ADTALEM GLOBAL EDUCATION INC., 10-Q filed on 1/30/2025
Quarterly Report
v3.24.4
Document And Entity Information - shares
 6 Months Ended
Dec. 31, 2024
Jan. 24, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2024  
Document Transition Report false  
Securities Act 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   37,264,816
Current Fiscal Year End Date --06-30  
Document Fiscal Year Focus 2025  
Entity Central Index Key 0000730464  
Document Fiscal Period Focus Q2  
Amendment Flag false  
NEW YORK STOCK EXCHANGE, INC.    
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, INC    
Document Information [Line Items]    
Title of 12(b) Security Common stock, $0.01 par value per share  
Trading Symbol ATGE  
Security Exchange Name CHX  
v3.24.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Current assets:    
Cash and cash equivalents $ 193,958 $ 219,306
Restricted cash 1,461 1,896
Accounts and financing receivables, net 146,973 126,833
Prepaid expenses and other current assets 64,693 70,050
Total current assets 407,085 418,085
Noncurrent assets:    
Property and equipment, net 245,878 248,524
Operating lease assets 188,800 176,755
Deferred income taxes 28,413 49,088
Intangible assets, net 771,084 776,694
Goodwill 961,262 961,262
Other assets, net 112,608 103,184
Assets held for sale 7,825 7,825
Total noncurrent assets 2,315,870 2,323,332
Total assets 2,722,955 2,741,417
Current liabilities:    
Accounts payable 66,920 102,626
Accrued payroll and benefits 50,999 71,373
Accrued liabilities 62,479 96,957
Deferred revenue 171,523 185,272
Current operating lease liabilities 32,633 31,429
Total current liabilities 384,554 487,657
Noncurrent liabilities:    
Long-term debt 649,924 648,712
Long-term operating lease liabilities 182,051 167,712
Deferred income taxes 32,367 29,526
Other liabilities 35,149 38,675
Total noncurrent liabilities 899,491 884,625
Total liabilities 1,284,045 1,372,282
Commitments and contingencies
Shareholders' equity:    
Common stock, $0.01 par value per share, 200,000 shares authorized; 37,289 and 37,681 shares outstanding as of December 31, 2024 and June 30, 2024, respectively 839 832
Additional paid-in capital 642,975 611,949
Retained earnings 2,662,530 2,540,509
Accumulated other comprehensive loss (2,227) (2,227)
Treasury stock, at cost, 46,597 and 45,513 shares as of December 31, 2024 and June 30, 2024, respectively (1,865,207) (1,781,928)
Total shareholders' equity 1,438,910 1,369,135
Total liabilities and shareholders' equity $ 2,722,955 $ 2,741,417
v3.24.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
shares in Thousands
Dec. 31, 2024
Jun. 30, 2024
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 37,289 37,681
Treasury Stock, Shares 46,597 45,513
v3.24.4
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]        
Revenue $ 447,729 $ 393,242 $ 865,129 $ 762,087
Operating cost and expense:        
Cost of educational services 186,636 172,069 372,631 340,687
Student services and administrative expense 156,901 155,584 315,974 321,679
Restructuring expense 322 68 2,416 744
Business integration expense   6,909 0 12,171
Total operating cost and expense 343,859 334,630 691,021 675,281
Operating income 103,870 58,612 174,108 86,806
Other income (expense):        
Interest expense (13,909) (16,693) (28,391) (32,350)
Other income, net 2,235 3,563 4,881 5,777
Income from continuing operations before income taxes 92,196 45,482 150,598 60,233
Provision for income taxes (21,020) (7,769) (33,177) (10,561)
Income from continuing operations 71,176 37,713 117,421 49,672
Discontinued operations:        
Income from discontinued operations before income taxes 6,271 2,926 6,164 1,161
Provision for income taxes (1,591) (748) (1,564) (296)
Income from discontinued operations 4,680 2,178 4,600 865
Net income and comprehensive income $ 75,856 $ 39,891 $ 122,021 $ 50,537
Basic:        
Continuing operations (In dollars per share) $ 1.9 $ 0.95 $ 3.12 $ 1.22
Discontinued operations (In dollars per share) 0.13 0.05 0.12 0.02
Total basic earnings per share (In dollar per share) 2.03 1 3.25 1.24
Diluted:        
Continuing operations (In dollars per share) 1.85 0.92 3.03 1.2
Discontinued operations (In dollars per share) 0.12 0.05 0.12 0.02
Total diluted earnings per share (In dollars per share) $ 1.98 $ 0.98 $ 3.15 $ 1.22
Weighted-average shares outstanding:        
Basic shares (In shares) 37,435 39,872 37,578 40,636
Diluted shares (In shares) 38,401 40,787 38,755 41,486
v3.24.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities:    
Net income $ 122,021 $ 50,537
Income from discontinued operations (4,600) (865)
Income from continuing operations 117,421 49,672
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 20,918 13,505
Amortization and impairments to operating lease assets 14,092 17,340
Depreciation 19,993 19,381
Amortization of acquired intangible assets 5,610 20,010
Amortization of debt discount and issuance costs 2,226 2,310
Provision for bad debts 28,719 23,024
Deferred income taxes 23,516 (343)
Loss on disposals of property and equipment 114 38
Gain on investments (442) (575)
Unrealized loss on assets held for sale   647
Changes in assets and liabilities:    
Accounts and financing receivables (46,493) (52,716)
Prepaid expenses and other current assets 6,829 (2,143)
Cloud computing implementation assets (14,071) (11,314)
Accounts payable (34,588) 9,755
Accrued payroll and benefits (20,311) (6,073)
Accrued liabilities (29,066) 25,130
Deferred revenue (12,028) (13,540)
Operating lease liabilities (10,594) (20,441)
Other assets and liabilities (5,888) (1,314)
Net cash provided by operating activities-continuing operations 65,957 72,353
Net cash provided by operating activities-discontinued operations 4,340 9,515
Net cash provided by operating activities 70,297 81,868
Investing activities:    
Capital expenditures (21,094) (19,612)
Proceeds from sales of marketable securities 2,426 626
Purchases of marketable securities (1,548) (498)
Net cash used in investing activities (20,216) (19,484)
Financing activities:    
Proceeds from exercise of stock options 9,833 15,313
Employee taxes paid on withholding shares (12,198) (6,505)
Proceeds from stock issued under Colleague Stock Purchase Plan 567 359
Repurchases of common stock for treasury (74,066) (160,549)
Proceeds from issuance of long-term debt 9,873  
Repayments of long-term debt (9,873)  
Net cash used in financing activities (75,864) (151,382)
Net decrease in cash, cash equivalents and restricted cash (25,783) (88,998)
Cash, cash equivalents and restricted cash at beginning of period 221,202 275,075
Cash, cash equivalents and restricted cash at end of period 195,419 186,077
Non-cash investing and financing activities:    
Accrued capital expenditures 5,085 4,053
Accrued liability for repurchases of common stock 400 2,400
Accrued excise tax on share repurchases $ 301 $ 2,358
v3.24.4
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
Total
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          
Balance at the beginning of period (in shares) at Jun. 30, 2023         39,922  
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          
Balance at the end of period (in shares) at Dec. 31, 2023         43,566  
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          
Balance at the beginning of period (in shares) at Sep. 30, 2023         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          
Balance at the end of period (in shares) at Dec. 31, 2023         43,566  
Balance at the beginning of period at Jun. 30, 2024 $ 832 611,949 2,540,509 (2,227) $ (1,781,928) $ 1,369,135
Balance at the beginning of period (in shares) at Jun. 30, 2024 83,194         37,681
Balance at the beginning of period (in shares) at Jun. 30, 2024         45,513 45,513
Net income     122,021     $ 122,021
Stock-based compensation   20,918       20,918
Net activity from stock-based compensation awards $ 7 9,826     $ (12,198) (2,365)
Net activity from stock-based compensation awards (in shares) 692       160  
Proceeds from stock issued under Colleague Stock Purchase Plan   282     $ 348 630
Proceeds from stock issued under Colleague Stock Purchase Plan (in shares)         (9)  
Repurchases of common stock for treasury         $ (71,429) (71,429)
Repurchases of common stock for treasury (in shares)         933  
Balance at the end of period at Dec. 31, 2024 $ 839 642,975 2,662,530 (2,227) $ (1,865,207) $ 1,438,910
Balance at the end of period (in shares) at Dec. 31, 2024 83,886         37,289
Balance at the end of period (in shares) at Dec. 31, 2024         46,597 46,597
Balance at the beginning of period at Sep. 30, 2024 $ 838 631,033 2,586,674 (2,227) $ (1,826,366) $ 1,389,952
Balance at the beginning of period (in shares) at Sep. 30, 2024 83,829          
Balance at the beginning of period (in shares) at Sep. 30, 2024         46,113  
Net income     75,856     75,856
Stock-based compensation   11,467       11,467
Net activity from stock-based compensation awards $ 1 334     $ (1,481) (1,146)
Net activity from stock-based compensation awards (in shares) 57       17  
Proceeds from stock issued under Colleague Stock Purchase Plan   141     $ 157 298
Proceeds from stock issued under Colleague Stock Purchase Plan (in shares)         (4)  
Repurchases of common stock for treasury         $ (37,517) (37,517)
Repurchases of common stock for treasury (in shares)         471  
Balance at the end of period at Dec. 31, 2024 $ 839 $ 642,975 $ 2,662,530 $ (2,227) $ (1,865,207) $ 1,438,910
Balance at the end of period (in shares) at Dec. 31, 2024 83,886         37,289
Balance at the end of period (in shares) at Dec. 31, 2024         46,597 46,597
v3.24.4
Nature of Operations
 6 Months Ended
Dec. 31, 2024
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 reports on a fiscal year period ending on June 30. Therefore, this Quarterly Report for the quarterly period ended December 31, 2024 is for our second quarter of fiscal year 2025.

Adtalem is the leading healthcare educator in the U.S. 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.” “Home Office” includes activities not allocated to a reportable segment. See Note 18 “Segment Information” for information on our reportable segments.
v3.24.4
Summary of Significant Accounting Policies
 6 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

Our significant accounting policies are described in Note 2 “Summary of Significant Accounting Policies” of our Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (the “2024 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. Unless indicated, or the context requires otherwise, references to years refer to Adtalem’s fiscal years. Certain items presented in tables may not sum due to rounding. Prior period amounts have been revised to conform with the current period presentation. 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 2024 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. We did not incur business integration expense in the three and six months ended December 31, 2024. In the prior year, we incurred costs associated with integrating Walden into Adtalem. In addition, we initiated transformation initiatives to accelerate growth and organizational agility and certain costs relating to the transformation were 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 November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03: “Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The guidance was issued to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions as well as disclosures about selling expenses. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The amendments should be applied prospectively, however retrospective application is permitted. Early adoption of the amendments is permitted, including adoption in an interim period. The amendments

will expand our footnote disclosures to include a disaggregation of expenses in accordance with the amendments but will 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, however 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 fourth quarter of fiscal year 2024, Adtalem identified an error in the presentation of capitalized cloud computing implementation costs in its previously issued financial statements. In accordance with Accounting Standards Codification (“ASC”) 350-40 “Intangibles, Goodwill and Other, Internal-Use Software,” capitalized cloud computing implementation costs should be presented in the same line item on the Consolidated Balance Sheets as a prepayment of the fees for the associated hosting arrangement, and the cash flows from capitalized implementation costs should be presented in the same manner as cash flows for the fees associated with the hosting arrangement. Adtalem previously presented capitalized cloud implementation costs in property and equipment, net rather than as prepaid expenses and other current assets and other assets, net on the Consolidated Balance Sheets. Adtalem previously presented the cash flows from capitalized implementation costs as capital expenditures within investing activities rather than within cash flows from operating activities in the Consolidated Statements of Cash Flows. 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 error was not material to prior periods and therefore, amendments of previously filed reports are not required. However, Adtalem determined it was appropriate to revise its previously issued financial statements. In accordance with ASC 250, Adtalem corrected the prior period 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 on Adtalem’s previously reported Consolidated Financial Statements are detailed below. We have also revised impacted amounts within the accompanying Notes to Consolidated Financial Statements.

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, 2023

​

​

As Reported

​

Adjustment

​

As Revised

Operating activities:

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

Depreciation

​

$

20,714

​

$

(1,333)

​

$

19,381

Changes in assets and liabilities:

​

​

​

​

​

​

​

​

​

Cloud computing implementation assets

​

​

—

​

​

(11,314)

​

​

(11,314)

Accounts payable

​

​

7,824

​

​

1,931

​

​

9,755

Net cash provided by operating activities-continuing operations

​

​

83,069

​

​

(10,716)

​

​

72,353

Net cash provided by operating activities

​

​

92,584

​

​

(10,716)

​

​

81,868

Investing activities:

​

​

​

​

​

​

​

​

​

Capital expenditures

​

​

(30,328)

​

​

10,716

​

​

(19,612)

Net cash used in investing activities-continuing operations

​

​

(30,200)

​

​

10,716

​

​

(19,484)

Net cash used in investing activities

​

​

(30,200)

​

​

10,716

​

​

(19,484)

Non-cash investing and financing activities:

​

​

​

​

​

​

​

​

​

Accrued capital expenditures

​

​

9,062

​

​

(5,009)

​

​

4,053

​
v3.24.4
Discontinued Operations
 6 Months Ended
Dec. 31, 2024
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 $7.0 million and $5.5 million during the second quarter of fiscal year 2025 and 2024, respectively, related to the earn-out. To date, we have received a total of $19.5 million related to the earn-out.

