2019 Q2 Form 10-Q Financial Statement

#000114420419023287 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $264.2M $319.8M $310.1M
YoY Change -17.37% 1.45% 3.65%
Cost Of Revenue $122.0M -$29.50M $159.3M
YoY Change -513.56% -131.52% -12.57%
Gross Profit $142.3M $78.30M $150.8M
YoY Change 81.74% -34.04% 28.94%
Gross Profit Margin 53.85% 24.49% 48.62%
Selling, General & Admin $90.20M $51.70M $97.63M
YoY Change 74.47% -14.83% -5.84%
% of Gross Profit 63.39% 66.03% 64.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.70M $11.90M $11.86M
YoY Change 15.13% 36.78% -14.04%
% of Gross Profit 9.63% 15.2% 7.87%
Operating Expenses $90.10M $51.70M $97.63M
YoY Change 74.27% -14.83% -5.84%
Operating Profit $52.20M $26.60M $53.13M
YoY Change 96.24% -54.14% 301.49%
Interest Expense -$4.200M -$8.500M $2.850M
YoY Change -50.59% 431.25% 42.86%
% of Operating Profit -8.05% -31.95% 5.36%
Other Income/Expense, Net
YoY Change
Pretax Income $50.60M $16.30M $50.98M
YoY Change 210.43% -71.25% 8.5%
Income Tax $15.50M -$37.40M $8.024M
% Of Pretax Income 30.63% -229.45% 15.74%
Net Earnings $49.50M $62.81M $39.33M
YoY Change -21.19% 46.54% -1.32%
Net Earnings / Revenue 18.73% 19.64% 12.69%
Basic Earnings Per Share $0.88 $1.03 $0.64
Diluted Earnings Per Share $0.86 $1.02 $0.63
COMMON SHARES
Basic Shares Outstanding 56.58M 61.03M
Diluted Shares Outstanding 61.97M

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $212.9M $434.9M $269.5M
YoY Change -51.05% 77.95% 26.05%
Cash & Equivalents $204.2M $430.7M $265.3M
Short-Term Investments $8.680M $4.300M $4.200M
Other Short-Term Assets $38.70M $106.3M $100.5M
YoY Change -63.59% 36.11% 104.68%
Inventory
Prepaid Expenses
Receivables $83.56M $146.7M $155.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $504.7M $688.0M $539.3M
YoY Change -26.64% 46.01% 25.84%
LONG-TERM ASSETS
Property, Plant & Equipment $283.4M $388.7M $418.4M
YoY Change -27.07% -20.49% -16.04%
Goodwill $687.3M $813.9M $845.8M
YoY Change -15.56% -1.83% 0.84%
Intangibles $298.0M $362.9M $385.1M
YoY Change -17.89% -7.41% -8.58%
Long-Term Investments
YoY Change
Other Assets $52.11M $39.26M $32.02M
YoY Change 32.74% 6.75% -43.91%
Total Long-Term Assets $1.738B $1.268B $1.331B
YoY Change 37.03% -6.4% -4.34%
TOTAL ASSETS
Total Short-Term Assets $504.7M $688.0M $539.3M
Total Long-Term Assets $1.738B $1.268B $1.331B
Total Assets $2.243B $2.345B $2.288B
YoY Change -4.36% 1.29% -1.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.39M $47.48M $33.99M
YoY Change 12.44% 10.2% -26.9%
Accrued Expenses $76.53M $80.80M $77.92M
YoY Change -5.29% -10.28% -11.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000M $3.000M $0.00
YoY Change 0.0%
Total Short-Term Liabilities $311.6M $365.8M $378.6M
YoY Change -14.8% -3.06% -5.86%
LONG-TERM LIABILITIES
Long-Term Debt $398.1M $290.1M $120.0M
YoY Change 37.24% 132.06% 0.0%
Other Long-Term Liabilities $83.51M $131.4M $96.92M
YoY Change -36.44% 29.22% -7.25%
Total Long-Term Liabilities $530.0M $450.8M $340.0M
YoY Change 17.57% 71.81% 51.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $311.6M $365.8M $378.6M
Total Long-Term Liabilities $530.0M $450.8M $340.0M
Total Liabilities $841.6M $816.6M $718.6M
YoY Change 3.07% 27.65% 8.31%
SHAREHOLDERS EQUITY
Retained Earnings $2.013B $1.917B $1.852B
YoY Change 4.98% 1.91%
Common Stock $486.9M $455.4M $450.9M
YoY Change 6.9% 9.3%
Preferred Stock
YoY Change
Treasury Stock (at cost) $970.9M $711.4M $685.6M
YoY Change 36.49% 24.82%
Treasury Stock Shares $24.83M $19.39M $18.85M
Shareholders Equity $1.392B $1.519B $1.558B
YoY Change
Total Liabilities & Shareholders Equity $2.243B $2.345B $2.288B
YoY Change -4.36% 1.29% -1.27%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income $49.50M $62.81M $39.33M
YoY Change -21.19% 46.54% -1.32%
Depreciation, Depletion And Amortization $13.70M $11.90M $11.86M
YoY Change 15.13% 36.78% -14.04%
Cash From Operating Activities $76.40M $55.90M $133.5M
YoY Change 36.67% -8.51% 4.05%
INVESTING ACTIVITIES
Capital Expenditures -$13.90M -$16.10M -$18.90M
YoY Change -13.66% 24.81% 75.0%
Acquisitions
YoY Change
Other Investing Activities -$119.7M -$5.900M -$5.300M
YoY Change 1928.81% 68.57% 307.69%
Cash From Investing Activities -$133.5M -$22.10M -$24.30M
YoY Change 504.07% 33.94% 99.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 33.10M 145.1M -52.90M
YoY Change -77.19% -2298.48% -53.14%
NET CHANGE
Cash From Operating Activities 76.40M 55.90M 133.5M
Cash From Investing Activities -133.5M -22.10M -24.30M
Cash From Financing Activities 33.10M 145.1M -52.90M
Net Change In Cash -24.00M 178.9M 56.30M
YoY Change -113.42% 370.79% 1659.37%
FREE CASH FLOW
Cash From Operating Activities $76.40M $55.90M $133.5M
Capital Expenditures -$13.90M -$16.10M -$18.90M
Free Cash Flow $90.30M $72.00M $152.4M
YoY Change 25.42% -2.7% 9.56%

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us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2019Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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CY2018Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
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us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
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DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
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CY2018Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
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EarningsPerShareBasic
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CY2018Q1 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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1.40
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.26
CY2019Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.62
CY2018Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
