Prepaid expenses and other current assets   (2,143) 494
Accounts payable   7,824 13,233
Accrued payroll and benefits   (6,073) (25,295)
Accrued liabilities   25,130 (4,849)
Deferred revenue   (13,540) (28,424)
Operating lease liabilities   (20,441) (25,923)
Other assets and liabilities   (11,601) (13,654)
Net cash provided by operating activities-continuing operations   83,069 42,277
Net cash provided by (used in) operating activities-discontinued operations   9,515 (862)
Net cash provided by operating activities   92,584 41,415
Investing activities:      
Capital expenditures   (30,328) (9,747)
Proceeds from sale of marketable securities   626 1,256
Purchases of marketable securities   (498) (1,257)
Net cash used in investing activities-continuing operations   (30,200) (9,748)
Payment for working capital adjustment for sale of business     (3,174)
Net cash used in investing activities   (30,200) (12,922)
Financing activities:      
Proceeds from exercise of stock options   15,313 1,422
Employee taxes paid on withholding shares   (6,505) (4,108)
Proceeds from stock issued under Colleague Stock Purchase Plan   359 289
Repurchases of common stock for treasury   (160,549)  
Payment on equity forward contract     (13,162)
Repayments of long-term debt     (150,861)
Net cash used in financing activities   (151,382) (166,420)
Net decrease in cash, cash equivalents and restricted cash   (88,998) (137,927)
Cash, cash equivalents and restricted cash at beginning of period   275,075 347,937
Cash, cash equivalents and restricted cash at end of period $ 210,010 186,077 210,010
Non-cash investing and financing activities:      
Accrued capital expenditures   9,062 $ 5,209
Accrued liability for repurchases of common stock   2,400  
Accrued excise tax on share repurchases   $ 2,358  
v3.24.0.1
Consolidated Statements of Shareholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Treasury Stock, Common
Total
Balance at the beginning of period at Jun. 30, 2022 $ 818 $ 521,848 $ 2,310,396 $ (2,227) $ (1,339,449) $ 1,491,386
Balance at the beginning of period (in shares) at Jun. 30, 2022 81,796       36,619  
Net income     25,245     25,245
Stock-based compensation   8,113       8,113
Net activity from stock-based compensation awards $ 4 1,418     $ (4,108) (2,686)
Net activity from stock-based compensation awards (in shares) 360       103  
Proceeds from stock issued under Colleague Stock Purchase Plan   (3)     $ 324 321
Proceeds from stock issued under Colleague Stock Purchase Plan (in shares)         (9)  
Settlement of equity forward contract   30,000     $ (43,162) (13,162)
Balance at the end of period at Dec. 31, 2022 $ 822 561,376 2,335,641 (2,227) $ (1,386,395) 1,509,217
Balance at the end of period (in shares) at Dec. 31, 2022 82,156       36,713  
Balance at the beginning of period at Sep. 30, 2022 $ 821 529,229 2,310,988 (2,227) $ (1,342,786) 1,496,025
Balance at the beginning of period (in shares) at Sep. 30, 2022 82,099       36,703  
Net income     24,653     24,653
Stock-based compensation   1,968       1,968
Net activity from stock-based compensation awards $ 1 180     $ (622) (441)
Net activity from stock-based compensation awards (in shares) 57       15  
Proceeds from stock issued under Colleague Stock Purchase Plan   (1)     $ 175 174
Proceeds from stock issued under Colleague Stock Purchase Plan (in shares)         (5)  
Settlement of equity forward contract   30,000     $ (43,162) (13,162)
Balance at the end of period at Dec. 31, 2022 $ 822 561,376 2,335,641 (2,227) $ (1,386,395) 1,509,217
Balance at the end of period (in shares) at Dec. 31, 2022 82,156       36,713  
Balance at the beginning of period at Jun. 30, 2023 $ 822 568,761 2,403,750 (2,227) $ (1,513,770) $ 1,457,336
Balance at the beginning of period (in shares) at Jun. 30, 2023 82,232       39,922 42,310
Net income     50,537     $ 50,537
Stock-based compensation   13,505       13,505
Net activity from stock-based compensation awards $ 9 15,304     $ (6,505) 8,808
Net activity from stock-based compensation awards (in shares) 860       145  
Proceeds from stock issued under Colleague Stock Purchase Plan   17 (18)   $ 400 399
Proceeds from stock issued under Colleague Stock Purchase Plan (in shares)         (10)  
Repurchases of common stock for treasury         $ (161,186) (161,186)
Repurchases of common stock for treasury (in shares)         3,509  
Balance at the end of period at Dec. 31, 2023 $ 831 597,587 2,454,269 (2,227) $ (1,681,061) $ 1,369,399
Balance at the end of period (in shares) at Dec. 31, 2023 83,092       43,566 39,526
Balance at the beginning of period at Sep. 30, 2023 $ 826 576,758 2,414,378 (2,227) $ (1,611,072) $ 1,378,663
Balance at the beginning of period (in shares) at Sep. 30, 2023 82,605       42,204  
Net income     39,891     39,891
Stock-based compensation   6,050       6,050
Net activity from stock-based compensation awards $ 5 14,758     $ (855) 13,908
Net activity from stock-based compensation awards (in shares) 487       15  
Proceeds from stock issued under Colleague Stock Purchase Plan   21     $ 167 188
Proceeds from stock issued under Colleague Stock Purchase Plan (in shares)         (4)  
Repurchases of common stock for treasury         $ (69,301) (69,301)
Repurchases of common stock for treasury (in shares)         1,351  
Balance at the end of period at Dec. 31, 2023 $ 831 $ 597,587 $ 2,454,269 $ (2,227) $ (1,681,061) $ 1,369,399
Balance at the end of period (in shares) at Dec. 31, 2023 83,092       43,566 39,526
v3.24.0.1
Nature of Operations
 6 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations

1. Nature of Operations

In this Quarterly Report on Form 10-Q, Adtalem Global Education Inc., together with its subsidiaries, is collectively referred to as “Adtalem,” “we,” “our,” “us,” or similar references.

Adtalem is a national leader in post-secondary education and a leading provider of professional talent to the healthcare industry. Our schools consist of Chamberlain University (“Chamberlain”), Walden University (“Walden”), American University of the Caribbean School of Medicine (“AUC”), Ross University School of Medicine (“RUSM”), and Ross University School of Veterinary Medicine (“RUSVM”). AUC, RUSM, and RUSVM are collectively referred to as the “medical and veterinary schools.” See Note 18 “Segment Information” for information on our reportable segments.
v3.24.0.1
Summary of Significant Accounting Policies
 6 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

Our significant accounting policies is described in Note 2 “Summary of Significant Accounting Policies” of our Annual Report on Form 10-K for the fiscal year ended June 30, 2023 (“2023 Form 10-K”). We have prepared the accompanying unaudited consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (which are normal and recurring in nature) considered necessary for a fair presentation have been included. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. We use the same accounting policies in preparing quarterly and annual financial statements. Unless otherwise noted, amounts presented within the Notes to Consolidated Financial Statements refer to our continuing operations. These consolidated financial statements and accompanying notes should be read in conjunction with our annual consolidated financial statements and the notes thereto included in our fiscal year 2023 Form 10-K.

Business integration expense was $6.9 million and $12.2 million in the three and six months ended December 31, 2023, respectively, and $14.8 million and $24.4 million in the three and six months ended December 31, 2022, respectively. These are costs associated with integrating Walden into Adtalem. In addition, during the first quarter of fiscal year 2023, we initiated transformation initiatives to accelerate growth and organizational agility. Certain costs relating to this transformation are included in business integration expense in the Consolidated Statements of Income.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Standards

In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-02: “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.” The guidance was issued as improvements to Accounting Standards Codification (“ASC”) 326. The vintage disclosure changes are relevant to Adtalem and require an entity to disclose current-period gross write-offs by year of origination for financing receivables. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The amendments should be applied prospectively. We adopted this guidance on July 1, 2023. The amendments impacted our disclosures and did not otherwise impact Adtalem’s Consolidated Financial Statements.

In November 2023, the FASB issued ASU No. 2023-07: “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The guidance was issued to improve disclosures about reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment’s expenses by requiring entities to provide disclosures of significant segment expenses and other segment items. The guidance is effective for financial

statements issued for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively. Early adoption of the amendments is permitted, including adoption in an interim period. The amendments will impact our segment disclosures but will not otherwise impact Adtalem’s Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09: “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The guidance was issued to enhance the transparency and decision usefulness of income tax disclosures by requiring entities to provide additional information in the rate reconciliation and additional disclosures about income taxes paid. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2024. The amendments should be applied prospectively and retrospective application is permitted. Early adoption of the amendments is permitted. The amendments will impact our income tax disclosures but will not otherwise impact Adtalem’s Consolidated Financial Statements.

We reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on our Consolidated Financial Statements.

Revision to Previously Issued Financial Statements

During the third quarter of fiscal year 2023, Adtalem identified an error in its revenue recognition related to certain scholarship programs within its Medical and Veterinary segment. Certain scholarships and discounts offered within that segment provide students a discount on future tuition that constitute a material right under ASC 606 “Revenue from Contracts with Customers” that should be accounted for as a separate performance obligation within a contract. Adtalem assessed the materiality of this error individually and in the aggregate with other previously identified errors to prior periods’ Consolidated Financial Statements in accordance with SEC Staff Accounting Bulletin (“SAB”) No. 99 “Materiality” and SAB 108 “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements” codified in ASC 250 “Accounting Changes and Error Corrections.” Adtalem concluded that the errors were not material to prior periods and therefore, amendments of previously filed reports were not required. However, Adtalem determined it was appropriate to revise its previously issued financial statements. Treating the discount on future tuition as a material right results in the deferral of revenue for a portion of tuition to future periods. In accordance with ASC 250, Adtalem corrected the prior periods presented herein by revising the financial statement line item amounts previously disclosed in SEC filings in order to achieve comparability in the Consolidated Financial Statements. The impact of this revision of Adtalem’s previously reported Consolidated Financial Statements are detailed below. In connection with this revision, Adtalem also corrected other immaterial errors in the prior periods, including certain errors that had previously been adjusted for as out of period corrections in the period identified.

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Income (in thousands, except per share data):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2022

 

Six Months Ended December 31, 2022

​

​

As reported

​

Adjustment

​

As revised

​

As reported

​

Adjustment

​

As revised

Revenue

​

$

363,302

​

$

(468)

​

$

362,834

​

$

717,861

​

$

(758)

​

$

717,103

Operating cost and expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Student services and administrative expense

​

 

140,668

​

​

1,134

​

 

141,802

​

 

289,009

​

​

(822)

​

 

288,187

Business integration expense

​

 

15,941

​

​

(1,125)

​

 

14,816

​

 

24,356

​

​

—

​

 

24,356

Total operating cost and expense

​

 

317,275

​

​

9

​

 

317,284

​

 

648,741

​

​

(822)

​

 

647,919

Operating income

​

 

46,027

​

​

(477)

​

 

45,550

​

 

69,120

​

​

64

​

 

69,184

Other expense, net

​

​

(2,574)

​

​

1,134

​

​

(1,440)

​

​

(1,007)

​

​

328

​

​

(679)

Income from continuing operations before income taxes

​

 

27,864

​

​

657

​

 

28,521

​

 

34,764

​

​

392

​

 

35,156

Provision for income taxes

​

 

(4,247)

​

​

(148)

​

 

(4,395)

​

 

(5,301)

​

​

(216)

​

 

(5,517)

Income from continuing operations

​

 

23,617

​

​

509

​

 

24,126

​

 

29,463

​

​

176

​

 

29,639

Discontinued operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) from discontinued operations before income taxes

​

​

524

​

​

—

​

​

524

​

​

(2,914)

​

​

173

​

​

(2,741)

(Provision for) benefit from income taxes

​

​

(182)

​

​

—

​

​

(182)

​

​

2,961

​

​

(1,440)

​

​

1,521

Income (loss) from discontinued operations

​

​

527

​

​

—

​

​

527

​

​

(3,127)

​

​

(1,267)

​

​

(4,394)

Net income

​

 

24,144

​

​

509

​

 

24,653

​

 

26,336

​

​

(1,091)

​

 

25,245

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings (loss) per share:

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic:

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

0.52

​

$

0.01

​

$

0.53

​

$

0.65

​

$

0.00

​

$

0.65

Discontinued operations

​

$

0.01

​

$

0.00

​

$

0.01

​

$

(0.07)

​

$

(0.03)

​

$

(0.10)

Total basic earnings per share

​

$

0.53

​

$

0.01

​

$

0.54

​

$

0.58

​

$

(0.02)

​

$

0.56

Diluted:

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Continuing operations

​

$

0.51

​

$

0.01

​

$

0.52

​

$

0.64

​

$

0.00

​

$

0.64

Discontinued operations

​

$

0.01

​

$

0.00

​

$

0.01

​

$

(0.07)

​

$

(0.03)

​

$

(0.10)

Total diluted earnings per share

​

$

0.52

​

$

0.01

​

$

0.53

​

$

0.57

​

$

(0.02)

​

$

0.55

​

The following table summarizes the effect of the revisions on the affected line items within the previously reported Consolidated Statements of Comprehensive Income (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2022

 

Six Months Ended December 31, 2022

​

​

As reported

​

Adjustment

​

As revised

​

As reported

​

Adjustment

​

As revised

Net income

​

$

24,144

​

$

509

​

$

24,653

​

$

26,336

​

$

(1,091)

​

$

25,245

Other comprehensive income (loss), net of tax:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loss on foreign currency translation adjustments

​

​

—

​

​

—

​

​

—

​

​

(1,267)

​

​

1,267

​

​

—

Comprehensive income before reclassification

​

 

24,144

​

​

509

​

 

24,653

​

 

25,069

​

​

176

​

 

25,245

Comprehensive income

​

 

24,144

​

​

509

​

 

24,653

​

 

25,069

​

​

176

​

 

25,245

​

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Cash Flows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended December 31, 2022

​

​

As reported

​

Adjustment

​

As revised

Operating activities:

​

​

​

​

​

​

​

​

​

Net income

​

$

26,336

​

$

(1,091)

​

$

25,245

Loss from discontinued operations

​

​

3,127

​

​

1,267

​

​

4,394

Income from continuing operations

​

​

29,463

​

​

176

​

​

29,639

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

​

​

​

​

​

​

​

​

​

Loss on investments

​

​

5,000

​

​

(50)

​

​

4,950

Changes in assets and liabilities:

​

​

​

​

​

​

​

​

​

Prepaid expenses and other current assets

​

​

227

​

​

267

​

​

494

Accrued payroll and benefits

​

​

(24,145)

​

​

(1,150)

​

​

(25,295)

Deferred revenue

​

​

(29,182)

​

​

758

​

​

(28,424)

Net cash provided by operating activities-continuing operations

​

​

42,276

​

​

1

​

​

42,277

Net cash provided by operating activities

​

​

41,414

​

​

1

​

​

41,415

Investing activities:

​

​

​

​

​

​

​

​

​

Proceeds from sales of marketable securities

​

​

—

​

​

1,256

​

​

1,256

Purchases of marketable securities

​

​

—

​

​

(1,257)

​

​

(1,257)

Net cash used in investing activities-continuing operations

​

​

(9,747)

​

​

(1)

​

​

(9,748)

Net cash used in investing activities

​

​

(12,921)

​

​

(1)

​

​

(12,922)

​

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Shareholders’ Equity (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

As reported

​

Adjustment

​

As revised

June 30, 2022

​

​

​

​

​

​

​

​

​

Retained earnings

​

 

2,322,810

​

​

(12,414)

​

 

2,310,396

Accumulated other comprehensive loss

​

 

(960)

​

​

(1,267)

​

 

(2,227)

Total shareholders' equity

​

 

1,505,067

​

​

(13,681)

​

 

1,491,386

September 30, 2022

​

​

​

​

​

​

​

​

​

Retained earnings

​

 

2,325,002

​

​

(14,014)

​

 

2,310,988

Total shareholders' equity

​

 

1,510,039

​

​

(14,014)

​

 

1,496,025

December 31, 2022

​

​

​

​

​

​

​

​

​

Retained earnings

​

 

2,349,146

​

​

(13,505)

​

 

2,335,641

Total shareholders' equity

​

 

1,522,722

​

​

(13,505)

​

 

1,509,217

Three Months Ended December 31, 2022

​

​

​

​

​

​

​

​

​

Net income

​

 

24,144

​

​

509

​

 

24,653

Six Months Ended December 31, 2022

​

​

​

​

​

​

​

​

​

Net income

​

 

26,336

​

​

(1,091)

​

 

25,245

Other comprehensive loss, net of tax

​

 

(1,267)

​

​

1,267

​

 

—

​
v3.24.0.1
Discontinued Operations
 6 Months Ended
Dec. 31, 2023
Discontinued Operations And Disposal Groups [Abstract]  
Discontinued Operations

3. Discontinued Operations

On December 11, 2018, Adtalem completed the sale of DeVry University to Cogswell Education, LLC (“Cogswell”) for de minimis consideration. As the sale represented a strategic shift that had a major effect on Adtalem’s operations and financial results, DeVry University is presented in Adtalem’s Consolidated Financial Statements as a discontinued operation. The purchase agreement includes an earn-out entitling Adtalem to payments of up to $20.0 million over a ten-year period payable based on DeVry University’s financial results. Adtalem received $5.5 million and $4.1 million during the second quarter of fiscal year 2024 and the second quarter of fiscal year 2023, respectively, related to the earn-out. We have received a total of $12.5 million related to the earn-out thus far.

On March 10, 2022, Adtalem completed the sale of the Association of Certified Anti-Money Laundering Specialists (“ACAMS”), Becker Professional Education (“Becker”), and OnCourse Learning (“OCL”) to Wendel Group and Colibri Group (“Purchaser”), pursuant to the Equity Purchase Agreement (“Purchase Agreement”) dated January 24, 2022. Pursuant to the terms and subject to the conditions set forth in the Purchase Agreement, Adtalem sold the issued and outstanding shares of ACAMS, Becker, and OCL to the Purchaser for $962.7 million, net of cash of $21.5 million, subject to certain post-closing adjustments. In addition, on June 17, 2022, Adtalem completed the sale of EduPristine for de minimis consideration, which resulted in a transfer of $1.9 million in cash. We recorded a gain of $0.2 million and a loss of $3.2 million in the three and six months ended December 31, 2022, respectively, for post-closing working capital

adjustments to the initial sales price for ACAMS, Becker, and OCL, which is included in gain (loss) on disposal of discontinued operations before income taxes in the Consolidated Statements of Income. These divestitures are the culmination of a long-term strategy to sharpen the focus of our portfolio and enhance our ability to address the growing and unmet demand for healthcare professionals in the U.S. As these sales represented a strategic shift that had a major effect on Adtalem’s operations and financial results, these businesses previously included in our former Financial Services segment are presented in Adtalem’s Consolidated Financial Statements as discontinued operations.

The following is a summary of income statement information reported as discontinued operations, which includes expense from ongoing litigation costs and settlements related to the DeVry University and Carrington College divestitures, a gain (loss) on sale of ACAMS, Becker, and OCL for working capital adjustments to the initial sales prices, and the earn-outs we received (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Revenue

​

$

—

​

$

—

​

$

—

​

$

—

Operating cost and expense:

​

 

​

​

 

​

​

 

​

​

 

​

Student services and administrative expense

​

 

(2,926)

​

 

(524)

​

 

(1,161)

​

 

2,741

Total operating cost and expense

​

 

(2,926)

​

 

(524)

​

 

(1,161)

​

 

2,741

Income (loss) from discontinued operations before income taxes

​

​

2,926

​

​

524

​

​

1,161

​

​

(2,741)

Gain (loss) on disposal of discontinued operations before income taxes

​

​

—

​

​

185

​

​

—

​

​

(3,174)

(Provision for) benefit from income taxes

​

 

(748)

​

 

(182)

​

 

(296)

​

 

1,521

Income (loss) from discontinued operations

​

$

2,178

​

$

527

​

$

865

​

$

(4,394)

​
v3.24.0.1
Revenue
 6 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue

4. Revenue

Revenue is recognized when control of the promised goods or services is transferred to our customers (students), in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

The following tables disaggregate revenue by source (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2023

​

​

Chamberlain

​

Walden

 

Medical and
Veterinary

​

Consolidated

Tuition and fees

​

$

153,553

​

$

146,808

 

$

89,438

​

$

389,799

Other

​

​

—

​

​

—

​

​

3,443

​

​

3,443

Total

 

$

153,553

 

$

146,808

 

$

92,881

 

$

393,242

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended December 31, 2023

​

​

Chamberlain

​

Walden

 

Medical and
Veterinary

​

Consolidated

Tuition and fees

 

$

296,149

 

$

288,416

 

$

170,595

 

$

755,160

Other

​

​

—

​

​

—

​

​

6,927

​

​

6,927

Total

 

$

296,149

 

$

288,416

 

$

177,522

 

$

762,087

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2022

​

​

Chamberlain

​

Walden

 

Medical and
Veterinary

​

Consolidated

Tuition and fees

​

$

141,396

 

$

131,940

 

$

86,729

​

$

360,065

Other

​

​

—

​

​

—

​

​

2,769

​

​

2,769

Total

 

$

141,396

 

$

131,940

 

$

89,498

 

$

362,834

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended December 31, 2022

​

​

Chamberlain

​

Walden

 

Medical and
Veterinary

​

Consolidated

Tuition and fees

​

$

276,801

 

$

262,841

 

$

171,953

 

$

711,595

Other

​

​

—

​

​

—

​

​

5,508

​

​

5,508

Total

 

$

276,801

 

$

262,841

 

$

177,461

 

$

717,103

​

In addition, see Note 18 “Segment Information” for a disaggregation of revenue by geographical region.

Performance Obligations and Revenue Recognition

Tuition and fees: The majority of revenue is derived from tuition and fees, which is recognized on a straight-line basis over the academic term as instruction is delivered.

Other: Other revenue consists of housing and other miscellaneous services. Other revenue is recognized over the period in which the applicable performance obligation is satisfied.

Arrangements for payment are agreed to prior to registration of the student’s first academic term. The majority of U.S. students obtain Title IV or other financial aid resulting in institutions receiving a significant amount of the transaction price at the beginning of the academic term. Students not utilizing Title IV or other financial aid funding may pay after the academic term is complete.

Transaction Price

Revenue, or transaction price, is measured as the amount of consideration expected to be received in exchange for transferring goods or services.

Students may receive discounts, scholarships, or refunds, which gives rise to variable consideration. The amounts of discounts or scholarships are generally applied to individual student accounts when such amounts are awarded. Therefore, the transaction price is immediately reduced directly by these discounts or scholarships from the amount of the standard tuition rate charged. Scholarships and discounts that are only applied to future tuition charged are considered a separate performance obligation if they represent a material right in accordance with ASC 606. In those instances, we defer the value of the related performance obligation associated with the future scholarship or discount based on estimates of future redemption based on our historical experience of student persistence toward completion of study. The contract liability associated with these material rights is presented as deferred revenue within current liabilities and other liabilities within noncurrent liabilities on the Consolidated Balance Sheets based on the amounts expected to be redeemed in the next 12 months. The contract liability amount associated with these material rights within current liabilities is $14.4 million and $10.6 million as of December 31, 2023 and June 30, 2023, respectively, and the amount within noncurrent liabilities is $15.4 million and $10.4 million as of December 31, 2023 and June 30, 2023, respectively. The noncurrent contract liability associated with these material rights is expected to be earned over approximately the next four fiscal years.