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 divestiture and the earn-outs we received (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31,

​

December 31,

​

​

2024

​

2023

​

2024

​

2023

Revenue

​

$

—

​

$

—

​

$

—

​

$

—

Operating cost and expense:

​

 

​

​

 

​

​

 

​

​

 

​

Student services and administrative expense

​

 

(6,271)

​

 

(2,926)

​

 

(6,164)

​

 

(1,161)

Total operating cost and expense

​

 

(6,271)

​

 

(2,926)

​

 

(6,164)

​

 

(1,161)

Income from discontinued operations before income taxes

​

​

6,271

​

​

2,926

​

​

6,164

​

​

1,161

Provision for income taxes

​

 

(1,591)

​

 

(748)

​

 

(1,564)

​

 

(296)

Income from discontinued operations

​

$

4,680

​

$

2,178

​

$

4,600

​

$

865

​
v3.24.4
Revenue
 6 Months Ended
Dec. 31, 2024
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, 2024

​

​

Chamberlain

​

Walden

 

Medical and
Veterinary

​

Consolidated

Tuition and fees

​

$

180,986

​

$

171,306

 

$

93,021

​

$

445,313

Other

​

​

—

​

​

—

​

​

2,416

​

​

2,416

Total

 

$

180,986

 

$

171,306

 

$

95,437

 

$

447,729

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended December 31, 2024

​

​

Chamberlain

​

Walden

 

Medical and
Veterinary

​

Consolidated

Tuition and fees

 

$

348,916

 

$

332,819

 

$

178,008

 

$

859,743

Other

​

​

—

​

​

—

​

​

5,386

​

​

5,386

Total

 

$

348,916

 

$

332,819

 

$

183,394

 

$

865,129

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

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 scholarships, discounts, or refunds, which gives rise to variable consideration. The amounts of scholarships or discounts are generally applied to individual student accounts when such amounts are awarded. Therefore, the transaction price is immediately reduced directly by these scholarships or discounts 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 earned in the next 12 months. The contract liability amount associated with these material rights presented as deferred revenue within current liabilities is $32.1 million and $24.1 million as of December 31, 2024 and June 30, 2024, respectively, and the amount presented as deferred revenue within noncurrent liabilities is $21.3 million and $19.6 million as of December 31, 2024 and June 30, 2024, 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 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 recognized, 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 and Financing Receivables”), payments are generally received after the academic term, and the corresponding performance obligation, is complete. When payments are received, accounts receivable and financing receivables are reduced.

Deferred revenue within current liabilities is $171.5 million and $185.3 million as of December 31, 2024 and June 30, 2024, respectively, and deferred revenue within noncurrent liabilities is $21.3 million and $19.6 million as of December 31, 2024 and June 30, 2024, respectively. Revenue of $6.8 million and $173.2 million was recognized during the three and six months ended December 31, 2024, respectively, that was included in the deferred revenue balance at the beginning of fiscal year 2025. Revenue of $2.0 million and $152.1 million was recognized in the three and six months ended December 31, 2023, respectively, that was included in the deferred revenue balance at the beginning of fiscal year 2024.

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 obligations for material rights during the period.
v3.24.4
Restructuring Expense
 6 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Expense

5. Restructuring Expense

During the six months ended December 31, 2024, Adtalem recorded restructuring expense primarily driven by workforce reductions, costs to exit certain course offerings, and 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 actions. During the six months ended December 31, 2023, Adtalem recorded restructuring expense primarily driven by prior real estate consolidations at Adtalem’s home office. 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. Restructuring expense by segment were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2024

​

Six Months Ended December 31, 2024

​

​

Real Estate
and Other

​

Termination
Benefits

​

Total

​

Real Estate
and Other

​

Termination
Benefits

​

Total

Chamberlain

 

$

77

 

$

—

 

$

77

​

$

974

 

$

961

 

$

1,935

Medical and Veterinary

 

​

56

 

​

—

 

​

56

​

​

115

 

​

—

 

​

115

Home Office

 

​

189

 

​

—

 

​

189

​

​

366

 

​

—

 

​

366

Total

​

$

322

​

$

—

​

$

322

​

$

1,455

​

$

961

​

$

2,416

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

 

​

773

 

​

—

 

​

773

​

​

1,335

 

​

—

 

​

1,335

Total

​

$

68

​

$

—

​

$

68

​

$

704

​

$

40

​

$

744

​

The following table summarizes the separation and restructuring plan activity for fiscal years 2024 and 2025, for which cash payments are required (in thousands):

​

​

​

​

​

Liability balance as of June 30, 2023

​

$

741

Increase in liability (separation and other charges)

​

 

40

Reduction in liability (payments and adjustments)

​

 

(781)

Liability balance as of June 30, 2024

​

 

—

Increase in liability (separation and other charges)

​

 

961

Reduction in liability (payments and adjustments)

​

 

(939)

Liability balance as of December 31, 2024

​

$

22

​

These liability balances are recorded as accrued liabilities on the Consolidated Balance Sheets.
v3.24.4
Other Income, Net
 6 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Other Income, Net

6. Other Income, Net

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31,

​

December 31,

​

​

2024

​

2023

​

2024

​

2023

Interest and dividend income

​

$

2,406

​

$

2,541

​

$

4,439

​

$

5,202

Investment (loss) gain

​

​

(171)

​

​

1,022

​

​

442

​

​

575

Other income, net

​

$

2,235

​

$

3,563

​

$

4,881

​

$

5,777

​

Investment (loss) gain includes trading gains and losses related to the rabbi trust used to fund nonqualified deferred compensation plan obligations.
v3.24.4
Income Taxes
 6 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

7. Income Taxes

Our effective tax rate from continuing operations was 22.8% and 22.0% in the three and six months ended December 31, 2024, respectively, and 17.1% and 17.5% in the three and six months ended December 31, 2023, respectively. The effective tax rate for the three and six months ended December 31, 2024 increased compared to the prior year periods primarily due to an increase in the percentage of earnings from operations in higher taxed jurisdictions and a limitation of tax benefits on certain executive compensation. The income tax provisions reflect the U.S. federal tax rate of 21% adjusted for taxes related to global intangible low-taxed income (“GILTI”), limitation of tax benefits on certain executive

compensation, the rate of tax applied by state and local jurisdictions, the rate of tax applied to earnings outside the U.S., tax incentives, tax credits related to research and development expenditures, changes in valuation allowance, changes in uncertain tax positions, and tax benefits on stock-based compensation.

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 and RUSVM has an exemption in St. Kitts until 2038.
v3.24.4
Earnings per Share
 6 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings per Share

8. 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,

​

​

2024

​

2023

​

2024

​

2023

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

Net income:

​

 

​

​

 

​

​

 

​

​

 

​

Continuing operations

​

$

71,176

​

$

37,713

​

$

117,421

​

$

49,672

Discontinued operations

​

​

4,680

​

​

2,178

​

​

4,600

​

​

865

Net income

​

$

75,856

​

$

39,891

​

$

122,021

​

$

50,537

​

​

​

​

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average basic shares outstanding

 

​

37,435

​

 

39,872

 

​

37,578

 

​

40,636

Effect of dilutive stock awards

 

​

966

​

 

915

 

​

1,177

 

​

850

Weighted-average diluted shares outstanding

 

​

38,401

​

 

40,787

 

​

38,755

 

​

41,486

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings per share:

​

​

​

​

​

​

​

​

​

​

​

​

Basic:

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

1.90

​

$

0.95

​

$

3.12

​

$

1.22

Discontinued operations

​

$

0.13

​

$

0.05

​

$

0.12

​

$

0.02

Total basic earnings per share

​

$

2.03

​

$

1.00

​

$

3.25

​

$

1.24

Diluted:

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

1.85

​

$

0.92

​

$

3.03

​

$

1.20

Discontinued operations

​

$

0.12

​

$

0.05

​

$

0.12

​

$

0.02

Total diluted earnings per share

​

$

1.98

​

$

0.98

​

$

3.15

​

$

1.22

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average antidilutive shares

​

​

89

​

​

89

​

​

45

​

​

210

​
v3.24.4
Accounts and Financing Receivables
 6 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Accounts and Financing Receivables

9. Accounts and Financing Receivables

Our accounts receivables relate to student balances occurring in the normal course of business. Accounts receivables have a term of less than one year and are included in accounts and financing receivables, net on our Consolidated Balance Sheets. Our financing receivables relate to credit extension programs, which provides student with payment terms in excess of one year and are included in accounts and financing receivables, net and other assets, net on our Consolidated Balance Sheets.

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

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

Gross

​

​

Allowance

​

​

Net

Accounts receivables, current

​

$

181,103

​

$

(36,752)

​

$

144,351

Financing receivables, current

​

​

5,415

​

​

(2,793)

​

​

2,622

Accounts and financing receivables, current

​

$

186,518

​

$

(39,545)

​

$

146,973

​

​

​

​

​

​

​

​

​

​

Financing receivables, current

​

$

5,415

​

$

(2,793)

​

$

2,622

Financing receivables, noncurrent

​

​

34,032

​

​

(10,266)

​

​

23,766

Total financing receivables

​

$

39,447

​

$

(13,059)

​

$

26,388

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2024

​

​

​

Gross

​

​

Allowance

​

​

Net

Accounts receivables, current

​

$

159,406

​

$

(35,336)

​

$

124,070

Financing receivables, current

​

​

5,239

​

​

(2,476)

​

​

2,763

Accounts and financing receivables, current

​

$

164,645

​

$

(37,812)

​

$

126,833

​

​

​

​

​

​

​

​

​

​

Financing receivables, current

​

$

5,239

​

$

(2,476)

​

$

2,763

Financing receivables, noncurrent

​

​

36,214

​

​

(10,082)

​

​

26,132

Total financing receivables

​

$

41,453

​

$

(12,558)

​

$

28,895

​

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. Payments may increase upon completing or departing school.

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 generally write-off financing receivable balances when they are 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, 2024 was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized Cost Basis by Origination Year

​

​

​

​

​

Prior

​

2021

​

2022

​

2023

​

2024

​

2025

​

Total

1-30 days past due

 

$

692

​

$

269

 

$

234

 

$

646

 

$

630

 

$

595

 

$

3,066

31-60 days past due

​

​

169

​

​

100

​

​

130

​

​

170

​

​

541

​

​

57

​

​

1,167

61-90 days past due

​

​

19

​

​

3

​

​

—

​

​

57

​

​

600

​

​

64

​

​

743

91-120 days past due

​

​

230

​

​

51

​

​

17

​

​

159

​

​

254

​

​

141

​

​

852

121-150 days past due

​

​

168

​

​

24

​

​

23

​

​

77

​

​

569

​

​

—

​

​

861

Greater than 150 days past due

​

​

2,684

​

​

1,424

​

​

1,092

​

​

2,325

​

​

2,767

​

​

—

​

​

10,292

Total past due

​

​

3,962

​

​

1,871

​

​

1,496

​

​

3,434

​

​

5,361

​

​

857

​

​

16,981

Current

​

​

5,510

​

​

3,219

​

​

1,620

​

​

3,233

​

​

5,636

​

​

3,248

​

​

22,466

Financing receivables, gross

​

$

9,472

​

$

5,090

​

$

3,116

​

$

6,667

​

$

10,997

​

$

4,105

​

$

39,447

Gross write-offs

​

$

737

​

$

433

​

$

424

​

$

517

​

$

262

​

$

—

​

$

2,373

​

The credit quality analysis of financing receivables as of June 30, 2024 was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized Cost Basis by Origination Year

​

​

​

​

​

Prior

​

2020

​

2021

​

2022

​

2023

​

2024

​

Total

1-30 days past due

 

$

552

​

$

—

 

$

214

 

$

111

 

$

1,188

 

$

1,146

 

$

3,211

31-60 days past due

​

​

213

​

​

90

​

​

65

​

​

37

​

​

567

​

​

1,488

​

​

2,460

61-90 days past due

​

​

174

​

​

—

​

​

5

​

​

110

​

​

370

​

​

257

​

​

916

91-120 days past due

​

​

—

​

​

11

​

​

434

​

​

20

​

​

206

​

​

791

​

​

1,462

121-150 days past due

​

​

51

​

​

88

​

​

63

​

​

314

​

​

268

​

​

91

​

​

875

Greater than 150 days past due

​

​

2,556

​

​

466

​

​

1,366

​

​

1,300

​

​

1,920

​

​

987

​

​

8,595

Total past due

​

​

3,546

​

​

655

​

​

2,147

​

​

1,892

​

​

4,519

​

​

4,760

​

​

17,519

Current

​

​

6,014

​

​

748

​

​

3,944

​

​

1,897

​

​

4,549

​

​

6,782

​

​

23,934

Financing receivables, gross

​

$

9,560

​

$

1,403

​

$

6,091

​

$

3,789

​

$

9,068

​

$

11,542

​

$

41,453

Gross write-offs

​

$

1,145

​

$

279

​

$

509

​

$

597

​

$

729

​

$

2

​

$

3,261

​

Allowance for Credit Losses

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

For our accounts receivables, we use historical loss rates based on an aging schedule and a student’s status to determine the allowance for credit losses. As these accounts 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 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, 2024

 

Six Months Ended December 31, 2024

​

​

Accounts

​

Financing

​

Total

 

Accounts

​

Financing

​

Total

Beginning balance

 

$

36,691

​

$

13,467

 

$

50,158

​

$

35,336

​

$

12,558

 

$

47,894

Write-offs

​

​

(16,759)

​

​

(1,275)

​

​

(18,034)

​

​

(29,870)

​

​

(2,373)

​

​

(32,243)

Recoveries

​

​

2,207

​

​

481

​

​

2,688

​

​

4,784

​

​

657

​

​

5,441

Provision for credit losses

​

​

14,613

​

​

386

​

​

14,999

​

​

26,502

​

​

2,217

​

​

28,719

Ending balance

​

$

36,752

​

$

13,059

​

$

49,811

​

$

36,752

​

$

13,059

​

$

49,811

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2023

​

Six Months Ended December 31, 2023

​

​

Accounts

​

Financing

​

Total

​

Accounts

​

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

​
v3.24.4
Property and Equipment, Net
 6 Months Ended
Dec. 31, 2024
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,

​

​

Useful Life

​

2024

​

2024

Land

 

-

 

$

31,776

​

$

31,776

Buildings and improvements

​

10 - 31 years

​

​

200,702

​

​

200,274

Leasehold improvements

​

Shorter of asset useful life or lease term

​

​

114,924

​

​

114,019

Furniture and equipment

​

3 - 8 years

​

​

99,457

​

​

103,961

Software

​

3 - 5 years

​

​

119,625

​

​

113,219

Construction in progress

​

-

​

​

16,492

​

​

11,554

Property and equipment, gross

​

​

​

​

582,976

​

​

574,803

Accumulated depreciation

​

​

​

 

(337,098)

​

 

(326,279)

Property and equipment, net

​

​

​

$

245,878

​

$

248,524

​

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, 2024 and June 30, 2024.
v3.24.4
Leases
 6 Months Ended
Dec. 31, 2024
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 August 2040, 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, 2024, we had entered into one operating lease that has not yet commenced. The lease is expected to commence during the fourth quarter of fiscal year 2025, has a 13-year lease term, and will result in an additional operating lease asset and operating lease liability of approximately $2.8 million.

