DEVRY EDUCATION GROUP INC. (NYSE:DV) Files An 8-K Other Events
Item 8.01
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Other Events
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Following changes in strategic priorities that were implemented
in the third quarter of fiscal year 2017, DeVry Education Group
Inc. (DeVry Group) will report its financial performance based on
the four reporting segments (described below) beginning with the
Quarterly Report on Form 10-Q for the quarter ended March 31,
2017 and the press release announcing DeVry Groups third quarter
fiscal year 2017 results. Prior periods will be presented in
accordance with these changes in all future quarterly and annual
filings.
in the third quarter of fiscal year 2017, DeVry Education Group
Inc. (DeVry Group) will report its financial performance based on
the four reporting segments (described below) beginning with the
Quarterly Report on Form 10-Q for the quarter ended March 31,
2017 and the press release announcing DeVry Groups third quarter
fiscal year 2017 results. Prior periods will be presented in
accordance with these changes in all future quarterly and annual
filings.
The DeVry Group operating segments summarized below are
aggregated into the new reporting segments based on a combination
of factors, including comparable long-term margins, the nature of
the product or services, the methods used to deliver services and
the nature of the regulatory environment in which they operate.
aggregated into the new reporting segments based on a combination
of factors, including comparable long-term margins, the nature of
the product or services, the methods used to deliver services and
the nature of the regulatory environment in which they operate.
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Reporting Segment*
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Operating Segments
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Changes
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Medical and Healthcare
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o Chamberlain College of Nursing
o Medical and Veterinary Schools
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Carrington College moved to the new U.S. Traditional
Postsecondary reporting segment. |
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Professional Education
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o Becker Professional Education
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Professional Education presented as a new stand-alone
reporting segment. This operating segment was previously combined with DeVry Education of Brazil in the International and Professional Education reporting segment, which has been eliminated. |
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Technology and Business
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o DeVry Education of Brazil
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DeVry Education of Brazil presented as a new non-Title IV
Technology and Business education reporting segment. This operating segment was previously combined with Becker Professional Education in the International and Professional Education reporting segment, which has been eliminated. In addition, the former Business, Technology and Management reporting segment has been eliminated. |
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U.S. Traditional
Postsecondary
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o DeVry University
o Carrington College
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Combines former Business, Technology and Management segment
with Carrington College. These operating segments are both U.S. Title IV participating institutions with similar student profiles, growth and margins. |
*Home Office and Other contains items not allocated to a
reportable segment will be included to reconcile to reported
consolidated results.
reportable segment will be included to reconcile to reported
consolidated results.
Management has determined that these reporting segments align
with DeVry Groups current strategic priorities and resource
allocation. DeVry Groups chief operating decision maker, its
President and Chief Executive Officer, regularly reviews
financial information and evaluates operating and management
performance based on these new reporting segments.
with DeVry Groups current strategic priorities and resource
allocation. DeVry Groups chief operating decision maker, its
President and Chief Executive Officer, regularly reviews
financial information and evaluates operating and management
performance based on these new reporting segments.
DeVry Group is furnishing this Current Report on Form 8-K to
provide investors with segment summary financial information and
segment historical data that is consistent with the new reporting
structure. The schedules in Exhibit 99.1 provide unaudited
summary financial information in accordance with the new
reporting segments for the previously reported fiscal years ended
June 30, 2015 and June 30, 2016, the previously reported quarters
in fiscal year 2016, and the first two quarters in fiscal year
2017.
provide investors with segment summary financial information and
segment historical data that is consistent with the new reporting
structure. The schedules in Exhibit 99.1 provide unaudited
summary financial information in accordance with the new
reporting segments for the previously reported fiscal years ended
June 30, 2015 and June 30, 2016, the previously reported quarters
in fiscal year 2016, and the first two quarters in fiscal year
2017.
