Exhibit 99.2


Pro Forma Financial Information

The following supplemental pro forma information is presented for information purposes only, to provide an understanding of Adtalem’s historical financial results as adjusted for the sale of Adtalem Brazil. These pro forma financial statements should not be considered a substitute for the actual historical financial information prepared in accordance with generally accepted accounting principles, as presented in Adtalem’s filings on Form 10-K and Form 10-Q. The unaudited pro forma consolidated financial information disclosed in this report is for illustrative purposes only and is not necessarily indicative of results of operations that would have been achieved had the pro forma events taken place on the dates indicated, or our future consolidated results of operations.
 
The Pro Forma Consolidated Balance Sheet as of December 31, 2019 presents our consolidated financial position giving pro forma effect to the disposition of Adtalem Brazil as if it had occurred on December 31, 2019. The Pro Forma Consolidated Statements of Income for the years ended June 30, 2019, 2018, and 2017, and the six months ended December 31, 2019 present our consolidated results of operations giving pro forma effect to the disposition of Adtalem Brazil as if it had occurred on July 1, 2016, July 1, 2017, July 1, 2018, and July 1, 2019, respectively. These pro forma financial statements should be read in connection with Adtalem’s historical consolidated financial statements, which were included in the Annual Report on Form 10-K for the year ended June 30, 2019, filed on August 28, 2019 and Quarterly Report on Form 10-Q for the six months ended December 31, 2019, filed on February 4, 2020.
 
The pro forma adjustments are based on currently available information, estimates and assumptions that Adtalem believes are reasonable in order to reflect, on a pro forma basis, the impact of these dispositions on our historical information.
Adtalem Global Education Inc.
Pro Forma Consolidated Balance Sheet
(unaudited and amounts in thousands, except par value amounts)

   
December 31, 2019
  
   
Adtalem
    
Pro Forma
      
Adtalem
  
   
Historical
    
Adjustments
  
    
  
Pro Forma
  
Assets:
                    
Current assets:
                    
Cash and cash equivalents
  
$
67,282
    
$
497,017
  
(a)
  
$
564,299
  
Investments in marketable securities
    
9,229
      
—
        
9,229
  
Restricted cash
    
3,465
      
—
        
3,465
  
Accounts receivable, net
    
93,394
      
—
        
93,394
  
Prepaid expenses and other current assets
    
45,275
      
—
        
45,275
  
Current assets held for sale
    
171,284
      
(171,284
)
(b)
    
—
  
Total current assets
    
389,929
      
325,733
        
715,662
  
Noncurrent assets:
                          
Property and equipment, net
    
281,975
      
—
        
281,975
  
Operating lease assets
    
187,520
      
—
        
187,520
  
Deferred income taxes
    
15,588
      
—
        
15,588
  
Intangible assets, net
    
292,736
      
—
        
292,736
  
Goodwill
    
686,805
      
—
        
686,805
  
Other assets, net
    
82,850
      
—
        
82,850
  
Other assets held for sale
    
453,207
      
(453,207
)
(b)
    
—
  
Total noncurrent assets
    
2,000,681
      
(453,207
)
      
1,547,474
  
Total assets
  
$
2,390,610
    
$
(127,474
)
    
$
2,263,136
  
                           
Liabilities and shareholders' equity:
                          
Current liabilities:
                          
Accounts payable
  
$
31,457
    
$
—
      
$
31,457
  
Accrued payroll and benefits
    
39,088
      
—
        
39,088
  
Accrued liabilities
    
89,507
      
(28,006
)
(c)
    
61,501
  
Deferred revenue
    
51,413
      
—
        
51,413
  
Current operating lease liabilities
    
53,029
      
—
        
53,029
  
Current portion of long-term debt
    
3,000
      
—
        
3,000
  
Current liabilities held for sale
    
36,694
      
(36,694
)
(b)
    
—
  
Total current liabilities
    
304,188
      
(64,700
)
      
239,488
  
Noncurrent liabilities:
                          
Long-term debt
    
412,105
      
—
        
412,105
  
Long-term operating lease liabilities
    
180,002
      
—
        
180,002
  
Deferred income taxes
    
28,845
      
—
        
28,845
  
Other liabilities
    
91,643
      
—
        
91,643
  
Noncurrent liabilities held for sale
    
75,833
      
(75,833
)
(b)
    