Upon withdrawal, a student may be eligible to receive a refund, or partial refund, the amount of which is dependent on the timing of the withdrawal during the academic term. If a student withdraws prior to completing an academic term, federal and state regulations and accreditation criteria permit Adtalem to retain only a set percentage of the total tuition received from such student, which varies with, but generally equals or exceeds, the percentage of the academic term completed by such student. Payment amounts received by Adtalem in excess of such set percentages of tuition are refunded to the student or the appropriate funding source. For contracts with similar characteristics and historical data on refunds, the expected value method is applied in determining the variable consideration related to refunds. Estimates of Adtalem’s expected refunds are determined at the outset of each academic term, based upon actual refunds in previous academic terms. Reserves related to refunds are presented as refund liabilities within accrued liabilities on the Consolidated Balance Sheets. All refunds are netted against revenue during the applicable academic term.

Management reassesses collectability on a student-by-student basis throughout the period revenue is recognized. This reassessment is based upon new information and changes in facts and circumstances relevant to a student’s ability to pay. Management also reassesses collectability when a student withdraws from the institution and has unpaid tuition charges. Such unpaid charges do not meet the threshold of reasonably collectible and are recognized as revenue on a cash basis.

Contract Balances

Students are billed at the beginning of each academic term and payment is due at that time. Adtalem’s performance obligation is to provide educational services in the form of instruction during the academic term and to provide for any scholarships or discounts that are deemed a material right under ASC 606. As instruction is provided or the deferred value of material rights are redeemed, deferred revenue is reduced. A significant portion of student payments are from Title IV financial aid and other programs and are generally received during the first month of the respective academic term. For students utilizing Adtalem’s credit extension programs (see Note 9 “Accounts Receivable and Credit Losses”), payments are generally received after the academic term, and the corresponding performance obligation, is complete. When payments are received, accounts receivable is reduced.

Deferred revenue within current liabilities is $135.3 million and $153.9 million as of December 31, 2023 and June 30, 2023, respectively, and deferred revenue within noncurrent liabilities is $15.4 million and $10.4 million as of December 31, 2023 and June 30, 2023, respectively. Revenue of $2.0 million and $152.1 million was recognized during the second quarter and first six months of fiscal year 2024, respectively, that was included in the deferred revenue balance at the beginning of fiscal year 2024. Revenue of $2.2 million and $144.4 million was recognized during the second quarter and first six months of fiscal year 2023, respectively, that was included in the deferred revenue balance at the beginning of fiscal year 2023.

The difference between the opening and closing balances of deferred revenue includes decreases from revenue recognized during the period, increases from charges related to the start of academic terms beginning during the period, increases from payments received related to academic terms commencing after the end of the period, and increases from recognizing additional performance liabilities for material rights during the period.
v3.24.0.1
Restructuring Charges
 6 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring Charges

5. Restructuring Charges

During the second quarter and first six months of fiscal year 2024, Adtalem recorded restructuring charges primarily driven by prior real estate consolidations at Adtalem’s home office. We continue to incur restructuring charges or reversals related to exited leased space from previous restructuring activities. During the second quarter and first six months of fiscal year 2023, Adtalem recorded restructuring charges primarily driven by real estate consolidations at Walden, Medical and Veterinary, and Adtalem’s home office resulting in impairments on operating lease assets and property and equipment. When estimating costs of exiting lease space, estimates are made which could differ materially from actual results and may result in additional restructuring charges or reversals in future periods. Termination benefit charges represent severance pay and benefits for employees impacted by workforce reductions. Adtalem’s home office is classified as “Home Office and Other” in Note 18 “Segment Information.” Restructuring charges by segment were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2023

​

Six Months Ended December 31, 2023

​

​

Real Estate
and Other

​

Termination
Benefits

​

Total

​

Real Estate
and Other

​

Termination
Benefits

​

Total

Walden

 

$

(776)

 

$

—

 

$

(776)

​

$

(776)

 

$

—

 

$

(776)

Medical and Veterinary

 

​

71

 

​

—

 

​

71

​

​

145

 

​

40

 

​

185

Home Office and Other

 

​

773

 

​

—

 

​

773

​

​

1,335

 

​

—

 

​

1,335

Total

​

$

68

​

$

—

​

$

68

​

$

704

​

$

40

​

$

744

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2022

​

Six Months Ended December 31, 2022

​

​

Real Estate
and Other

​

Termination
Benefits

​

Total

​

Real Estate
and Other

​

Termination
Benefits

​

Total

Chamberlain

 

$

—

 

$

—

 

$

—

​

$

818

 

$

—

 

$

818

Walden

 

​

41

 

​

—

 

​

41

​

​

3,067

 

​

54

 

​

3,121

Medical and Veterinary

 

​

87

 

​

—

 

​

87

​

​

6,913

 

​

—

 

​

6,913

Home Office and Other

 

​

557

 

​

678

 

​

1,235

​

​

4,626

 

​

950

 

​

5,576

Total

​

$

685

​

$

678

​

$

1,363

​

$

15,424

​

$

1,004

​

$

16,428

​

The following table summarizes the separation and restructuring plan activity for fiscal years 2023 and 2024, for which cash payments are required (in thousands):

​

​

​

​

​

Liability balance as of June 30, 2022

​

$

813

Increase in liability (separation and other charges)

​

 

1,620

Reduction in liability (payments and adjustments)

​

 

(1,692)

Liability balance as of June 30, 2023

​

 

741

Increase in liability (separation and other charges)

​

 

40

Reduction in liability (payments and adjustments)

​

 

(666)

Liability balance as of December 31, 2023

​

$

115

​

These liability balances are recorded as accrued liabilities on the Consolidated Balance Sheets as of June 30, 2023 and December 31, 2023.
v3.24.0.1
Other Income (Expense), Net
 6 Months Ended
Dec. 31, 2023
Other Income and Expenses [Abstract]  
Other Income (Expense), Net

6. Other Income (Expense), Net

Other income (expense), net consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Interest and dividend income

​

$

2,541

​

$

2,609

​

$

5,202

​

$

4,271

Investment gain (loss)

​

​

1,022

​

​

(4,049)

​

​

575

​

​

(4,950)

Other income (expense), net

​

$

3,563

​

$

(1,440)

​

$

5,777

​

$

(679)

​

Investment gain (loss) includes trading gains and losses related to the rabbi trust used to fund nonqualified deferred compensation plan obligations. In addition, investment gain (loss) includes an impairment of $5.0 million in the three and six months ended December 31, 2022 on an equity investment with no readily determinable fair value (see Note 16 “Fair Value Measurements” for additional information).
v3.24.0.1
Income Taxes
 6 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

7. Income Taxes

Our effective tax rates from continuing operations were 17.1% and 17.5% in the three and six months ended December 31, 2023, respectively, and 15.4% and 15.7% in the three and six months ended December 31, 2022, respectively. The income tax provision for the second quarter and first six months of fiscal year 2024 increased compared to the year-ago periods primarily due to an increase in the percentage of earnings from domestic operations, which are generally taxed at higher rates than foreign earnings. The income tax provisions reflect the U.S. federal tax rate of 21% adjusted for taxes related to global intangible low-taxed income (“GILTI”), state and local taxes, benefits of the foreign rate differences, tax credits related to research and development expenditures, and benefits associated with local tax incentives. During the next 12 months our unrecognized tax benefits may decrease by approximately $7 million to $8 million due to the settlement of various audits and the lapsing of statutes of limitation.

Three of Adtalem’s businesses benefit from local tax incentives: AUC, which operates in St. Maarten, RUSM, which operates in Barbados, and RUSVM, which operates in St. Kitts. AUC’s effective tax rate reflects benefits derived from investment incentives. RUSM and RUSVM each have agreements with their respective domestic governments that exempt them from local income taxation. RUSM has an exemption in Barbados until 2039. RUSVM has an exemption in St. Kitts until 2037.
v3.24.0.1
Earnings per Share
 6 Months Ended
Dec. 31, 2023
Earnings per Share  
Earnings per Share

8. Earnings per Share

As further described in Note 14 “Share Repurchases,” on March 14, 2022, we entered into an accelerated share repurchase (“ASR”) agreement to repurchase $150.0 million of common stock. For purposes of calculating earnings per share, Adtalem reflected the ASR agreement as a repurchase of Adtalem common stock and as a forward contract indexed to its own common stock. Based on the volume-weighted average price of Adtalem’s common stock per the terms of the ASR agreement, common stock of 153 thousand shares were contingently issuable by Adtalem under the ASR agreement and were included in the diluted earnings per share calculation for the six months ended December 31, 2022 because the effect would have been dilutive. As of October 14, 2022, the ASR agreement is no longer outstanding. Diluted earnings per share was computed using the treasury stock method for stock awards. Certain shares related to stock awards were excluded from the computation of earnings per share because the effect would have been antidilutive. The following table sets forth the computations of basic and diluted earnings per share and antidilutive shares (in thousands, except per share data):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

Net income (loss):

​

 

​

​

 

​

​

 

​

​

 

​

Continuing operations

​

$

37,713

​

$

24,126

​

$

49,672

​

$

29,639

Discontinued operations

​

​

2,178

​

​

527

​

​

865

​

​

(4,394)

Net income

​

$

39,891

​

$

24,653

​

$

50,537

​

$

25,245

​

​

​

​

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average basic shares outstanding

 

​

39,872

​

 

45,425

 

​

40,636

 

​

45,350

Effect of dilutive stock awards

 

​

915

​

 

696

 

​

850

 

​

729

Effect of ASR

 

​

—

​

 

—

 

​

—

 

​

153

Weighted-average diluted shares outstanding

 

​

40,787

​

 

46,121

 

​

41,486

 

​

46,232

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings (loss) per share:

​

​

​

​

​

​

​

​

​

​

​

​

Basic:

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

0.95

​

$

0.53

​

$

1.22

​

$

0.65

Discontinued operations

​

$

0.05

​

$

0.01

​

$

0.02

​

$

(0.10)

Total basic earnings per share

​

$

1.00

​

$

0.54

​

$

1.24

​

$

0.56

Diluted:

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

0.92

​

$

0.52

​

$

1.20

​

$

0.64

Discontinued operations

​

$

0.05

​

$

0.01

​

$

0.02

​

$

(0.10)

Total diluted earnings per share

​

$

0.98

​

$

0.53

​

$

1.22

​

$

0.55

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average antidilutive shares

​

​

89

​

​

365

​

​

210

​

​

421

​
v3.24.0.1
Accounts Receivable and Credit Losses
 6 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Accounts Receivable and Credit Losses

9. Accounts Receivable and Credit Losses

We categorize our accounts receivable balances as trade receivables or financing receivables. Our trade receivables relate to student balances occurring in the normal course of business. Trade receivables have a term of less than one year and are included in accounts receivable, net on our Consolidated Balance Sheets. Our financing receivables relate to credit extension programs where the student is provided payment terms in excess of one year with their respective school and are included in accounts receivable, net and other assets, net on our Consolidated Balance Sheets.

The classification of our accounts receivable balances was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

​

​

Gross

​

​

Allowance

​

​

Net

Trade receivables, current

​

$

166,107

​

$

(35,020)

​

$

131,087

Financing receivables, current

​

​

4,941

​

​

(2,362)

​

​

2,579

Accounts receivable, current

​

$

171,048

​

$

(37,382)

​

$

133,666

​

​

​

​

​

​

​

​

​

​

Financing receivables, current

​

$

4,941

​

$

(2,362)

​

$

2,579

Financing receivables, noncurrent

​

​

36,775

​

​

(10,964)

​

​

25,811

Total financing receivables

​

$

41,716

​

$

(13,326)

​

$

28,390

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2023

​

​

​

Gross

​

​

Allowance

​

​

Net

Trade receivables, current

​

$

129,318

​

$

(29,190)

​

$

100,128

Financing receivables, current

​

​

4,757

​

​

(2,136)

​

​

2,621

Accounts receivable, current

​

$

134,075

​

$

(31,326)

​

$

102,749

​

​

​

​

​

​

​

​

​

​

Financing receivables, current

​

$

4,757

​

$

(2,136)

​

$

2,621

Financing receivables, noncurrent

​

​

36,368

​

​

(9,332)

​

​

27,036

Total financing receivables

​

$

41,125

​

$

(11,468)

​

$

29,657

​

Our financing receivables relate to credit extension programs available to students at Chamberlain, AUC, RUSM, and RUSVM. These credit extension programs are designed to assist students who are unable to completely cover educational costs consisting of tuition, fees, and books, and are available only after all other student financial assistance has been applied toward those purposes. In addition, AUC, RUSM, and RUSVM allow students to finance their living expenses. Repayment plans for financing agreements are developed to address the financial circumstances of the particular student. Interest charges at rates from 3.0% to 12.0% per annum accrue each month on the unpaid balance once a student withdraws or graduates from a program. Most students are required to begin repaying their loans while they are still in school with a minimum payment level designed to demonstrate their capability to repay, which reduces the possibility of over borrowing. Payments may increase upon completing or departing school. After a student leaves school, the student typically will have a monthly installment repayment plan.

Credit Quality

The primary credit quality indicator for our financing receivables is delinquency. Balances are considered delinquent when contractual payments on the loan become past due. We write-off financing receivable balances after they have been sent to a third party collector, the timing of which varies by the institution granting the loan, but in most cases is when the financing agreement is at least 181 days past due. Payments are applied first to outstanding interest and then to the unpaid principal balance.

The credit quality analysis of financing receivables as of December 31, 2023 was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized Cost Basis by Origination Year

​

​

​

​

​

Prior

​

2020

​

2021

​

2022

​

2023

​

2024

​

Total

1-30 days past due

 

$

555

​

$

120

 

$

539

 

$

383

 

$

2,115

 

$

913

 

$

4,625

31-60 days past due

​

​

112

​

​

12

​

​

32

​

​

97

​

​

280

​

​

302

​

​

835

61-90 days past due

​

​

62

​

​

—

​

​

206

​

​

12

​

​

804

​

​

45

​

​

1,129

91-120 days past due

​

​

31

​

​

—

​

​

13

​

​

50

​

​

364

​

​

97

​

​

555

121-150 days past due

​

​

205

​

​

17

​

​

188

​

​

—

​

​

919

​

​

321

​

​

1,650

Greater than 150 days past due

​

​

3,120

​

​

573

​

​

1,242

​

​

2,137

​

​

1,047

​

​

22

​

​

8,141

Total past due

​

​

4,085

​

​

722

​

​

2,220

​

​

2,679

​

​

5,529

​

​

1,700

​

​

16,935

Current

​

​

6,365

​

​

717

​

​

5,108

​

​

2,321

​

​

6,122

​

​

4,148

​

​

24,781

Financing receivables, gross

​

$

10,450

​

$

1,439

​

$

7,328

​

$

5,000

​

$

11,651

​

$

5,848

​

$

41,716

Gross write-offs

​

$

345

​

$

244

​

$

213

​

$

145

​

$

210

​

$

—

​

$

1,157

​

The credit quality analysis of financing receivables as of June 30, 2023 was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized Cost Basis by Origination Year

​

​

​

​

​

Prior

​

2019

​

2020

​

2021

​

2022

​

2023

​

Total

1-30 days past due

 

$

186

​

$

79

 

$

115

 

$

137

 

$

735

 

$

1,944

 

$

3,196

31-60 days past due

​

​

61

​

​

34

​

​

—

​

​

359

​

​

573

​

​

1,103

​

​

2,130

61-90 days past due

​

​

97

​

​

39

​

​

110

​

​

65

​

​

559

​

​

368

​

​

1,238

91-120 days past due

​

​

2

​

​

17

​

​

2

​

​

13

​

​

77

​

​

200

​

​

311

121-150 days past due

​

​

62

​

​

37

​

​

26

​

​

45

​

​

147

​

​

129

​

​

446

Greater than 150 days past due

​

​

2,641

​

​

734

​

​

708

​

​

2,071

​

​

1,457

​

​

381

​

​

7,992

Total past due

​

​

3,049

​

​

940

​

​

961

​

​

2,690

​

​

3,548

​

​

4,125

​

​

15,313

Current

​

​

6,199

​

​

1,112

​

​

820

​

​

5,350

​

​

2,608

​

​

9,723

​

​

25,812

Financing receivables, gross

​

$

9,248

​

$

2,052

​

$

1,781

​

$

8,040

​

$

6,156

​

$

13,848

​

$

41,125

​

Allowance for Credit Losses

The allowance for credit losses represents an estimate of the lifetime expected credit losses inherent in our accounts receivable balances as of each balance sheet date. In evaluating the collectability of all our accounts receivable balances, we utilize historical events, current conditions, and reasonable and supportable forecasts about the future.

For our trade receivables, we primarily use historical loss rates based on an aging schedule and a student’s status to determine the allowance for credit losses. As these trade receivables are short-term in nature, management believes a student’s status provides the best credit loss estimate, while also factoring in delinquency. Students still attending classes, recently graduated, or current on payments are more likely to pay than those who are inactive due to being on a leave of absence, withdrawing from school, or not current on payments.

For our financing receivables, we primarily use historical loss rates based on an aging schedule. As these financing receivables are based on long-term financing agreements offered by Adtalem, management believes that delinquency provides the best credit loss estimate. As the financing receivable balances become further past due, it is less likely we will receive payment, causing our estimate of credit losses to increase.

The following tables provide a roll-forward of the allowance for credit losses (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2023

 

Six Months Ended December 31, 2023

​

​

Trade

​

Financing

​

Total

 

Trade

​

Financing

​

Total

Beginning balance

 

$

32,361

​

$

12,186

 

$

44,547

​

$

29,190

​

$

11,468

 

$

40,658

Write-offs

​

​

(11,139)

​

​

(421)

​

​

(11,560)

​

​

(19,551)

​

​

(1,157)

​

​

(20,708)

Recoveries

​

​

2,307

​

​

254

​

​

2,561

​

​

4,928

​

​

444

​

​

5,372

Provision for credit losses

​

​

11,491

​

​

1,307

​

​

12,798

​

​

20,453

​

​

2,571

​

​

23,024

Ending balance

​

$

35,020

​

$

13,326

​

$

48,346

​

$

35,020

​

$

13,326

​

$

48,346

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2022

​

Six Months Ended December 31, 2022

​

​

Trade

​

Financing

​

Total

​

Trade

​

Financing

​

Total

Beginning balance

 

$

32,882

​

$

15,624

 

$

48,506

​

$

30,897

​

$

14,891

 

$

45,788

Write-offs

​

​

(14,712)

​

​

(397)

​

​

(15,109)

​

​

(20,176)

​

​

(616)

​

​

(20,792)

Recoveries

​

​

1,848

​

​

32

​

​

1,880

​

​

4,256

​

​

34

​

​

4,290

Provision for credit losses

​

​

7,498

​

​

786

​

​

8,284

​

​

12,539

​

​

1,736

​

​

14,275

Ending balance

​

$

27,516

​

$

16,045

​

$

43,561

​

$

27,516

​

$

16,045

​

$

43,561

​
v3.24.0.1
Property and Equipment, Net
 6 Months Ended
Dec. 31, 2023
Property, Plant And Equipment [Abstract]  
Property and Equipment, Net

10. Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31, 

​

June 30, 

​

​

2023

​

2023

Land

 

$

34,127

​

$

38,345

Building

​

​

297,033

​

​

303,737

Equipment

​

​

247,125

​

​

226,600

Construction in progress

​

​

26,991

​

​

28,668

Property and equipment, gross

​

​

605,276

​

​

597,350

Accumulated depreciation

​

 

(344,792)

​

 

(338,828)

Property and equipment, net

​

$

260,484

​

$

258,522

​

During the second quarter of fiscal year 2024, management committed to a plan to sell a building owned by Adtalem located in Naperville, Illinois, and the building met criteria to be classified as assets held for sale. As a result, the building’s carrying value of $8.4 million was adjusted to its estimated fair value less cost to sell of $7.8 million, and the resulting $0.6 million charge was recognized within student services and administrative expense in the Consolidated Statements of Income for the three and six months ended December 31, 2023. In addition, the building is presented as assets held for sale on the Consolidated Balance Sheets as of December 31, 2023.
v3.24.0.1
Leases
 6 Months Ended
Dec. 31, 2023
Lessee Disclosure [Abstract]  
Leases

11. Leases

We determine if a contract contains a lease at inception. We have entered into operating leases for academic sites, housing facilities, and office space which expire at various dates through November 2039, most of which include options to terminate for a fee or extend the leases for an additional five-year period. The lease term includes the noncancelable period of the lease, as well as any periods for which we are reasonably certain to exercise extension options. We elected to account for lease and non-lease components (e.g., common-area maintenance costs) as a single lease component for all operating leases. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. We have not entered into any financing leases.

Operating lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets represent our right to use an underlying asset during the lease term. Operating lease assets and liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. Operating lease assets are adjusted for any prepaid or accrued lease payments, lease incentives, initial direct costs, and impairments. Our incremental borrowing rate is utilized in determining the present value of the lease payments based upon the information available at the commencement date. Our incremental borrowing rate is determined using a secured borrowing rate for the

same currency and term as the associated lease. Operating lease expense is recognized on a straight-line basis over the lease term.

As of December 31, 2023, we had entered into one operating lease that has not yet commenced. The lease is expected to commence during the second quarter of fiscal year 2025, has a 15-year lease term, and will result in an additional operating lease asset and operating lease liability of approximately $6.3 million.

