Adtalem Global Education Inc. (NYSE:ATGE) Q3 2023 Earnings Conference Call May 2, 2023 5:30 PM ET

Company Participants

Jay Spitzer – Vice President of Investor Relations

Steve Beard – President and Chief Executive Officer

Bob Phelan – Chief Financial Officer

Conference Call Participants

Operator

Greetings, and welcome to the Third Quarter Fiscal Year 2023 Earnings Call for Adtalem Global Education. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

And it is now my pleasure to introduce to you Jay Spitzer, Vice President of Investor Relations. Thank you, Jay. You may begin.

Jay Spitzer

Good afternoon, ladies and gentlemen, and welcome to our earnings call for the third quarter of fiscal year 2023. On the call with me today are Steve Beard, President and Chief Executive Officer of Adtalem Global Education; and Bob Phelan, Chief Financial Officer.

Before I hand the call over to Steve, I will as usual take you through the legal safe harbor and cautionary declarations. Certain statements and projections of future results made in this presentation constitute as forward-looking statements that are based on current market competitive regulatory expectations and are subject to risks and uncertainties that may cause actual results to vary materially. We undertake no obligation to update publicly any forward-looking statement after this presentation, whether as a result of new information, future events, changes in assumptions or otherwise. Please see our latest Form 10-K and Form 10-Q for discussion of risk factors as it relates to forward-looking statements.

In today's presentation, we'll use certain non-GAAP financial measures. We refer you to the appendix in the presentation materials available on our Investor Relations website for reconciliations to the most directly comparable GAAP financial measures and related information. You'll find a link to the webcast on our Investor Relations website at investor.adtalem.com. After this call, the presentation webcast will be archived on the website for 30 days.

I'll now hand the call over to Steve.

Steve Beard

Thanks, Jay. Good afternoon everyone, and thank you for taking the time to join our third quarter fiscal year 2023 earnings conference call. Third quarter was another solid quarter. Revenue returned to growth, up 1.3% to $369 million with adjusted earnings per share coming in at $1.13, up 34.5% versus the prior year. We maintain a position of financial strength returning $48 million in capital to our owners in the quarter against our board authorized $300 million share repurchase program. This is in addition to the already executed $150 million ASR program initiated in fiscal 2022, as well as the reduction of $151 million in long-term debt year-to-date.