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31,

 

December 31,

​

​

2024

​

2023

​

2024

​

2023

Operating lease cost

​

$

11,379

​

$

11,519

​

$

22,110

​

$

23,070

Sublease income

​

 

(1,298)

​

 

(2,700)

​

 

(2,794)

​

 

(5,381)

Total lease cost

​

$

10,081

​

$

8,819

​

$

19,316

​

$

17,689

​

Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands):

​

​

​

​

​

​

​

Operating

Fiscal Year

​

Leases

2025 (remaining)

​

$

22,966

2026

​

​

46,543

2027

​

​

46,018

2028

​

​

40,525

2029

​

​

31,631

Thereafter

​

​

139,547

Total lease payments

​

 

327,230

Less: lease incentives not yet received

​

​

(16,546)

Less: imputed interest

​

​

(96,000)

Present value of lease liabilities

​

$

214,684

​

Lease term and discount rate were as follows:

​

​

​

​

​

​

​

December 31,

​

​

2024

Weighted-average remaining operating lease term (years)

​

​

7.7

Weighted-average operating lease discount rate

​

​

7.6%

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31,

​

December 31,

​

​

2024

​

2023

​

2024

​

2023

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

​

$

6,904

​

$

10,989

​

$

16,285

​

$

21,615

Operating lease assets obtained in exchange for operating lease liabilities

​

$

24,023

​

$

14,383

​

$

26,137

​

$

19,526

​

Adtalem maintains agreements to sublease either a portion or the full leased space at three of its operating lease locations. 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, 2024 was as follows (in thousands):

​

​

​

​

​

Fiscal Year

​

Amount

2025 (remaining)

​

$

2,504

2026

​

​

2,038

Total sublease rental income

​

$

4,542

​
v3.24.4
Goodwill and Intangible Assets
 6 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

12. Goodwill and Intangible Assets

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

​

​

​

​

​

​

​

​

​

​

December 31,

​

June 30,

​

​

2024

​

2024

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, 2024

​

June 30, 2024

​

​

​

​

Gross Carrying

​

Accumulated

​

Gross Carrying

​

Accumulated

​

Weighted-Average

​

​

Amount

​

Amortization

​

Amount

​

Amortization

​

Amortization Period

Curriculum

​

$

56,091

​

$

(37,867)

 

$

56,091

​

$

(32,257)

 

5 Years

Total

​

$

56,091

​

$

(37,867)

 

$

56,091

​

$

(32,257)

 

​

​

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

​

​

​

​

​

​

​

​

​

​

December 31,

​

June 30,

​

​

2024

​

2024

Title IV eligibility and accreditations

​

$

611,100

​

$

611,100

Trade name

​

 

141,760

​

 

141,760

Total

​

$

752,860

​

$

752,860

​

Amortization expense on finite-lived intangible assets was $2.8 million and $5.6 million in three and six months ended December 31, 2024, respectively, and $9.3 million and $20.0 million in the three and six months ended December 31, 2023, respectively. Future amortization expense on finite-lived intangible assets, by reporting unit, is expected to be as follows (in thousands):

​

​

​

​

​

Fiscal Year

​

Walden

2025 (remaining)

​

$

5,610

2026

​

 

11,220

2027

​

 

1,394

Total

​

$

18,224

​

Curriculum is amortized on a straight-line basis. Student relationships was fully amortized as of June 30, 2024.

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 reviewed 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, which are Chamberlain, Walden, AUC, RUSM, and RUSVM. 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.

During the second quarter of fiscal year 2025, Adtalem performed an assessment to determine whether there were indicators of a triggering event which could indicate the carrying value of the reporting units may not be supported by the fair value. No indicators of a triggering event for potential impairment were noted in the second quarter of fiscal year 2025.

If economic conditions deteriorate, 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.
v3.24.4
Debt
 6 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt

13. Debt

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

​

​

​

​

​

​

​

​

​

​

December 31,

​

June 30,

​

​

2024

​

2024

Senior Secured Notes due 2028

​

$

404,950

​

$

404,950

Term Loan B

​

 

253,333

​

 

253,333

Total principal

​

 

658,283

​

 

658,283

Unamortized debt discount and issuance costs

​

 

(8,359)

​

 

(9,571)

Long-term debt

​

$

649,924

​

$

648,712

​

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

​

​

​

​

​

​

​

Maturity

Fiscal Year

​

Payments

2025 (remaining)

​

$

—

2026

​

 

—

2027

​

 

—

2028

​

 

404,950

2029

​

​

253,333

Total

​

$

658,283

​

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 Notes are 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.

 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.

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. This debt was subsequently retired. The principal balance of the Notes is $405.0 million as of December 31, 2024.

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, 2024 and June 30, 2024, 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

Prior to January 26, 2024, borrowings under the Term Loan B bore interest at a rate per annum equal to, at our option, SOFR plus an applicable margin ranging from 4.00% to 4.50%, subject to a SOFR floor of 0.75%, or an alternate base rate (“ABR”) plus an applicable margin ranging from 3.00% to 3.50% depending on Adtalem’s net first lien leverage ratio for such period.

On January 26, 2024, we entered into Amendment No. 2 to Credit Agreement, which resulted in a 0.50% reduction in our Term Loan B interest rate margin. From January 26, 2024 through August 21, 2024, borrowings under the Term Loan B bore interest at a rate per annum equal to, at our option, SOFR plus an applicable margin ranging from 3.50% to 4.00%, subject to a SOFR floor of 0.75%, or an ABR plus an applicable margin ranging from 2.50% to 3.00% depending on Adtalem’s net first lien leverage ratio for such period.

On August 21, 2024, we entered into Amendment No. 3 to Credit Agreement, which resulted in a further 0.75% reduction in our Term Loan B interest rate margin and removed the leverage-based pricing grid. After August 21, 2024, borrowings under the Term Loan B bear interest at a rate per annum equal to, at our option, SOFR plus 2.75%, subject to a SOFR floor of 0.75%, or an ABR plus 1.75%.

As of December 31, 2024, the interest rate for borrowings under the Term Loan B facility was 7.11%, 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, $50.0 million, and $50.0 million on September 22, 2022, November 22, 2022, and January 26, 2024, respectively. The principal balance of the Term Loan B is $253.3 million as of December 31, 2024. On January 17, 2025, we made an additional prepayment of $100.0 million on the Term Loan B, reducing the principal balance on the Term Loan B to $153.3 million as of January 17, 2025.

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% or an ABR plus an applicable margin ranging from 2.75% to 3.25% 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, 2024 and 2023.

The Credit Agreement requires payment of a commitment fee equal to 0.25% as of December 31, 2024, 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 $301.0 million as of December 31, 2024.

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 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. The following table summarizes the unamortized debt discount and issuance costs activity for the six months ended December 31, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Notes

​

Term Loan B

​

Revolver

​

Total

Unamortized debt discount and issuance costs as of June 30, 2024

​

$

4,446

​

$

5,125

​

$

4,327

​

$

13,898

Amortization of debt discount and issuance costs

​

 

(594)

​

 

(618)

​

 

(1,014)

​

 

(2,226)

Unamortized debt discount and issuance costs as of December 31, 2024

​

$

3,852

​

$

4,507

​

$

3,313

​

$

11,672

​

Off-Balance Sheet Arrangements

On December 6, 2024, the U.S. Department of Education (“ED”) notified Adtalem that the $69.4 million surety-backed letter of credit in favor of ED on behalf of Walden, which allows Walden to participate in Title IV programs would be permitted to expire on December 31, 2024. A letter of credit in the amount of $157.9 million, representing 10% of the consolidated Title IV funds Adtalem’s institutions received during fiscal year 2022, was delivered to ED on November 1, 2023 with an expiration date of December 31, 2024. On December 3, 2024, ED requested Adtalem amend the letter of credit to $179.0 million, representing 10% of the consolidated Title IV funds Adtalem’s institutions received during fiscal year 2024 with an expiration date of January 31, 2026. As requested, Adtalem delivered this amended letter of credit to ED on December 13, 2024. Adtalem satisfied this request by securing a $99.0 million letter of credit under its Revolver and an $80.0 million surety-backed letter of credit. As of December 31, 2024, Adtalem had $179.0 million of letters of credit outstanding in favor of ED.

Many states require private-sector postsecondary education institutions to post surety bonds for licensure. In the U.S., Adtalem has posted $63.9 million of surety bonds as of December 31, 2024 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,

​

​

2024

​

2023

​

2024

​

2023

Notes interest expense

​

$

5,568

​

$

5,568

​

$

11,136

​

$

11,136

Term Loan B interest expense

​

​

4,819

​

​

7,321

​

​

10,302

​

​

14,576

Amortization of debt discount and issuance costs

​

​

1,113

​

​

1,155

​

​

2,226

​

​

2,310

Letters of credit fees

​

​

2,215

​

​

2,478

​

​

4,347

​

​

3,919

Other

​

​

194

​

​

171

​

​

380

​

​

409

Total

​

$

13,909

​

$

16,693

​

$

28,391

​

$

32,350

​

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. 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 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.

Under the terms of the Credit Agreement, Adtalem is required to maintain a Total Net Leverage Ratio (as defined in the Credit Agreement) of equal to or less than 3.25 to 1.00. Adtalem was in compliance with the Credit Agreement debt covenants and the Notes covenants as of December 31, 2024.
v3.24.4
Share Repurchases
 6 Months Ended
Dec. 31, 2024
Dividends And Share Repurchase Program [Abstract]  
Share Repurchases

14. Share Repurchases

On March 1, 2022, we announced that the Board of Directors (the “Board”) authorized Adtalem’s thirteenth share repurchase program, which allowed 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 include 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,

​

​

2024

​

2023

​

2024

​

2023

Total number of share repurchases

​

​

471,327

​

​

1,350,735

​

​

933,390

​

​

3,509,133

Total cost of share repurchases

​

$

37,517

​

$

69,301

​

$

71,429

​

$

161,186

Average price paid per share

​

$

79.60

​

$

51.31

​

$

76.53

​

$

45.93

​

As of December 31, 2024, $140.1 million of authorized share repurchases were remaining under the fourteenth share repurchase program. 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.
v3.24.4
Stock-Based Compensation
 6 Months Ended
Dec. 31, 2024
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, employees and directors 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, 2024, 1,610,726 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 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 is included in student services and administrative expense in the Consolidated Statements of Income. There was no capitalized stock-based compensation cost as of December 31, 2024 and June 30, 2024.

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 graded vesting from the grant date and expire ten years from the grant date. The following table summarizes stock option activity for the six months ended December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

​

Number of

​

​

​

Remaining

​

Aggregate

​

​

Stock

​

Weighted-Average

​

Contractual Life

​

Intrinsic Value

​

​

Options

​

Exercise Price

​

(in years)

​

(in thousands)

Outstanding as of June 30, 2024

 

550,343

​

$

37.34

 

​

​

​

​

Exercised

 

(267,685)

​

​

36.73

 

​

​

​

​

Expired

​

(1,325)

​

​

36.46

​

​

​

​

​

Outstanding as of December 31, 2024

 

281,333

​

 

37.92

 

5.8

​

$

14,890

Exercisable as of December 31, 2024

 

238,525

​

$

38.08

 

5.7

​

$

12,586

​

The fair value of stock options that vested during the six months ended December 31, 2024 and 2023 was $1.3 million and $1.9 million, respectively. As of December 31, 2024, $0.2 million of unrecognized stock-based compensation expense related to unvested stock options is expected to be recognized over a remaining weighted-average period of 0.7 years. The total intrinsic value of stock options exercised for the six months ended December 31, 2024 and 2023 was $10.2 million and $9.1 million, respectively.

RSUs

Prior to fiscal year 2023, we granted RSUs generally with a four-year graded vesting from the grant date. Beginning in fiscal year 2023, we grant RSUs generally with a three-year graded vesting from the grant date. We also grant RSUs to our Board members with a one-year cliff vest from the grant date. The fair value per share 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, 2024:

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

Number of

​

Grant Date

​

​

RSUs

​

Fair Value

Unvested as of June 30, 2024

 

755,841

​

$

40.51

Granted

 

213,030

​

 

88.98

Vested

 

(340,570)

​

 

39.98

Forfeited

 

(22,739)

​

 

46.65

Unvested as of December 31, 2024

 

605,562

​

$

57.62

​

The weighted-average grant date fair value per share of RSUs granted in the six months ended December 31, 2024 and 2023 was $88.98 and $44.17, respectively. The grant date fair value of RSUs that vested during the six months ended December 31, 2024 and 2023 was $13.6 million and $10.7 million, respectively. As of December 31, 2024, $23.8 million of unrecognized stock-based compensation expense related to unvested RSUs is expected to be recognized over a remaining weighted-average period of 1.9 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, 2024:

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

Number of

​

Grant Date

​

​

PSUs

​

Fair Value

Unvested as of June 30, 2024

 

629,770

​

$

43.77

Granted

​

167,050

​

​

89.74

Vested

 

(83,357)

​

 

33.84

Forfeited

 

(70,643)

​

 

39.94

Unvested as of December 31, 2024

 

642,820

​

$

57.42

​

The weighted-average grant date fair value per share of PSUs granted in the six months ended December 31, 2024 and 2023 was $89.74 and $50.07, respectively. The grant date fair value of PSUs that vested during the six months ended December 31, 2024 and 2023 was $2.8 million and $4.1 million, respectively. As of December 31, 2024, $32.4 million of unrecognized stock-based compensation expense related to unvested PSUs is expected to be recognized over a remaining weighted-average period of 1.8 years.
v3.24.4
Fair Value Measurements
 6 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

16. Fair Value Measurements

Fair value is defined under GAAP as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is a market-based measurement that

is determined based on assumptions that market participants would use in pricing an asset or a liability. The following fair value hierarchy prioritizes the inputs in valuation methodologies used to measure fair value:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 – Unobservable inputs for the asset or liability. These fair value measurements require significant judgement.

The valuation methodologies used for our assets and liabilities measured at fair value and their classification in the valuation hierarchy are described below.

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 our 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, 2024 and June 30, 2024 was $12.8 million and $13.2 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 and financing receivables, net and other assets, net on the Consolidated Balance Sheets as of December 31, 2024 and June 30, 2024 of $26.4 million and $28.9 million, respectively, and is classified as Level 2. See Note 9 “Accounts and Financing Receivables” 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, 2024 and June 30, 2024 were $12.1 million and $12.2 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 both December 31, 2024 and June 30, 2024, the principal balance of our Notes was $405.0 million, with a fair value as of those dates of $397.4 million and $389.5 million, respectively. The valuation of the Notes was based upon quoted market prices and is classified as Level 1. As of both December 31, 2024 and June 30, 2024, the principal balance of our Term Loan B was $253.3 million, with a fair value as of those dates of $255.1 million and $254.9 million as of December 31, 2024 and June 30, 2024, respectively. The valuation of the Term Loan B was 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 Notes and Term Loan B.