The components of lease cost were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

 

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Operating lease cost

​

$

11,519

​

$

11,595

​

$

23,070

​

$

23,970

Sublease income

​

 

(2,700)

​

 

(3,516)

​

 

(5,381)

​

 

(7,086)

Total lease cost

​

$

8,819

​

$

8,079

​

$

17,689

​

$

16,884

​

Maturities of lease liabilities as of December 31, 2023 were as follows (in thousands):

​

​

​

​

​

​

​

Operating

Fiscal Year

​

Leases

2024 (remaining)

​

$

22,795

2025

​

​

44,524

2026

​

​

41,027

2027

​

​

39,533

2028

​

​

32,472

Thereafter

​

​

104,857

Total lease payments

​

 

285,208

Less: tenant improvement allowance not yet received

​

​

(8,631)

Less: imputed interest

​

​

(76,378)

Present value of lease liabilities

​

$

200,199

​

Lease term and discount rate were as follows:

​

​

​

​

​

​

​

December 31, 

​

​

2023

Weighted-average remaining operating lease term (years)

​

​

6.9

Weighted-average operating lease discount rate

​

​

7.2%

​

Supplemental disclosures of cash flow information related to leases were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Cash paid for amounts in the measurement of operating lease liabilities (net of sublease receipts)

​

$

10,989

​

$

12,390

​

$

21,615

​

$

24,818

Operating lease assets obtained in exchange for operating lease liabilities

​

$

14,383

​

$

13,038

​

$

19,526

​

$

13,038

​

Adtalem maintains agreements to sublease either a portion or the full leased space at five of its operating lease locations. Most of these subleases are a result of Adtalem retaining leases associated with restructured lease activities at DeVry University and Carrington College prior to their divestitures during fiscal year 2019. All sublease expirations with DeVry University and Carrington College coincide with Adtalem’s original head lease expiration dates. At that time, Adtalem will be relieved of its obligations. In addition, Adtalem has entered into subleases with non-affiliated entities for vacated or partially vacated space from restructuring activities. Adtalem’s sublease agreements expire at various dates through December 2025. We record sublease income as an offset against our lease expense recorded on the head lease. For leases

which Adtalem vacated or partially vacated space, we recorded estimated restructuring charges in prior periods. Actual results may differ from these estimates, which could result in additional restructuring charges or reversals in future periods. Future minimum sublease rental income under these agreements as of December 31, 2023 were as follows (in thousands):

​

​

​

​

​

Fiscal Year

​

Amount

2024 (remaining)

​

$

3,630

2025

​

​

5,255

2026

​

 

2,038

Total sublease rental income

​

$

10,923

​
v3.24.0.1
Goodwill and Intangible Assets
 6 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

12. Goodwill and Intangible Assets

Goodwill balances by reporting unit were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31, 

​

June 30, 

​

​

2023

​

2023

Chamberlain

​

$

4,716

​

$

4,716

Walden

​

​

651,052

​

​

651,052

AUC

​

 

68,321

​

 

68,321

RUSM

​

 

180,089

​

 

180,089

RUSVM

​

 

57,084

​

 

57,084

Total

​

$

961,262

​

$

961,262

​

Goodwill balances by reportable segment were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31, 

​

June 30, 

​

​

2023

​

2023

Chamberlain

​

$

4,716

​

$

4,716

Walden

​

​

651,052

​

​

651,052

Medical and Veterinary

​

​

305,494

​

​

305,494

Total

​

$

961,262

​

$

961,262

​

Amortizable intangible assets consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

June 30, 2023

​

​

​

​

Gross Carrying

​

Accumulated

​

Gross Carrying

​

Accumulated

​

Weighted-Average

​

​

Amount

​

Amortization

​

Amount

​

Amortization

​

Amortization Period

Student relationships

​

$

161,900

​

$

(151,876)

 

$

161,900

​

$

(137,476)

 

3 Years

Curriculum

​

 

56,091

​

 

(26,647)

 

 

56,091

​

 

(21,037)

 

5 Years

Total

​

$

217,991

​

$

(178,523)

 

$

217,991

​

$

(158,513)

 

​

​

Indefinite-lived intangible assets consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31, 

​

June 30, 

​

​

2023

​

2023

Walden trade name

​

$

119,560

​

$

119,560

AUC trade name

​

​

17,100

​

​

17,100

RUSM trade name

​

​

3,500

​

​

3,500

RUSVM trade name

​

​

1,600

​

​

1,600

Chamberlain Title IV eligibility and accreditations

​

 

1,200

​

 

1,200

Walden Title IV eligibility and accreditations

​

​

495,800

​

​

495,800

AUC Title IV eligibility and accreditations

​

 

100,000

​

 

100,000

RUSM Title IV eligibility and accreditations

​

​

11,600

​

​

11,600

RUSVM Title IV eligibility and accreditations

​

 

2,500

​

 

2,500

Total

​

$

752,860

​

$

752,860

​

Indefinite-lived intangible asset balances by reportable segment were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31, 

​

June 30, 

​

​

2023

​

2023

Chamberlain

​

$

1,200

​

$

1,200

Walden

​

​

615,360

​

​

615,360

Medical and Veterinary

​

​

136,300

​

​

136,300

Total

​

$

752,860

​

$

752,860

​

Amortization expense for amortized intangible assets was $9.3 million and $20.0 million in the three and six months ended December 31, 2023, respectively, and $16.2 million and $34.7 million in the three and six months ended December 31, 2022, respectively. Future intangible asset amortization expense, by reporting unit, is expected to be as follows (in thousands):

​

​

​

​

​

Fiscal Year

​

Walden

2024 (remaining)

​

$

15,634

2025

​

 

11,220

2026

​

 

11,220

2027

​

 

1,394

Total

​

$

39,468

​

Curriculum is amortized on a straight-line basis. Student relationships is amortized based on the estimated retention of the students and considers the revenue and cash flow associated with these existing students.

Indefinite-lived intangible assets related to trade names and Title IV eligibility and accreditations are not amortized, as there are no legal, regulatory, contractual, economic, or other factors that limit the useful life of these intangible assets to the reporting entity.

Goodwill and indefinite-lived intangible assets are not amortized, but are tested for impairment annually and when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Our annual testing date is May 31.

Adtalem has five reporting units that contain goodwill and indefinite-lived intangible assets. These reporting units constitute components for which discrete financial information is available and regularly reviewed by segment management. We have the option to assess goodwill for impairment by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is determined that the reporting unit fair value is more likely than not less than its carrying value, or if we do not elect the option to perform an initial qualitative assessment, we perform a quantitative assessment of the reporting unit’s fair value. If the carrying value of a reporting unit containing the goodwill exceeds the fair value of that reporting unit, an impairment loss is recognized equal to the difference between the carrying value of the reporting unit and its fair value, not to exceed

the carrying value of goodwill. We also have the option to perform a qualitative assessment to test indefinite-lived intangible assets for impairment by determining whether it is more likely than not that the indefinite-lived intangible assets are impaired. If it is determined that the indefinite-lived intangible asset is more likely than not impaired, or if we do not elect the option to perform an initial qualitative assessment, we perform a quantitative assessment of the indefinite-lived intangible assets. If the carrying value of the indefinite-lived intangible assets exceeds its fair value, an impairment loss is recognized to the extent the carrying value exceeds fair value. After analyzing the results of operations and business conditions of all five reporting units, we determined that no triggering event had occurred that would indicate the carrying value of a reporting unit had exceeded its fair value as of December 31, 2023.

These interim triggering event conclusions were based on the fact that the annual impairment review of Adtalem’s reporting units and indefinite-lived intangible assets resulted in no impairments as of the end of fiscal year 2023, and that no interim events or deviations from planned operating results occurred as of December 31, 2023 that would cause management to reassess these conclusions.

If economic conditions deteriorate, interest rates continue to rise, or operating performance of our reporting units do not meet expectations such that we revise our long-term forecasts, we may recognize impairments of goodwill and other intangible assets in future periods.
v3.24.0.1
Debt
 6 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt

13. Debt

Long-term debt consisted of the following senior secured credit facilities (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31, 

​

June 30, 

​

​

2023

​

2023

Senior Secured Notes due 2028

​

$

404,950

​

$

404,950

Term Loan B

​

 

303,333

​

 

303,333

Total principal

​

 

708,283

​

 

708,283

Unamortized debt discount and issuance costs

​

 

(11,910)

​

 

(13,206)

Long-term debt

​

$

696,373

​

$

695,077

​

Scheduled future maturities of long-term debt were as follows (in thousands):

​

​

​

​

​

​

​

Maturity

Fiscal Year

​

Payments

2024 (remaining)

​

$

—

2025

​

 

—

2026

​

 

—

2027

​

 

—

2028

​

​

404,950

2029

​

​

303,333

Total

​

$

708,283

​

Senior Secured Notes due 2028

On March 1, 2021, Adtalem issued $800.0 million aggregate principal amount of 5.50% Senior Secured Notes due 2028 (the “Notes”), which mature on March 1, 2028, pursuant to an indenture, dated as of March 1, 2021 (the “Indenture”), by and between Adtalem and U.S. Bank National Association, as trustee and notes collateral agent. The Notes were sold within the U.S. only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the U.S. to non-U.S. persons in reliance on Regulation S under the Securities Act.

The Notes were issued at 100.0% of their par value. The Notes bear interest at a rate of 5.50% per year, payable semi-annually in arrears on March 1 and September 1 of each year, commencing on September 1, 2021, to holders of record on the preceding February 15 and August 15, as the case may be. The Notes are guaranteed by certain of Adtalem’s subsidiaries that are borrowers or guarantors under its senior secured credit facilities and certain of its other senior indebtedness, subject to certain exceptions (the “Guarantors”). As of August 12, 2021, the Notes were secured, subject to

permitted liens and certain other exceptions, by first priority liens on the same collateral that secures the obligations under Adtalem’s senior secured credit facilities.

 At any time prior to March 1, 2024, we may redeem all or a part of the Notes at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus a make-whole premium set forth in the Indenture and accrued and unpaid interest, if any, to, but not including, the redemption date. We may redeem the Notes, in whole or in part, at any time on or after March 1, 2024 at redemption prices equal to 102.75%, 101.375%, and 100% of the principal amount of the Notes redeemed if the redemption occurs during the twelve-month periods beginning on March 1 of the years 2024, 2025, and 2026 and thereafter, respectively, in each case plus accrued and unpaid interest, if any, thereon to, but not including, the applicable redemption date. In addition, at any time prior to March 1, 2024, Adtalem may redeem up to 40% of the aggregate principal amount of the Notes at a redemption price equal to 105.5% of the aggregate principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date, with the net cash proceeds we receive from one or more qualifying equity offerings.

On April 11, 2022, we repaid $373.3 million of Notes at a price equal to 100% of the principal amount of the Notes. During June 2022, we repurchased on the open market an additional $20.8 million of Notes at a price equal to approximately 90% of the principal amount of the Notes. This debt was subsequently retired. During the first quarter of fiscal year 2023, we repurchased on the open market an additional $0.9 million of Notes at a price equal to approximately 92% of the principal amount of the Notes, resulting in a gain on extinguishment of debt of $0.1 million recorded within interest expense in the Consolidated Statements of Income for the six months ended December 31, 2022. This debt was subsequently retired. The principal balance of the Notes is $405.0 million as of December 31, 2023.

Accrued interest on the Notes of $7.4 million and $7.4 million is recorded within accrued liabilities on the Consolidated Balance Sheets as of December 31, 2023 and June 30, 2023, respectively.

Credit Agreement

On August 12, 2021, in connection with the Walden acquisition, Adtalem entered into its new credit agreement (the “Credit Agreement”) that provides for (1) a $850.0 million senior secured term loan (“Term Loan B”) with a maturity date of August 12, 2028 and (2) a $400.0 million senior secured revolving loan facility (“Revolver”) with a maturity date of August 12, 2026. We refer to the Term Loan B and Revolver collectively as the “Credit Facility.” The Revolver has availability for letters of credit and currencies other than U.S. dollars of up to $400.0 million.

On June 27, 2023, Adtalem entered into Amendment No. 1 to Credit Agreement, identifying the Secured Overnight Financing Rate (“SOFR”) as the benchmark rate to replace LIBOR for eurocurrency rate loans within the Credit Agreement effective the first quarter of fiscal year 2024.

Term Loan B

Borrowings under the Term Loan B bear interest at Adtalem’s option at a rate per annum equal to SOFR, subject to a SOFR floor of 0.75%, plus an applicable margin ranging from 4.00% to 4.50% for eurocurrency term loan borrowings or 3.00% to 3.50% for alternative base rate (“ABR”) borrowings depending on Adtalem’s net first lien leverage ratio for such period. As of December 31, 2023, the interest rate for borrowings under the Term Loan B facility was 9.47%, which approximated the effective interest rate. The Term Loan B originally required quarterly installment payments of $2.125 million beginning on March 31, 2022. On March 11, 2022, we made a prepayment of $396.7 million on the Term Loan B. With that prepayment, we are no longer required to make quarterly installment payments. We made additional Term Loan B prepayments of $100.0 million and $50.0 million on September 22, 2022 and November 22, 2022, respectively. The principal balance of the Term Loan B is $303.3 million as of December 31, 2023.

On January 26, 2024, we made an additional Term Loan B prepayment of $50.0 million, reducing the principal balance of the Term Loan B to $253.3 million as of that date, and we repriced our Term Loan B loan resulting in a 0.50% reduction in our margin interest rate. As of January 26, 2024, borrowings under the Term Loan B bear interest at Adtalem’s option at a rate per annum equal to SOFR, subject to a SOFR floor of 0.75%, plus an applicable margin ranging from 3.50% to 4.00% for eurocurrency term loan borrowings or 2.50% to 3.00% for ABR borrowings depending on Adtalem’s net first lien leverage ratio for such period.

Revolver

Borrowings under the Revolver bear interest at a rate per annum equal to SOFR, subject to a SOFR floor of 0.75%, plus an applicable margin ranging from 3.75% to 4.25% for SOFR borrowings or 2.75% to 3.25% for ABR borrowings depending on Adtalem’s net first lien leverage ratio for such period. There were no borrowings under the Revolver during the six months ended December 31, 2023 and 2022.

The Credit Agreement requires payment of a commitment fee equal to 0.25% as of December 31, 2023, of the unused portion of the Revolver. The commitment fee expense is recorded within interest expense in the Consolidated Statements of Income. The amount unused under the Revolver was $165.9 million as of December 31, 2023.

Debt Discount and Issuance Costs

The Term Loan B was issued at a price of 99% of its principal amount, resulting in an original issue discount of 1%. The debt discount and issuance costs related to the Notes and Term Loan B are capitalized and presented as a direct deduction from the face amount of the debt, while the debt issuance costs related to the Revolver are classified as other assets, net on the Consolidated Balance Sheets. The debt discount and issuance costs are amortized as interest expense over seven years for the Notes and Term Loan B and over five years for the Revolver. Based on the $100.0 million and $50.0 million Term Loan B prepayments on September 22, 2022 and November 22, 2022, respectively, we expensed $1.4 million and $4.3 million in interest expense in the Consolidated Statements of Income in the three and six months ended December 31, 2022, respectively, which was the proportionate amount of the remaining unamortized debt discount and issuance costs related to the Term Loan B as of the prepayment dates. The following table summarizes the unamortized debt discount and issuance costs activity for the six months ended December 31, 2023 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Notes

​

Term Loan B

​

Revolver

​

Total

Unamortized debt discount and issuance costs as of June 30, 2023

​

$

5,592

​

$

7,614

​

$

6,355

​

$

19,561

Amortization of debt discount and issuance costs

​

 

(558)

​

 

(738)

​

 

(1,014)

​

 

(2,310)

Unamortized debt discount and issuance costs as of December 31, 2023

​

$

5,034

​

$

6,876

​

$

5,341

​

$

17,251

​

Off-Balance Sheet Arrangements

Adtalem had a surety-backed letter of credit outstanding of $84.0 million as of December 31, 2023, in favor of the U.S. Department of Education (“ED”) on behalf of Walden, which allows Walden to participate in Title IV programs. In addition, Adtalem had a letter of credit outstanding under its Revolver in the amount of $76.2 million as of December 31, 2023, in favor of ED, which also allows Walden to participate in Title IV programs. Lastly, Adtalem had a letter of credit outstanding under its Revolver in the amount of $157.9 million as of December 31, 2023, in favor of ED, which allows Adtalem institutions to participate in Title IV programs.

Many states require private-sector postsecondary education institutions to post surety bonds for licensure. In the U.S., Adtalem has posted $41.0 million of surety bonds as of December 31, 2023 with regulatory authorities on behalf of Chamberlain, Walden, AUC, RUSM, and RUSVM.

Interest Expense

Interest expense consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Notes interest expense

​

$

5,568

​

$

5,568

​

$

11,136

​

$

11,165

Term Loan B interest expense

​

​

7,321

​

​

6,450

​

​

14,576

​

​

13,451

Term Loan B debt discount and issuance costs write-off

​

​

—

​

​

1,402

​

​

—

​

​

4,282

Notes issuance costs write-off

​

​

—

​

​

—

​

​

—

​

​

15

Gain on extinguishment of debt

​

​

—

​

​

—

​

​

—

​

​

(71)

Amortization of debt discount and issuance costs

​

​

1,155

​

​

1,190

​

​

2,310

​

​

2,522

Letters of credit fees

​

​

2,478

​

​

692

​

​

3,919

​

​

1,419

Other

​

​

171

​

​

287

​

​

409

​

​

566

Total

​

$

16,693

​

$

15,589

​

$

32,350

​

$

33,349

​

Covenants and Guarantees

The Credit Agreement and Notes contain customary covenants, including restrictions on our restricted subsidiaries’ ability to merge and consolidate with other companies, incur indebtedness, grant liens or security interest on assets, make acquisitions, loans, advances or investments, or sell or otherwise transfer assets.

Under the terms of the Credit Agreement, beginning on the fiscal quarter ending December 31, 2021 and through December 31, 2023, Adtalem was required to maintain a Total Net Leverage Ratio of equal to or less than 4.00 to 1.00, which changes to 3.25 to 1.00 for the fiscal quarter ending March 31, 2024 and thereafter. The Total Net Leverage Ratio under the Credit Agreement is defined as the ratio of (a) the aggregate principal amount of Consolidated Debt (as defined in the Credit Agreement) of Adtalem and its subsidiaries as of the last day of the most recently ended Test Period (as defined in the Credit Agreement) minus Unrestricted Cash (as defined in the Credit Agreement) and Permitted Investments (as defined in the Credit Agreement) of the Borrower and its subsidiaries for such Test Period to (b) EBITDA (as defined in the Credit Agreement) for such Test Period. EBITDA for purposes of these restrictive covenants includes incremental adjustments beyond those included in traditional EBITDA calculations. Specifically, the Credit Agreement EBITDA definition includes the pro forma impact of EBITDA to be received from certain acquisition-related synergies and cost optimization activities, subject to a 20% cap.

Obligations under the Credit Agreement are secured by a first-priority lien on substantially all of the assets of Adtalem and certain of its domestic wholly-owned subsidiaries (the “Subsidiary Guarantors”), which Subsidiary Guarantors also guarantee the obligations of Adtalem under the Credit Agreement, subject to certain exceptions. The Credit Agreement contains customary affirmative and negative covenants customary for facilities of its type, which, among other things, generally limit (with certain exceptions): mergers, amalgamations, or consolidations; the incurrence of additional indebtedness (including guarantees); the incurrence of additional liens; the sale, assignment, lease, conveyance or transfer of assets; certain investments; dividends and stock redemptions or repurchases in excess of certain amounts; transactions with affiliates; engaging in materially different lines of business; payments and modifications of indebtedness or the governing documents of Adtalem or any Subsidiary Guarantor; and other activities customarily restricted in such agreements.

The Credit Agreement contains customary events of default for facilities of this type. If an event of default under the Credit Agreement occurs and is continuing, the commitments thereunder may be terminated and the principal amount outstanding thereunder, together with all accrued and unpaid interest and other amounts owed thereunder, may be declared immediately due and payable.

The Term Loan B requires mandatory prepayments equal to the net cash proceeds from an asset sale or disposition which is not reinvested in assets within one-year from the date of disposition if the asset sale or disposition is in excess of $20.0 million, among other mandatory prepayment terms (see the Credit Agreement, as filed under Form 8-K dated August 12, 2021, for additional information and term definitions). With the $396.7 million prepayment on March 11, 2022 on the

Term Loan B, the $394.1 million prepayment on the Notes during the fourth quarter of fiscal year 2022, and the $100.0 million prepayment on September 22, 2022 on the Term Loan B, we satisfied the mandatory prepayment requirement resulting from the sale proceeds received from the sale of our previous Financial Services segment. No other mandatory prepayments have been required since the execution of the Credit Agreement.

The Notes contain covenants that limit the ability of Adtalem and each of the Guarantors to incur or guarantee additional debt or issue disqualified stock or preferred stock; pay dividends and make other distributions on, or redeem or repurchase, capital stock; make certain investments; incur certain liens; enter into transactions with affiliates; consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; create certain restrictions on the Guarantors to make dividends or other payments to Adtalem; designate restricted subsidiaries as unrestricted subsidiaries; and transfer or sell certain assets. These covenants are subject to a number of important exceptions and qualifications. The Indenture and the Notes also provide for certain customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the Notes to become or be declared due and payable or would allow the trustee or the holders of at least 25% in principal amount of the then outstanding Notes to declare the principal of and accrued and unpaid interest, if any, on all the Notes to be due and payable by notice in writing to Adtalem and, upon such declaration, such principal and accrued and unpaid interest, if any, will be due and payable immediately.

Adtalem was in compliance with the Credit Agreement debt covenants and the Notes covenants as of December 31, 2023.
v3.24.0.1
Share Repurchases
 6 Months Ended
Dec. 31, 2023
Dividends And Share Repurchase Program [Abstract]  
Share Repurchases

14. Share Repurchases

Open Market Share Repurchase Programs

On March 1, 2022, we announced that the Board of Directors (the “Board”) authorized Adtalem’s thirteenth share repurchase program, which allows Adtalem to repurchase up to $300.0 million of its common stock through February 25, 2025. On January 16, 2024, Adtalem completed its thirteenth share repurchase program. On January 19, 2024, we announced that the Board authorized Adtalem’s fourteenth share repurchase program, which allows Adtalem to repurchase up to $300.0 million of its common stock through January 16, 2027. Adtalem made share repurchases under its share repurchase programs as follows, which includes the market price of the shares, commissions, and excise tax (in thousands, except shares and per share data):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Total number of share repurchases

​

​

1,350,735

​

​

—

​

​

3,509,133

​

​

—

Total cost of share repurchases

​

$

69,301

​

$

—

​

$

161,186

​

$

—

Average price paid per share

​

$

51.31

​

$

—

​

$

45.93

​

$

—

​

As of December 31, 2023, $11.6 million of authorized share repurchases were remaining under the thirteenth share repurchase program. Subsequent to December 31, 2023, our authorized share repurchases increased by $300.0 million related to the fourteenth share repurchase program as described above. The timing and amount of any future repurchases will be determined based on an evaluation of market conditions and other factors. These repurchases may be made through open market purchases, accelerated share repurchases, privately negotiated transactions, or otherwise. Repurchases will be funded through available cash balances and ongoing business operating cash generation and may be suspended or discontinued at any time. Shares of stock repurchased under the programs are held as treasury shares. Repurchases under our share repurchase programs reduce the weighted-average number of shares of common stock outstanding for basic and diluted earnings per share calculations.

ASR Agreement

On March 14, 2022, we entered into an ASR agreement to repurchase $150.0 million of common stock. We received an initial delivery of 4,709,576 shares of common stock representing approximately 80% of the total shares expected to be delivered at the time of executing the ASR based on the per share price on the day prior to the execution date. This initial delivery of shares reduced the weighted-average number of shares of common stock outstanding for basic and diluted earnings per share calculations. The final number of shares to be repurchased was based on the volume-weighted

average price of Adtalem’s common stock during the term of the ASR agreement, less a discount and subject to adjustments pursuant to the terms of the ASR agreement. See Note 8 “Earnings per Share” for information on the ASR impact to earnings per share for the six months ended December 31, 2022. The ASR agreement ended on October 14, 2022. Based on the volume-weighted average price of Adtalem’s common stock during the term of the ASR agreement, Adtalem owed the counter party 332,212 shares of common stock. We elected to settle the contract in cash instead of delivering shares by making a cash payment of $13.2 million on November 2, 2022.

On March 14, 2022, we recorded the $150.0 million purchase price of the ASR as a reduction to shareholders’ equity, consisting of a $120.0 million increase in treasury stock and a $30.0 million reduction in additional paid-in capital, which represented an equity forward contract, on the Consolidated Balance Sheets. During the second quarter of fiscal year 2023, the $30.0 million initially recorded as a reduction in additional paid-in capital was reclassified to treasury stock and an additional $13.2 million was recorded in treasury stock, which represented our final cash settlement payment.
v3.24.0.1
Stock-Based Compensation
 6 Months Ended
Dec. 31, 2023
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation

15. Stock-Based Compensation

Adtalem’s current stock-based incentive plan is its Fourth Amended and Restated Incentive Plan of 2013, which is administered by the Compensation Committee of the Board. Under the plan, directors, key executives, and managerial employees are eligible to receive stock options, restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”), and other forms of stock awards. As of December 31, 2023, 2,065,697 shares of common stock were available for future issuance under this plan.

