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Revision of Previously Issued Consolidated Financial Statements (Unaudited) | 12 Months Ended
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Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract] |
Revision of Previously Issued Consolidated Financial Statements (Unaudited) | 23. Revision of Previously Issued Consolidated Financial Statements (Unaudited) As described in Note 2 “Summary of Significant Accounting Policies,” Adtalem identified an error in the presentation of capitalized cloud computing implementation costs in its previously issued financial statements. Adtalem assessed the materiality of this error individually and in the aggregate with other previously identified errors to prior periods’ Consolidated Financial Statements and concluded the errors were not material to prior periods and therefore, amendments of previously filed reports are not required. The errors impacted the unaudited Consolidated Balance Sheets and unaudited Consolidated Statements of Cash Flows as of and for the nine months ended March 31, 2024 and 2023, as of and for the six months ended December 31, 2023 and 2022, and as of and for the three months ended September 30, 2023 and 2022. In each of Adtalem’s fiscal year 2025 interim Form 10-Qs, the impact of this revision will be incorporated into the prior periods, as applicable. In connection with this revision, Adtalem also corrected other immaterial errors in the prior periods, including certain errors that had previously been adjusted for in the period identified. The following tables summarize the effect of the revision on the affected line items within the Consolidated Balance Sheets (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024
​ | ​ | As Reported | ​ | Adjustment | ​ | As Revised
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Prepaid expenses and other current assets | ​ | $ | 59,401 | ​ | $ | 4,183 | ​ | $ | 63,584
Total current assets | ​ | ​ | 387,634 | ​ | ​ | 4,183 | ​ | ​ | 391,817
Noncurrent assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment, net | ​ | ​ | 272,792 | ​ | ​ | (33,135) | ​ | ​ | 239,657
Other assets, net | ​ | ​ | 67,768 | ​ | ​ | 28,952 | ​ | ​ | 96,720
Total noncurrent assets | ​ | ​ | 2,327,400 | ​ | ​ | (4,183) | ​ | ​ | 2,323,217
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ | ​ | As Reported | ​ | Adjustment | ​ | As Revised
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Prepaid expenses and other current assets | ​ | $ | 58,356 | ​ | $ | 3,010 | ​ | $ | 61,366
Total current assets | ​ | ​ | 378,099 | ​ | ​ | 3,010 | ​ | ​ | 381,109
Noncurrent assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment, net | ​ | ​ | 260,484 | ​ | ​ | (25,187) | ​ | ​ | 235,297
Other assets, net | ​ | ​ | 65,852 | ​ | ​ | 22,177 | ​ | ​ | 88,029
Total noncurrent assets | ​ | ​ | 2,322,826 | ​ | ​ | (3,010) | ​ | ​ | 2,319,816
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2023
​ | ​ | As Reported | ​ | Adjustment | ​ | As Revised
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 262,438 | ​ | $ | (1,612) | ​ | $ | 260,826
Restricted cash | ​ | ​ | 1,988 | ​ | ​ | 1,612 | ​ | ​ | 3,600
Prepaid expenses and other current assets | ​ | ​ | 60,750 | ​ | ​ | 2,103 | ​ | ​ | 62,853
Total current assets | ​ | ​ | 472,928 | ​ | ​ | 2,103 | ​ | ​ | 475,031
Noncurrent assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment, net | ​ | ​ | 264,766 | ​ | ​ | (18,097) | ​ | ​ | 246,669
Other assets, net | ​ | ​ | 67,634 | ​ | ​ | 15,994 | ​ | ​ | 83,628
Total noncurrent assets | ​ | ​ | 2,321,233 | ​ | ​ | (2,103) | ​ | ​ | 2,319,130
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023
​ | ​ | As Reported | ​ | Adjustment | ​ | As Revised
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 315,373 | ​ | $ | (1,613) | ​ | $ | 313,760
Restricted cash | ​ | ​ | 1,804 | ​ | ​ | 1,613 | ​ | ​ | 3,417
Prepaid expenses and other current assets | ​ | ​ | 102,573 | ​ | ​ | 514 | ​ | ​ | 103,087
Total current assets | ​ | ​ | 533,034 | ​ | ​ | 514 | ​ | ​ | 533,548
Noncurrent assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment, net | ​ | ​ | 252,797 | ​ | ​ | (6,234) | ​ | ​ | 246,563