As of December 31, 2024 and June 30, 2024, there were no assets or liabilities measured at fair value using Level 3 inputs.

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 are deemed to be impaired. Goodwill and indefinite-lived intangible assets are not amortized, but are reviewed for impairment annually or more frequently if circumstances arise indicating potential impairment. This impairment review was most recently completed as of May 31, 2024. See Note 12 “Goodwill and Intangible Assets” for additional information on the impairment review, including valuation techniques and assumptions.
v3.24.4
Commitments and Contingencies
 6 Months Ended
Dec. 31, 2024
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, 2024, we 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 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. At a 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. The parties subsequently agreed to the non-financial terms including an agreement by Walden to implement certain website disclosures and verifications and to make certain programmatic changes. A settlement agreement has been executed by the parties. The settlement agreement in no way constitutes an admission of wrongdoing or liability by Walden. Plaintiffs filed a motion for preliminary approval of the settlement agreement on March 28, 2024. On April 17, 2024, the District Court preliminarily approved the settlement, which includes the provisional certification of the settlement class (the “Class”). The Class opt-out deadline was June 19, 2024. On October 17, 2024, the Court held a fairness hearing, following which, the Court entered an Order granting final approval of the settlement. We recorded a $28.5 million loss contingency accrual for this matter within accrued liabilities on the Consolidated Balance Sheets as of June 30, 2024. On November 27, 2024, Adtalem paid the $28.5 million as required under the settlement agreement. 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. Adtalem received $5.6 million in November 2024 from Laureate in satisfaction of this 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. On November 27, 2023, the parties filed a motion for preliminary approval of the settlement agreement. On May 20, 2024, the Court granted preliminary approval to the settlement. On October 29, 2024, the Court conducted a final settlement approval hearing at which the Court indicated that it would approve the settlement. On October 31, 2024, the Court entered a final approval for the settlement. On December 6, 2024, Walden paid an immaterial amount as required under the settlement agreement.

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.

In late January 2024 and early February 2024, ED sent notice to Chamberlain, RUSM, RUSVM, and Walden that it had received approximately 3,225, 1,700, 1,900, and 7,740 borrower defense to repayment applications filed by students at Chamberlain, RUSM, RUSVM, and Walden respectively between June 23, 2022 and November 15, 2022. Each application seeks forgiveness of federal student loans made to these students. In the notices received, ED indicated that: (1) the notification was occurring prior to any substantive review of the application as well as its adjudication; (2) it would send the applications to each institution in batches of 500 per week; (3) it is optional for institutions to respond to the applications; and (4) not responding will result in no negative inference by ED. ED has also explained that it will separately decide whether to seek recoupment on any approved claim and that any recoupment actions ED chooses to initiate will have their own notification and response processes, which include an opportunity to provide additional evidence to the institutions. ED has indicated that an institution will learn of ED’s determination to forgive student loans only if it approves a borrower defense to repayment application and ED seeks recoupment. Chamberlain, RUSM, RUSVM, and Walden have responded to all of the applications received and they believe that none properly stated a claim for loan forgiveness.
v3.24.4
Segment Information
 6 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information

18. Segment Information

We present three reportable segments as follows:

Chamberlain – This segment includes the operations of Chamberlain, which offers degree and certificate programs in the nursing and health professions postsecondary education industry.

Walden – This segment includes the operations of Walden, which offers degree and certificate programs, including those in nursing, education, counseling, business, psychology, public health, social work and human services, public administration and public policy, and criminal justice.

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

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, amortization of acquired intangible assets, litigation reserve, loss on assets held for sale, and debt modification costs. 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” includes activities not allocated to a reportable segment and is included to reconcile segment results to the Consolidated Financial Statements. Total assets by segment are 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,

​

​

2024

​

2023

​

2024

​

2023

Revenue:

 

​

​

 

​

​

 

​

​

 

​

​

Chamberlain

​

$

180,986

​

$

153,553

​

$

348,916

​

$

296,149

Walden

​

​

171,306

​

​

146,808

​

​

332,819

​

​

288,416

Medical and Veterinary

​

​

95,437

​

​

92,881

​

​

183,394

​

​

177,522

Total consolidated revenue

​

$

447,729

​

$

393,242

​

$

865,129

​

$

762,087

Adjusted operating income:

​

 

​

​

 

​

​

 

​

​

​

​

Chamberlain

​

$

42,303

​

$

29,640

​

$

70,135

​

$

53,964

Walden

​

​

46,153

​

​

30,155

​

​

88,795

​

​

61,270

Medical and Veterinary

​

​

21,519

​

​

22,091

​

​

36,249

​

​

36,568

Home Office

​

 

(8,528)

​

 

(6,317)

​

 

(17,883)

​

 

(12,924)

Total consolidated adjusted operating income

​

​

101,447

​

​

75,569

​

​

177,296

​

​

138,878

Reconciliation to Consolidated Financial Statements:

​

​

​

​

​

​

​

​

​

​

​

​

Restructuring expense

​

 

(322)

​

 

(68)

​

 

(2,416)

​

 

(744)

Business integration expense

​

​

—

​

 

(6,909)

​

​

—

​

 

(12,171)

Amortization of acquired intangible assets

​

​

(2,805)

​

 

(9,333)

​

​

(5,610)

​

 

(20,010)

Litigation reserve

​

​

5,550

​

 

—

​

​

5,550

​

 

(18,500)

Loss on assets held for sale

​

​

—

​

 

(647)

​

​

—

​

 

(647)

Debt modification costs

​

​

—

​

 

—

​

​

(712)

​

 

—

Total consolidated operating income

​

​

103,870

​

​

58,612

​

​

174,108

​

​

86,806

Interest expense

​

 

(13,909)

​

 

(16,693)

​

 

(28,391)

​

 

(32,350)

Other income, net

​

 

2,235

​

 

3,563

​

 

4,881

​

 

5,777

Total consolidated income from continuing operations before income taxes

​

$

92,196

​

$

45,482

​

$

150,598

​

$

60,233

Depreciation:

​

 

​

​

​

​

​

 

​

​

​

​

Chamberlain

​

$

5,466

​

$

4,786

​

$

10,834

​

$

8,902

Walden

​

​

1,795

​

​

1,926

​

​

3,477

​

​

3,900

Medical and Veterinary

​

​

2,744

​

​

2,972

​

​

5,313

​

​

5,864

Home Office

​

 

185

​

 

359

​

 

369

​

 

715

Total consolidated depreciation

​

$

10,190

​

$

10,043

​

$

19,993

​

$

19,381

Amortization of acquired intangible assets:

​

 

​

​

​

​

​

 

​

​

​

​

Walden

​

$

2,805

​

$

9,333

​

$

5,610

​

$

20,010

Total consolidated amortization of acquired intangible assets

​

$

2,805

​

$

9,333

​

$

5,610

​

$

20,010

​

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,

​

​

2024

​

2023

​

2024

​

2023

Revenue by geographic area:

 

​

​

 

​

​

​

​

​

​

​

​

Domestic operations

​

$

352,292

​

$

300,361

​

$

681,735

​

$

584,565

Barbados, St. Kitts, and St. Maarten

​

 

95,437

​

 

92,881

​

 

183,394

​

 

177,522

Total consolidated revenue

​

$

447,729

​

$

393,242

​

$

865,129

​

$

762,087

​

No one customer accounted for more than 10% of Adtalem’s consolidated revenue for all periods presented.
v3.24.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 75,856 $ 39,891 $ 122,021 $ 50,537
v3.24.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
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
v3.24.4
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

Our significant accounting policies are described in Note 2 “Summary of Significant Accounting Policies” of our Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (the “2024 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. Unless indicated, or the context requires otherwise, references to years refer to Adtalem’s fiscal years. Certain items presented in tables may not sum due to rounding. Prior period amounts have been revised to conform with the current period presentation. 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 2024 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. We did not incur business integration expense in the three and six months ended December 31, 2024. In the prior year, we incurred costs associated with integrating Walden into Adtalem. In addition, we initiated transformation initiatives to accelerate growth and organizational agility and certain costs relating to the transformation were 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 November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03: “Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The guidance was issued to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions as well as disclosures about selling expenses. The guidance is effective for financial statements issued for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The amendments should be applied prospectively, however retrospective application is permitted. Early adoption of the amendments is permitted, including adoption in an interim period. The amendments

will expand our footnote disclosures to include a disaggregation of expenses in accordance with the amendments but will 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, however 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 fourth quarter of fiscal year 2024, Adtalem identified an error in the presentation of capitalized cloud computing implementation costs in its previously issued financial statements. In accordance with Accounting Standards Codification (“ASC”) 350-40 “Intangibles, Goodwill and Other, Internal-Use Software,” capitalized cloud computing implementation costs should be presented in the same line item on the Consolidated Balance Sheets as a prepayment of the fees for the associated hosting arrangement, and the cash flows from capitalized implementation costs should be presented in the same manner as cash flows for the fees associated with the hosting arrangement. Adtalem previously presented capitalized cloud implementation costs in property and equipment, net rather than as prepaid expenses and other current assets and other assets, net on the Consolidated Balance Sheets. Adtalem previously presented the cash flows from capitalized implementation costs as capital expenditures within investing activities rather than within cash flows from operating activities in the Consolidated Statements of Cash Flows. 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 error was not material to prior periods and therefore, amendments of previously filed reports are not required. However, Adtalem determined it was appropriate to revise its previously issued financial statements. In accordance with ASC 250, Adtalem corrected the prior period 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 on Adtalem’s previously reported Consolidated Financial Statements are detailed below. We have also revised impacted amounts within the accompanying Notes to Consolidated Financial Statements.

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, 2023

​

​

As Reported

​

Adjustment

​

As Revised

Operating activities:

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

Depreciation

​

$

20,714

​

$

(1,333)

​

$

19,381

Changes in assets and liabilities:

​

​

​

​

​

​

​

​

​

Cloud computing implementation assets

​

​

—

​

​

(11,314)

​

​

(11,314)

Accounts payable

​

​

7,824

​

​

1,931

​

​

9,755

Net cash provided by operating activities-continuing operations

​

​

83,069

​

​

(10,716)

​

​

72,353

Net cash provided by operating activities

​

​

92,584

​

​

(10,716)

​

​

81,868

Investing activities:

​

​

​

​

​

​

​

​

​

Capital expenditures

​

​

(30,328)

​

​

10,716

​

​

(19,612)

Net cash used in investing activities-continuing operations

​

​

(30,200)

​

​

10,716

​

​

(19,484)

Net cash used in investing activities

​

​

(30,200)

​

​

10,716

​

​

(19,484)

Non-cash investing and financing activities:

​

​

​

​

​

​

​

​

​

Accrued capital expenditures

​

​

9,062

​

​

(5,009)

​

​

4,053

​
v3.24.4
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
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 Cash Flows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended December 31, 2023

​

​

As Reported

​

Adjustment

​

As Revised

Operating activities:

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

Depreciation

​

$

20,714

​

$

(1,333)

​

$

19,381

Changes in assets and liabilities:

​

​

​

​

​

​

​

​

​

Cloud computing implementation assets

​

​

—

​

​

(11,314)

​

​

(11,314)

Accounts payable

​

​

7,824

​

​

1,931

​

​

9,755

Net cash provided by operating activities-continuing operations

​

​

83,069

​

​

(10,716)

​

​

72,353

Net cash provided by operating activities

​

​

92,584

​

​

(10,716)

​

​

81,868

Investing activities:

​

​

​

​

​

​

​

​

​

Capital expenditures

​

​

(30,328)

​

​

10,716

​

​

(19,612)

Net cash used in investing activities-continuing operations

​

​

(30,200)

​

​

10,716

​

​

(19,484)

Net cash used in investing activities

​

​

(30,200)

​

​

10,716

​

​

(19,484)

Non-cash investing and financing activities:

​

​

​

​

​

​

​

​

​

Accrued capital expenditures

​

​

9,062

​

​

(5,009)

​

​

4,053

​
v3.24.4
Discontinued Operations (Tables)
 6 Months Ended
Dec. 31, 2024
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 divestiture and the earn-outs we received (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31,

​

December 31,

​

​

2024

​

2023

​

2024

​

2023

Revenue

​

$

—

​

$

—

​

$

—

​

$

—

Operating cost and expense:

​

 

​

​

 

​

​

 

​

​

 

​

Student services and administrative expense

​

 

(6,271)

​

 

(2,926)

​

 

(6,164)

​

 

(1,161)

Total operating cost and expense

​

 

(6,271)

​

 

(2,926)

​

 

(6,164)

​

 

(1,161)

Income from discontinued operations before income taxes

​

​

6,271

​

​

2,926

​

​

6,164

​

​

1,161

Provision for income taxes

​

 

(1,591)

​

 

(748)

​

 

(1,564)

​

 

(296)

Income from discontinued operations

​

$

4,680

​

$

2,178

​

$

4,600

​

$

865

​
v3.24.4
Revenue (Tables)
 6 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregate revenue

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2024

​

​

Chamberlain

​

Walden

 

Medical and
Veterinary

​

Consolidated

Tuition and fees

​

$

180,986

​

$

171,306

 

$

93,021

​

$

445,313

Other

​

​

—

​

​

—

​

​

2,416

​

​

2,416

Total

 

$

180,986

 

$

171,306

 

$

95,437

 

$

447,729

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Six Months Ended December 31, 2024

​

​

Chamberlain

​

Walden

 

Medical and
Veterinary

​

Consolidated

Tuition and fees

 

$

348,916

 

$

332,819

 

$

178,008

 

$

859,743

Other

​

​

—

​

​

—

​

​

5,386

​

​

5,386

Total

 

$

348,916

 

$

332,819

 

$

183,394

 

$

865,129

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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
v3.24.4
Restructuring Expense (Tables)
 6 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs Restructuring expense by segment were as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2024

​

Six Months Ended December 31, 2024

​

​

Real Estate
and Other

​

Termination
Benefits

​

Total

​

Real Estate
and Other

​

Termination
Benefits

​

Total

Chamberlain

 

$

77

 

$

—

 