Stock-based compensation expense is recognized on a straight-line basis over the required service period. Adtalem accounts for stock-based compensation granted to retirement eligible employees that fully vests upon an employee’s retirement under the non-substantive vesting period approach. Under this approach, the entire stock-based compensation expense is recognized at the grant date for stock-based grants issued to retirement eligible employees. For non-retirement eligible employees, stock-based compensation expense is recognized as expense over the employee requisite service period. We account for forfeitures of unvested awards in the period they occur. Adtalem issues new shares of common stock to satisfy stock option exercises, RSU vests, and PSU vests.

Stock-based compensation expense, which is included in student services and administrative expense, and the related income tax benefit were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Stock-based compensation

​

$

6,050

​

$

1,968

​

$

13,505

​

$

8,113

Income tax benefit

​

 

(2,488)

​

 

(622)

​

 

(4,983)

​

 

(2,303)

Stock-based compensation, net of tax

​

$

3,562

​

$

1,346

​

$

8,522

​

$

5,810

​

There was no capitalized stock-based compensation cost as of December 31, 2023 and June 30, 2023.

Stock Options

Beginning in fiscal year 2023, the Compensation Committee of the Board determined to no longer grant stock options. Prior to fiscal year 2023, we granted stock options generally with a four-year graduated vesting from the grant date and expire ten years from the grant date. The fair value of stock options was estimated using a binomial model. The following table summarizes stock option activity for the six months ended December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

​

Number of

​

​

​

Remaining

​

Aggregate

​

​

Stock

​

Weighted-Average

​

Contractual Life

​

Intrinsic Value

​

​

Options

​

Exercise Price

​

(in years)

​

(in thousands)

Outstanding as of July 1, 2023

 

1,045,801

​

$

36.02

 

​

​

​

​

Exercised

 

(451,040)

​

​

33.95

 

​

​

​

​

Expired

 

(1,144)

​

​

28.32

 

​

​

​

​

Outstanding as of December 31, 2023

 

593,617

​

 

37.61

 

6.4

​

$

12,669

Exercisable as of December 31, 2023

 

453,942

​

$

38.36

 

6.1

​

$

9,349

​

The fair value of stock options that vested during the six months ended December 31, 2023 and 2022 was $1.9 million and $2.1 million, respectively. As of December 31, 2023, $0.6 million of unrecognized stock-based compensation expense related to unvested stock options is expected to be recognized over a remaining weighted-average period of 1.5 years. The total intrinsic value of stock options exercised for the six months ended December 31, 2023 and 2022 was $9.1 million and $0.7 million, respectively.

RSUs

Prior to fiscal year 2023, we granted RSUs generally with a four-year graduated vesting from the grant date. Beginning in fiscal year 2023, we grant RSUs generally with a three-year graduated vesting from the grant date. We also regularly grant RSUs to our Board members with a one-year cliff vest from the grant date. The fair value of RSUs is the closing market price of our common stock on the grant date. The following table summarizes RSU activity for the six months ended December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

Number of

​

Grant Date

​

​

RSUs

​

Fair Value

Unvested as of July 1, 2023

 

737,733

​

$

37.22

Granted

 

393,270

​

 

44.17

Vested

 

(282,447)

​

 

37.85

Forfeited

 

(11,847)

​

 

40.42

Unvested as of December 31, 2023

 

836,709

​

$

40.23

​

The weighted-average grant date fair value per share of RSUs granted in the six months ended December 31, 2023 and 2022 was $44.17 and $39.87, respectively. The fair value of RSUs that vested during the six months ended December 31, 2023 and 2022 was $10.7 million and $8.2 million, respectively. As of December 31, 2023, $20.9 million of unrecognized stock-based compensation expense related to unvested RSUs is expected to be recognized over a remaining weighted-average period of 2.0 years.

PSUs

We issue PSUs generally with a three-year cliff vest from the grant date. The fair value per share of PSUs is the closing market price of our common stock on the grant date. We estimate the number of shares that will vest under our PSU awards when recognizing stock-based compensation expense for each reporting period. The final number of shares that vest under our PSUs is based on metrics approved by the Compensation Committee of the Board. The following table summarizes PSU activity for the six months ended December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

Number of

​

Grant Date

​

​

PSUs

​

Fair Value

Unvested as of July 1, 2023

 

490,300

​

$

35.17

Granted (1)

 

333,210

​

 

50.07

Vested

 

(126,918)

​

 

29.92

Forfeited

 

(48,712)

​

 

31.50

Unvested as of December 31, 2023

 

647,880

​

$

43.79

(1) Includes incremental PSUs awarded upon achievement of metrics.

​

The weighted-average grant date fair value per share of PSUs granted in the six months ended December 31, 2023 and 2022 was $50.07 and $33.97, respectively. The fair value of PSUs that vested during the six months ended December 31, 2023 and 2022 was $4.1 million and $3.4 million, respectively. As of December 31, 2023, $19.1 million of unrecognized stock-based compensation expense related to unvested PSUs is expected to be recognized over a remaining weighted-average period of 2.0 years.
v3.24.0.1
Fair Value Measurements
 6 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements

16. Fair Value Measurements

Adtalem has elected not to measure any assets or liabilities at fair value other than those required to be measured at fair value on a recurring basis. Assets measured at fair value on a nonrecurring basis include goodwill, intangible assets, and assets of businesses where the long-term value of the operations have been impaired.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The guidance specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. The guidance establishes fair value measurement classifications under the following hierarchy:

Level 1 – Quoted prices for identical instruments in active markets.

Level 2 – Observable inputs other than prices included in Level 1, such as quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets.

Level 3 –Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable.

When available, Adtalem uses quoted market prices to determine fair value, and such measurements are classified within Level 1. In cases where market prices are not available, Adtalem makes use of observable market-based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed models that use, where possible, current market-based parameters such as interest rates and yield curves. These measurements are classified within Level 3.

Fair value measurements are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be significant inputs that are readily observable.

The carrying value of our cash, cash equivalents, and restricted cash approximates fair value because of their short-term nature and is classified as Level 1.

Adtalem maintains a rabbi trust with investments in stock and bond mutual funds to fund obligations under a nonqualified deferred compensation plan. The fair value of the investments in the rabbi trust included in prepaid expenses and other current assets on the Consolidated Balance Sheets as of December 31, 2023 and June 30, 2023 was $13.3 million and $12.5 million, respectively. These investments are recorded at fair value based upon quoted market prices using Level 1 inputs.

The carrying value of the credit extension programs, which approximates its fair value, is included in accounts receivable, net and other assets, net on the Consolidated Balance Sheets as of December 31, 2023 and June 30, 2023 of $28.4 million and $29.7 million, respectively, and is classified as Level 2. See Note 9 “Accounts Receivable and Credit Losses” for additional information on these credit extension programs.

Adtalem has a nonqualified deferred compensation plan for highly compensated employees and its Board members. The participant’s “investments” are in a hypothetical portfolio of investments which are tracked by an administrator. Changes in the fair value of the nonqualified deferred compensation obligation are derived using quoted prices in active markets based on the market price per unit multiplied by the number of units. Total liabilities under the plan included in accrued liabilities on the Consolidated Balance Sheets as of December 31, 2023 and June 30, 2023 were $12.8 million and $12.6 million, respectively. The fair value of the nonqualified deferred compensation obligation is classified as Level 2 because their inputs are derived principally from observable market data by correlation to the hypothetical investments.

As of December 31, 2023 and June 30, 2023, borrowings under our long-term debt agreements were $708.3 million and $708.3 million, respectively. The fair value of the Notes was $394.2 million as of December 31, 2023, which is based upon quoted market prices and is classified as Level 1. The fair value of the Term Loan B was $304.7 million as of December 31, 2023, which is based upon quoted market prices in a non-active market and is classified as Level 2. See Note 13 “Debt” for additional information on our long-term debt agreements.

As of December 31, 2023 and June 30, 2023, there were no assets or liabilities measured at fair value using Level 3 inputs.

We recorded an impairment of $5.0 million on an equity investment with no readily determinable fair value within other income (expense), net in the Consolidated Statements of Income in the three and six months ended December 31, 2022 as the carrying value is no longer recoverable. Since initial recognition of the investment, there had been no upward or downward adjustments as a result of observable price changes. Following the impairment, the carrying amount of $5.0 million was reduced to zero.

Assets measured at fair value on a nonrecurring basis include goodwill and indefinite-lived intangible assets arising from a business combination. These assets are not amortized and charged to expense over time. Instead, goodwill and indefinite-lived intangible assets must be reviewed annually for impairment or more frequently if circumstances arise indicating potential impairment. This impairment review was most recently completed as of May 31, 2023. See Note 12 “Goodwill and Intangible Assets” for additional information on the impairment review, including valuation techniques and assumptions.
v3.24.0.1
Commitments and Contingencies
 6 Months Ended
Dec. 31, 2023
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

17. Commitments and Contingencies

Adtalem is subject to lawsuits, administrative proceedings, regulatory reviews, and investigations associated with financial assistance programs and other matters arising in the conduct of its business and certain of these matters are discussed below. Descriptions of certain matters from prior SEC filings may not be carried forward in this report to the extent we believe such matters no longer are required to be disclosed or there has not been, to our knowledge, significant activity relating to them. As of December 31, 2023, we have adequately reserved for matters that management has determined a loss is probable and that loss can be reasonably estimated. For those matters for which we have not recorded an accrual, their possible impact on Adtalem’s business, financial condition, or results of operations, cannot be predicted at this time. The continued defense, resolution, or settlement of any of the following matters could require us to expend significant resources and could have a material adverse effect on our business, financial condition, results of operations, and cash flows, and result in the imposition of significant restrictions on us and our ability to operate.

On April 13, 2018, a putative class action lawsuit was filed by Nicole Versetto, individually and on behalf of others similarly situated, against Adtalem, DeVry University Inc., and DeVry/New York Inc. (collectively the “Adtalem Parties”) in the Circuit Court of Cook County, Illinois, Chancery Division. The complaint was filed on behalf of herself and three separate classes of similarly situated individuals who were citizens of the State of Illinois and who purchased or paid for a DeVry University program between January 1, 2008 and April 8, 2016. The plaintiff claimed that defendants made false or misleading statements regarding DeVry University’s graduate employment rate and asserts causes of action under the Illinois Uniform Deceptive Trade Practices Act, Illinois Consumer Fraud and Deceptive Trade Practices Act, and Illinois

Private Business and Vocational Schools Act, and claims of breach of contract, fraudulent misrepresentation, concealment, negligence, breach of fiduciary duty, conversion, unjust enrichment, and declaratory relief as to violations of state law. The plaintiff sought compensatory, exemplary, punitive, treble, and statutory penalties and damages, including pre-judgment and post-judgment interest, in addition to restitution, declaratory and injunctive relief, and attorneys’ fees. The plaintiff later filed an amended complaint asserting similar claims with a new lead plaintiff, Dave McCormick. After discussions among the parties, the court granted a Motion for Preliminary Approval of Class Action Settlement (the “McCormick Settlement”) on May 28, 2020. As such, we recorded a loss contingency accrual of $44.95 million on the Consolidated Balance Sheets as of June 30, 2020 and charged the contingency loss within discontinued operations in the Consolidated Statements of Income (Loss) for the year ended June 30, 2020. In conjunction with the McCormick Settlement, Adtalem was required to establish a settlement fund by placing $44.95 million into an escrow account, which was recorded within prepaid expenses and other current assets on the Consolidated Balance Sheets. The court issued an order approving the McCormick Settlement on October 7, 2020 and dismissed the action with prejudice. On May 4, 2022, the Appellate Court of Illinois, First District affirmed the Circuit Court of Cook County’s approval of the McCormick Settlement. The $44.95 million settlement fund was reduced by $8.92 million (received by Adtalem on July 18, 2023) reflecting an offset of amounts paid to the Settlement Class. The $36.03 million settlement fund is being distributed to the Settlement Class. As a result, the loss contingency accrual and prepaid expense asset associated with the previous escrow balance are no longer outstanding on the Consolidated Balance Sheets as of December 31, 2023.

On January 12, 2022, Walden was served with a complaint filed in the United States District Court for the District of Maryland by Aljanal Carroll, Claudia Provost Charles, and Tiffany Fair against Walden for damages, injunctive relief, and declaratory relief on behalf of themselves and all other similarly-situated individuals alleging violations of Title VI of the Civil Rights Act of 1964, the Equal Credit Opportunity Act, the Minnesota Prevention of Consumer Fraud Act, the Minnesota Uniform Deceptive Trade Practices Act, Minnesota statutes prohibiting false statements in advertising, and for common law fraudulent misrepresentation. Plaintiffs allege that Walden has targeted, deceived, and exploited Black and female Doctor of Business Administration (“DBA”) students by knowingly misrepresenting and understating the number of “capstone” credits required to complete the DBA program and obtain a degree. On March 23, 2022, Walden filed a Motion to Dismiss the Plaintiffs’ claims for failure to state a claim upon which relief can be granted. On November 27, 2022, the Court denied Walden’s motion to dismiss the complaint. Plaintiffs filed an amended complaint to add an additional plaintiff, Tareion Fluker. Walden answered the amended complaint on February 2, 2023. The parties participated in a non-binding mediation on May 4, 2023 and settlement discussions continued. At a second non-binding mediation held on September 21, 2023, the parties agreed on a $28.5 million payment to resolve the issues in the case, subject to agreement on non-financial terms, discussions about which are ongoing. We have recorded a $28.5 million loss contingency accrual for this matter within accrued liabilities on the Consolidated Balance Sheets as of December 31, 2023. If a tentative settlement is reached, it is subject to approval by Adtalem’s Board of Directors and the court. In January 2024, Adtalem made a claim for indemnification under the Membership Interest Purchase Agreement with Laureate Education, Inc. (“Laureate”), dated September 11, 2020, pursuant to which Adtalem purchased Walden. If a settlement is finalized and approved by the court, Adtalem expects to receive $5.5 million from Laureate in connection with such indemnification claim.

On June 6, 2022, plaintiff Rajesh Verma filed a lawsuit on behalf of himself and a class of similarly situated individuals in the Circuit Court of the Fourth Judicial Circuit, Duval County Florida, against Walden alleging that Walden was placing telephonic sales calls to persons on the National Do-Not-Call Registry, in violation of the Telephone Consumer Protection Act, 47 U.S.C. § 227, et seq. Although originally filed in state court, Walden removed the case to federal court and filed a motion to dismiss plaintiff’s complaint. On August 26, 2022, plaintiff filed a motion to remand Count I of the complaint to state court. On March 2, 2023, plaintiff filed an amended complaint to add a Florida state law claim against Walden under the Florida Telephone Solicitation Act (“FTSA”). On March 16, 2023, Walden filed its answer to the amended complaint. On March 29, 2023, Walden’s motion to dismiss plaintiff’s complaint and plaintiff’s motion to remand Count I of the complaint were denied. A non-binding mediation was held on September 18, 2023. The parties reached a settlement for an immaterial amount, subject to Court approval.

As previously disclosed, pursuant to the terms of the Stock Purchase Agreement (“SPA”) by and between Adtalem and Cogswell, dated as of December 4, 2017, as amended, Adtalem sold DeVry University to Cogswell and Adtalem agreed to indemnify DeVry University for certain losses up to $340.0 million (the “Liability Cap”). Adtalem has previously disclosed DeVry University related matters that have consumed a portion of the Liability Cap.
v3.24.0.1
Segment Information
 6 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information

18. Segment Information

We present three reportable segments as follows:

Chamberlain – Offers degree and non-degree programs in the nursing and health professions postsecondary education industry. This segment includes the operations of Chamberlain.

Walden – Offers online certificate programs and bachelor’s, master’s, and doctoral degrees, including those in nursing, education, counseling, business, psychology, public health, social work and human services, public administration and public policy, and criminal justice. This segment includes the operations of Walden, which was acquired by Adtalem on August 12, 2021.

Medical and Veterinary – Offers degree and non-degree programs in the medical and veterinary postsecondary education industry. This segment includes the operations of AUC, RUSM, and RUSVM, which are collectively referred to as the “medical and veterinary schools.”

These segments are consistent with the method by which the Chief Operating Decision Maker (Adtalem’s President and Chief Executive Officer) evaluates performance and allocates resources. Performance evaluations are based on each segment’s adjusted operating income. Adjusted operating income excludes special items, which consists of restructuring expense, business integration expense, intangible amortization expense, litigation reserve, and loss on assets held for sale. Adtalem’s management excludes these items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources. “Home Office and Other” includes activities not allocated to a reportable segment and is included to reconcile segment results to the Consolidated Financial Statements. Total assets by segment is not presented as our CODM does not review or allocate resources based on segment assets. The accounting policies of the segments are the same as those described in Note 2 “Summary of Significant Accounting Policies.”

Summary financial information by reportable segment is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Revenue:

 

​

​

 

​

​

 

​

​

 

​

​

Chamberlain

​

$

153,553

​

$

141,396

​

$

296,149

​

$

276,801

Walden

​

​

146,808

​

​

131,940

​

​

288,416

​

​

262,841

Medical and Veterinary

​

​

92,881

​

​

89,498

​

​

177,522

​

​

177,461

Total consolidated revenue

​

$

393,242

​

$

362,834

​

$

762,087

​

$

717,103

Adjusted operating income:

​

 

​

​

 

​

​

 

​

​

​

​

Chamberlain

​

$

29,640

​

$

33,229

​

$

53,964

​

$

60,231

Walden

​

​

30,155

​

​

29,012

​

​

61,270

​

​

53,553

Medical and Veterinary

​

​

22,091

​

​

22,549

​

​

36,568

​

​

39,613

Home Office and Other

​

 

(6,317)

​

 

(6,885)

​

 

(12,924)

​

 

(8,725)

Total consolidated adjusted operating income

​

​

75,569

​

​

77,905

​

​

138,878

​

​

144,672

Reconciliation to Consolidated Financial Statements:

​

​

​

​

​

​

​

​

​

​

​

​

Restructuring expense

​

 

(68)

​

 

(1,363)

​

 

(744)

​

 

(16,428)

Business integration expense

​

​

(6,909)

​

 

(14,816)

​

​

(12,171)

​

 

(24,356)

Intangible amortization expense

​

​

(9,333)

​

 

(16,176)

​

​

(20,010)

​

 

(34,704)

Litigation reserve

​

​

—

​

 

—

​

​

(18,500)

​

 

—

Loss on assets held for sale

​

​

(647)

​

 

—

​

​

(647)

​

 

—

Total consolidated operating income

​

​

58,612

​

​

45,550

​

​

86,806

​

​

69,184

Interest expense

​

 

(16,693)

​

 

(15,589)

​

 

(32,350)

​

 

(33,349)

Other income (expense), net

​

 

3,563

​

 

(1,440)

​

 

5,777

​

 

(679)

Total consolidated income from continuing operations before income taxes

​

$

45,482

​

$

28,521

​

$

60,233

​

$

35,156

Capital expenditures:

​

 

​

​

​

​

​

 

​

​

​

​

Chamberlain

​

$

5,757

​

$

1,492

​

$

11,042

​

$

2,918

Walden

​

​

2,619

​

​

268

​

​

5,561

​

​

1,093

Medical and Veterinary

​

​

1,935

​

​

342

​

​

3,280

​

​

915

Home Office and Other

​

 

4,971

​

 

2,094

​

 

10,445

​

 

4,821

Total consolidated capital expenditures

​

$

15,282

​

$

4,196

​

$

30,328

​

$

9,747

Depreciation expense:

​

 

​

​

​

​

​

 

​

​

​

​

Chamberlain

​

$

5,162

​

$

4,099

​

$

9,478

​

$

8,580

Walden

​

​

2,305

​

​

2,269

​

​

4,467

​

​

4,864

Medical and Veterinary

​

​

3,110

​

​

3,031

​

​

6,054

​

​

6,136

Home Office and Other

​

 

359

​

 

1,257

​

 

715

​

 

1,881

Total consolidated depreciation expense

​

$

10,936

​

$

10,656

​

$

20,714

​

$

21,461

Intangible amortization expense:

​

 

​

​

​

​

​

 

​

​

​

​

Walden

​

$

9,333

​

$

16,176

​

$

20,010

​

$

34,704

Total consolidated intangible amortization expense

​

$

9,333

​

$

16,176

​

$

20,010

​

$

34,704

​

Adtalem conducts its educational operations in the U.S., Barbados, St. Kitts, and St. Maarten. Revenue by geographic area is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Revenue by geographic area:

 

​

​

 

​

​

​

​

​

​

​

​

Domestic operations

​

$

300,361

​

$

273,336

​

$

584,565

​

$

539,642

Barbados, St. Kitts, and St. Maarten

​

 

92,881

​

 

89,498

​

 

177,522

​

 

177,461

Total consolidated revenue

​

$

393,242

​

$

362,834

​

$

762,087

​

$

717,103

​

No one customer accounted for more than 10% of Adtalem’s consolidated revenue for all periods presented.
v3.24.0.1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

Our significant accounting policies is described in Note 2 “Summary of Significant Accounting Policies” of our Annual Report on Form 10-K for the fiscal year ended June 30, 2023 (“2023 Form 10-K”). We have prepared the accompanying unaudited consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (which are normal and recurring in nature) considered necessary for a fair presentation have been included. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. We use the same accounting policies in preparing quarterly and annual financial statements. Unless otherwise noted, amounts presented within the Notes to Consolidated Financial Statements refer to our continuing operations. These consolidated financial statements and accompanying notes should be read in conjunction with our annual consolidated financial statements and the notes thereto included in our fiscal year 2023 Form 10-K.

Business integration expense was $6.9 million and $12.2 million in the three and six months ended December 31, 2023, respectively, and $14.8 million and $24.4 million in the three and six months ended December 31, 2022, respectively. These are costs associated with integrating Walden into Adtalem. In addition, during the first quarter of fiscal year 2023, we initiated transformation initiatives to accelerate growth and organizational agility. Certain costs relating to this transformation are included in business integration expense in the Consolidated Statements of Income.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Standards

Recent Accounting Standards

In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-02: “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.” The guidance was issued as improvements to Accounting Standards Codification (“ASC”) 326. The vintage disclosure changes are relevant to Adtalem and require an entity to disclose current-period gross write-offs by year of origination for financing receivables. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The amendments should be applied prospectively. We adopted this guidance on July 1, 2023. The amendments impacted our disclosures and did not otherwise impact Adtalem’s Consolidated Financial Statements.

In November 2023, the FASB issued ASU No. 2023-07: “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The guidance was issued to improve disclosures about reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment’s expenses by requiring entities to provide disclosures of significant segment expenses and other segment items. The guidance is effective for financial

statements issued for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively. Early adoption of the amendments is permitted, including adoption in an interim period. The amendments will impact our segment disclosures but will not otherwise impact Adtalem’s Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09: “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The guidance was issued to enhance the transparency and decision usefulness of income tax disclosures by requiring entities to provide additional information in the rate reconciliation and additional disclosures about income taxes paid. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2024. The amendments should be applied prospectively and retrospective application is permitted. Early adoption of the amendments is permitted. The amendments will impact our income tax disclosures but will not otherwise impact Adtalem’s Consolidated Financial Statements.

We reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on our Consolidated Financial Statements.
Revision to Previously Issued Financial Statements

Revision to Previously Issued Financial Statements

During the third quarter of fiscal year 2023, Adtalem identified an error in its revenue recognition related to certain scholarship programs within its Medical and Veterinary segment. Certain scholarships and discounts offered within that segment provide students a discount on future tuition that constitute a material right under ASC 606 “Revenue from Contracts with Customers” that should be accounted for as a separate performance obligation within a contract. Adtalem assessed the materiality of this error individually and in the aggregate with other previously identified errors to prior periods’ Consolidated Financial Statements in accordance with SEC Staff Accounting Bulletin (“SAB”) No. 99 “Materiality” and SAB 108 “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements” codified in ASC 250 “Accounting Changes and Error Corrections.” Adtalem concluded that the errors were not material to prior periods and therefore, amendments of previously filed reports were not required. However, Adtalem determined it was appropriate to revise its previously issued financial statements. Treating the discount on future tuition as a material right results in the deferral of revenue for a portion of tuition to future periods. In accordance with ASC 250, Adtalem corrected the prior periods presented herein by revising the financial statement line item amounts previously disclosed in SEC filings in order to achieve comparability in the Consolidated Financial Statements. The impact of this revision of Adtalem’s previously reported Consolidated Financial Statements are detailed below. In connection with this revision, Adtalem also corrected other immaterial errors in the prior periods, including certain errors that had previously been adjusted for as out of period corrections in the period identified.

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Income (in thousands, except per share data):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2022

 

Six Months Ended December 31, 2022

​

​

As reported

​

Adjustment

​

As revised

​

As reported

​

Adjustment

​

As revised

Revenue

​

$

363,302

​

$

(468)

​

$

362,834

​

$

717,861

​

$

(758)

​

$

717,103

Operating cost and expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Student services and administrative expense

​

 

140,668

​

​

1,134

​

 

141,802

​

 

289,009

​

​

(822)

​

 

288,187

Business integration expense

​

 

15,941

​

​

(1,125)

​

 

14,816

​

 

24,356

​

​

—

​

 

24,356

Total operating cost and expense

​

 

317,275

​

​

9

​

 

317,284

​

 

648,741

​

​

(822)

​

 

647,919

Operating income

​

 

46,027

​

​

(477)

​

 

45,550

​

 

69,120

​

​

64

​

 

69,184

Other expense, net

​

​

(2,574)

​

​

1,134

​

​

(1,440)

​

​

(1,007)

​

​

328

​

​

(679)

Income from continuing operations before income taxes

​

 

27,864

​

​

657

​

 

28,521

​

 

34,764

​

​

392

​

 

35,156

Provision for income taxes

​

 

(4,247)

​

​

(148)

​

 

(4,395)

​

 

(5,301)

​

​

(216)

​

 

(5,517)

Income from continuing operations

​

 

23,617

​

​

509

​

 

24,126

​

 

29,463

​

​

176

​

 

29,639

Discontinued operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) from discontinued operations before income taxes

​

​

524

​

​

—

​

​

524

​

​

(2,914)

​

​

173

​

​

(2,741)

(Provision for) benefit from income taxes

​

​

(182)

​

​

—

​

​

(182)

​

​

2,961

​

​

(1,440)

​

​

1,521

Income (loss) from discontinued operations

​

​

527

​

​

—

​

​

527

​

​

(3,127)

​

​

(1,267)

​

​

(4,394)

Net income

​

 

24,144

​

​

509

​

 

24,653

​

 

26,336

​

​

(1,091)

​

 

25,245

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings (loss) per share:

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic:

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

0.52

​

$

0.01

​

$

0.53

​

$

0.65

​

$

0.00

​

$

0.65

Discontinued operations

​

$

0.01

​

$

0.00

​

$

0.01

​

$

(0.07)

​

$

(0.03)

​

$

(0.10)

Total basic earnings per share

​

$

0.53

​

$

0.01

​

$

0.54

​

$

0.58

​

$

(0.02)

​

$

0.56

Diluted:

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Continuing operations

​

$

0.51

​

$

0.01

​

$

0.52

​

$

0.64

​

$

0.00

​

$

0.64

Discontinued operations

​

$

0.01

​

$

0.00

​

$

0.01

​

$

(0.07)

​

$

(0.03)

​

$

(0.10)

Total diluted earnings per share

​

$

0.52

​

$

0.01

​

$

0.53

​

$

0.57

​

$

(0.02)

​

$

0.55

​

The following table summarizes the effect of the revisions on the affected line items within the previously reported Consolidated Statements of Comprehensive Income (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2022

 

Six Months Ended December 31, 2022

​

​

As reported

​

Adjustment

​

As revised

​

As reported

​

Adjustment

​

As revised

Net income

​

$

24,144

​

$

509

​

$

24,653

​

$

26,336

​

$

(1,091)

​

$

25,245

Other comprehensive income (loss), net of tax:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loss on foreign currency translation adjustments

​

​

—

​

​

—

​

​

—

​

​

(1,267)

​

​

1,267

​

​

—

Comprehensive income before reclassification

​

 

24,144

​

​

509

​

 

24,653

​

 

25,069

​

​

176

​

 

25,245

Comprehensive income

​

 

24,144

​

​

509

​

 

24,653

​

 

25,069

​

​

176

​

 

25,245

​

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Cash Flows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended December 31, 2022

​

​

As reported

​

Adjustment

​

As revised

Operating activities:

​

​

​

​

​

​

​

​

​

Net income

​

$

26,336

​

$

(1,091)

​

$

25,245

Loss from discontinued operations

​

​

3,127

​

​

1,267

​

​

4,394

Income from continuing operations

​

​

29,463

​

​

176

​

​

29,639

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

​

​

​

​

​

​

​

​

​

Loss on investments

​

​

5,000

​

​

(50)

​

​

4,950

Changes in assets and liabilities:

​

​

​

​

​

​

​

​

​

Prepaid expenses and other current assets

​

​

227

​

​

267

​

​

494

Accrued payroll and benefits

​

​

(24,145)

​

​

(1,150)

​

​

(25,295)

Deferred revenue

​

​

(29,182)

​

​

758

​

​

(28,424)

Net cash provided by operating activities-continuing operations

​

​

42,276

​

​

1

​

​

42,277

Net cash provided by operating activities

​

​

41,414

​

​

1

​

​

41,415

Investing activities:

​

​

​

​

​

​

​

​

​

Proceeds from sales of marketable securities

​

​

—

​

​

1,256

​

​

1,256

Purchases of marketable securities

​

​

—

​

​

(1,257)

​

​

(1,257)

Net cash used in investing activities-continuing operations

​

​

(9,747)

​

​

(1)

​

​

(9,748)

Net cash used in investing activities

​

​

(12,921)

​

​

(1)

​

​

(12,922)

​

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Shareholders’ Equity (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

As reported

​

Adjustment

​

As revised

June 30, 2022

​

​

​

​

​

​

​

​

​

Retained earnings

​

 

2,322,810

​

​

(12,414)

​

 

2,310,396

Accumulated other comprehensive loss

​

 

(960)

​

​

(1,267)

​

 

(2,227)

Total shareholders' equity

​

 

1,505,067

​

​

(13,681)

​

 

1,491,386

September 30, 2022

​

​

​

​

​

​

​

​

​

Retained earnings

​

 

2,325,002

​

​

(14,014)

​

 

2,310,988

Total shareholders' equity

​

 

1,510,039

​

​

(14,014)

​

 

1,496,025

December 31, 2022

​

​

​

​

​

​

​

​

​

Retained earnings

​

 

2,349,146

​

​

(13,505)

​

 

2,335,641

Total shareholders' equity

​

 

1,522,722

​

​

(13,505)

​

 

1,509,217

Three Months Ended December 31, 2022

​

​

​

​

​

​

​

​

​

Net income

​

 

24,144

​

​

509

​

 

24,653

Six Months Ended December 31, 2022

​

​

​

​

​

​

​

​

​

Net income

​

 

26,336

​

​

(1,091)

​

 

25,245

Other comprehensive loss, net of tax

​

 

(1,267)

​

​

1,267

​

 

—

​
v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Summary of effect of revision on affected line items within financial statements

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Income (in thousands, except per share data):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2022

 

Six Months Ended December 31, 2022

​

​

As reported

​

Adjustment

​

As revised

​

As reported

​

Adjustment

​

As revised

Revenue

​

$

363,302

​

$

(468)

​

$

362,834

​

$

717,861

​

$

(758)

​

$

717,103

Operating cost and expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Student services and administrative expense

​

 

140,668

​

​

1,134

​

 

141,802

​

 

289,009

​

​

(822)

​

 

288,187

Business integration expense

​

 

15,941

​

​

(1,125)

​

 

14,816

​

 

24,356

​

​

—

​

 

24,356

Total operating cost and expense

​

 

317,275

​

​

9

​

 

317,284

​

 

648,741

​

​

(822)

​

 

647,919

Operating income

​

 

46,027

​

​

(477)

​

 

45,550

​

 

69,120

​

​

64

​

 

69,184

Other expense, net

​

​

(2,574)

​

​

1,134

​

​

(1,440)

​

​

(1,007)

​

​

328

​

​

(679)

Income from continuing operations before income taxes

​

 

27,864

​

​

657

​

 

28,521

​

 

34,764

​

​

392

​

 

35,156

Provision for income taxes

​

 

(4,247)

​

​

(148)

​

 

(4,395)

​

 

(5,301)

​

​

(216)

​

 

(5,517)

Income from continuing operations

​

 

23,617

​

​

509

​

 

24,126

​

 

29,463

​

​

176

​

 

29,639

Discontinued operations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) from discontinued operations before income taxes

​

​

524

​

​

—

​

​

524

​

​

(2,914)

​

​

173

​

​

(2,741)

(Provision for) benefit from income taxes

​

​

(182)

​

​

—

​

​

(182)

​

​

2,961

​

​

(1,440)

​

​

1,521

Income (loss) from discontinued operations

​

​

527

​

​

—

​

​

527

​

​

(3,127)

​

​

(1,267)

​

​

(4,394)

Net income

​

 

24,144

​

​

509

​

 

24,653

​

 

26,336

​

​

(1,091)

​

 

25,245

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings (loss) per share:

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic:

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

0.52

​

$

0.01

​

$

0.53

​

$

0.65

​

$

0.00

​

$

0.65

Discontinued operations

​

$

0.01

​

$

0.00

​

$

0.01

​

$

(0.07)

​

$

(0.03)

​

$

(0.10)

Total basic earnings per share

​

$

0.53

​

$

0.01

​

$

0.54

​

$

0.58

​

$

(0.02)

​

$

0.56

Diluted:

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Continuing operations

​

$

0.51

​

$

0.01

​

$

0.52

​

$

0.64

​

$

0.00

​

$

0.64

Discontinued operations

​

$

0.01

​

$

0.00

​

$

0.01

​

$

(0.07)

​

$

(0.03)

​

$

(0.10)

Total diluted earnings per share

​

$

0.52

​

$

0.01

​

$

0.53

​

$

0.57

​

$

(0.02)

​

$

0.55

​

The following table summarizes the effect of the revisions on the affected line items within the previously reported Consolidated Statements of Comprehensive Income (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2022

 

Six Months Ended December 31, 2022

​

​

As reported

​

Adjustment

​

As revised

​

As reported

​

Adjustment

​

As revised

Net income

​

$

24,144

​

$

509

​

$

24,653

​

$

26,336

​

$

(1,091)

​

$

25,245

Other comprehensive income (loss), net of tax:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loss on foreign currency translation adjustments

​

​

—

​

​

—

​

​

—

​

​

(1,267)

​

​

1,267

​

​

—

Comprehensive income before reclassification

​

 

24,144

​

​

509

​

 

24,653

​

 

25,069

​

​

176

​

 

25,245

Comprehensive income

​

 

24,144

​

​

509

​

 

24,653

​

 

25,069

​

​

176

​

 

25,245

​

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Cash Flows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended December 31, 2022

​

​

As reported

​

Adjustment

​

As revised

Operating activities:

​

​

​

​

​

​

​

​

​

Net income

​

$

26,336

​

$

(1,091)

​

$

25,245

Loss from discontinued operations

​

​

3,127

​

​

1,267

​

​

4,394

Income from continuing operations

​

​

29,463

​

​

176

​

​

29,639

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

​

​

​

​

​

​

​

​

​

Loss on investments

​

​

5,000

​

​

(50)

​

​

4,950

Changes in assets and liabilities:

​

​

​

​

​

​

​

​

​

Prepaid expenses and other current assets

​

​

227

​

​

267

​

​

494

Accrued payroll and benefits

​

​

(24,145)

​

​

(1,150)

​

​

(25,295)

Deferred revenue

​

​

(29,182)

​

​

758

​

​

(28,424)

Net cash provided by operating activities-continuing operations

​

​

42,276

​

​

1

​

​

42,277

Net cash provided by operating activities

​

​

41,414

​

​

1

​

​

41,415

Investing activities:

​

​

​

​

​

​

​

​

​

Proceeds from sales of marketable securities

​

​

—

​

​

1,256

​

​

1,256

Purchases of marketable securities

​

​

—

​

​

(1,257)

​

​

(1,257)

Net cash used in investing activities-continuing operations

​

​

(9,747)

​

​

(1)

​

​

(9,748)

Net cash used in investing activities

​

​

(12,921)

​

​

(1)

​

​

(12,922)

​

The following table summarizes the effect of the revisions on the affected line items within the Consolidated Statements of Shareholders’ Equity (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

As reported

​

Adjustment

​

As revised

June 30, 2022

​

​

​

​

​

​

​

​

​

Retained earnings

​

 

2,322,810

​

​

(12,414)

​

 

2,310,396

Accumulated other comprehensive loss

​

 

(960)

​

​

(1,267)

​

 

(2,227)

Total shareholders' equity

​

 

1,505,067

​

​

(13,681)

​

 

1,491,386

September 30, 2022

​

​

​

​

​

​

​

​

​

Retained earnings

​

 

2,325,002

​

​

(14,014)

​

 

2,310,988

Total shareholders' equity

​

 

1,510,039

​

​

(14,014)

​

 

1,496,025

December 31, 2022

​

​

​

​

​

​

​

​

​

Retained earnings

​

 

2,349,146

​

​

(13,505)

​

 

2,335,641

Total shareholders' equity

​

 

1,522,722

​

​

(13,505)

​

 

1,509,217

Three Months Ended December 31, 2022

​

​

​

​

​

​

​

​

​

Net income

​

 

24,144

​

​

509

​

 

24,653

Six Months Ended December 31, 2022

​

​

​

​

​

​

​

​

​

Net income

​

 

26,336

​

​

(1,091)

​

 

25,245

Other comprehensive loss, net of tax

​

 

(1,267)

​

​

1,267

​

 

—

​
v3.24.0.1
Discontinued Operations (Tables)
 6 Months Ended
Dec. 31, 2023
Discontinued Operations And Disposal Groups [Abstract]  
Income Statement Information of Discontinued Operations

The following is a summary of income statement information reported as discontinued operations, which includes expense from ongoing litigation costs and settlements related to the DeVry University and Carrington College divestitures, a gain (loss) on sale of ACAMS, Becker, and OCL for working capital adjustments to the initial sales prices, and the earn-outs we received (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Revenue

​

$

—

​

$

—

​

$

—

​

$

—

Operating cost and expense:

​

 

​

​

 

​

​

 

​

​

 

​

Student services and administrative expense

​

 

(2,926)

​

 

(524)

​

 

(1,161)

​

 

2,741

Total operating cost and expense

​

 

(2,926)

​

 

(524)

​

 

(1,161)

​

 

2,741

Income (loss) from discontinued operations before income taxes

​

​

2,926

​

​

524

​

​

1,161

​

​

(2,741)

Gain (loss) on disposal of discontinued operations before income taxes

​

​

—

​

​

185

​

​

—

​

​

(3,174)

(Provision for) benefit from income taxes

​

 

(748)

​

 

(182)

​

 

(296)

​

 

1,521

Income (loss) from discontinued operations

​

$

2,178

​

$

527

​

$

865

​

$

(4,394)

​
v3.24.0.1
Revenue (Tables)
 6 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregate revenue

The following tables disaggregate revenue by source (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2023

​

​

Chamberlain

​

Walden

 

Medical and
Veterinary

​

Consolidated

Tuition and fees

​

$

153,553

​

$

146,808

 

$

89,438

​

$

389,799

Other

​

​

—

​

​

—

​

​

3,443

​

​

3,443

Total

 

$

153,553

 

$

146,808

 

$

92,881

 

$

393,242

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended December 31, 2023

​

​

Chamberlain

​

Walden

 

Medical and
Veterinary

​

Consolidated

Tuition and fees

 

$

296,149

 

$

288,416

 

$

170,595

 

$

755,160

Other

​

​

—

​

​

—

​

​

6,927

​

​

6,927

Total

 

$

296,149

 

$

288,416

 

$

177,522

 

$

762,087

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2022

​

​

Chamberlain

​

Walden

 

Medical and
Veterinary

​

Consolidated

Tuition and fees

​

$

141,396

 

$

131,940

 

$

86,729

​

$

360,065

Other

​

​

—

​

​

—

​

​

2,769

​

​

2,769

Total

 

$

141,396

 

$

131,940

 

$

89,498

 

$

362,834

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended December 31, 2022

​

​

Chamberlain

​

Walden

 

Medical and
Veterinary

​

Consolidated

Tuition and fees

​

$

276,801

 

$

262,841

 

$

171,953

 

$

711,595

Other

​

​

—

​

​

—

​

​

5,508

​

​

5,508

Total

 

$

276,801

 

$

262,841

 

$

177,461

 

$

717,103
v3.24.0.1
Restructuring Charges (Tables)
 6 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs Restructuring charges by segment were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2023

​

Six Months Ended December 31, 2023

​

​

Real Estate
and Other

​

Termination
Benefits

​

Total

​

Real Estate
and Other

​

Termination
Benefits

​

Total

Walden

 

$

(776)

 

$

—

 

$

(776)

​

$

(776)

 

$

—

 

$

(776)

Medical and Veterinary

 

​

71

 

​

—

 

​

71

​

​

145

 

​

40

 

​

185

Home Office and Other

 

​

773

 

​

—

 

​

773

​

​

1,335

 

​

—

 

​

1,335

Total

​

$

68

​

$

—

​

$

68

​

$

704

​

$

40

​

$

744

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2022

​

Six Months Ended December 31, 2022

​

​

Real Estate
and Other

​

Termination
Benefits

​

Total

​

Real Estate
and Other

​

Termination
Benefits

​

Total

Chamberlain

 

$

—

 

$

—

 

$

—

​

$

818

 

$

—

 

$

818

Walden

 

​

41

 

​

—

 

​

41

​

​

3,067

 

​

54

 

​

3,121

Medical and Veterinary

 

​

87

 

​

—

 

​

87

​

​

6,913

 

​

—

 

​

6,913

Home Office and Other

 

​

557

 

​

678

 

​

1,235

​

​

4,626

 

​

950

 

​

5,576

Total

​

$

685

​

$

678

​

$

1,363

​

$

15,424

​

$

1,004

​

$

16,428
Separation and Restructuring Plan Activity

The following table summarizes the separation and restructuring plan activity for fiscal years 2023 and 2024, for which cash payments are required (in thousands):

​

​

​

​

​

Liability balance as of June 30, 2022

​

$

813

Increase in liability (separation and other charges)

​

 

1,620

Reduction in liability (payments and adjustments)

​

 

(1,692)

Liability balance as of June 30, 2023

​

 

741

Increase in liability (separation and other charges)

​

 

40

Reduction in liability (payments and adjustments)

​

 

(666)

Liability balance as of December 31, 2023

​

$

115
v3.24.0.1
Other Income (Expense), Net (Tables)
 6 Months Ended
Dec. 31, 2023
Other Income and Expenses [Abstract]  
Schedule of other income (expense), net

Other income (expense), net consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Interest and dividend income

​

$

2,541

​

$

2,609

​

$

5,202

​

$

4,271

Investment gain (loss)

​

​

1,022

​

​

(4,049)

​

​

575

​

​

(4,950)

Other income (expense), net

​

$

3,563

​

$

(1,440)

​

$

5,777

​

$

(679)
v3.24.0.1
Earnings per Share (Tables)
 6 Months Ended
Dec. 31, 2023
Earnings per Share  
Schedule of earnings per share The following table sets forth the computations of basic and diluted earnings per share and antidilutive shares (in thousands, except per share data):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

Net income (loss):

​

 

​

​

 

​

​

 

​

​

 

​

Continuing operations

​

$

37,713

​

$

24,126

​

$

49,672

​

$

29,639

Discontinued operations

​

​

2,178

​

​

527

​

​

865

​

​

(4,394)

Net income

​

$

39,891

​

$

24,653

​

$

50,537

​

$

25,245

​

​

​

​

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average basic shares outstanding

 

​

39,872

​

 

45,425

 

​

40,636

 

​

45,350

Effect of dilutive stock awards

 

​

915

​

 

696

 

​

850

 

​

729

Effect of ASR

 

​

—

​

 

—

 

​

—

 

​

153

Weighted-average diluted shares outstanding

 

​

40,787

​

 

46,121

 

​

41,486

 

​

46,232

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings (loss) per share:

​

​

​

​

​

​

​

​

​

​

​

​

Basic:

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

0.95

​

$

0.53

​

$

1.22

​

$

0.65

Discontinued operations

​

$

0.05

​

$

0.01

​

$

0.02

​

$

(0.10)

Total basic earnings per share

​

$

1.00

​

$

0.54

​

$

1.24

​

$

0.56

Diluted:

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

0.92

​

$

0.52

​

$

1.20

​

$

0.64

Discontinued operations

​

$

0.05

​

$

0.01

​

$

0.02

​

$

(0.10)

Total diluted earnings per share

​

$

0.98

​

$

0.53

​

$

1.22

​

$

0.55

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average antidilutive shares

​

​

89

​

​

365

​

​

210

​

​

421

​
v3.24.0.1
Accounts Receivable and Credit Losses (Tables)
 6 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of classification of our accounts receivable

The classification of our accounts receivable balances was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

​

​

Gross

​

​

Allowance

​

​

Net

Trade receivables, current

​

$

166,107

​

$

(35,020)

​

$

131,087

Financing receivables, current

​

​

4,941

​

​

(2,362)

​

​

2,579

Accounts receivable, current

​

$

171,048

​

$

(37,382)

​

$

133,666

​

​

​

​

​

​

​

​

​

​

Financing receivables, current

​

$

4,941

​

$

(2,362)

​

$

2,579

Financing receivables, noncurrent

​

​

36,775

​

​

(10,964)

​

​

25,811

Total financing receivables

​

$

41,716

​

$

(13,326)

​

$

28,390

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2023

​

​

​

Gross

​

​

Allowance

​

​

Net

Trade receivables, current

​

$

129,318

​

$

(29,190)

​

$

100,128

Financing receivables, current

​

​

4,757

​

​

(2,136)

​

​

2,621

Accounts receivable, current

​

$

134,075

​

$

(31,326)

​

$

102,749

​

​

​

​

​

​

​

​

​

​

Financing receivables, current

​

$

4,757

​

$

(2,136)

​

$

2,621

Financing receivables, noncurrent

​

​

36,368

​

​

(9,332)

​

​

27,036

Total financing receivables

​

$

41,125

​

$

(11,468)

​

$

29,657

​
Schedule of credit quality analysis of financing receivable

The credit quality analysis of financing receivables as of December 31, 2023 was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized Cost Basis by Origination Year

