Adtalem Global Education (ATGE) Q3 2024 Earnings Report

Adtalem Global Education delivered a solid Q3 FY2024, with revenue of $412.66 million reflecting an 11.8% year-over-year increase and roughly 5% quarter-over-quarter growth. The quarter was led by Chamberlain and Walden enrollment strength, with Chamberlain total enrollment up 9% and Walden up 8.4% year over year, contributing to double-digit top-line growth across both brands. The Medical and Veterinary segment posted a more modest rise in revenue (+6.1%) as total enrollment declined 4.5% YoY, though sequential improvements in remediation efforts point to a potential early-stage stabilization and eventual growth in that segment. Adjusted EBITDA rose 24.6% YoY to $107.1 million, yielding an adjusted EBITDA margin of 25.9%. GAAP operating income reached $80.6 million (operating margin 19.5%), while net income was $36.8 million (net margin 8.9%) and GAAP diluted EPS was $0.93, with adjusted EPS of $1.50 for the quarter (up 32.7% YoY). Management boosted FY2024 revenue guidance to $1.56–$1.58 billion and adj. EPS to $4.80–$5.00, signaling confidence in continued enrollment momentum and operating leverage. The company continued to deploy capital via share repurchases (~1.8 million shares in the quarter) and balance-sheet optimization, including a reduction in letters of credit and meaningful debt management actions. Management emphasized Growth with Purpose as the driver of ongoing profitability and capacity expansion, while signaling continued investments in marketing, technology, and student services to sustain enrollment and persistence gains.