$

77

​

$

974

 

$

961

 

$

1,935

Medical and Veterinary

 

​

56

 

​

—

 

​

56

​

​

115

 

​

—

 

​

115

Home Office

 

​

189

 

​

—

 

​

189

​

​

366

 

​

—

 

​

366

Total

​

$

322

​

$

—

​

$

322

​

$

1,455

​

$

961

​

$

2,416

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

 

​

773

 

​

—

 

​

773

​

​

1,335

 

​

—

 

​

1,335

Total

​

$

68

​

$

—

​

$

68

​

$

704

​

$

40

​

$

744
Separation and Restructuring Plan Activity

The following table summarizes the separation and restructuring plan activity for fiscal years 2024 and 2025, for which cash payments are required (in thousands):

​

​

​

​

​

Liability balance as of June 30, 2023

​

$

741

Increase in liability (separation and other charges)

​

 

40

Reduction in liability (payments and adjustments)

​

 

(781)

Liability balance as of June 30, 2024

​

 

—

Increase in liability (separation and other charges)

​

 

961

Reduction in liability (payments and adjustments)

​

 

(939)

Liability balance as of December 31, 2024

​

$

22
v3.24.4
Other Income, Net (Tables)
 6 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of other income, net

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31,

​

December 31,

​

​

2024

​

2023

​

2024

​

2023

Interest and dividend income

​

$

2,406

​

$

2,541

​

$

4,439

​

$

5,202

Investment (loss) gain

​

​

(171)

​

​

1,022

​

​

442

​

​

575

Other income, net

​

$

2,235

​

$

3,563

​

$

4,881

​

$

5,777
v3.24.4
Earnings per Share (Tables)
 6 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
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,

​

​

2024

​

2023

​

2024

​

2023

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

Net income:

​

 

​

​

 

​

​

 

​

​

 

​

Continuing operations

​

$

71,176

​

$

37,713

​

$

117,421

​

$

49,672

Discontinued operations

​

​

4,680

​

​

2,178

​

​

4,600

​

​

865

Net income

​

$

75,856

​

$

39,891

​

$

122,021

​

$

50,537

​

​

​

​

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average basic shares outstanding

 

​

37,435

​

 

39,872

 

​

37,578

 

​

40,636

Effect of dilutive stock awards

 

​

966

​

 

915

 

​

1,177

 

​

850

Weighted-average diluted shares outstanding

 

​

38,401

​

 

40,787

 

​

38,755

 

​

41,486

​

​

​

​

​

​

​

​

​

​

​

​

​

Earnings per share:

​

​

​

​

​

​

​

​

​

​

​

​

Basic:

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

1.90

​

$

0.95

​

$

3.12

​

$

1.22

Discontinued operations

​

$

0.13

​

$

0.05

​

$

0.12

​

$

0.02

Total basic earnings per share

​

$

2.03

​

$

1.00

​

$

3.25

​

$

1.24

Diluted:

​

​

​

​

​

​

​

​

​

​

​

​

Continuing operations

​

$

1.85

​

$

0.92

​

$

3.03

​

$

1.20

Discontinued operations

​

$

0.12

​

$

0.05

​

$

0.12

​

$

0.02

Total diluted earnings per share

​

$

1.98

​

$

0.98

​

$

3.15

​

$

1.22

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-average antidilutive shares

​

​

89

​

​

89

​

​

45

​

​

210

​
v3.24.4
Accounts and Financing Receivables (Tables)
 6 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of classification of accounts and financing receivable

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

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

​

Gross

​

​

Allowance

​

​

Net

Accounts receivables, current

​

$

181,103

​

$

(36,752)

​

$

144,351

Financing receivables, current

​

​

5,415

​

​

(2,793)

​

​

2,622

Accounts and financing receivables, current

​

$

186,518

​

$

(39,545)

​

$

146,973

​

​

​

​

​

​

​

​

​

​

Financing receivables, current

​

$

5,415

​

$

(2,793)

​

$

2,622

Financing receivables, noncurrent

​

​

34,032

​

​

(10,266)

​

​

23,766

Total financing receivables

​

$

39,447

​

$

(13,059)

​

$

26,388

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2024

​

​

​

Gross

​

​

Allowance

​

​

Net

Accounts receivables, current

​

$

159,406

​

$

(35,336)

​

$

124,070

Financing receivables, current

​

​

5,239

​

​

(2,476)

​

​

2,763

Accounts and financing receivables, current

​

$

164,645

​

$

(37,812)

​

$

126,833

​

​

​

​

​

​

​

​

​

​

Financing receivables, current

​

$

5,239

​

$

(2,476)

​

$

2,763

Financing receivables, noncurrent

​

​

36,214

​

​

(10,082)

​

​

26,132

Total financing receivables

​

$

41,453

​

$

(12,558)

​

$

28,895

​
Schedule of credit quality analysis of financing receivable

The credit quality analysis of financing receivables as of December 31, 2024 was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized Cost Basis by Origination Year

​

​

​

​

​

Prior

​

2021

​

2022

​

2023

​

2024

​

2025

​

Total

1-30 days past due

 

$

692

​

$

269

 

$

234

 

$

646

 

$

630

 

$

595

 

$

3,066

31-60 days past due

​

​

169

​

​

100

​

​

130

​

​

170

​

​

541

​

​

57

​

​

1,167

61-90 days past due

​

​

19

​

​

3

​

​

—

​

​

57

​

​

600

​

​

64

​

​

743

91-120 days past due

​

​

230

​

​

51

​

​

17

​

​

159

​

​

254

​

​

141

​

​

852

121-150 days past due

​

​

168

​

​

24

​

​

23

​

​

77

​

​

569

​

​

—

​

​

861

Greater than 150 days past due

​

​

2,684

​

​

1,424

​

​

1,092

​

​

2,325

​

​

2,767

​

​

—

​

​

10,292

Total past due

​

​

3,962

​

​

1,871

​

​

1,496

​

​

3,434

​

​

5,361

​

​

857

​

​

16,981

Current

​

​

5,510

​

​

3,219

​

​

1,620

​

​

3,233

​

​

5,636

​

​

3,248

​

​

22,466

Financing receivables, gross

​

$

9,472

​

$

5,090

​

$

3,116

​

$

6,667

​

$

10,997

​

$

4,105

​

$

39,447

Gross write-offs

​

$

737

​

$

433

​

$

424

​

$

517

​

$

262

​

$

—

​

$

2,373

​

The credit quality analysis of financing receivables as of June 30, 2024 was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized Cost Basis by Origination Year

​

​

​

​

​

Prior

​

2020

​

2021

​

2022

​

2023

​

2024

​

Total

1-30 days past due

 

$

552

​

$

—

 

$

214

 

$

111

 

$

1,188

 

$

1,146

 

$

3,211

31-60 days past due

​

​

213

​

​

90

​

​

65

​

​

37

​

​

567

​

​

1,488

​

​

2,460

61-90 days past due

​

​

174

​

​

—

​

​

5

​

​

110

​

​

370

​

​

257

​

​

916

91-120 days past due

​

​

—

​

​

11

​

​

434

​

​

20

​

​

206

​

​

791

​

​

1,462

121-150 days past due

​

​

51

​

​

88

​

​

63

​

​

314

​

​

268

​

​

91

​

​

875

Greater than 150 days past due

​

​

2,556

​

​

466

​

​

1,366

​

​

1,300

​

​

1,920

​

​

987

​

​

8,595

Total past due

​

​

3,546

​

​

655

​

​

2,147

​

​

1,892

​

​

4,519

​

​

4,760

​

​

17,519

Current

​

​

6,014

​

​

748

​

​

3,944

​

​

1,897

​

​

4,549

​

​

6,782

​

​

23,934

Financing receivables, gross

​

$

9,560

​

$

1,403

​

$

6,091

​

$

3,789

​

$

9,068

​

$

11,542

​

$

41,453

Gross write-offs

​

$

1,145

​

$

279

​

$

509

​

$

597

​

$

729

​

$

2

​

$

3,261

​
Schedule of the allowance for credit losses roll-forward

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2024

 

Six Months Ended December 31, 2024

​

​

Accounts

​

Financing

​

Total

 

Accounts

​

Financing

​

Total

Beginning balance

 

$

36,691

​

$

13,467

 

$

50,158

​

$

35,336

​

$

12,558

 

$

47,894

Write-offs

​

​

(16,759)

​

​

(1,275)

​

​

(18,034)

​

​

(29,870)

​

​

(2,373)

​

​

(32,243)

Recoveries

​

​

2,207

​

​

481

​

​

2,688

​

​

4,784

​

​

657

​

​

5,441

Provision for credit losses

​

​

14,613

​

​

386

​

​

14,999

​

​

26,502

​

​

2,217

​

​

28,719

Ending balance

​

$

36,752

​

$

13,059

​

$

49,811

​

$

36,752

​

$

13,059

​

$

49,811

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2023

​

Six Months Ended December 31, 2023

​

​

Accounts

​

Financing

​

Total

​

Accounts

​

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

​
v3.24.4
Property and Equipment, Net (Tables)
 6 Months Ended
Dec. 31, 2024
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,

​

​

Useful Life

​

2024

​

2024

Land

 

-

 

$

31,776

​

$

31,776

Buildings and improvements

​

10 - 31 years

​

​

200,702

​

​

200,274

Leasehold improvements

​

Shorter of asset useful life or lease term

​

​

114,924

​

​

114,019

Furniture and equipment

​

3 - 8 years

​

​

99,457

​

​

103,961

Software

​

3 - 5 years

​

​

119,625

​

​

113,219

Construction in progress

​

-

​

​

16,492

​

​

11,554

Property and equipment, gross

​

​

​

​

582,976

​

​

574,803

Accumulated depreciation

​

​

​

 

(337,098)

​

 

(326,279)

Property and equipment, net

​

​

​

$

245,878

​

$

248,524
v3.24.4
Leases (Tables)
 6 Months Ended
Dec. 31, 2024
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,

​

​

2024

​

2023

​

2024

​

2023

Operating lease cost

​

$

11,379

​

$

11,519

​

$

22,110

​

$

23,070

Sublease income

​

 

(1,298)

​

 

(2,700)

​

 

(2,794)

​

 

(5,381)

Total lease cost

​

$

10,081

​

$

8,819

​

$

19,316

​

$

17,689
Summary of maturities of lease liabilities

Maturities of lease liabilities as of December 31, 2024 were as follows (in thousands):

​

​

​

​

​

​

​

Operating

Fiscal Year

​

Leases

2025 (remaining)

​

$

22,966

2026

​

​

46,543

2027

​

​

46,018

2028

​

​

40,525

2029

​

​

31,631

Thereafter

​

​

139,547

Total lease payments

​

 

327,230

Less: lease incentives not yet received

​

​

(16,546)

Less: imputed interest

​

​

(96,000)

Present value of lease liabilities

​

$

214,684
Summary of lease term and discount rate

Lease term and discount rate were as follows:

​

​

​

​

​

​

​

December 31,

​

​

2024

Weighted-average remaining operating lease term (years)

​

​

7.7

Weighted-average operating lease discount rate

​

​

7.6%
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,

​

​

2024

​

2023

​

2024

​

2023

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

​

$

6,904

​

$

10,989

​

$

16,285

​

$

21,615

Operating lease assets obtained in exchange for operating lease liabilities

​

$

24,023

​

$

14,383

​

$

26,137

​

$

19,526
Schedule of Future minimum lease and sublease rental income Future minimum sublease rental income under these agreements as of December 31, 2024 was as follows (in thousands):

​

​

​

​

​

Fiscal Year

​

Amount

2025 (remaining)

​

$

2,504

2026

​

​

2,038

Total sublease rental income

​

$

4,542

​
v3.24.4
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Goodwill

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

​

​

​

​

​

​

​

​

​

​

December 31,

​

June 30,

​

​

2024

​

2024

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, 2024

​

June 30, 2024

​

​

​

​

Gross Carrying

​

Accumulated

​

Gross Carrying

​

Accumulated

​

Weighted-Average

​

​

Amount

​

Amortization

​

Amount

​

Amortization

​

Amortization Period

Curriculum

​

$

56,091

​

$

(37,867)

 

$

56,091

​

$

(32,257)

 

5 Years

Total

​

$

56,091

​

$

(37,867)

 

$

56,091

​

$

(32,257)

 

​
Summary of Indefinite-Lived Intangible Assets

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

​

​

​

​

​

​

​

​

​

​

December 31,

​

June 30,

​

​

2024

​

2024

Title IV eligibility and accreditations

​

$

611,100

​

$

611,100

Trade name

​

 

141,760

​

 

141,760

Total

​

$

752,860

​

$

752,860

​
Estimated Amortization Expense for Amortized Intangible Assets Future amortization expense on finite-lived intangible assets, by reporting unit, is expected to be as follows (in thousands):

​

​

​

​

​

Fiscal Year

​

Walden

2025 (remaining)

​

$

5,610

2026

​

 

11,220

2027

​

 

1,394

Total

​

$

18,224
v3.24.4
Debt (Tables)
 6 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments

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

​

​

​

​

​

​

​

​

​

​

December 31,

​

June 30,

​

​

2024

​

2024

Senior Secured Notes due 2028

​

$

404,950

​

$

404,950

Term Loan B

​

 

253,333

​

 

253,333

Total principal

​

 

658,283

​

 

658,283

Unamortized debt discount and issuance costs

​

 

(8,359)

​

 

(9,571)

Long-term debt

​

$

649,924

​

$

648,712
Schedule of Maturities of Long-term Debt

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

​

​

​

​

​

​

​

Maturity

Fiscal Year

​

Payments

2025 (remaining)

​

$

—

2026

​

 

—

2027

​

 

—

2028

​

 

404,950

2029

​

​

253,333

Total

​

$

658,283
Schedule Of Debt Issuance Costs The following table summarizes the unamortized debt discount and issuance costs activity for the six months ended December 31, 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Notes

​

Term Loan B

​

Revolver

​

Total

Unamortized debt discount and issuance costs as of June 30, 2024

​

$

4,446

​

$

5,125

​

$

4,327

​

$

13,898

Amortization of debt discount and issuance costs

​

 

(594)

​

 

(618)

​

 

(1,014)

​

 

(2,226)