Other assets, net | ​ | ​ | 67,618 | ​ | ​ | 5,720 | ​ | ​ | 73,338
Total noncurrent assets | ​ | ​ | 2,334,083 | ​ | ​ | (514) | ​ | ​ | 2,333,569
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ | ​ | As Reported | ​ | Adjustment | ​ | As Revised
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 207,776 | ​ | $ | (1,492) | ​ | $ | 206,284
Restricted cash | ​ | ​ | 2,234 | ​ | ​ | 1,492 | ​ | ​ | 3,726
Prepaid expenses and other current assets | ​ | ​ | 113,564 | ​ | ​ | 1,081 | ​ | ​ | 114,645
Total current assets | ​ | ​ | 423,116 | ​ | ​ | 1,081 | ​ | ​ | 424,197
Noncurrent assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment, net | ​ | ​ | 275,617 | ​ | ​ | (3,275) | ​ | ​ | 272,342
Other assets, net | ​ | ​ | 116,613 | ​ | ​ | 3,043 | ​ | ​ | 119,656
Total noncurrent assets | ​ | ​ | 2,419,922 | ​ | ​ | (232) | ​ | ​ | 2,419,690
Total assets | ​ | ​ | 2,843,038 | ​ | ​ | 849 | ​ | ​ | 2,843,887
Liabilities and shareholders' equity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred revenue | ​ | ​ | 115,658 | ​ | ​ | 5,177 | ​ | ​ | 120,835
Total current liabilities | ​ | ​ | 371,462 | ​ | ​ | 5,177 | ​ | ​ | 376,639
Noncurrent liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities | ​ | ​ | 61,901 | ​ | ​ | 9,177 | ​ | ​ | 71,078
Total noncurrent liabilities | ​ | ​ | 948,854 | ​ | ​ | 9,177 | ​ | ​ | 958,031
Total liabilities | ​ | ​ | 1,320,316 | ​ | ​ | 14,354 | ​ | ​ | 1,334,670
Shareholders' equity: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retained earnings | ​ | ​ | 2,349,146 | ​ | ​ | (13,505) | ​ | ​ | 2,335,641
Total shareholders' equity | ​ | ​ | 1,522,722 | ​ | ​ | (13,505) | ​ | ​ | 1,509,217
Total liabilities and shareholders' equity | ​ | ​ | 2,843,038 | ​ | ​ | 849 | ​ | ​ | 2,843,887
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2022
​ | ​ | As Reported | ​ | Adjustment | ​ | As Revised
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 327,515 | ​ | $ | (1,681) | ​ | $ | 325,834
Restricted cash | ​ | ​ | 2,480 | ​ | ​ | 1,681 | ​ | ​ | 4,161
Noncurrent assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment, net | ​ | ​ | 281,581 | ​ | ​ | (416) | ​ | ​ | 281,165
Other assets, net | ​ | ​ | 120,630 | ​ | ​ | 416 | ​ | ​ | 121,046
​ The following tables summarize the effect of the revision on the affected line items within the Consolidated Statements of Cash Flows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended March 31, 2024
​ | ​ | As Reported | ​ | Adjustment | ​ | As Revised
Operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjustments to reconcile net income to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation | ​ | $ | 32,106 | ​ | $ | (2,227) | ​ | $ | 29,879
Changes in assets and liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cloud computing implementation assets | ​ | ​ | — | ​ | ​ | (19,262) | ​ | ​ | (19,262)
Accounts payable | ​ | ​ | 10,841 | ​ | ​ | 1,791 | ​ | ​ | 12,632
Net cash provided by operating activities-continuing operations | ​ | ​ | 246,809 | ​ | ​ | (19,698) | ​ | ​ | 227,111
Net cash provided by operating activities | ​ | ​ | 255,205 | ​ | ​ | (19,698) | ​ | ​ | 235,507
Investing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | ​ | (52,014) | ​ | ​ | 19,698 | ​ | ​ | (32,316)
Net cash used in investing activities-continuing operations | ​ | ​ | (51,886) | ​ | ​ | 19,698 | ​ | ​ | (32,188)
Net cash used in investing activities | ​ | ​ | (51,886) | ​ | ​ | 19,698 | ​ | ​ | (32,188)
Non-cash investing and financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued capital expenditures | ​ | ​ | 11,086 | ​ | ​ | (4,869) | ​ | ​ | 6,217
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2023
​ | ​ | As Reported | ​ | Adjustment | ​ | As Revised
Operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjustments to reconcile net income to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation | ​ | $ | 9,778 | ​ | $ | (440) | ​ | $ | 9,338
Changes in assets and liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cloud computing implementation assets | ​ | ​ | — | ​ | ​ | (4,224) | ​ | ​ | (4,224)
Accounts payable | ​ | ​ | (2,870) | ​ | ​ | 52 | ​ | ​ | (2,818)
Net cash provided by operating activities-continuing operations | ​ | ​ | 90,726 | ​ | ​ | (4,612) | ​ | ​ | 86,114