—
  
Total noncurrent liabilities
    
788,428
      
(75,833
)
      
712,595
  
Total liabilities
    
1,092,616
      
(140,533
)
      
952,083
  
Redeemable noncontrolling interest
    
3,082
      
—
        
3,082
  
Shareholders' equity:
                          
Common stock, $0.01 par value per share
    
806
      
—
        
806
  
Additional paid-in capital
    
496,674
      
—
        
496,674
  
Retained earnings
    
2,032,788
      
(143,569
)
(d)
    
1,889,219
  
Accumulated other comprehensive loss
    
(159,118
)
    
156,628
  
(e)
    
(2,490
)
Treasury stock, at Cost
    
(1,076,238
)
    
—
        
(1,076,238
)
Total shareholders' equity
    
1,294,912
      
13,059
        
1,307,971
  
Total liabilities and shareholders' equity
  
$
2,390,610
    
$
(127,474
)
    
$
2,263,136
  
Notes to December 31, 2019 Pro Forma Consolidated Balance Sheet
(a)
Represents net proceeds received upon sale close of $424.0 million, in addition to $73.0 million in settlement of net cash balances.
(b)
Represents the elimination of the assets and liabilities associated with the business disposition. As of December 31, 2019, Adtalem Brazil assets and liabilities were classified as held for sale on Adtalem’s Consolidated Balance Sheet in the Form 10-Q filed on February 4, 2020.
(c)
Represents the removal of the deal-contingent hedge fair value liability.
(d)
Represents the estimated loss on the sale of Adtalem Brazil had the transaction closed on December 31, 2019. This amount is subject to finalization. This estimated loss is not included in the adjustments in the pro forma consolidated statement of income, as this amount will be included as discontinued operations in the consolidated statement of income of Adtalem following the disposition.
(e)
Represents the release of accumulated other comprehensive loss associated with Adtalem Brazil into earnings.

Adtalem Global Education Inc.
Pro Forma Consolidated Statement of Income
(unaudited and amounts in thousands, except per share amounts)
 
   
Six Months Ended December 31, 2019
  
   
Adtalem
    
Pro Forma
      
Adtalem
  
   
Historical
    
Adjustments (a)
  
    
  
Pro Forma
  
Revenue
  
$
520,785
    
$
—
      
$
520,785
  
Operating cost and expense:
                          
Cost of educational services
    
255,292
      
—
        
255,292
  
Student services and administrative expense
    
195,735
      
—
        
195,735
  
Restructuring expense
    
8,485
      
—
        
8,485
  
Gain on sale of assets
    
(4,779
)
    
—
        
(4,779
)
Total operating cost and expense
    
454,733
      
—
        
454,733
  
Operating income from continuing operations
    
66,052
      
—
        
66,052
  
Other income (expense):
                          
Interest and dividend income
    
1,893
      
—
        
1,893
  
Interest expense
    
(10,394
)
    
—
        
(10,394
)
Investment gain
    
442
      
—
        
442
  
Loss on derivative
    
(28,006
)
    
28,006
  
(b)
    
—
  
Net other expense
    
(36,065
)
    
28,006
        
(8,059
)
Income from continuing operations before income taxes
    
29,987
      
28,006
        
57,993
  
Income tax provision
    
(11,276
)
    
—
        
(11,276
)
Income from continuing operations
    
18,711
      
28,006
        
46,717
  
Discontinued operations:
                          
Income (loss) from discontinued operations before income taxes
    
411
      
(10,216
)
      
(9,805
)
Income tax benefit
    
550
      
1,833
        
2,383
  
Income (loss) from discontinued operations
    
961
      
(8,383
)
      
(7,422
)
Net income
    
19,672
      
19,623
        
39,295
  
Net loss attributable to redeemable noncontrolling interest from continuing operations
    
214
      
—
        
214
  
Net income attributable to Adtalem Global Education
  
$
19,886
    
$
19,623
      
$
39,509
  
                           
Amounts attributable to Adtalem Global Education:
                          
