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Discontinued Operations | 3 Months Ended
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Sep. 30, 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 $5.5 million, $4.1 million, and $2.9 million during the second quarter of fiscal year 2024, 2023, and 2022, respectively, related to the earn-out. We have received a total of $12.5 million related to the earn-out thus far. The following is a summary of income statement information reported as discontinued operations, which includes expense from ongoing litigation costs and settlements related to the DeVry University and Carrington College divestitures (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | September 30,
​ | ​ | 2024 | ​ | 2023
Revenue | ​ | $ | — | ​ | $ | —
Operating cost and expense: | ​ |  | ​ | ​ |  | ​
Student services and administrative expense | ​ |  | 107 | ​ |  | 1,765
Total operating cost and expense | ​ |  | 107 | ​ |  | 1,765
Loss from discontinued operations before income taxes | ​ | ​ | (107) | ​ | ​ | (1,765)
Benefit from income taxes | ​ |  | 27 | ​ |  | 452
Loss from discontinued operations | ​ | $ | (80) | ​ | $ | (1,313)
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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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