Adtalem Global Education Inc. (NYSE:ATGE) Q1 2020 Earnings Conference Call - Final Transcript

Oct 29, 2019 • 05:00 pm ET


Adtalem Global Education Inc. (NYSE:ATGE) Q1 2020 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the Adtalem First Quarter 2020 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mr. John Kristoff, Vice President of Investor Relations. Thank you. You may begin.

John Kristoff

Thank you, and good afternoon. With me today from Adtalem's leadership team are Lisa Wardell, Chairman and CEO; and Mike Randolfi, Senior Vice President and CFO.

I'd like to remind you that this conference call will contain forward-looking statements within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995 with respect to the future performance and financial condition of Adtalem Global Education that involve risk and uncertainties. Actual results may differ materially from those projected or implied by these forward-looking statements. Potential risks, uncertainties and other factors that could cause results to differ are described more fully in Item 1A, Risk Factors, in the most recent annual report on Form 10-K for the fiscal year ended June 30, 2019, filed with the SEC on August 28, 2019.

Any forward-looking statement made by us is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

During today's call, our commentary will refer to non-GAAP financial measures, which are intended to supplement though not substitute for our most direct comparable GAAP measures. Our press release, which contains the GAAP financial and other quantitative information to be discussed today as well as a reconciliation of non-GAAP to GAAP measures, is available on our website. It is also important to note that our first quarter results and guidance reflect the application of discontinued operations for our Business and Law segment as a result of the recently announced divestiture of Adtalem Brazil, which made up the entire segment.

Telephone and webcast replays of today's call are available for 30 days. To access the replays, please refer to today's press release. And with that, I'll now turn the call over to Lisa.

Lisa W. Wardell

Good afternoon, and thank you for joining us. On today's call, I will discuss the highlights from our first quarter before turning to our strategic focus for fiscal year 2020. I will then turn the call over to Mike to discuss our financial results before we open the line up to your questions. Let me first begin by welcoming Mike. Mike is an accomplished CFO with significant leadership experience in the consumer services industry, and we are delighted that he has joined our team as we continue to execute on our workforce solutions strategy to serve our students and employer partners.

We had a busy start to fiscal year 2020. Last week, we announced the strategic divestiture of our Brazil assets, which include Ibmec, Damasio and Wyden. We reached an agreement to