Net cash provided by operating activities | ​ | ​ | 99,685 | ​ | ​ | (4,612) | ​ | ​ | 95,073
Investing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | ​ | (15,046) | ​ | ​ | 4,612 | ​ | ​ | (10,434)
Net cash used in investing activities-continuing operations | ​ | ​ | (14,946) | ​ | ​ | 4,612 | ​ | ​ | (10,334)
Net cash used in investing activities | ​ | ​ | (14,946) | ​ | ​ | 4,612 | ​ | ​ | (10,334)
Non-cash investing and financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued capital expenditures | ​ | ​ | 9,217 | ​ | ​ | (3,130) | ​ | ​ | 6,087
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended March 31, 2023
​ | ​ | As Reported | ​ | Adjustment | ​ | As Revised
Operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjustments to reconcile net income to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation | ​ | $ | 31,618 | ​ | $ | (112) | ​ | $ | 31,506
Changes in assets and liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cloud computing implementation assets | ​ | ​ | — | ​ | ​ | (6,234) | ​ | ​ | (6,234)
Accounts payable | ​ | ​ | 12,286 | ​ | ​ | 1,483 | ​ | ​ | 13,769
Net cash provided by operating activities-continuing operations | ​ | ​ | 149,821 | ​ | ​ | (4,863) | ​ | ​ | 144,958
Net cash provided by operating activities | ​ | ​ | 149,417 | ​ | ​ | (4,863) | ​ | ​ | 144,554
Investing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | ​ | (19,056) | ​ | ​ | 4,863 | ​ | ​ | (14,193)
Net cash provided by investing activities-continuing operations | ​ | ​ | 33,871 | ​ | ​ | 4,863 | ​ | ​ | 38,734
Net cash provided by investing activities | ​ | ​ | 30,697 | ​ | ​ | 4,863 | ​ | ​ | 35,560
Non-cash investing and financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued capital expenditures | ​ | ​ | 10,474 | ​ | ​ | (1,483) | ​ | ​ | 8,991
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended December 31, 2022
​ | ​ | As Reported | ​ | Adjustment | ​ | As Revised
Operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjustments to reconcile net income to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation | ​ | $ | 21,461 | ​ | $ | (34) | ​ | $ | 21,427
Changes in assets and liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cloud computing implementation assets | ​ | ​ | — | ​ | ​ | (3,275) | ​ | ​ | (3,275)
Accounts payable | ​ | ​ | 13,233 | ​ | ​ | 475 | ​ | ​ | 13,708
Net cash provided by operating activities-continuing operations | ​ | ​ | 42,277 | ​ | ​ | (2,834) | ​ | ​ | 39,443
Net cash provided by operating activities | ​ | ​ | 41,415 | ​ | ​ | (2,834) | ​ | ​ | 38,581
Investing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | ​ | (9,747) | ​ | ​ | 2,834 | ​ | ​ | (6,913)
Net cash used in investing activities-continuing operations | ​ | ​ | (9,748) | ​ | ​ | 2,834 | ​ | ​ | (6,914)
Net cash used in investing activities | ​ | ​ | (12,922) | ​ | ​ | 2,834 | ​ | ​ | (10,088)
Non-cash investing and financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued capital expenditures | ​ | ​ | 5,209 | ​ | ​ | (475) | ​ | ​ | 4,734
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, 2022
​ | ​ | As Reported | ​ | Adjustment | ​ | As Revised
Operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Changes in assets and liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cloud computing implementation assets | ​ | $ | — | ​ | $ | (416) | ​ | $ | (416)
Accounts payable | ​ | ​ | 8,711 | ​ | ​ | 243 | ​ | ​ | 8,954
Net cash provided by operating activities-continuing operations | ​ | ​ | 91,476 | ​ | ​ | (173) | ​ | ​ | 91,303
Net cash provided by operating activities | ​ | ​ | 91,346 | ​ | ​ | (173) | ​ | ​ | 91,173
Investing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital expenditures | ​ | ​ | (5,551) | ​ | ​ | 173 | ​ | ​ | (5,378)
Net cash used in investing activities-continuing operations | ​ | ​ | (5,503) | ​ | ​ | 173 | ​ | ​ | (5,330)
Net cash used in investing activities | ​ | ​ | (6,314) | ​ | ​ | 173 | ​ | ​ | (6,141)
Non-cash investing and financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued capital expenditures | ​ | ​ | 4,713 | ​ | ​ | (243) | ​ | ​ | 4,470
​

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