​

​

​

​

​

Prior

​

2020

​

2021

​

2022

​

2023

​

2024

​

Total

1-30 days past due

 

$

555

​

$

120

 

$

539

 

$

383

 

$

2,115

 

$

913

 

$

4,625

31-60 days past due

​

​

112

​

​

12

​

​

32

​

​

97

​

​

280

​

​

302

​

​

835

61-90 days past due

​

​

62

​

​

—

​

​

206

​

​

12

​

​

804

​

​

45

​

​

1,129

91-120 days past due

​

​

31

​

​

—

​

​

13

​

​

50

​

​

364

​

​

97

​

​

555

121-150 days past due

​

​

205

​

​

17

​

​

188

​

​

—

​

​

919

​

​

321

​

​

1,650

Greater than 150 days past due

​

​

3,120

​

​

573

​

​

1,242

​

​

2,137

​

​

1,047

​

​

22

​

​

8,141

Total past due

​

​

4,085

​

​

722

​

​

2,220

​

​

2,679

​

​

5,529

​

​

1,700

​

​

16,935

Current

​

​

6,365

​

​

717

​

​

5,108

​

​

2,321

​

​

6,122

​

​

4,148

​

​

24,781

Financing receivables, gross

​

$

10,450

​

$

1,439

​

$

7,328

​

$

5,000

​

$

11,651

​

$

5,848

​

$

41,716

Gross write-offs

​

$

345

​

$

244

​

$

213

​

$

145

​

$

210

​

$

—

​

$

1,157

​

The credit quality analysis of financing receivables as of June 30, 2023 was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized Cost Basis by Origination Year

​

​

​

​

​

Prior

​

2019

​

2020

​

2021

​

2022

​

2023

​

Total

1-30 days past due

 

$

186

​

$

79

 

$

115

 

$

137

 

$

735

 

$

1,944

 

$

3,196

31-60 days past due

​

​

61

​

​

34

​

​

—

​

​

359

​

​

573

​

​

1,103

​

​

2,130

61-90 days past due

​

​

97

​

​

39

​

​

110

​

​

65

​

​

559

​

​

368

​

​

1,238

91-120 days past due

​

​

2

​

​

17

​

​

2

​

​

13

​

​

77

​

​

200

​

​

311

121-150 days past due

​

​

62

​

​

37

​

​

26

​

​

45

​

​

147

​

​

129

​

​

446

Greater than 150 days past due

​

​

2,641

​

​

734

​

​

708

​

​

2,071

​

​

1,457

​

​

381

​

​

7,992

Total past due

​

​

3,049

​

​

940

​

​

961

​

​

2,690

​

​

3,548

​

​

4,125

​

​

15,313

Current

​

​

6,199

​

​

1,112

​

​

820

​

​

5,350

​

​

2,608

​

​

9,723

​

​

25,812

Financing receivables, gross

​

$

9,248

​

$

2,052

​

$

1,781

​

$

8,040

​

$

6,156

​

$

13,848

​

$

41,125

​
Schedule of roll-forward of the allowance for credit losses

The following tables provide a roll-forward of the allowance for credit losses (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2023

 

Six Months Ended December 31, 2023

​

​

Trade

​

Financing

​

Total

 

Trade

​

Financing

​

Total

Beginning balance

 

$

32,361

​

$

12,186

 

$

44,547

​

$

29,190

​

$

11,468

 

$

40,658

Write-offs

​

​

(11,139)

​

​

(421)

​

​

(11,560)

​

​

(19,551)

​

​

(1,157)

​

​

(20,708)

Recoveries

​

​

2,307

​

​

254

​

​

2,561

​

​

4,928

​

​

444

​

​

5,372

Provision for credit losses

​

​

11,491

​

​

1,307

​

​

12,798

​

​

20,453

​

​

2,571

​

​

23,024

Ending balance

​

$

35,020

​

$

13,326

​

$

48,346

​

$

35,020

​

$

13,326

​

$

48,346

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2022

​

Six Months Ended December 31, 2022

​

​

Trade

​

Financing

​

Total

​

Trade

​

Financing

​

Total

Beginning balance

 

$

32,882

​

$

15,624

 

$

48,506

​

$

30,897

​

$

14,891

 

$

45,788

Write-offs

​

​

(14,712)

​

​

(397)

​

​

(15,109)

​

​

(20,176)

​

​

(616)

​

​

(20,792)

Recoveries

​

​

1,848

​

​

32

​

​

1,880

​

​

4,256

​

​

34

​

​

4,290

Provision for credit losses

​

​

7,498

​

​

786

​

​

8,284

​

​

12,539

​

​

1,736

​

​

14,275

Ending balance

​

$

27,516

​

$

16,045

​

$

43,561

​

$

27,516

​

$

16,045

​

$

43,561

​
v3.24.0.1
Property and Equipment, Net (Tables)
 6 Months Ended
Dec. 31, 2023
Property, Plant And Equipment [Abstract]  
Schedule of Property and equipment, net

Property and equipment, net consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31, 

​

June 30, 

​

​

2023

​

2023

Land

 

$

34,127

​

$

38,345

Building

​

​

297,033

​

​

303,737

Equipment

​

​

247,125

​

​

226,600

Construction in progress

​

​

26,991

​

​

28,668

Property and equipment, gross

​

​

605,276

​

​

597,350

Accumulated depreciation

​

 

(344,792)

​

 

(338,828)

Property and equipment, net

​

$

260,484

​

$

258,522
v3.24.0.1
Leases (Tables)
 6 Months Ended
Dec. 31, 2023
Lessee Disclosure [Abstract]  
Summary of components of lease cost

The components of lease cost were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

 

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Operating lease cost

​

$

11,519

​

$

11,595

​

$

23,070

​

$

23,970

Sublease income

​

 

(2,700)

​

 

(3,516)

​

 

(5,381)

​

 

(7,086)

Total lease cost

​

$

8,819

​

$

8,079

​

$

17,689

​

$

16,884
Summary of maturities of lease liabilities

Maturities of lease liabilities as of December 31, 2023 were as follows (in thousands):

​

​

​

​

​

​

​

Operating

Fiscal Year

​

Leases

2024 (remaining)

​

$

22,795

2025

​

​

44,524

2026

​

​

41,027

2027

​

​

39,533

2028

​

​

32,472

Thereafter

​

​

104,857

Total lease payments

​

 

285,208

Less: tenant improvement allowance not yet received

​

​

(8,631)

Less: imputed interest

​

​

(76,378)

Present value of lease liabilities

​

$

200,199
Summary of lease term and discount rate

Lease term and discount rate were as follows:

​

​

​

​

​

​

​

December 31, 

​

​

2023

Weighted-average remaining operating lease term (years)

​

​

6.9

Weighted-average operating lease discount rate

​

​

7.2%
Summary of supplemental disclosures of cash flow information related to leases

Supplemental disclosures of cash flow information related to leases were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Cash paid for amounts in the measurement of operating lease liabilities (net of sublease receipts)

​

$

10,989

​

$

12,390

​

$

21,615

​

$

24,818

Operating lease assets obtained in exchange for operating lease liabilities

​

$

14,383

​

$

13,038

​

$

19,526

​

$

13,038
Schedule of Future minimum lease and sublease rental income Future minimum sublease rental income under these agreements as of December 31, 2023 were as follows (in thousands):

​

​

​

​

​

Fiscal Year

​

Amount

2024 (remaining)

​

$

3,630

2025

​

​

5,255

2026

​

 

2,038

Total sublease rental income

​

$

10,923

​
v3.24.0.1
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Goodwill

Goodwill balances by reporting unit were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31, 

​

June 30, 

​

​

2023

​

2023

Chamberlain

​

$

4,716

​

$

4,716

Walden

​

​

651,052

​

​

651,052

AUC

​

 

68,321

​

 

68,321

RUSM

​

 

180,089

​

 

180,089

RUSVM

​

 

57,084

​

 

57,084

Total

​

$

961,262

​

$

961,262

​

Goodwill balances by reportable segment were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31, 

​

June 30, 

​

​

2023

​

2023

Chamberlain

​

$

4,716

​

$

4,716

Walden

​

​

651,052

​

​

651,052

Medical and Veterinary

​

​

305,494

​

​

305,494

Total

​

$

961,262

​

$

961,262

​
Summary of Amortizable Intangible Assets

Amortizable intangible assets consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

June 30, 2023

​

​

​

​

Gross Carrying

​

Accumulated

​

Gross Carrying

​

Accumulated

​

Weighted-Average

​

​

Amount

​

Amortization

​

Amount

​

Amortization

​

Amortization Period

Student relationships

​

$

161,900

​

$

(151,876)

 

$

161,900

​

$

(137,476)

 

3 Years

Curriculum

​

 

56,091

​

 

(26,647)

 

 

56,091

​

 

(21,037)

 

5 Years

Total

​

$

217,991

​

$

(178,523)

 

$

217,991

​

$

(158,513)

 

​
Summary of Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31, 

​

June 30, 

​

​

2023

​

2023

Walden trade name

​

$

119,560

​

$

119,560

AUC trade name

​

​

17,100

​

​

17,100

RUSM trade name

​

​

3,500

​

​

3,500

RUSVM trade name

​

​

1,600

​

​

1,600

Chamberlain Title IV eligibility and accreditations

​

 

1,200

​

 

1,200

Walden Title IV eligibility and accreditations

​

​

495,800

​

​

495,800

AUC Title IV eligibility and accreditations

​

 

100,000

​

 

100,000

RUSM Title IV eligibility and accreditations

​

​

11,600

​

​

11,600

RUSVM Title IV eligibility and accreditations

​

 

2,500

​

 

2,500

Total

​

$

752,860

​

$

752,860

​

Indefinite-lived intangible asset balances by reportable segment were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31, 

​

June 30, 

​

​

2023

​

2023

Chamberlain

​

$

1,200

​

$

1,200

Walden

​

​

615,360

​

​

615,360

Medical and Veterinary

​

​

136,300

​

​

136,300

Total

​

$

752,860

​

$

752,860
Estimated Amortization Expense for Amortized Intangible Assets Future intangible asset amortization expense, by reporting unit, is expected to be as follows (in thousands):

​

​

​

​

​

Fiscal Year

​

Walden

2024 (remaining)

​

$

15,634

2025

​

 

11,220

2026

​

 

11,220

2027

​

 

1,394

Total

​

$

39,468
v3.24.0.1
Debt (Tables)
 6 Months Ended
Dec. 31, 2023
Debt Instruments [Abstract]  
Schedule of Long-term Debt Instruments

Long-term debt consisted of the following senior secured credit facilities (in thousands):

​

​

​

​

​

​

​

​

​

​

December 31, 

​

June 30, 

​

​

2023

​

2023

Senior Secured Notes due 2028

​

$

404,950

​

$

404,950

Term Loan B

​

 

303,333

​

 

303,333

Total principal

​

 

708,283

​

 

708,283

Unamortized debt discount and issuance costs

​

 

(11,910)

​

 

(13,206)

Long-term debt

​

$

696,373

​

$

695,077
Schedule of Maturities of Long-term Debt

Scheduled future maturities of long-term debt were as follows (in thousands):

​

​

​

​

​

​

​

Maturity

Fiscal Year

​

Payments

2024 (remaining)

​

$

—

2025

​

 

—

2026

​

 

—

2027

​

 

—

2028

​

​

404,950

2029

​

​

303,333

Total

​

$

708,283
Schedule Of Debt Issuance Costs The following table summarizes the unamortized debt discount and issuance costs activity for the six months ended December 31, 2023 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Notes

​

Term Loan B

​

Revolver

​

Total

Unamortized debt discount and issuance costs as of June 30, 2023

​

$

5,592

​

$

7,614

​

$

6,355

​

$

19,561

Amortization of debt discount and issuance costs

​

 

(558)

​

 

(738)

​

 

(1,014)

​

 

(2,310)

Unamortized debt discount and issuance costs as of December 31, 2023

​

$

5,034

​

$

6,876

​

$

5,341

​

$

17,251
Schedule of components of interest expense

Interest expense consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Notes interest expense

​

$

5,568

​

$

5,568

​

$

11,136

​

$

11,165

Term Loan B interest expense

​

​

7,321

​

​

6,450

​

​

14,576

​

​

13,451

Term Loan B debt discount and issuance costs write-off

​

​

—

​

​

1,402

​

​

—

​

​

4,282

Notes issuance costs write-off

​

​

—

​

​

—

​

​

—

​

​

15

Gain on extinguishment of debt

​

​

—

​

​

—

​

​

—

​

​

(71)

Amortization of debt discount and issuance costs

​

​

1,155

​

​

1,190

​

​

2,310

​

​

2,522

Letters of credit fees

​

​

2,478

​

​

692

​

​

3,919

​

​

1,419

Other

​

​

171

​

​

287

​

​

409

​

​

566

Total

​

$

16,693

​

$

15,589

​

$

32,350

​

$

33,349
v3.24.0.1
Share Repurchases (Tables)
 6 Months Ended
Dec. 31, 2023
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract]  
Shares repurchased under programs Adtalem made share repurchases under its share repurchase programs as follows, which includes the market price of the shares, commissions, and excise tax (in thousands, except shares and per share data):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Total number of share repurchases

​

​

1,350,735

​

​

—

​

​

3,509,133

​

​

—

Total cost of share repurchases

​

$

69,301

​

$

—

​

$

161,186

​

$

—

Average price paid per share

​

$

51.31

​

$

—

​

$

45.93

​

$

—
v3.24.0.1
Stock-Based Compensation (Tables)
 6 Months Ended
Dec. 31, 2023
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock-based compensation expense

Stock-based compensation expense, which is included in student services and administrative expense, and the related income tax benefit were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Stock-based compensation

​

$

6,050

​

$

1,968

​

$

13,505

​

$

8,113

Income tax benefit

​

 

(2,488)

​

 

(622)

​

 

(4,983)

​

 

(2,303)

Stock-based compensation, net of tax

​

$

3,562

​

$

1,346

​

$

8,522

​

$

5,810
Summary of Options Activity The following table summarizes stock option activity for the six months ended December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

​

Number of

​

​

​

Remaining

​

Aggregate

​

​

Stock

​

Weighted-Average

​

Contractual Life

​

Intrinsic Value

​

​

Options

​

Exercise Price

​

(in years)

​

(in thousands)

Outstanding as of July 1, 2023

 

1,045,801

​

$

36.02

 

​

​

​

​

Exercised

 

(451,040)

​

​

33.95

 

​

​

​

​

Expired

 

(1,144)

​

​

28.32

 

​

​

​

​

Outstanding as of December 31, 2023

 

593,617

​

 

37.61

 

6.4

​

$

12,669

Exercisable as of December 31, 2023

 

453,942

​

$

38.36

 

6.1

​

$

9,349
Summary of Restricted Stock Units Activity The following table summarizes RSU activity for the six months ended December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

Number of

​

Grant Date

​

​

RSUs

​

Fair Value

Unvested as of July 1, 2023

 

737,733

​

$

37.22

Granted

 

393,270

​

 

44.17

Vested

 

(282,447)

​

 

37.85

Forfeited

 

(11,847)

​

 

40.42

Unvested as of December 31, 2023

 

836,709

​

$

40.23
Summary of Performance Shares Unit Activity The following table summarizes PSU activity for the six months ended December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

Number of

​

Grant Date

​

​

PSUs

​

Fair Value

Unvested as of July 1, 2023

 

490,300

​

$

35.17

Granted (1)

 

333,210

​

 

50.07

Vested

 

(126,918)

​

 

29.92

Forfeited

 

(48,712)

​

 

31.50

Unvested as of December 31, 2023

 

647,880

​

$

43.79

(1) Includes incremental PSUs awarded upon achievement of metrics.
v3.24.0.1
Segment Information (Tables)
 6 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Tabulation of Business Segment Information Based on Current Segmentation

Summary financial information by reportable segment is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Revenue:

 

​

​

 

​

​

 

​

​

 

​

​

Chamberlain

​

$

153,553

​

$

141,396

​

$

296,149

​

$

276,801

Walden

​

​

146,808

​

​

131,940

​

​

288,416

​

​

262,841

Medical and Veterinary

​

​

92,881

​

​

89,498

​

​

177,522

​

​

177,461

Total consolidated revenue

​

$

393,242

​

$

362,834

​

$

762,087

​

$

717,103

Adjusted operating income:

​

 

​

​

 

​

​

 

​

​

​

​

Chamberlain

​

$

29,640

​

$

33,229

​

$

53,964

​

$

60,231

Walden

​

​

30,155

​

​

29,012

​

​

61,270

​

​

53,553

Medical and Veterinary

​

​

22,091

​

​

22,549

​

​

36,568

​

​

39,613

Home Office and Other

​

 

(6,317)

​

 

(6,885)

​

 

(12,924)

​

 

(8,725)

Total consolidated adjusted operating income

​

​

75,569

​

​

77,905

​

​

138,878

​

​

144,672

Reconciliation to Consolidated Financial Statements:

​

​

​

​

​

​

​

​

​

​

​

​

Restructuring expense

​

 

(68)

​

 

(1,363)

​

 

(744)

​

 

(16,428)

Business integration expense

​

​

(6,909)

​

 

(14,816)

​

​

(12,171)

​

 

(24,356)

Intangible amortization expense

​

​

(9,333)

​

 

(16,176)

​

​

(20,010)

​

 

(34,704)

Litigation reserve

​

​

—

​

 

—

​

​

(18,500)

​

 

—

Loss on assets held for sale

​

​

(647)

​

 

—

​

​

(647)

​

 

—

Total consolidated operating income

​

​

58,612

​

​

45,550

​

​

86,806

​

​

69,184

Interest expense

​

 

(16,693)

​

 

(15,589)

​

 

(32,350)

​

 

(33,349)

Other income (expense), net

​

 

3,563

​

 

(1,440)

​

 

5,777

​

 

(679)

Total consolidated income from continuing operations before income taxes

​

$

45,482

​

$

28,521

​

$

60,233

​

$

35,156

Capital expenditures:

​

 

​

​

​

​

​

 

​

​

​

​

Chamberlain

​

$

5,757

​

$

1,492

​

$

11,042

​

$

2,918

Walden

​

​

2,619

​

​

268

​

​

5,561

​

​

1,093

Medical and Veterinary

​

​

1,935

​

​

342

​

​

3,280

​

​

915

Home Office and Other

​

 

4,971

​

 

2,094

​

 

10,445

​

 

4,821

Total consolidated capital expenditures

​

$

15,282

​

$

4,196

​

$

30,328

​

$

9,747

Depreciation expense:

​

 

​

​

​

​

​

 

​

​

​

​

Chamberlain

​

$

5,162

​

$

4,099

​

$

9,478

​

$

8,580

Walden

​

​

2,305

​

​

2,269

​

​

4,467

​

​

4,864

Medical and Veterinary

​

​

3,110

​

​

3,031

​

​

6,054

​

​

6,136

Home Office and Other

​

 

359

​

 

1,257

​

 

715

​

 

1,881

Total consolidated depreciation expense

​

$

10,936

​

$

10,656

​

$

20,714

​

$

21,461

Intangible amortization expense:

​

 

​

​

​

​

​

 

​

​

​

​

Walden

​

$

9,333

​

$

16,176

​

$

20,010

​

$

34,704

Total consolidated intangible amortization expense

​

$

9,333

​

$

16,176

​

$

20,010

​

$

34,704
Revenues by Geographic Area Revenue by geographic area is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31, 

​

December 31, 

​

​

2023

​

2022

​

2023

​

2022

Revenue by geographic area:

 

​

​

 

​

​

​

​

​

​

​

​

Domestic operations

​

$

300,361

​

$

273,336

​

$

584,565

​

$

539,642

Barbados, St. Kitts, and St. Maarten

​

 

92,881

​

 

89,498

​

 

177,522

​

 