Unamortized debt discount and issuance costs as of December 31, 2024

​

$

3,852

​

$

4,507

​

$

3,313

​

$

11,672
Schedule of components of interest expense

Interest expense consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31,

​

December 31,

​

​

2024

​

2023

​

2024

​

2023

Notes interest expense

​

$

5,568

​

$

5,568

​

$

11,136

​

$

11,136

Term Loan B interest expense

​

​

4,819

​

​

7,321

​

​

10,302

​

​

14,576

Amortization of debt discount and issuance costs

​

​

1,113

​

​

1,155

​

​

2,226

​

​

2,310

Letters of credit fees

​

​

2,215

​

​

2,478

​

​

4,347

​

​

3,919

Other

​

​

194

​

​

171

​

​

380

​

​

409

Total

​

$

13,909

​

$

16,693

​

$

28,391

​

$

32,350
v3.24.4
Share Repurchases (Tables)
 6 Months Ended
Dec. 31, 2024
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 include 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,

​

​

2024

​

2023

​

2024

​

2023

Total number of share repurchases

​

​

471,327

​

​

1,350,735

​

​

933,390

​

​

3,509,133

Total cost of share repurchases

​

$

37,517

​

$

69,301

​

$

71,429

​

$

161,186

Average price paid per share

​

$

79.60

​

$

51.31

​

$

76.53

​

$

45.93
v3.24.4
Stock-Based Compensation (Tables)
 6 Months Ended
Dec. 31, 2024
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Options Activity The following table summarizes stock option activity for the six months ended December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

​

Number of

​

​

​

Remaining

​

Aggregate

​

​

Stock

​

Weighted-Average

​

Contractual Life

​

Intrinsic Value

​

​

Options

​

Exercise Price

​

(in years)

​

(in thousands)

Outstanding as of June 30, 2024

 

550,343

​

$

37.34

 

​

​

​

​

Exercised

 

(267,685)

​

​

36.73

 

​

​

​

​

Expired

​

(1,325)

​

​

36.46

​

​

​

​

​

Outstanding as of December 31, 2024

 

281,333

​

 

37.92

 

5.8

​

$

14,890

Exercisable as of December 31, 2024

 

238,525

​

$

38.08

 

5.7

​

$

12,586
Summary of Restricted Stock Units Activity The following table summarizes RSU activity for the six months ended December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

Number of

​

Grant Date

​

​

RSUs

​

Fair Value

Unvested as of June 30, 2024

 

755,841

​

$

40.51

Granted

 

213,030

​

 

88.98

Vested

 

(340,570)

​

 

39.98

Forfeited

 

(22,739)

​

 

46.65

Unvested as of December 31, 2024

 

605,562

​

$

57.62
Summary of Performance Shares Unit Activity The following table summarizes PSU activity for the six months ended December 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

Number of

​

Grant Date

​

​

PSUs

​

Fair Value

Unvested as of June 30, 2024

 

629,770

​

$

43.77

Granted

​

167,050

​

​

89.74

Vested

 

(83,357)

​

 

33.84

Forfeited

 

(70,643)

​

 

39.94

Unvested as of December 31, 2024

 

642,820

​

$

57.42
v3.24.4
Segment Information (Tables)
 6 Months Ended
Dec. 31, 2024
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,

​

​

2024

​

2023

​

2024

​

2023

Revenue:

 

​

​

 

​

​

 

​

​

 

​

​

Chamberlain

​

$

180,986

​

$

153,553

​

$

348,916

​

$

296,149

Walden

​

​

171,306

​

​

146,808

​

​

332,819

​

​

288,416

Medical and Veterinary

​

​

95,437

​

​

92,881

​

​

183,394

​

​

177,522

Total consolidated revenue

​

$

447,729

​

$

393,242

​

$

865,129

​

$

762,087

Adjusted operating income:

​

 

​

​

 

​

​

 

​

​

​

​

Chamberlain

​

$

42,303

​

$

29,640

​

$

70,135

​

$

53,964

Walden

​

​

46,153

​

​

30,155

​

​

88,795

​

​

61,270

Medical and Veterinary

​

​

21,519

​

​

22,091

​

​

36,249

​

​

36,568

Home Office

​

 

(8,528)

​

 

(6,317)

​

 

(17,883)

​

 

(12,924)

Total consolidated adjusted operating income

​

​

101,447

​

​

75,569

​

​

177,296

​

​

138,878

Reconciliation to Consolidated Financial Statements:

​

​

​

​

​

​

​

​

​

​

​

​

Restructuring expense

​

 

(322)

​

 

(68)

​

 

(2,416)

​

 

(744)

Business integration expense

​

​

—

​

 

(6,909)

​

​

—

​

 

(12,171)

Amortization of acquired intangible assets

​

​

(2,805)

​

 

(9,333)

​

​

(5,610)

​

 

(20,010)

Litigation reserve

​

​

5,550

​

 

—

​

​

5,550

​

 

(18,500)

Loss on assets held for sale

​

​

—

​

 

(647)

​

​

—

​

 

(647)

Debt modification costs

​

​

—

​

 

—

​

​

(712)

​

 

—

Total consolidated operating income

​

​

103,870

​

​

58,612

​

​

174,108

​

​

86,806

Interest expense

​

 

(13,909)

​

 

(16,693)

​

 

(28,391)

​

 

(32,350)

Other income, net

​

 

2,235

​

 

3,563

​

 

4,881

​

 

5,777

Total consolidated income from continuing operations before income taxes

​

$

92,196

​

$

45,482

​

$

150,598

​

$

60,233

Depreciation:

​

 

​

​

​

​

​

 

​

​

​

​

Chamberlain

​

$

5,466

​

$

4,786

​

$

10,834

​

$

8,902

Walden

​

​

1,795

​

​

1,926

​

​

3,477

​

​

3,900

Medical and Veterinary

​

​

2,744

​

​

2,972

​

​

5,313

​

​

5,864

Home Office

​

 

185

​

 

359

​

 

369

​

 

715

Total consolidated depreciation

​

$

10,190

​

$

10,043

​

$

19,993

​

$

19,381

Amortization of acquired intangible assets:

​

 

​

​

​

​

​

 

​

​

​

​

Walden

​

$

2,805

​

$

9,333

​

$

5,610

​

$

20,010

Total consolidated amortization of acquired intangible assets

​

$

2,805

​

$

9,333

​

$

5,610

​

$

20,010
Revenues and long-lived assets by geographic area Revenue by geographic area is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

December 31,

​

December 31,

​

​

2024

​

2023

​

2024

​

2023

Revenue by geographic area:

 

​

​

 

​

​

​

​

​

​

​

​

Domestic operations

​

$

352,292

​

$

300,361

​

$

681,735

​

$

584,565

Barbados, St. Kitts, and St. Maarten

​

 

95,437

​

 

92,881

​

 

183,394

​

 