The schedules in Exhibit 99.2 also include operating income by
reportable segment on both a generally accepted accounting
principles (GAAP) and a non-GAAP basis. Management believes that
the non-GAAP disclosure of operating income excluding special
items provides investors with useful supplemental information
regarding the underlying business trends and performance of DeVry
Groups ongoing operations and is useful for period-over-period
comparisons of such operations given the nature of the special
items. DeVry Group uses these supplemental financial measures
internally in its management and budgeting process. However,
these non-GAAP financial measures should be viewed in addition
to, and not as a substitute for, DeVry Groups reported results
prepared in accordance GAAP.
reportable segment on both a generally accepted accounting
principles (GAAP) and a non-GAAP basis. Management believes that
the non-GAAP disclosure of operating income excluding special
items provides investors with useful supplemental information
regarding the underlying business trends and performance of DeVry
Groups ongoing operations and is useful for period-over-period
comparisons of such operations given the nature of the special
items. DeVry Group uses these supplemental financial measures
internally in its management and budgeting process. However,
these non-GAAP financial measures should be viewed in addition
to, and not as a substitute for, DeVry Groups reported results
prepared in accordance GAAP.
This information does not restate DeVry Groups previously
reported consolidated financial statements for any period. It
does not change DeVry Groups previously reported consolidated
total assets, liabilities or shareholders equity or its reported
consolidated net income or earnings per share, nor does it
reflect any subsequent information or events, other than as
required to reflect the change in reporting segments as described
above. The updated information should be read in conjunction with
our previously filed reports on Form 10-K and Form 10-Q which are
not being recast for this change in reporting segments.
reported consolidated financial statements for any period. It
does not change DeVry Groups previously reported consolidated
total assets, liabilities or shareholders equity or its reported
consolidated net income or earnings per share, nor does it
reflect any subsequent information or events, other than as
required to reflect the change in reporting segments as described
above. The updated information should be read in conjunction with
our previously filed reports on Form 10-K and Form 10-Q which are
not being recast for this change in reporting segments.
In accordance with General Instruction B.2 of Form 8-K, the
information in this Item 8.01 of this current report on Form 8-K,
including Exhibits 99.1 and 99.2, shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), or otherwise subject to
the liabilities of that section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act
of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific references in such a filing.
information in this Item 8.01 of this current report on Form 8-K,
including Exhibits 99.1 and 99.2, shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), or otherwise subject to
the liabilities of that section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act
of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific references in such a filing.
DeVry Group management expects to file its Quarterly Report on
Form 10-Q for the quarter ended March 31, 2017 with the
Securities and Exchange Commission on or about May 4, 2017.
Form 10-Q for the quarter ended March 31, 2017 with the
Securities and Exchange Commission on or about May 4, 2017.
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Item 9.01
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Financial Statements and Exhibits
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99.1
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Schedule of Segment Financial Information for the years
ended June 30, 2015 and June 30, 2016, and quarters ended September 30, 2015 through December 31, 2016. |
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99.2
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Schedule of Non-GAAP Operating Income for the years ended
June 30, 2015 and June 30, 2016, and quarters ended September 30, 2015 through December 31, 2016. |
About DEVRY EDUCATION GROUP INC. (NYSE:DV)
DeVry Education Group Inc. (DeVry Group) is a global provider of educational services. DeVry Group’s focuses on empowering its students to achieve their educational and career goals. DeVry Group’s institutions offer a range of programs in healthcare, technology, business, accounting, finance and law. The Company operates in three segments: Medical and Healthcare; International and Professional Education, and Business, Technology and Management. Medical and Healthcare includes DeVry Medical International (DMI), Chamberlain College of Nursing (Chamberlain) and Carrington College (Carrington). International and Professional Education consists of DeVry Brasil and Becker Professional Education (Becker). Business, Technology and Management consists of DeVry University. As of June 30, 2016, DMI operated three institutions: American University of the Caribbean School of Medicine (AUC), Ross University School of Medicine (RUSM) and Ross University School of Veterinary Medicine (RUSVM). DEVRY EDUCATION GROUP INC. (NYSE:DV) Recent Trading Information
DEVRY EDUCATION GROUP INC. (NYSE:DV) closed its last trading session up +0.80 at 36.60 with 447,664 shares trading hands.