177,461

Total consolidated revenue

​

$

393,242

​

$

362,834

​

$

762,087

​

$

717,103
v3.24.0.1
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Business integration expense $ 6,909 $ 14,816 $ 12,171 $ 24,356
Walden University, LLC        
Business integration expense $ 6,900 $ 14,800 $ 12,200 $ 24,400
v3.24.0.1
Summary of Significant Accounting Policies (Effect of Revision on Affected Line Items Within Consolidated Statements of Income) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Revenue $ 393,242 $ 362,834 $ 762,087 $ 717,103
Student services and administrative expense 155,584 141,802 321,679 288,187
Business integration expense 6,909 14,816 12,171 24,356
Total operating cost and expense 334,630 317,284 675,281 647,919
Operating income 58,612 45,550 86,806 69,184
Other expense, net 3,563 (1,440) 5,777 (679)
Income from continuing operations before income taxes 45,482 28,521 60,233 35,156
Provision for income taxes (7,769) (4,395) (10,561) (5,517)
Income from continuing operations 37,713 24,126 49,672 29,639
Income (loss) from discontinued operations before income taxes 2,926 524 1,161 (2,741)
(Provision for) benefit from income taxes (748) (182) (296) 1,521
Income (loss) from discontinued operations $ 2,178 527 865 (4,394)
Net income   $ 24,653 $ 50,537 $ 25,245
Basic:        
Continuing operations (In dollars per share) $ 0.95 $ 0.53 $ 1.22 $ 0.65
Discontinued operations (In dollars per share) 0.05 0.01 0.02 (0.10)
Total basic earnings per share (In dollars per share) 1.00 0.54 1.24 0.56
Diluted:        
Continuing operations (In dollars per share) 0.92 0.52 1.20 0.64
Discontinued operations (In dollars per share) 0.05 0.01 0.02 (0.10)
Total diluted earnings per share (In dollars per share) $ 0.98 $ 0.53 $ 1.22 $ 0.55
Previously Reported        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Revenue   $ 363,302   $ 717,861
Student services and administrative expense   140,668   289,009
Business integration expense   15,941   24,356
Total operating cost and expense   317,275   648,741
Operating income   46,027   69,120
Other expense, net   (2,574)   (1,007)
Income from continuing operations before income taxes   27,864   34,764
Provision for income taxes   (4,247)   (5,301)
Income from continuing operations   23,617   29,463
Income (loss) from discontinued operations before income taxes   524   (2,914)
(Provision for) benefit from income taxes   (182)   2,961
Income (loss) from discontinued operations   527   (3,127)
Net income   $ 24,144   $ 26,336
Basic:        
Continuing operations (In dollars per share)   $ 0.52   $ 0.65
Discontinued operations (In dollars per share)   0.01   (0.07)
Total basic earnings per share (In dollars per share)   0.53   0.58
Diluted:        
Continuing operations (In dollars per share)   0.51   0.64
Discontinued operations (In dollars per share)   0.01   (0.07)
Total diluted earnings per share (In dollars per share)   $ 0.52   $ 0.57
Adjustment        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Revenue   $ (468)   $ (758)
Student services and administrative expense   1,134   (822)
Business integration expense   (1,125)    
Total operating cost and expense   9   (822)
Operating income   (477)   64
Other expense, net   1,134   328
Income from continuing operations before income taxes   657   392
Provision for income taxes   (148)   (216)
Income from continuing operations   509   176
Income (loss) from discontinued operations before income taxes       173
(Provision for) benefit from income taxes       (1,440)
Income (loss) from discontinued operations       (1,267)
Net income   $ 509   $ (1,091)
Basic:        
Continuing operations (In dollars per share)   $ 0.01   $ 0.00
Discontinued operations (In dollars per share)   0.00   (0.03)
Total basic earnings per share (In dollars per share)   0.01   (0.02)
Diluted:        
Continuing operations (In dollars per share)   0.01   0.00
Discontinued operations (In dollars per share)   0.00   (0.03)
Total diluted earnings per share (In dollars per share)   $ 0.01   $ (0.02)
v3.24.0.1
Summary of Significant Accounting Policies (Effect of Revision on Affected Line Items Within Consolidated Statements of Comprehensive Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Net income $ 24,653 $ 50,537 $ 25,245
Comprehensive income before reclassification 24,653   25,245
Comprehensive income 24,653   25,245
Previously Reported      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Net income 24,144   26,336
Loss on foreign currency translation adjustments     (1,267)
Comprehensive income before reclassification 24,144   25,069
Comprehensive income 24,144   25,069
Adjustment      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Net income 509   (1,091)
Loss on foreign currency translation adjustments     1,267
Comprehensive income before reclassification 509   176
Comprehensive income $ 509   $ 176
v3.24.0.1
Summary of Significant Accounting Policies (Effect of Revision on Affected Line Items Within Consolidated Statements of Cash Flows) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Operating activities:        
Net income   $ 24,653 $ 50,537 $ 25,245
(Income) loss from discontinued operations $ (2,178) (527) (865) 4,394
Income from continuing operations 37,713 24,126 49,672 29,639
Adjustments to reconcile net income to net cash provided by operating activities:        
Loss on investments $ (1,022) 4,049 (575) 4,950
Changes in assets and liabilities:        
Prepaid expenses and other current assets     (2,143) 494
Accrued payroll and benefits     (6,073) (25,295)
Deferred revenue     (13,540) (28,424)
Net cash provided by operating activities-continuing operations     83,069 42,277
Net cash provided by operating activities     92,584 41,415
Investing activities:        
Proceeds from sale of marketable securities     626 1,256
Purchases of marketable securities     (498) (1,257)
Net cash used in investing activities-continuing operations     (30,200) (9,748)
Net cash used in investing activities     $ (30,200) (12,922)
Previously Reported        
Operating activities:        
Net income   24,144   26,336
(Income) loss from discontinued operations   (527)   3,127
Income from continuing operations   23,617   29,463
Adjustments to reconcile net income to net cash provided by operating activities:        
Loss on investments       5,000
Changes in assets and liabilities:        
Prepaid expenses and other current assets       227
Accrued payroll and benefits       (24,145)
Deferred revenue       (29,182)
Net cash provided by operating activities-continuing operations       42,276
Net cash provided by operating activities       41,414
Investing activities:        
Net cash used in investing activities-continuing operations       (9,747)
Net cash used in investing activities       (12,921)
Adjustment        
Operating activities:        
Net income   509   (1,091)
(Income) loss from discontinued operations       1,267
Income from continuing operations   $ 509   176
Adjustments to reconcile net income to net cash provided by operating activities:        
Loss on investments       (50)
Changes in assets and liabilities:        
Prepaid expenses and other current assets       267
Accrued payroll and benefits       (1,150)
Deferred revenue       758
Net cash provided by operating activities-continuing operations       1
Net cash provided by operating activities       1
Investing activities:        
Proceeds from sale of marketable securities       1,256
Purchases of marketable securities       (1,257)
Net cash used in investing activities-continuing operations       (1)
Net cash used in investing activities       $ (1)
v3.24.0.1
Summary of Significant Accounting Policies (Effect of Revision on Affected Line Items Within Consolidated Statements of Shareholders' Equity) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Sep. 30, 2023
Jun. 30, 2023
Sep. 30, 2022
Jun. 30, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Net income $ 39,891 $ 24,653 $ 50,537 $ 25,245        
Total shareholders' equity 1,369,399 1,509,217 1,369,399 1,509,217 $ 1,378,663 $ 1,457,336 $ 1,496,025 $ 1,491,386
Retained Earnings                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Net income 39,891 24,653 50,537 25,245        
Total shareholders' equity 2,454,269 2,335,641 2,454,269 2,335,641 2,414,378 2,403,750 2,310,988 2,310,396
Accumulated other comprehensive loss                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Total shareholders' equity $ (2,227) (2,227) $ (2,227) (2,227) $ (2,227) $ (2,227) (2,227) (2,227)
Previously Reported                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Net income   24,144   26,336        
Reclassification adjustment for realized gain (loss) on foreign currency translation adjustments       (1,267)        
Total shareholders' equity   1,522,722   1,522,722     1,510,039 1,505,067
Previously Reported | Retained Earnings                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Total shareholders' equity   2,349,146   2,349,146     2,325,002 2,322,810
Previously Reported | Accumulated other comprehensive loss                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Total shareholders' equity               (960)
Adjustment                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Net income   509   (1,091)        
Reclassification adjustment for realized gain (loss) on foreign currency translation adjustments       1,267        
Total shareholders' equity   (13,505)   (13,505)     (14,014) (13,681)
Adjustment | Retained Earnings                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Total shareholders' equity   $ (13,505)   $ (13,505)     $ (14,014) (12,414)
Adjustment | Accumulated other comprehensive loss                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Total shareholders' equity               $ (1,267)
v3.24.0.1
Discontinued Operations (Summary of Income Statement Information of Operations) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Discontinued Operations And Disposal Groups [Abstract]        
Revenue $ 0 $ 0 $ 0 $ 0
Operating cost and expense:        
Student services and administrative expense (2,926) (524) (1,161) 2,741
Total operating cost and expense (2,926) (524) (1,161) 2,741
Income (loss) from discontinued operations before income taxes 2,926 524 1,161 (2,741)
Gain (loss) on disposal of discontinued operations before income taxes 0 185 0 (3,174)
(Provision for) benefit from income taxes (748) (182) (296) 1,521
Income (loss) from discontinued operations $ 2,178 $ 527 $ 865 $ (4,394)
v3.24.0.1
Discontinued Operations (Additional Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 27 Months Ended
Mar. 10, 2022
Dec. 11, 2018
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Jun. 17, 2022
Earn Out Received     $ 5,500 $ 4,100     $ 12,500  
Gain (loss) on disposal of discontinued operations before income taxes     $ 0 185 $ 0 $ (3,174)    
Wendel Group and Colibri Group | Equity Purchase Agreement                
Cash balance $ 21,500              
Sale of stock $ 962,700              
DeVry University                
Earn Out Term   10 years            
Earn Out Maximum   $ 20,000            
EduPristine | Wendel Group and Colibri Group | Equity Purchase Agreement                
Cash Transferred Out From Divestitures Of Discontinued Operation               $ 1,900
Association of Certified Anti-Money Laundering Specialists | Wendel Group and Colibri Group | Equity Purchase Agreement                
Gain (loss) on disposal of discontinued operations before income taxes       $ 200   $ (3,200)    
v3.24.0.1
Revenue (Disaggregate revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]        
Revenue $ 393,242 $ 362,834 $ 762,087 $ 717,103
Tuition and fees        
Disaggregation of Revenue [Line Items]        
Revenue 389,799 360,065 755,160 711,595
Other        
Disaggregation of Revenue [Line Items]        
Revenue 3,443 2,769 6,927 5,508
Chamberlain        
Disaggregation of Revenue [Line Items]        
Revenue 153,553 141,396 296,149 276,801
Chamberlain | Tuition and fees        
Disaggregation of Revenue [Line Items]        
Revenue 153,553 141,396 296,149 276,801
Chamberlain | Other        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Walden        
Disaggregation of Revenue [Line Items]        
Revenue 146,808 131,940 288,416 262,841
Walden | Tuition and fees        
Disaggregation of Revenue [Line Items]        
Revenue 146,808 131,940 288,416 262,841
Walden | Other        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Medical and Veterinary        
Disaggregation of Revenue [Line Items]        
Revenue 92,881 89,498 177,522 177,461
Medical and Veterinary | Tuition and fees        
Disaggregation of Revenue [Line Items]        
Revenue 89,438 86,729 170,595 171,953
Medical and Veterinary | Other        
Disaggregation of Revenue [Line Items]        
Revenue $ 3,443 $ 2,769 $ 6,927 $ 5,508
v3.24.0.1
Revenue (Additional Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Jun. 30, 2023
Disaggregation of Revenue [Line Items]          
Revenue recognized included in the deferred revenue $ 2,000 $ 2,200 $ 152,100 $ 144,400  
Deferred revenue, current 135,281   135,281   $ 153,871
Deferred revenue, non-current 15,400   15,400   10,400
Deferred revenue, current          
Disaggregation of Revenue [Line Items]          
Contract liability, current 14,400   14,400   10,600
Other Liabilities          
Disaggregation of Revenue [Line Items]          
Contract liability, non-current $ 15,400   $ 15,400   $ 10,400
v3.24.0.1
Restructuring Charges (Restructuring and Related Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges $ 68 $ 1,363 $ 744 $ 16,428
Home Office and Other        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges 773 1,235 1,335 5,576
Operating Segments [Member] | Chamberlain.        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges       818
Operating Segments [Member] | Walden        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges (776) 41 (776) 3,121
Operating Segments [Member] | Medical and Veterinary        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges 71 87 185 6,913
Real Estate and Other        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges 68 685 704 15,424
Real Estate and Other | Home Office and Other        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges 773 557 1,335 4,626
Real Estate and Other | Operating Segments [Member] | Chamberlain.        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges       818
Real Estate and Other | Operating Segments [Member] | Walden        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges (776) 41 (776) 3,067
Real Estate and Other | Operating Segments [Member] | Medical and Veterinary        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges 71 87 145 6,913
Termination Benefits        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges 0 678 40 1,004
Termination Benefits | Home Office and Other        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges $ 0 $ 678 0 950
Termination Benefits | Operating Segments [Member] | Walden        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges       $ 54
Termination Benefits | Operating Segments [Member] | Medical and Veterinary        
Restructuring Cost and Reserve [Line Items]        
Restructuring Charges     $ 40  
v3.24.0.1
Restructuring Charges (Separation and Restructuring Plan Activity) (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Dec. 31, 2023
Jun. 30, 2023
Restructuring and Related Activities [Abstract]    
Liability beginning balance $ 741 $ 813
Increase in liability (separation and other charges) 40 1,620
Reduction in liability (payments and adjustments) (666) (1,692)
Liability ending balance $ 115 $ 741
v3.24.0.1
Other Income (Expense), Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Other Income and Expenses [Abstract]        
Interest and dividend income $ 2,541 $ 2,609 $ 5,202 $ 4,271
Investment gain (loss) 1,022 (4,049) 575 (4,950)
Other income (expense), net $ 3,563 $ (1,440) $ 5,777 $ (679)
v3.24.0.1
Other Income (Expense), Net - Impairment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2022
Other Income    
Other Income (Expense), Net    
Impairment on equity investment $ 5.0 $ 5.0
v3.24.0.1
Income Taxes (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
USD ($)
item
Dec. 31, 2022
Income Tax Contingency [Line Items]        
Effective tax rates from continuing operations 17.10% 15.40% 17.50% 15.70%
U.S. federal corporate tax rate 21.00% 21.00% 21.00% 21.00%
Number of operating units benefit from local tax incentives | item     3  
Minimum | Scenario, Plan        
Income Tax Contingency [Line Items]        
Unrecognized tax benefit     $ 7  
Maximum | Scenario, Plan        
Income Tax Contingency [Line Items]        
Unrecognized tax benefit     $ 8  
v3.24.0.1
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Mar. 14, 2022
Earnings Per Share [Line Items]          
Authorized amount for repurchase         $ 150,000
Numerator:          
Continuing operations $ 37,713 $ 24,126 $ 49,672 $ 29,639  
Discontinued operations 2,178 527 865 (4,394)  
Net income and comprehensive income $ 39,891 $ 24,653 $ 50,537 $ 25,245  
Denominator:          
Weighted-average basic shares outstanding 39,872 45,425 40,636 45,350  
Effect of dilutive stock awards 915 696 850 729  
Effect of ASR       153  
Weighted-average diluted shares outstanding 40,787 46,121 41,486 46,232  
Basic:          
Continuing operations (In dollars per share) $ 0.95 $ 0.53 $ 1.22 $ 0.65  
Discontinued operations (In dollars per share) 0.05 0.01 0.02 (0.10)  
Total basic earnings per share (In dollar per share) 1.00 0.54 1.24 0.56  
Diluted:          
Continuing operations (In dollars per share) 0.92 0.52 1.20 0.64  
Discontinued operations (In dollars per share) 0.05 0.01 0.02 (0.10)  
Total diluted earnings per share (In dollars per share) $ 0.98 $ 0.53 $ 1.22 $ 0.55  
Weighted Average          
Diluted:          
Weighted-average anti-dilutive shares 89 365 210 421  
v3.24.0.1
Accounts Receivable and Credit Losses (Classification of Accounts Receivable) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]            
Trade receivables, current - Gross $ 166,107   $ 129,318      
Trade receivables, current - Allowance (35,020)   (29,190)      
Trade receivables, current - Net 131,087   100,128      
Financing Receivable, after Allowance for Credit Loss, Current [Abstract]            
Financing receivables, current - Gross 4,941   4,757      
Financing receivables, current - Allowance (2,362)   (2,136)      
Financing receivables, current - Net 2,579   2,621      
Accounts Receivable, after Allowance for Credit Loss [Abstract]            
Accounts receivable, current - Gross 171,048   134,075      
Accounts receivable, current - Allowance (37,382)   (31,326)      
Accounts receivable, current - Net 133,666   102,749      
Financing Receivable, after Allowance for Credit Loss, Noncurrent [Abstract]            
Financing receivables, noncurrent - Gross 36,775   36,368      
Financing receivables, noncurrent - Allowance (10,964)   (9,332)      
Financing receivables, noncurrent - Net 25,811   27,036      
Financing Receivable, after Allowance for Credit Loss [Abstract]            
Total 41,716   41,125      
Total Financing receivables - Allowance (13,326) $ (12,186) (11,468) $ (16,045) $ (15,624) $ (14,891)
Total Financing receivables - Net $ 28,390   $ 29,657      
v3.24.0.1
Accounts Receivable and Credit Losses (Credit Quality Analysis of Financing Receivable) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Jun. 30, 2023
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior $ 10,450   $ 10,450   $ 9,248
Four Years Before 1,439   1,439   2,052
Three Years Before 7,328   7,328   1,781
Two Years Before 5,000   5,000   8,040
Year Before 11,651   11,651   6,156
Origination Year 5,848   5,848   13,848
Total 41,716   41,716   41,125
Gross write-offs (Prior)     345    
Gross write-offs (2020)     244    
Gross write-offs (2021)     213    
Gross write-offs (2022)     145    
Gross write-offs (2023)     210    
Gross write-offs (2024)     0    
Gross write-offs 421 $ 397 1,157 $ 616  
Financing Receivables 1 To 30 Days Past Due          
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior 555   555   186
Four Years Before 120   120   79
Three Years Before 539   539   115
Two Years Before 383   383   137
Year Before 2,115   2,115   735
Origination Year 913   913   1,944
Total 4,625   4,625   3,196
Financing Receivables 31 To 60 Days Past Due          
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior 112   112   61
Four Years Before 12   12   34
Three Years Before 32   32   0
Two Years Before 97   97   359
Year Before 280   280   573
Origination Year 302   302   1,103
Total 835   835   2,130
Financing Receivables 61 To 90 Days Past Due          
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior 62   62   97
Four Years Before 0   0   39
Three Years Before 206   206   110
Two Years Before 12   12   65
Year Before 804   804   559
Origination Year 45   45   368
Total 1,129   1,129   1,238
Financing Receivables 91 To 120 Days Past Due          
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior 31   31   2
Four Years Before 0   0   17
Three Years Before 13   13   2
Two Years Before 50   50   13
Year Before 364   364   77
Origination Year 97   97   200
Total 555   555   311
Financing Receivables 121 To 150 Days Past Due          
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior 205   205   62
Four Years Before 17   17   37
Three Years Before 188   188   26
Two Years Before 0   0   45
Year Before 919   919   147
Origination Year 321   321   129
Total 1,650   1,650   446
Financing Receivables Greater Than 150 Days Past Due          
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior 3,120   3,120   2,641
Four Years Before 573   573   734
Three Years Before 1,242   1,242   708
Two Years Before 2,137   2,137   2,071
Year Before 1,047   1,047   1,457
Origination Year 22   22   381
Total 8,141   8,141   7,992
Financial Asset, Past Due          
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior 4,085   4,085   3,049
Four Years Before 722   722   940
Three Years Before 2,220   2,220   961
Two Years Before 2,679   2,679   2,690
Year Before 5,529   5,529   3,548
Origination Year 1,700   1,700   4,125
Total 16,935   16,935   15,313
Financing Receivable Current          
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior 6,365   6,365   6,199
Four Years Before 717   717   1,112
Three Years Before 5,108   5,108   820
Two Years Before 2,321   2,321   5,350
Year Before 6,122   6,122   2,608
Origination Year 4,148   4,148   9,723
Total $ 24,781   $ 24,781   $ 25,812
v3.24.0.1
Accounts Receivable and Credit Losses (Roll-forward of Allowances for Credit Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Trade        
Beginning balance $ 32,361 $ 32,882 $ 29,190 $ 30,897
Write-offs (11,139) (14,712) (19,551) (20,176)
Recoveries 2,307 1,848 4,928 4,256
Provision for credit losses 11,491 7,498 20,453 12,539
Ending balance 35,020 27,516 35,020 27,516
Financing        
Beginning balance 12,186 15,624 11,468 14,891
Write-offs (421) (397) (1,157) (616)
Recoveries 254 32 444 34
Provision for credit losses 1,307 786 2,571 1,736
Ending balance 13,326 16,045 13,326 16,045
Allowance for credit losses        
Beginning balance 44,547 48,506 40,658 45,788
Write-offs (11,560) (15,109) (20,708) (20,792)
Recoveries 2,561 1,880 5,372 4,290
Provision for credit losses 12,798 8,284 23,024 14,275
Ending balance $ 48,346 $ 43,561 $ 48,346 $ 43,561
v3.24.0.1
Accounts Receivable and Credit Losses (Additional Information) (Details)
 6 Months Ended
Dec. 31, 2023
Minimum  
Financing Receivables [Line Items]  
Receivable with Imputed Interest, Effective Yield (Interest Rate) 3.00%
Maximum  
Financing Receivables [Line Items]  
Receivable with Imputed Interest, Effective Yield (Interest Rate) 12.00%
v3.24.0.1
Property and Equipment, Net (Schedule of Property and equipment, net) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Jun. 30, 2023
Property and Equipment, Net    
Property and equipment, gross $ 605,276 $ 597,350
Accumulated depreciation (344,792) (338,828)
Property and equipment, net 260,484 258,522
Land    
Property and Equipment, Net    
Property and equipment, gross 34,127 38,345
Building    
Property and Equipment, Net    
Property and equipment, gross 297,033 303,737
Equipment    
Property and Equipment, Net    
Property and equipment, gross 247,125 226,600
Construction in progress    
Property and Equipment, Net    
Property and equipment, gross $ 26,991 $ 28,668
v3.24.0.1
Property and Equipment, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Property, Plant And Equipment [Abstract]        
Carrying value $ 8,400   $ 8,400  
Estimated fair value less cost 7,825   7,825  
Unrealized loss on assets held for sale $ 647 $ 0 $ 647 $ 0
v3.24.0.1
Leases (Components of Lease Cost) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Lease, Cost [Abstract]        
Operating lease cost $ 11,519 $ 11,595 $ 23,070 $ 23,970
Sublease income (2,700) (3,516) (5,381) (7,086)
Total lease cost $ 8,819 $ 8,079 $ 17,689 $ 16,884
v3.24.0.1
Leases (Maturities of Lease Liabilities) (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Maturities of lease liabilities  
2024 (remaining) $ 22,795
2025 44,524
2026 41,027
2027 39,533
2028 32,472
Thereafter 104,857
Total lease payments 285,208
Less: tenant improvement allowance not yet received (8,631)
Less: imputed interest (76,378)
Present value of lease liabilities $ 200,199
v3.24.0.1
Leases (Lease Term, Discount Rate and Cash Flow Information ) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Lessee Disclosure [Abstract]        
Weighted-average remaining operating lease term (years) 6 years 10 months 24 days   6 years 10 months 24 days  
Weighted-average operating lease discount rate 7.20%   7.20%  
Cash paid for amounts in the measurement of operating lease liabilities (net of sublease receipts) $ 10,989 $ 12,390 $ 21,615 $ 24,818
Operating lease assets obtained in exchange for operating lease liabilities $ 14,383 $ 13,038 $ 19,526 $ 13,038
v3.24.0.1
Leases (Future Minimum Rental Commitments for Noncancelable Operating Leases ) (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]  
2024 (remaining) $ 3,630
2025 5,255
2027 2,038
Total sublease rental income $ 10,923
v3.24.0.1
Leases (Additional Information) (Details)
$ in Thousands
 6 Months Ended
Dec. 31, 2023
USD ($)
lease
location
Dec. 31, 2024
USD ($)
Jun. 30, 2023
USD ($)
Lessee, Lease, Description [Line Items]      
Option to terminate lease true    
Option to extend lease true    
Extension term 5 years    
Number of operating lease locations the entity has agreements to sublease either a portion or the full leased space | location 5    
Number of leases yet to commence | lease 1    
Operating Lease, Right-of-Use Asset $ 176,863   $ 174,677
Present value of lease liabilities $ (200,199)    
Operating Lease, Lease Not yet Commenced, Contract One | Forecast      
Lessee, Lease, Description [Line Items]      
Lease term on property lease that has not yet commenced   15 years  
Operating Lease, Right-of-Use Asset   $ 6,300  
Present value of lease liabilities   $ (6,300)  
v3.24.0.1
Goodwill and Intangible Assets (Summary of Goodwill Balances by Reporting Unit) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Jun. 30, 2023
Goodwill [Line Items]    
Goodwill $ 961,262 $ 961,262
Chamberlain    
Goodwill [Line Items]    
Goodwill 4,716 4,716
Walden    
Goodwill [Line Items]    
Goodwill 651,052 651,052
AUC    
Goodwill [Line Items]    
Goodwill 68,321 68,321
RUSM    
Goodwill [Line Items]    
Goodwill 180,089 180,089
RUSVM    
Goodwill [Line Items]    
Goodwill $ 57,084 $ 57,084
v3.24.0.1
Goodwill and Intangible Assets (Summary of Goodwill Balances by Reporting Segment) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Jun. 30, 2023
Goodwill [Line Items]    
Goodwill $ 961,262 $ 961,262
Chamberlain    
Goodwill [Line Items]    
Goodwill 4,716 4,716