177,522

Total consolidated revenue

​

$

447,729

​

$

393,242

​

$

865,129

​

$

762,087
v3.24.4
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Business integration expense   $ 6,909 $ 0 $ 12,171
Walden University, LLC        
Business integration expense $ 0 $ 6,900 $ 0 $ 12,200
v3.24.4
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, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation $ 10,190 $ 10,043 $ 19,993 $ 19,381
Changes in assets and liabilities:        
Cloud computing implementation assets     (14,071) (11,314)
Accounts payable     (34,588) 9,755
Net cash provided by operating activities-continuing operations     65,957 72,353
Net cash provided by operating activities     70,297 81,868
Investing activities:        
Capital expenditures     (21,094) (19,612)
Net cash used in investing activities-continuing operations       (19,484)
Net cash used in investing activities     (20,216) (19,484)
Non-cash investing and financing activities:        
Accrued capital expenditures     $ 5,085 4,053
As Reported        
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation       20,714
Changes in assets and liabilities:        
Accounts payable       7,824
Net cash provided by operating activities-continuing operations       83,069
Net cash provided by operating activities       92,584
Investing activities:        
Capital expenditures       (30,328)
Net cash used in investing activities-continuing operations       (30,200)
Net cash used in investing activities       (30,200)
Non-cash investing and financing activities:        
Accrued capital expenditures       9,062
Adjustment        
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation       (1,333)
Changes in assets and liabilities:        
Cloud computing implementation assets       (11,314)
Accounts payable       1,931
Net cash provided by operating activities-continuing operations       (10,716)
Net cash provided by operating activities       (10,716)
Investing activities:        
Capital expenditures       10,716
Net cash used in investing activities-continuing operations       10,716
Net cash used in investing activities       10,716
Non-cash investing and financing activities:        
Accrued capital expenditures       $ (5,009)
v3.24.4
Discontinued Operations (Additional Information) (Details) - USD ($)
$ in Millions
 3 Months Ended 39 Months Ended
Dec. 11, 2018
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Earn out received   $ 7.0 $ 5.5 $ 19.5
DeVry University        
Earn out maximum $ 20.0      
Earn out term 10 years      
v3.24.4
Discontinued Operations (Summary of Income Statement Information of Operations) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Discontinued Operations And Disposal Groups [Abstract]        
Revenue $ 0 $ 0 $ 0 $ 0
Operating cost and expense:        
Student services and administrative expense (6,271) (2,926) (6,164) (1,161)
Total operating cost and expense (6,271) (2,926) (6,164) (1,161)
Income from discontinued operations before income taxes 6,271 2,926 6,164 1,161
Provision for income taxes (1,591) (748) (1,564) (296)
Income from discontinued operations $ 4,680 $ 2,178 $ 4,600 $ 865
v3.24.4
Revenue (Disaggregate revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]        
Revenue $ 447,729 $ 393,242 $ 865,129 $ 762,087
Tuition and fees        
Disaggregation of Revenue [Line Items]        
Revenue 445,313 389,799 859,743 755,160
Other        
Disaggregation of Revenue [Line Items]        
Revenue 2,416 3,443 5,386 6,927
Chamberlain        
Disaggregation of Revenue [Line Items]        
Revenue 180,986 153,553 348,916 296,149
Chamberlain | Tuition and fees        
Disaggregation of Revenue [Line Items]        
Revenue 180,986 153,553 348,916 296,149
Chamberlain | Other        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Walden        
Disaggregation of Revenue [Line Items]        
Revenue 171,306 146,808 332,819 288,416
Walden | Tuition and fees        
Disaggregation of Revenue [Line Items]        
Revenue 171,306 146,808 332,819 288,416
Walden | Other        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Medical and Veterinary        
Disaggregation of Revenue [Line Items]        
Revenue 95,437 92,881 183,394 177,522
Medical and Veterinary | Tuition and fees        
Disaggregation of Revenue [Line Items]        
Revenue 93,021 89,438 178,008 170,595
Medical and Veterinary | Other        
Disaggregation of Revenue [Line Items]        
Revenue $ 2,416 $ 3,443 $ 5,386 $ 6,927
v3.24.4
Revenue (Additional Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2024
Disaggregation of Revenue [Line Items]          
Contract with Customer, Period     4 years    
Deferred revenue, current $ 171,523   $ 171,523   $ 185,272
Deferred revenue, non-current 21,300   21,300   19,600
Revenue recognized included in the deferred revenue 6,800 $ 2,000 173,200 $ 152,100  
Deferred revenue, current          
Disaggregation of Revenue [Line Items]          
Contract liability, current 32,100   32,100   24,100
Other Noncurrent Liabilities          
Disaggregation of Revenue [Line Items]          
Contract liability, non-current $ 21,300   $ 21,300   $ 19,600
v3.24.4
Restructuring Expense (Restructuring and Related Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring expense $ 322 $ 68 $ 2,416 $ 744
Chamberlain.        
Restructuring Cost and Reserve [Line Items]        
Restructuring expense 77   1,935  
Walden University [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring expense   (776)   (776)
Medical and Veterinary        
Restructuring Cost and Reserve [Line Items]        
Restructuring expense 56 71 115 185
Home Office        
Restructuring Cost and Reserve [Line Items]        
Restructuring expense 189 773 366 1,335
Real Estate and Other        
Restructuring Cost and Reserve [Line Items]        
Restructuring expense 322 68 1,455 704
Real Estate and Other | Chamberlain.        
Restructuring Cost and Reserve [Line Items]        
Restructuring expense 77   974  
Real Estate and Other | Walden University [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring expense   (776)   (776)
Real Estate and Other | Medical and Veterinary        
Restructuring Cost and Reserve [Line Items]        
Restructuring expense 56 71 115 145
Real Estate and Other | Home Office        
Restructuring Cost and Reserve [Line Items]        
Restructuring expense $ 189 $ 773 366 1,335
Termination Benefits        
Restructuring Cost and Reserve [Line Items]        
Restructuring expense     961 40
Termination Benefits | Chamberlain.        
Restructuring Cost and Reserve [Line Items]        
Restructuring expense     $ 961  
Termination Benefits | Medical and Veterinary        
Restructuring Cost and Reserve [Line Items]        
Restructuring expense       $ 40
v3.24.4
Restructuring Expense (Separation and Restructuring Plan Activity) (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Dec. 31, 2024
Jun. 30, 2024
Restructuring and Related Activities [Abstract]    
Liability beginning balance $ 0 $ 741
Increase in liability (separation and other charges) 961 40
Reduction in liability (payments and adjustments) (939) (781)
Liability ending balance $ 22 $ 0
v3.24.4
Other Income, Net (Schedule of other income, net) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Other Income and Expenses [Abstract]        
Interest and dividend income $ 2,406 $ 2,541 $ 4,439 $ 5,202
Investment (loss) gain (171) 1,022 442 575
Other income, net $ 2,235 $ 3,563 $ 4,881 $ 5,777
v3.24.4
Income Taxes (Details)
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]        
Effective tax rates from continuing operations 22.80% 17.10% 22.00% 17.50%
U.S. federal corporate tax rate 21.00% 21.00% 21.00% 21.00%
v3.24.4
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Numerator:        
Continuing operations $ 71,176 $ 37,713 $ 117,421 $ 49,672
Discontinued operations 4,680 2,178 4,600 865
Net income and comprehensive income $ 75,856 $ 39,891 $ 122,021 $ 50,537
Denominator:        
Weighted-average basic shares outstanding 37,435 39,872 37,578 40,636
Effect of dilutive stock awards 966 915 1,177 850
Weighted-average diluted shares outstanding 38,401 40,787 38,755 41,486
Basic:        
Continuing operations (In dollars per share) $ 1.9 $ 0.95 $ 3.12 $ 1.22
Discontinued operations (In dollars per share) 0.13 0.05 0.12 0.02
Total basic earnings per share (In dollar per share) 2.03 1 3.25 1.24
Diluted:        
Continuing operations (In dollars per share) 1.85 0.92 3.03 1.2
Discontinued operations (In dollars per share) 0.12 0.05 0.12 0.02
Total diluted earnings per share (In dollars per share) $ 1.98 $ 0.98 $ 3.15 $ 1.22
Weighted Average        
Diluted:        
Weighted-average anti-dilutive shares 89 89 45 210
v3.24.4
Accounts and Financing Receivables (Classification of Accounts and Financing Receivable) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]            
Accounts receivables, current - Gross $ 181,103   $ 159,406      
Accounts receivables, current - Allowance (36,752)   (35,336)      
Accounts receivables, current - Net 144,351   124,070      
Financing Receivable, after Allowance for Credit Loss, Current [Abstract]            
Financing receivables, current - Gross 5,415   5,239      
Financing receivables, current - Allowance (2,793)   (2,476)      
Financing receivables, current - Net 2,622   2,763      
Accounts Receivable, after Allowance for Credit Loss [Abstract]            
Accounts and financing receivables, current - Gross 186,518   164,645      
Accounts and financing receivables, current - Allowance (39,545)   (37,812)      
Accounts and financing receivables, current - Net 146,973   126,833      
Financing Receivable, after Allowance for Credit Loss, Noncurrent [Abstract]            
Financing receivables, noncurrent - Gross 34,032   36,214      
Financing receivables, noncurrent - Allowance (10,266)   (10,082)      
Financing receivables, noncurrent - Net 23,766   26,132      
Financing Receivable, after Allowance for Credit Loss [Abstract]            
Total financing receivables 39,447   41,453      
Total financing receivables - Allowance (13,059) $ (13,467) (12,558) $ (13,326) $ (12,186) $ (11,468)
Total financing receivables - Net $ 26,388   $ 28,895      
v3.24.4
Accounts and Financing Receivables (Credit Quality Analysis of Financing Receivable) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2024
Financing Receivable, Credit Quality Indicator [Line Items]          
Total financing receivables $ 39,447   $ 39,447   $ 41,453
Gross write-offs Prior     737   1,145
Gross write-offs Four Years Before     433   279
Gross write-offs Three Years Before     424   509
Gross write-offs Two Years Before     517   597
Gross write-offs Year Before     262   729
Gross write-offs Origination Year     0   2
Gross write-offs 1,275 $ 421 2,373 $ 1,157 3,261
1 - 30 days past due          
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior 692   692   552
Four Years Before 269   269   0
Three Years Before 234   234   214
Two Years Before 646   646   111
Year Before 630   630   1,188
Origination Year 595   595   1,146
Total financing receivables 3,066   3,066   3,211
31-60 days past due          
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior 169   169   213
Four Years Before 100   100   90
Three Years Before 130   130   65
Two Years Before 170   170   37
Year Before 541   541   567
Origination Year 57   57   1,488
Total financing receivables 1,167   1,167   2,460
61-90 days past due          
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior 19   19   174
Four Years Before 3   3   0
Three Years Before 0   0   5
Two Years Before 57   57   110
Year Before 600   600   370
Origination Year 64   64   257
Total financing receivables 743   743   916
91-120 days past due          
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior 230   230   0
Four Years Before 51   51   11
Three Years Before 17   17   434
Two Years Before 159   159   20
Year Before 254   254   206
Origination Year 141   141   791
Total financing receivables 852   852   1,462
121-150 days past due          
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior 168   168   51
Four Years Before 24   24   88
Three Years Before 23   23   63
Two Years Before 77   77   314
Year Before 569   569   268
Origination Year 0   0   91
Total financing receivables 861   861   875
Greater than 150 days past due          
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior 2,684   2,684   2,556
Four Years Before 1,424   1,424   466
Three Years Before 1,092   1,092   1,366
Two Years Before 2,325   2,325   1,300
Year Before 2,767   2,767   1,920
Origination Year 0   0   987
Total financing receivables 10,292   10,292   8,595
Total past due          
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior 3,962   3,962   3,546
Four Years Before 1,871   1,871   655
Three Years Before 1,496   1,496   2,147
Two Years Before 3,434   3,434   1,892
Year Before 5,361   5,361   4,519
Origination Year 857   857   4,760
Total financing receivables 16,981   16,981   17,519
Current          
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior 5,510   5,510   6,014
Four Years Before 3,219   3,219   748
Three Years Before 1,620   1,620   3,944
Two Years Before 3,233   3,233   1,897
Year Before 5,636   5,636   4,549
Origination Year 3,248   3,248   6,782
Total financing receivables 22,466   22,466   23,934
Financing receivables, gross          
Financing Receivable, Credit Quality Indicator [Line Items]          
Prior 9,472   9,472   9,560
Four Years Before 5,090   5,090   1,403
Three Years Before 3,116   3,116   6,091
Two Years Before 6,667   6,667   3,789
Year Before 10,997   10,997   9,068
Origination Year 4,105   4,105   11,542
Total financing receivables $ 39,447   $ 39,447   $ 41,453
v3.24.4
Accounts and Financing Receivables (Roll-forward of Allowances for Credit Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2024
Accounts          
Beginning balance $ 36,691 $ 32,361 $ 35,336 $ 29,190 $ 29,190
Write-offs (16,759) (11,139) (29,870) (19,551)  
Recoveries 2,207 2,307 4,784 4,928  
Provision for credit losses 14,613 11,491 26,502 20,453  
Ending balance 36,752 35,020 36,752 35,020 35,336
Financing          
Beginning balance 13,467 12,186 12,558 11,468 11,468
Write-offs (1,275) (421) (2,373) (1,157) (3,261)
Recoveries 481 254 657 444  
Provision for credit losses 386 1,307 2,217 2,571  
Ending balance 13,059 13,326 13,059 13,326 12,558
Allowance for credit losses          
Beginning balance 50,158 44,547 47,894 40,658 40,658
Write-offs (18,034) (11,560) (32,243) (20,708)  
Recoveries 2,688 2,561 5,441 5,372  
Provision for credit losses 14,999 12,798 28,719 23,024  
Ending balance $ 49,811 $ 48,346 $ 49,811 $ 48,346 $ 47,894
v3.24.4
Accounts and Financing Receivables (Additional Information) (Details)
 6 Months Ended
Dec. 31, 2024
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%
v3.24.4
Property and Equipment, Net (Schedule of Property and equipment, net) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Property and Equipment, Net    
Property and equipment, gross $ 582,976 $ 574,803
Accumulated depreciation (337,098) (326,279)
Property and equipment, net 245,878 248,524
Land    
Property and Equipment, Net    
Property and equipment, gross 31,776 31,776
Buildings and improvements    
Property and Equipment, Net    
Property and equipment, gross $ 200,702 $ 200,274
Buildings and improvements | Minimum    
Property and Equipment, Net    
Useful life of assets 10 years 10 years
Buildings and improvements | Maximum    
Property and Equipment, Net    
Useful life of assets 31 years 31 years
Leasehold improvements    
Property and Equipment, Net    
Property and equipment, gross $ 114,924 $ 114,019
Furniture and equipment    
Property and Equipment, Net    
Property and equipment, gross $ 99,457 $ 103,961
Furniture and equipment | Minimum    
Property and Equipment, Net    
Useful life of assets 3 years 3 years
Furniture and equipment | Maximum    
Property and Equipment, Net    
Useful life of assets 8 years 8 years
Software    
Property and Equipment, Net    
Property and equipment, gross $ 119,625 $ 113,219
Software | Minimum    
Property and Equipment, Net    
Useful life of assets 3 years 3 years
Software | Maximum    
Property and Equipment, Net    
Useful life of assets 5 years 5 years
Construction in progress    
Property and Equipment, Net    
Property and equipment, gross $ 16,492 $ 11,554
v3.24.4
Property and Equipment, Net (Additional Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2024
Jun. 30, 2024
Property, Plant And Equipment [Abstract]        
Carrying value $ 8,400 $ 8,400    
Estimated fair value less cost 7,800 7,800 $ 7,825 $ 7,825
Unrealized loss on assets held for sale $ 647 $ 647    
v3.24.4
Leases (Additional Information) (Details)
$ in Thousands
 6 Months Ended
Dec. 31, 2024
USD ($)
location
lease
Jun. 30, 2025
USD ($)
Jun. 30, 2024
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 3    
Number of leases yet to commence | lease 1    
Operating lease asset $ 188,800   $ 176,755
Operating lease liability $ 214,684    
Lease not yet commenced, contract one | Forecast      
Lessee, Lease, Description [Line Items]      
Lease term on property lease that has not yet commenced   13 years  
Operating lease asset   $ 2,800  
Operating lease liability   $ 2,800  
v3.24.4
Leases (Components of Lease Cost) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Lease, Cost [Abstract]        
Operating lease cost $ 11,379 $ 11,519 $ 22,110 $ 23,070
Sublease income (1,298) (2,700) (2,794) (5,381)
Total lease cost $ 10,081 $ 8,819 $ 19,316 $ 17,689
v3.24.4
Leases (Maturities of Lease Liabilities) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Maturities of lease liabilities  
2025 (remaining) $ 22,966
2026 46,543
2027 46,018
2028 40,525
2029 31,631
Thereafter 139,547
Total lease payments 327,230
Less: lease incentives not yet received (16,546)
Less: imputed interest (96,000)
Present value of lease liabilities $ 214,684
v3.24.4
Leases (Lease Term, Discount Rate and Cash Flow Information ) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Lessee Disclosure [Abstract]        
Weighted-average remaining operating lease term (years) 7 years 8 months 12 days   7 years 8 months 12 days  
Weighted-average operating lease discount rate 7.60%   7.60%  
Cash paid for amounts in the measurement of operating lease liabilities (net of sublease receipts) $ 6,904 $ 10,989 $ 16,285 $ 21,615
Operating lease assets obtained in exchange for operating lease liabilities $ 24,023 $ 14,383 $ 26,137 $ 19,526
v3.24.4
Leases (Future Minimum Rental Commitments for Noncancelable Operating Leases ) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity [Abstract]  
2025 (remaining) $ 2,504
2026 2,038
Total sublease rental income $ 4,542
v3.24.4
Goodwill and Intangible Assets (Summary of Goodwill Balances by Reporting Segment) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
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
Medical and Veterinary    
Goodwill [Line Items]    
Goodwill $ 305,494 $ 305,494
v3.24.4
Goodwill and Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Intangible Assets [Line Items]    
Amortizable Intangible Assets, Gross Carrying Amount $ 56,091 $ 56,091
Amortizable Intangible Assets, Accumulated Amortization (37,867) (32,257)
Curriculum    
Intangible Assets [Line Items]    
Amortizable Intangible Assets, Gross Carrying Amount 56,091 56,091
Amortizable Intangible Assets, Accumulated Amortization $ (37,867) $ (32,257)
Amortizable Intangible Assets, Weighted Average Amortization Period 5 years  
v3.24.4
Goodwill and Intangible Assets (Summary of Indefinite-Lived Intangible Assets Balances by Reporting Segment) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets balances $ 752,860 $ 752,860
Title IV eligibility and accreditations    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets balances 611,100 611,100
Trade name    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets balances $ 141,760 $ 141,760
v3.24.4
Goodwill and Intangible Assets (Estimated Amortization Expense for Amortized Intangible Assets) (Details) - Walden
$ in Thousands
Dec. 31, 2024
USD ($)
Intangible Assets [Line Items]  
2025 (remaining) $ 5,610
2026 11,220
2027 1,394
Total $ 18,224
v3.24.4