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CY2019Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
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us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
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us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
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CY2019Q1 us-gaap Earnings Per Share Diluted
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CY2018Q1 us-gaap Earnings Per Share Diluted
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CY2018Q1 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
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CY2019Q1 atge Disposal Group Including Discontinued Operation Restricted Cash
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CY2018Q1 atge Disposal Group Including Discontinued Operation Restricted Cash
DisposalGroupIncludingDiscontinuedOperationRestrictedCash
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CY2019Q1 us-gaap Disposal Group Including Discontinued Operation Accounts Notes And Loans Receivable Net
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25294000
CY2018Q1 us-gaap Disposal Group Including Discontinued Operation Accounts Notes And Loans Receivable Net
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23549000
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CY2018Q1 us-gaap Disposal Group Including Discontinued Operation Prepaid And Other Assets Current
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AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent
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CY2018Q2 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
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CY2018Q1 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
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CY2019Q1 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment Noncurrent
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0
CY2018Q2 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment Noncurrent
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CY2018Q1 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment Noncurrent
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CY2019Q1 us-gaap Disposal Group Including Discontinued Operation Intangible Assets Noncurrent
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0
CY2018Q2 us-gaap Disposal Group Including Discontinued Operation Intangible Assets Noncurrent
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CY2018Q1 us-gaap Disposal Group Including Discontinued Operation Intangible Assets Noncurrent
DisposalGroupIncludingDiscontinuedOperationIntangibleAssetsNoncurrent
20200000
CY2019Q1 atge Disposal Group Including Discontinued Operation Perkins Program Fundnet
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CY2018Q2 atge Disposal Group Including Discontinued Operation Perkins Program Fundnet
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13450000
CY2018Q1 atge Disposal Group Including Discontinued Operation Perkins Program Fundnet
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CY2019Q1 us-gaap Disposal Group Including Discontinued Operation Other Noncurrent Assets
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CY2018Q2 us-gaap Disposal Group Including Discontinued Operation Other Noncurrent Assets
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CY2018Q1 us-gaap Disposal Group Including Discontinued Operation Other Noncurrent Assets
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CY2019Q1 us-gaap Disposal Group Including Discontinued Operation Assets Noncurrent
DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent
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CY2018Q2 us-gaap Disposal Group Including Discontinued Operation Assets Noncurrent
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CY2018Q1 us-gaap Disposal Group Including Discontinued Operation Assets Noncurrent
DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent
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CY2019Q1 us-gaap Profit Loss
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CY2018Q1 us-gaap Profit Loss
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CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2019Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2018Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2019Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2019Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
32816000
CY2018Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Share Based Compensation
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us-gaap Depreciation
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us-gaap Depreciation
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33554000
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us-gaap Amortization Of Intangible Assets
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us-gaap Increase Decrease In Deferred Revenue
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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us-gaap Amortization Of Financing Costs
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us-gaap Amortization Of Financing Costs
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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32021000
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
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us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Proceeds From Stock Plans
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us-gaap Proceeds From Stock Plans
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Repayments Of Other Long Term Debt