Walden University    
Goodwill [Line Items]    
Goodwill 651,052 651,052
Medical and Veterinary    
Goodwill [Line Items]    
Goodwill $ 305,494 $ 305,494
v3.24.0.1
Goodwill and Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Jun. 30, 2023
Intangible Assets [Line Items]    
Amortizable Intangible Assets, Gross Carrying Amount $ 217,991 $ 217,991
Amortizable Intangible Assets, Accumulated Amortization (178,523) (158,513)
Indefinite-lived Intangible Assets, Gross Carrying Amount 752,860 752,860
Student Relationships    
Intangible Assets [Line Items]    
Amortizable Intangible Assets, Gross Carrying Amount 161,900 161,900
Amortizable Intangible Assets, Accumulated Amortization $ (151,876) (137,476)
Amortizable Intangible Assets, Weighted Average Amortization Period 3 years  
Curriculum    
Intangible Assets [Line Items]    
Amortizable Intangible Assets, Gross Carrying Amount $ 56,091 56,091
Amortizable Intangible Assets, Accumulated Amortization $ (26,647) (21,037)
Amortizable Intangible Assets, Weighted Average Amortization Period 5 years  
Walden trade name    
Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets, Gross Carrying Amount $ 119,560 119,560
AUC trade name    
Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets, Gross Carrying Amount 17,100 17,100
RUSM trade name    
Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets, Gross Carrying Amount 3,500 3,500
RUSVM trade name    
Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets, Gross Carrying Amount 1,600 1,600
Chamberlain Title IV eligibility and accreditations    
Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets, Gross Carrying Amount 1,200 1,200
Walden Title IV eligibility and accreditations    
Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets, Gross Carrying Amount 495,800 495,800
AUC Title IV eligibility and accreditations    
Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets, Gross Carrying Amount 100,000 100,000
RUSM Title IV eligibility and accreditations    
Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets, Gross Carrying Amount 11,600 11,600
RUSVM Title IV eligibility and accreditations    
Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets, Gross Carrying Amount $ 2,500 $ 2,500
v3.24.0.1
Goodwill and Intangible Assets (Summary of Indefinite-Lived Intangible Assets Balances by Reporting Segment) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Jun. 30, 2023
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets balances $ 752,860 $ 752,860
Chamberlain    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets balances 1,200 1,200
Walden University    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets balances 615,360 615,360
Medical and Veterinary    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets balances $ 136,300 $ 136,300
v3.24.0.1
Goodwill and Intangible Assets (Estimated Amortization Expense for Amortized Intangible Assets) (Details) - Walden University
$ in Thousands
Dec. 31, 2023
USD ($)
Intangible Assets [Line Items]  
2024 (remaining) $ 15,634
2025 11,220
2026 11,220
2027 1,394
Total $ 39,468
v3.24.0.1
Goodwill and Intangible Assets (Additional Information) (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Jun. 30, 2023
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]          
Number of reporting units | segment     5    
Amortization of Intangible Assets $ 9,333 $ 16,176 $ 20,010 $ 34,704  
Goodwill write-off         $ 0
v3.24.0.1
Debt (Long-term debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Jun. 30, 2023
Total debt:    
Long-term Debt, Gross $ 708,283 $ 708,283
Unamortized debt discount and issuance costs (11,910) (13,206)
Total Amount Outstanding 696,373 695,077
Senior Secured Notes Due 2028    
Total debt:    
Long-term Debt, Gross 404,950 404,950
Term B Loan    
Total debt:    
Long-term Debt, Gross $ 303,333 $ 303,333
v3.24.0.1
Debt (Scheduled maturities of long-term debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Jun. 30, 2023
Debt Disclosure [Abstract]    
2024 (remaining) $ 0  
2025 0  
2026 0  
2027 0  
2028 404,950  
2029 303,333  
Long-term Debt $ 708,283 $ 708,283
v3.24.0.1
Debt (Debt Issuance Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Unamortized debt discount and issuance costs, beginning     $ 19,561  
Amortization of debt discount and issuance costs $ (1,155) $ (1,190) (2,310) $ (2,522)
Unamortized debt discount and issuance costs, ending 17,251   17,251  
Revolver        
Unamortized debt discount and issuance costs, beginning     6,355  
Amortization of debt discount and issuance costs     (1,014)  
Unamortized debt discount and issuance costs, ending 5,341   5,341  
Senior Secured Notes Due 2028        
Unamortized debt discount and issuance costs, beginning     5,592  
Amortization of debt discount and issuance costs     (558)  
Unamortized debt discount and issuance costs, ending 5,034   5,034  
Term B Loan        
Unamortized debt discount and issuance costs, beginning     7,614  
Amortization of debt discount and issuance costs     (738)  
Unamortized debt discount and issuance costs, ending $ 6,876   $ 6,876  
v3.24.0.1
Debt (Interest Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Interest Expense, Debt [Abstract]        
Gain on extinguishment of debt $ 0 $ 0 $ 0 $ (71)
Amortization of debt discount and issuance costs 1,155 1,190 2,310 2,522
Other 171 287 409 566
Total 16,693 15,589 32,350 33,349
Senior Secured Notes Due 2028        
Interest Expense, Debt [Abstract]        
Interest expense 5,568 5,568 11,136 11,165
Debt discount and issuance costs write-off 0 0 0 15
Gain on extinguishment of debt       (100)
Amortization of debt discount and issuance costs     558  
Term B Loan        
Interest Expense, Debt [Abstract]        
Interest expense 7,321 6,450 14,576 13,451
Debt discount and issuance costs write-off 0 1,402 0 4,282
Amortization of debt discount and issuance costs     738  
Letter of Credit        
Interest Expense, Debt [Abstract]        
Interest expense $ 2,478 $ 692 $ 3,919 $ 1,419
v3.24.0.1
Debt (Additional Information) (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jan. 26, 2024
Nov. 22, 2022
Sep. 22, 2022
Apr. 11, 2022
Mar. 11, 2022
Aug. 12, 2021
Mar. 01, 2021
Jun. 30, 2022
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Jun. 30, 2023
Line of Credit Facility [Line Items]                                  
Repayment of long-term debt                               $ 150,861  
Gain on extinguishment of debt                   $ 0 $ 0       $ 0 71  
Long-term debt, gross                   708,283         708,283   $ 708,283
Letters of credit outstanding                   76,200         76,200    
Surety Bond [Member]                                  
Line of Credit Facility [Line Items]                                  
Guarantor Obligations, Current Carrying Value                   41,000         41,000    
Revolver                                  
Line of Credit Facility [Line Items]                                  
Maximum borrowing capacity           $ 400,000                      
Letters of credit outstanding                   157,900         157,900    
Long-term Line of Credit                   0 $ 0       $ 0 0  
Term                     5 years            
Revolver | Alternate Base Rate | Minimum                                  
Line of Credit Facility [Line Items]                                  
Basic spread rate                             2.75%    
Revolver | Alternate Base Rate | Maximum                                  
Line of Credit Facility [Line Items]                                  
Basic spread rate                             3.25%    
Revolver | SOFR                                  
Line of Credit Facility [Line Items]                                  
Basic spread rate                             0.75%    
Revolver | SOFR | Minimum                                  
Line of Credit Facility [Line Items]                                  
Basic spread rate                             3.75%    
Revolver | SOFR | Maximum                                  
Line of Credit Facility [Line Items]                                  
Basic spread rate                             4.25%    
Walden Title IV Letter Of Credit                                  
Line of Credit Facility [Line Items]                                  
Letters of credit outstanding                   84,000         $ 84,000    
Commitment fee percentage                             0.25%    
Undrawn amount on letters of credit                   165,900         $ 165,900    
Senior Secured Notes Due 2028 And Term B Loan                                  
Line of Credit Facility [Line Items]                                  
Term                     7 years            
Cap percentage                             20.00%    
Senior Secured Notes Due 2028 And Term B Loan | Scenario, Plan                                  
Line of Credit Facility [Line Items]                                  
Total net leverage ratio                 3.25%           4.00%    
Senior Secured Notes Due 2028                                  
Line of Credit Facility [Line Items]                                  
Debt instrument, face amount             $ 800,000                    
Fixed interest rate             5.50%                    
Repayment of long-term debt       $ 373,300       $ 20,800       $ 900 $ 394,100        
Gain on extinguishment of debt                               100  
Long-term debt, gross                   404,950         $ 404,950   404,950
Percentage of notes issued on par value             100.00%                    
Redemption price, percentage of principal amount redeemed       100.00%     100.00% 90.00%       92.00%          
Debt covenant, percentage of principal amount of notes outstanding             25.00%                    
Debt Issuance Costs Write-off                   0 $ 0       0 15  
Senior Secured Notes Due 2028 | Accrued Liabilities                                  
Line of Credit Facility [Line Items]                                  
Debt Instrument, Accrued Interest                   $ 7,400         $ 7,400   7,400
Senior Secured Notes Due 2028 | 2024                                  
Line of Credit Facility [Line Items]                                  
Redemption price, percentage of principal amount redeemed             102.75%                    
Senior Secured Notes Due 2028 | 2025                                  
Line of Credit Facility [Line Items]                                  
Redemption price, percentage of principal amount redeemed             101.375%                    
Senior Secured Notes Due 2028 | 2026                                  
Line of Credit Facility [Line Items]                                  
Redemption price, percentage of principal amount redeemed             100.00%                    
Senior Secured Notes Due 2028 | Prior to March 1,2024                                  
Line of Credit Facility [Line Items]                                  
Redemption price percentage             105.50%                    
Senior Secured Notes Due 2028 | Maximum | Prior to March 1,2024                                  
Line of Credit Facility [Line Items]                                  
Redemption price, percentage of principal amount redeemed             40.00%                    
Term B Loan                                  
Line of Credit Facility [Line Items]                                  
Debt instrument, face amount           850,000                      
Fixed interest rate                   9.47%         9.47%    
Repayment of long-term debt   $ 50,000 $ 100,000   $ 396,700 $ 396,700                      
Long-term debt, gross                   $ 303,333         $ 303,333   $ 303,333
Principal payment                           $ 2,125      
Debt Instrument, Issuance Price, Percent Of Principal Amount           99.00%                      
Debt Instrument, Issuance Discount, Percent           1.00%                      
Debt Issuance Costs Write-off                   $ 0 $ 1,402       $ 0 $ 4,282  
Asset sale or disposition period                             1 year    
Asset sale or disposition investments                             $ 20,000    
Mandatory prepayment terms                             $ 0    
Term B Loan | Subsequent Event                                  
Line of Credit Facility [Line Items]                                  
Repayment of long-term debt $ 50,000                                
Long-term debt, gross $ 253,300                                
Reduction in margin interest rate (0.50%)                                
Term B Loan | Alternate Base Rate | Minimum                                  
Line of Credit Facility [Line Items]                                  
Basic spread rate           3.00%                      
Term B Loan | Alternate Base Rate | Minimum | Subsequent Event                                  
Line of Credit Facility [Line Items]                                  
Basic spread rate 2.50%                                
Term B Loan | Alternate Base Rate | Maximum                                  
Line of Credit Facility [Line Items]                                  
Basic spread rate           3.50%                      
Term B Loan | Alternate Base Rate | Maximum | Subsequent Event                                  
Line of Credit Facility [Line Items]                                  
Basic spread rate 3.00%                                
Term B Loan | Eurocurrency Rate | Minimum                                  
Line of Credit Facility [Line Items]                                  
Basic spread rate           4.00%                      
Term B Loan | Eurocurrency Rate | Minimum | Subsequent Event                                  
Line of Credit Facility [Line Items]                                  
Basic spread rate 3.50%                                
Term B Loan | Eurocurrency Rate | Maximum                                  
Line of Credit Facility [Line Items]                                  
Basic spread rate           4.50%                      
Term B Loan | Eurocurrency Rate | Maximum | Subsequent Event                                  
Line of Credit Facility [Line Items]                                  
Basic spread rate 4.00%                                
Term B Loan | SOFR                                  
Line of Credit Facility [Line Items]                                  
Basic spread rate           0.75%                      
Term B Loan | SOFR | Subsequent Event                                  
Line of Credit Facility [Line Items]                                  
Basic spread rate 0.75%                                
v3.24.0.1
Share Repurchases (Shares Repurchased Under Programs) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Equity, Class of Treasury Stock [Line Items]        
Total cost of share repurchases $ 69,301   $ 161,186  
Open Market Share Repurchase Programs        
Equity, Class of Treasury Stock [Line Items]        
Total number of share repurchases 1,350,735 0 3,509,133 0
Total cost of share repurchases $ 69,301 $ 0 $ 161,186 $ 0
Average price paid per share $ 51.31 $ 0 $ 45.93 $ 0
v3.24.0.1
Share Repurchases (Open Market Share Repurchase Programs) (Details) - USD ($)
$ in Millions
Jan. 19, 2024
Dec. 31, 2023
Mar. 14, 2022
Mar. 01, 2022
Equity, Class of Treasury Stock [Line Items]        
Authorized amount for repurchase     $ 150.0  
Maximum        
Equity, Class of Treasury Stock [Line Items]        
Remaining authorized amount for repurchase   $ 11.6    
Maximum | Authorized On March One, Two-Thousand Twenty Two        
Equity, Class of Treasury Stock [Line Items]        
Authorized amount for repurchase       $ 300.0
Maximum | Authorized On January Nineteen Two Thousand Twenty Four | Subsequent Event        
Equity, Class of Treasury Stock [Line Items]        
Authorized amount for repurchase $ 300.0      
v3.24.0.1
Share Repurchases (ASR Agreement) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Nov. 02, 2022
Mar. 14, 2022
Dec. 31, 2022
Dec. 31, 2022
Oct. 14, 2022
Equity, Class of Treasury Stock [Line Items]          
Authorized amount for repurchase   $ 150,000      
Payment on equity forward contract       $ 13,162  
Asr Agreement          
Equity, Class of Treasury Stock [Line Items]          
Authorized amount for repurchase   $ 150,000      
Number of shares for common stock   4,709,576      
Percentage of total shares expected to be delivered   80.00%      
Shares owed to counterparty         332,212
Payment on equity forward contract $ 13,200        
Asr Agreement | Treasury Stock, Common          
Equity, Class of Treasury Stock [Line Items]          
Authorized amount for repurchase   $ 120,000      
Payment on equity forward contract     $ 13,200    
Asr Agreement | Additional Paid-In Capital          
Equity, Class of Treasury Stock [Line Items]          
Authorized amount for repurchase   $ 30,000      
Additional paid in capital reclassified into treasury stock     $ 30,000    
v3.24.0.1
Stock-Based Compensation (Total Stock-Based Compensation Expense Included in Consolidated Statement of Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]        
Stock-based compensation $ 6,050 $ 1,968 $ 13,505 $ 8,113
Income tax benefit (2,488) (622) (4,983) (2,303)
Stock-based compensation, net of tax $ 3,562 $ 1,346 $ 8,522 $ 5,810
v3.24.0.1
Stock-Based Compensation (Summary of Options Activity) (Details) - Stock Option
$ / shares in Units, $ in Thousands
 6 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
shares
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]  
Number of Options, Outstanding at beginning of period | shares 1,045,801
Number of Options, Exercised | shares (451,040)
Number of Options Expired | shares (1,144)
Number of Options, Outstanding at end of period | shares 593,617
Number of Options, Exercisable at end of period | shares 453,942
Weighted Average Exercise Price at beginning of period | $ / shares $ 36.02
Weighted Average Exercise Price, Options Exercised | $ / shares 33.95
Weighted Average Exercise Price, Options Expired | $ / shares 28.32
Weighted Average Exercise Price, Outstanding at end of period | $ / shares 37.61
Weighted Average Exercise Price, Exercisable at end of period | $ / shares $ 38.36
Weighted Average Remaining Contractual Life, Outstanding at end of period 6 years 4 months 24 days
Weighted Average Remaining Contractual Life, Exercisable at end of period 6 years 1 month 6 days
Aggregate Intrinsic Value, Outstanding at End of period | $ $ 12,669
Aggregate Intrinsic Value, Exercisable at end of period | $ $ 9,349
v3.24.0.1
Stock-Based Compensation (Summary of Restricted Stock Units Activity and Performance Stock Units) (Details) - $ / shares
 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Restricted Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unvested shares at beginning of period 737,733  
Granted 393,270  
Vested (282,447)  
Forfeited (11,847)  
Unvested shares at end of period 836,709  
Weighted Average Grant Date Fair Value, Unvested beginning balance $ 37.22  
Weighted-average grant date fair value 44.17 $ 39.87
Vested 37.85  
Forfeited 40.42  
Weighted Average Grant Date Fair Value, Unvested ending balance $ 40.23  
Performance Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unvested shares at beginning of period 490,300  
Granted 333,210  
Vested (126,918)  
Forfeited (48,712)  
Unvested shares at end of period 647,880  
Weighted Average Grant Date Fair Value, Unvested beginning balance $ 35.17  
Weighted-average grant date fair value 50.07 $ 33.97
Vested 29.92  
Forfeited 31.50  
Weighted Average Grant Date Fair Value, Unvested ending balance $ 43.79  
v3.24.0.1
Stock-Based Compensation (Additional Information) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended 12 Months Ended
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total intrinsic value of options exercised $ 9,100   $ 700    
Share-based Payment Arrangement, Amount Capitalized 0 $ 0      
Stock Option          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized compensation costs related to non-vested awards $ 600        
Unrecognized compensation costs related to non-vested awards expected to be recognized, years 1 year 6 months        
Fair value of stock options $ 1,900   2,100    
Stock Incentive Plans          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Term of options (in years) 10 years        
Vesting Period (in years) 4 years        
Common stock available for future issuance 2,065,697        
Restricted Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting Period (in years)       3 years 4 years
Unrecognized compensation costs related to non-vested awards $ 20,900        
Unrecognized compensation costs related to non-vested awards expected to be recognized, years 2 years        
Fair value of RSUs and PSUs vested $ 10,700   $ 8,200    
Weighted-average grant date fair value $ 44.17   $ 39.87    
Restricted Stock Units | Director          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting Period (in years) 1 year        
Performance Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Term of options (in years) 3 years        
Unrecognized compensation costs related to non-vested awards $ 19,100        
Unrecognized compensation costs related to non-vested awards expected to be recognized, years 2 years        
Fair value of RSUs and PSUs vested $ 4,100   $ 3,400    
Weighted-average grant date fair value $ 50.07   $ 33.97    
v3.24.0.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2022
Dec. 31, 2023
Jun. 30, 2023
Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Long-term debt, gross     $ 708,283 $ 708,283  
Assets measured at fair value using Level 3     0 0  
Liabilities measured at fair value using Level 3 $ 0 $ 0 0 0 $ 5,000
Senior Secured Notes Due 2028          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Long-term debt, gross     404,950 404,950  
Senior Secured Notes Due 2028 | Level 1          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Long-term debt, fair value     394,200    
Term B Loan          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Long-term debt, gross     303,333 303,333  
Term B Loan | Level 2          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Long-term debt, fair value     304,700    
Other income, net          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Investment impairment $ 5,000 $ 5,000      
Accounts Receivable | Credit extension program          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Loans Receivable, Fair Value Disclosure     28,400 29,700  
Nonqualified Deferred Compensation Plan | Accrued Liabilities          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Deferred Compensation Liability, Current, Fair Value Disclosure     12,800 12,600  
Nonqualified Deferred Compensation Plan | Prepaid Expenses and Other Current Assets          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Deferred Compensation Plan Assets, Fair Value Disclosure     $ 13,300 $ 12,500  
v3.24.0.1
Commitments and Contingencies (Details)
$ in Thousands
 6 Months Ended
Sep. 21, 2023
USD ($)
Jul. 18, 2023
USD ($)
May 04, 2022
USD ($)
Apr. 13, 2018
class
Dec. 31, 2023
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2020
USD ($)
Dec. 04, 2017
USD ($)
Maximum | DeVry University                
Loss Contingencies [Line Items]                
Indemnification               $ 340,000
Nicole Versetto                
Loss Contingencies [Line Items]                
Number of other individuals filed lawsuit | class       3        
Loss contingency accrual             $ 44,950  
Nicole Versetto | Prepaid Expenses and Other Current Assets                
Loss Contingencies [Line Items]                
Settlement fund           $ 44,950    
McCormick                
Loss Contingencies [Line Items]                
Remitted     $ 44,950          
Settlement fund was reduced   $ 8,920            
Remaining settlement fund to be paid to settlement class         $ 36,030      
Aljanal Carroll, Claudia Provost Charles, Tiffany Fair Case [Member]                
Loss Contingencies [Line Items]                
Litigation Settlement, Amount Awarded from Other Party         5,500      
Loss contingency sought value $ 28,500              
Loss contingency accrual         $ 28,500      
v3.24.0.1
Segment Information (Tabulation of Business Segment Information Based on Current Segmentation) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]        
Total Consolidated Revenue $ 393,242 $ 362,834 $ 762,087 $ 717,103
Total consolidated adjusted operating income 75,569 77,905 138,878 144,672
Restructuring expense (68) (1,363) (744) (16,428)
Business integration expense (6,909) (14,816) (12,171) (24,356)
Litigation reserve 0 0 (18,500) 0
Loss on assets held for sale (647) 0 (647) 0
Total consolidated operating income 58,612 45,550 86,806 69,184
Interest expense (16,693) (15,589) (32,350) (33,349)
Other income (expense), net 3,563 (1,440) 5,777 (679)
Total consolidated income from continuing operations before income taxes 45,482 28,521 60,233 35,156
Total Consolidated capital expenditures 15,282 4,196 30,328 9,747
Total consolidated depreciation expense 10,936 10,656 20,714 21,461
Total consolidated intangible amortization expense (9,333) (16,176) (20,010) (34,704)
Chamberlain        
Segment Reporting Information [Line Items]        
Total Consolidated Revenue 153,553 141,396 296,149 276,801
Walden University        
Segment Reporting Information [Line Items]        
Total Consolidated Revenue 146,808 131,940 288,416 262,841
Medical and Veterinary        
Segment Reporting Information [Line Items]        
Total Consolidated Revenue 92,881 89,498 177,522 177,461
Operating Segments [Member] | Chamberlain        
Segment Reporting Information [Line Items]        
Total Consolidated Revenue 153,553 141,396 296,149 276,801
Total consolidated adjusted operating income 29,640 33,229 53,964 60,231
Total Consolidated capital expenditures 5,757 1,492 11,042 2,918
Total consolidated depreciation expense 5,162 4,099 9,478 8,580
Operating Segments [Member] | Walden University        
Segment Reporting Information [Line Items]        
Total Consolidated Revenue 146,808 131,940 288,416 262,841
Total consolidated adjusted operating income 30,155 29,012 61,270 53,553
Total Consolidated capital expenditures 2,619 268 5,561 1,093
Total consolidated depreciation expense 2,305 2,269 4,467 4,864
Total consolidated intangible amortization expense (9,333) (16,176) (20,010) (34,704)
Operating Segments [Member] | Medical and Veterinary        
Segment Reporting Information [Line Items]        
Total Consolidated Revenue 92,881 89,498 177,522 177,461
Total consolidated adjusted operating income 22,091 22,549 36,568 39,613
Restructuring expense (71) (87) (185) (6,913)
Total Consolidated capital expenditures 1,935 342 3,280 915
Total consolidated depreciation expense 3,110 3,031 6,054 6,136
Corporate, Non-Segment [Member]        
Segment Reporting Information [Line Items]        
Total consolidated adjusted operating income (6,317) (6,885) (12,924) (8,725)
Total Consolidated capital expenditures 4,971 2,094 10,445 4,821
Total consolidated depreciation expense $ 359 $ 1,257 $ 715 $ 1,881
v3.24.0.1
Segment Information (Revenues by Geographic Area) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total Consolidated Revenue $ 393,242 $ 362,834 $ 762,087 $ 717,103
Domestic Operations        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total Consolidated Revenue 300,361 273,336 584,565 539,642
Barbados, St. Kitts, and St. Maarten        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total Consolidated Revenue $ 92,881 $ 89,498 $ 177,522 $ 177,461
v3.24.0.1
Segment Information (Additional Information) (Details)
 6 Months Ended
Dec. 31, 2023
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure        
Net Income (Loss) $ 39,891 $ 24,653 $ 50,537 $ 25,245
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Modified false
Rule 10b5-1 Arrangement Modified false