Goodwill and Intangible Assets (Additional Information) (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]        
Number of reporting units | segment     5  
Amortization of intangible assets | $ $ 2,805 $ 9,333 $ 5,610 $ 20,010
v3.24.4
Debt (Long-term debt) (Details) - USD ($)
$ in Thousands
Jan. 17, 2025
Dec. 31, 2024
Jun. 30, 2024
Total debt:      
Long-term debt, gross   $ 658,283 $ 658,283
Unamortized debt discount and issuance costs   (8,359) (9,571)
Long-term debt   649,924 648,712
Senior Secured Notes Due 2028      
Total debt:      
Long-term debt, gross   404,950 404,950
Term B Loan      
Total debt:      
Long-term debt, gross $ 153,300 $ 253,333 $ 253,333
v3.24.4
Debt (Scheduled maturities of long-term debt) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Debt Disclosure [Abstract]    
2025 (remaining) $ 0  
2026 0  
2027 0  
2028 404,950  
2029 253,333  
Long-term Debt $ 658,283 $ 658,283
v3.24.4
Debt (Debt Issuance Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]        
Unamortized debt discount and issuance costs, beginning     $ 13,898  
Amortization of debt discount and issuance costs $ (1,113) $ (1,155) (2,226) $ (2,310)
Unamortized debt discount and issuance costs, ending 11,672   11,672  
Revolving Credit Facility        
Debt Instrument [Line Items]        
Unamortized debt discount and issuance costs, beginning     4,327  
Amortization of debt discount and issuance costs     (1,014)  
Unamortized debt discount and issuance costs, ending 3,313   3,313  
Senior Secured Notes Due 2028        
Debt Instrument [Line Items]        
Unamortized debt discount and issuance costs, beginning     4,446  
Amortization of debt discount and issuance costs     (594)  
Unamortized debt discount and issuance costs, ending 3,852   3,852  
Term B Loan        
Debt Instrument [Line Items]        
Unamortized debt discount and issuance costs, beginning     5,125  
Amortization of debt discount and issuance costs     (618)  
Unamortized debt discount and issuance costs, ending $ 4,507   $ 4,507  
v3.24.4
Debt (Interest Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Interest Expense, Debt [Abstract]        
Amortization of debt discount and issuance costs $ 1,113 $ 1,155 $ 2,226 $ 2,310
Other 194 171 380 409
Total 13,909 16,693 28,391 32,350
Senior Secured Notes Due 2028        
Interest Expense, Debt [Abstract]        
Interest expense 5,568 5,568 11,136 11,136
Amortization of debt discount and issuance costs     594  
Term B Loan        
Interest Expense, Debt [Abstract]        
Interest expense 4,819 7,321 10,302 14,576
Amortization of debt discount and issuance costs     618  
Letter of Credit        
Interest Expense, Debt [Abstract]        
Interest expense $ 2,215 $ 2,478 $ 4,347 $ 3,919
v3.24.4
Debt (Additional Information) (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jan. 17, 2025
Dec. 03, 2024
Aug. 21, 2024
Jan. 26, 2024
Jan. 25, 2024
Nov. 01, 2023
Nov. 22, 2022
Sep. 22, 2022
Apr. 11, 2022
Mar. 11, 2022
Aug. 12, 2021
Mar. 01, 2021
Jun. 30, 2022
Sep. 30, 2022
Mar. 31, 2022
Dec. 31, 2024
Dec. 13, 2024
Dec. 06, 2024
Jun. 30, 2024
Dec. 31, 2023
Line of Credit Facility [Line Items]                                        
Repayment of long-term debt                               $ 9,873        
Long-term debt, gross                               658,283     $ 658,283  
Title IV Letter Of Credit                                        
Line of Credit Facility [Line Items]                                        
Letters of credit outstanding           $ 157,900                            
Percentage of funds received           10.00%                            
Walden Title IV Letter Of Credit                                        
Line of Credit Facility [Line Items]                                        
Letters of credit expired                                   $ 69,400    
Surety Bond                                        
Line of Credit Facility [Line Items]                                        
Guarantor Obligations, Current Carrying Value                               63,900        
Letter of Credit [Member] | Title IV Letter Of Credit                                        
Line of Credit Facility [Line Items]                                        
Letters of credit outstanding   $ 179,000                           $ 179,000        
Percentage of funds received   10.00%                                    
Revolving Credit Facility                                        
Line of Credit Facility [Line Items]                                        
Maximum borrowing capacity                     $ 400,000                  
Commitment fee percentage                               0.25%        
Undrawn amount on letters of credit                               $ 301,000        
Line of credit                               $ 0       $ 0
Amortization period                               5 years        
Revolving Credit Facility | Title IV Letter Of Credit                                        
Line of Credit Facility [Line Items]                                        
Letters of credit outstanding                                 $ 99,000      
Revolving Credit Facility | Alternate Base Rate | Minimum                                        
Line of Credit Facility [Line Items]                                        
Basic spread rate                               2.75%        
Revolving Credit Facility | Alternate Base Rate | Maximum                                        
Line of Credit Facility [Line Items]                                        
Basic spread rate                               3.25%        
Revolving Credit Facility | SOFR                                        
Line of Credit Facility [Line Items]                                        
Floor rate                               0.75%        
Revolving Credit Facility | SOFR | Minimum                                        
Line of Credit Facility [Line Items]                                        
Basic spread rate                               3.75%        
Revolving Credit Facility | SOFR | Maximum                                        
Line of Credit Facility [Line Items]                                        
Basic spread rate                               4.25%        
Surety-Backed Letter of Credit [Member] | Title IV Letter Of Credit                                        
Line of Credit Facility [Line Items]                                        
Letters of credit outstanding                                 $ 80,000      
Senior Secured Notes Due 2028 And Term B Loan                                        
Line of Credit Facility [Line Items]                                        
Amortization period                               7 years        
Senior Secured Notes Due 2028 And Term B Loan | Maximum                                        
Line of Credit Facility [Line Items]                                        
Total net leverage ratio                               3.25        
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            
Long-term debt, gross                               $ 404,950     404,950  
Percentage of notes issued on par value                       100.00%                
Redemption price, percentage of principal amount redeemed                 100.00%       90.00% 92.00%            
Senior Secured Notes Due 2028 | Accrued Liabilities                                        
Line of Credit Facility [Line Items]                                        
Debt Instrument, Accrued Interest                               $ 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%                
Term B Loan                                        
Line of Credit Facility [Line Items]                                        
Debt instrument, face amount                     $ 850,000                  
Fixed interest rate                               7.11%        
Repayment of long-term debt $ 100,000     $ 50,000     $ 50,000 $ 100,000   $ 396,700                    
Long-term debt, gross $ 153,300                             $ 253,333     $ 253,333  
Reduction in margin interest rate     (0.75%) (0.50%)                                
Principal payment                             $ 2,125          
Debt instrument, issuance price, percent of principal amount                     99.00%                  
Debt instrument, issuance discount, percent                     1.00%                  
Term B Loan | Alternate Base Rate                                        
Line of Credit Facility [Line Items]                                        
Basic spread rate     1.75%                                  
Term B Loan | Alternate Base Rate | Minimum                                        
Line of Credit Facility [Line Items]                                        
Basic spread rate       2.50% 3.00%                              
Term B Loan | Alternate Base Rate | Maximum                                        
Line of Credit Facility [Line Items]                                        
Basic spread rate       3.00% 3.50%                              
Term B Loan | SOFR                                        
Line of Credit Facility [Line Items]                                        
Basic spread rate     2.75%                                  
Floor rate     0.75% 0.75% 0.75%                              
Term B Loan | SOFR | Minimum                                        
Line of Credit Facility [Line Items]                                        
Basic spread rate       3.50% 4.00%                              
Term B Loan | SOFR | Maximum                                        
Line of Credit Facility [Line Items]                                        
Basic spread rate       4.00% 4.50%                              
v3.24.4
Share Repurchases (Open Market Share Repurchase Programs) (Details) - Maximum - USD ($)
$ in Millions
Dec. 31, 2024
Jan. 19, 2024
Mar. 01, 2022
Equity, Class of Treasury Stock [Line Items]      
Remaining authorized amount for repurchase $ 140.1    
March 1, 2022      
Equity, Class of Treasury Stock [Line Items]      
Authorized amount for repurchase     $ 300.0
January 19, 2024      
Equity, Class of Treasury Stock [Line Items]      
Authorized amount for repurchase   $ 300.0  
v3.24.4
Share Repurchases (Shares Repurchased Under Programs) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Equity, Class of Treasury Stock [Line Items]        
Total cost of share repurchases $ 37,517 $ 69,301 $ 71,429 $ 161,186
Open Market Share Repurchase Programs        
Equity, Class of Treasury Stock [Line Items]        
Total number of share repurchases 471,327 1,350,735 933,390 3,509,133
Total cost of share repurchases $ 37,517 $ 69,301 $ 71,429 $ 161,186
Average price paid per share $ 79.6 $ 51.31 $ 76.53 $ 45.93
v3.24.4
Stock-Based Compensation (Summary of Options Activity) (Details) - Stock Option
$ / shares in Units, $ in Thousands
 6 Months Ended
Dec. 31, 2024
USD ($)
$ / shares
shares
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]  
Number of Options, Outstanding at beginning of period | shares 550,343
Number of Options, Exercised | shares (267,685)
Number of Options Expired | shares (1,325)
Number of Options, Outstanding at end of period | shares 281,333
Number of Options, Exercisable at end of period | shares 238,525
Weighted Average Exercise Price at beginning of period | $ / shares $ 37.34
Weighted Average Exercise Price, Options Exercised | $ / shares 36.73
Weighted Average Exercise Price, Options Expired | $ / shares 36.46
Weighted Average Exercise Price, Outstanding at end of period | $ / shares 37.92
Weighted Average Exercise Price, Exercisable at end of period | $ / shares $ 38.08
Weighted Average Remaining Contractual Life, Outstanding at end of period 5 years 9 months 18 days
Weighted Average Remaining Contractual Life, Exercisable at end of period 5 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding at End of period | $ $ 14,890
Aggregate Intrinsic Value, Exercisable at end of period | $ $ 12,586
v3.24.4
Stock-Based Compensation (Additional Information) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total intrinsic value of options exercised $ 10,200 $ 9,100      
Capitalized stock based compensation 0   $ 0    
Stock Option          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized compensation costs related to non-vested awards $ 200        
Unrecognized compensation costs related to non-vested awards expected to be recognized, years 8 months 12 days        
Fair value of stock options $ 1,300 1,900      
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 1,610,726        
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 $ 23,800        
Unrecognized compensation costs related to non-vested awards expected to be recognized, years 1 year 10 months 24 days        
Fair value of units vested $ 13,600 $ 10,700      
Weighted-average grant date fair value $ 88.98 $ 44.17      
Restricted Stock Units | Director          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting Period (in years) 1 year        
Performance Based Shares          
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 $ 32,400        
Unrecognized compensation costs related to non-vested awards expected to be recognized, years 1 year 9 months 18 days        
Fair value of units vested $ 2,800 $ 4,100      
Weighted-average grant date fair value $ 89.74 $ 50.07      
v3.24.4
Stock-Based Compensation (Summary of Restricted Stock Units Activity and Performance Stock Units) (Details) - $ / shares
 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unvested shares at beginning of period 755,841  
Granted 213,030  
Vested (340,570)  
Forfeited (22,739)  
Unvested shares at end of period 605,562  
Weighted Average Grant Date Fair Value, Unvested beginning balance $ 40.51  
Weighted-average grant date fair value 88.98 $ 44.17
Vested 39.98  
Forfeited 46.65  
Weighted Average Grant Date Fair Value, Unvested ending balance $ 57.62  
Performance Based Shares    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unvested shares at beginning of period 629,770  
Granted 167,050  
Vested (83,357)  
Forfeited (70,643)  
Unvested shares at end of period 642,820  
Weighted Average Grant Date Fair Value, Unvested beginning balance $ 43.77  
Weighted-average grant date fair value 89.74 $ 50.07
Vested 33.84  
Forfeited 39.94  
Weighted Average Grant Date Fair Value, Unvested ending balance $ 57.42  
v3.24.4
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Jan. 17, 2025
Dec. 31, 2024
Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment, type extensible enumeration   atge:InvestmentInRabbiTrustMember atge:InvestmentInRabbiTrustMember
Principle balance   $ 658,283 $ 658,283
Assets measured at fair value using Level 3   0 0
Liabilities measured at fair value using Level 3   0 0
Senior Secured Notes Due 2028      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Principle balance   404,950 404,950
Senior Secured Notes Due 2028 | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value   397,400 389,500
Term B Loan      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Principle balance $ 153,300 253,333 253,333
Term B Loan | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value   255,100 254,900
Accounts Receivable | Credit extension program      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Loans Receivable, Fair Value Disclosure   26,400 28,900
Nonqualified Deferred Compensation Plan | Accrued Liabilities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Deferred compensation   12,100 12,200
Nonqualified Deferred Compensation Plan | Prepaid Expenses and Other Current Assets      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Fair value of credit extension programs   $ 12,800 $ 13,200
v3.24.4
Commitments and Contingencies (Details)
$ in Millions
 1 Months Ended 5 Months Ended 6 Months Ended
Nov. 27, 2024
USD ($)
Sep. 21, 2023
USD ($)
Nov. 30, 2024
USD ($)
Nov. 15, 2022
item
Dec. 31, 2024
item
Jun. 30, 2024
USD ($)
Dec. 04, 2017
USD ($)
Loss Contingencies [Line Items]              
Borrower defense applications (per week) | item         500    
Chamberlain              
Loss Contingencies [Line Items]              
Borrower defense applications | item       3,225      
RUSM              
Loss Contingencies [Line Items]              
Borrower defense applications | item       1,700      
RUSVM              
Loss Contingencies [Line Items]              
Borrower defense applications | item       1,900      
Walden              
Loss Contingencies [Line Items]              
Borrower defense applications | item       7,740      
Maximum | DeVry University              
Loss Contingencies [Line Items]              
Indemnification | $             $ 340.0
Aljanal Carroll, Claudia Provost Charles, Tiffany Fair Case              
Loss Contingencies [Line Items]              
Loss contingency accrual | $           $ 28.5  
Remitted | $   $ 28.5          
Payment to legal settlements | $ $ 28.5            
Laureate              
Loss Contingencies [Line Items]              
Litigation settlement, amount awarded from other party | $     $ 5.6        
v3.24.4
Segment Information (Tabulation of Business Segment Information Based on Current Segmentation) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]        
Total Consolidated Revenue $ 447,729 $ 393,242 $ 865,129 $ 762,087
Total consolidated adjusted operating income 101,447 75,569 177,296 138,878
Restructuring expense (322) (68) (2,416) (744)
Business integration expense   (6,909) 0 (12,171)
Litigation reserve 5,550   5,550 (18,500)
Loss on assets held for sale   (647)   (647)
Debt modification costs     (712)  
Total consolidated operating income 103,870 58,612 174,108 86,806
Interest expense (13,909) (16,693) (28,391) (32,350)
Other income, net 2,235 3,563 4,881 5,777
Total consolidated income from continuing operations before income taxes 92,196 45,482 150,598 60,233
Total consolidated depreciation expense 10,190 10,043 19,993 19,381
Total consolidated intangible amortization expense (2,805) (9,333) (5,610) (20,010)
Chamberlain        
Segment Reporting Information [Line Items]        
Total Consolidated Revenue 180,986 153,553 348,916 296,149
Walden        
Segment Reporting Information [Line Items]        
Total Consolidated Revenue 171,306 146,808 332,819 288,416
Restructuring expense   776   776
Medical and Veterinary        
Segment Reporting Information [Line Items]        
Total Consolidated Revenue 95,437 92,881 183,394 177,522
Restructuring expense (56) (71) (115) (185)
Operating Segments | Chamberlain        
Segment Reporting Information [Line Items]        
Total Consolidated Revenue 180,986 153,553 348,916 296,149
Total consolidated adjusted operating income 42,303 29,640 70,135 53,964
Total consolidated depreciation expense 5,466 4,786 10,834 8,902
Operating Segments | Walden        
Segment Reporting Information [Line Items]        
Total Consolidated Revenue 171,306 146,808 332,819 288,416
Total consolidated adjusted operating income 46,153 30,155 88,795 61,270
Total consolidated depreciation expense 1,795 1,926 3,477 3,900
Total consolidated intangible amortization expense (2,805) (9,333) (5,610) (20,010)
Operating Segments | Medical and Veterinary        
Segment Reporting Information [Line Items]        
Total Consolidated Revenue 95,437 92,881 183,394 177,522
Total consolidated adjusted operating income 21,519 22,091 36,249 36,568
Total consolidated depreciation expense 2,744 2,972 5,313 5,864
Home Office        
Segment Reporting Information [Line Items]        
Total consolidated adjusted operating income (8,528) (6,317) (17,883) (12,924)
Total consolidated depreciation expense $ 185 $ 359 $ 369 $ 715
v3.24.4
Segment Information (Revenues by Geographic Area) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total Consolidated Revenue $ 447,729 $ 393,242 $ 865,129 $ 762,087
Domestic Operations        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total Consolidated Revenue 352,292 300,361 681,735 584,565
Barbados, St. Kitts, and St. Maarten        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total Consolidated Revenue $ 95,437 $ 92,881 $ 183,394 $ 177,522
v3.24.4
Segment Information (Additional Information) (Details)
 6 Months Ended
Dec. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 3