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us-gaap Proceeds From Long Term Lines Of Credit
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RepaymentsOfLongTermLinesOfCredit
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us-gaap Repayments Of Long Term Lines Of Credit
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2019Q1 us-gaap Assets Of Disposal Group Including Discontinued Operation
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CY2018Q1 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
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CY2018Q1 us-gaap Disposal Group Including Discontinued Operation Accounts Payable Current
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CY2018Q1 atge Disposal Group Including Discontinued Operation Accrued Salaries Wages And Benefits
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CY2019Q1 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
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CY2018Q1 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
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us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
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us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
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CY2018Q1 atge Disposal Group Including Discontinued Operation Restructuring Expense
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CY2019Q1 atge Disposal Group Including Discontinued Operation Intangible Asset Impairment Charge
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CY2018Q1 atge Disposal Group Including Discontinued Operation Intangible Asset Impairment Charge
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CY2019Q1 atge Disposal Group Including Discontinued Operation Tangible Asset Impairment Charge
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CY2018Q1 atge Disposal Group Including Discontinued Operation Tangible Asset Impairment Charge
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CY2018Q1 atge Disposal Group Including Discontinued Operation Gain Loss On Disposition Of Assets
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CY2018Q1 us-gaap Disposal Group Including Discontinued Operation Operating Expense
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us-gaap Disposal Group Including Discontinued Operation Operating Expense
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us-gaap Disposal Group Including Discontinued Operation Operating Expense
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CY2018Q1 us-gaap Minority Interest
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Shares Restricted Stock
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CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Loss From Catastrophes
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2018Q1 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2018Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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us-gaap Allocated Share Based Compensation Expense Net Of Tax
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us-gaap Allocated Share Based Compensation Expense Net Of Tax
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
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CY2018Q1 us-gaap Notes Receivable Gross
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us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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us-gaap Financing Receivable Allowance For Credit Losses Recovery
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CY2018 us-gaap Financing Receivable Allowance For Credit Losses Recovery
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us-gaap Financing Receivable Allowance For Credit Losses Recovery
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CY2019Q1 us-gaap Financing Receivable Allowance For Credit Losses
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CY2018Q1 us-gaap Financing Receivable Allowance For Credit Losses
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CY2018Q1 us-gaap Assets Held For Sale Not Part Of Disposal Group Current Other
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<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-left: 0.09in;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates</div></div></div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.15in; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;text-indent: 0.15in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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 disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenue and expense reported during the period. Actual results could differ from those estimates.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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us-gaap Concentration Risk Benchmark Description
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dei Document Type
DocumentType
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dei Amendment Flag
AmendmentFlag
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dei Document Period End Date
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
Adtalem Global Education Inc.
dei Entity Central Index Key
EntityCentralIndexKey
0000730464
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Entity Filer Category
EntityFilerCategory
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dei Trading Symbol
TradingSymbol
ATGE
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dei Entity Emerging Growth Company
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dei Entity Small Business
EntitySmallBusiness
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