Net income from continuing operations
  
$
18,925
    
$
28,006
      
$
46,931
  
Net income (loss) from discontinued operations
    
961
      
(8,383
)
      
(7,422
)
Net income attributable to Adtalem Global Education
  
$
19,886
    
$
19,623
      
$
39,509
  
                           
Earnings (loss) per share attributable to Adtalem Global Education:
                          
Basic:
                          
Continuing operations
  
$
0.35
    
$
0.51
      
$
0.86
  
Discontinued operations
  
$
0.02
    
$
(0.15
)
    
$
(0.14
)
Net
  
$
0.36
    
$
0.36
      
$
0.72
  
Diluted:
                          
Continuing operations
  
$
0.34
    
$
0.51
      
$
0.85
  
Discontinued operations
  
$
0.02
    
$
(0.15
)
    
$
(0.13
)
Net
  
$
0.36
    
$
0.36
      
$
0.72
  
                           
Weighted-average shares outstanding:
                          
Basic shares
    
54,691
      
54,691
        
54,691
  
Diluted shares
    
55,192
      
55,192
        
55,192
  
Notes to December 31, 2019 Pro Forma Consolidated Statement of Income
(a)
Represents the elimination of the operating results associated with the Adtalem Brazil business disposition. As of December 31, 2019, Adtalem Brazil operating results were classified as discontinued operations in Adtalem’s Consolidated Statement of Income in the Form 10-Q filed on February 4, 2020.
(b)
Adtalem entered into a deal-contingent foreign currency hedge arrangement to economically hedge the Brazilian Real denominated sales price through mitigation of the currency exchange rate risk. The derivative associated with the hedge agreement does not qualify for hedge accounting treatment under Accounting Standards Codification (“ASC”) 815, and as a result, all changes in fair value are recorded within the income statement. Adtalem recorded a pre-tax unrealized loss on the hedge agreement derivative based on the foreign exchange forward spot rate as of December 31, 2019 of $28.0 million in the second quarter of fiscal year 2020.

Adtalem Global Education Inc.
Pro Forma Consolidated Statement of Income
(unaudited and amounts in thousands, except per share amounts)
 
   
Year Ended June 30, 2019
  
   
Adtalem
    
Pro Forma
    
Adtalem
  
   
Historical
    
Adjustments (a)
    
Pro Forma
  
Revenue
  
$
1,239,687
    
$
(225,844
)
  
$
1,013,843
  
Operating cost and expense:
                        
Cost of educational services
    
623,540
      
(151,758
)
    
471,782
  
Student services and administrative expense
    
400,411
      
(41,069
)
    
359,342
  
Restructuring expense
    
55,925
      
(2,858
)
    
53,067
  
Settlement gains
    
(26,178
)
    
—
      
(26,178
)
Total operating cost and expense
    
1,053,698
      
(195,685
)
    
858,013
  
Operating income from continuing operations
    
185,989
      
(30,159
)
    
155,830
  
Other income (expense):
                        
Interest and dividend income
    
7,976
      
(4,008
)
    
3,968
  
Interest expense
    
(23,631
)
    
3,733
      
(19,898
)
Investment loss
    
(153
)
    
—
      
(153
)
Net other expense
    
(15,808
)
    
(275
)
    
(16,083
)
Income from continuing operations before income taxes
    
170,181
      
(30,434
)
    
139,747
  
Income tax provision
    
(34,157
)
    
1,279
      
(32,878
)
Income from continuing operations
    
136,024
      
(29,155
)
    
106,869
  
Discontinued operations:
                        
Income from discontinued operations before income taxes
    
(14,630
)
    
—
      
(14,630
)
Loss on disposal of discontinued operations before income taxes
    
(33,604
)
    
—
      
(33,604
)
Income tax benefit
    
7,791
      
—
      
7,791
  
Loss from discontinued operations
    
(40,443
)
    
—
      
(40,443
)
Net income
    
95,581
      
(29,155
)
    
66,426
  
Net (income) loss attributable to redeemable noncontrolling interest
    
(413
)
    
791
      
378
  
Net income attributable to Adtalem Global Education
  
$
95,168
    
$
(28,364
)
  
$
66,804
  
                         
Amounts attributable to Adtalem Global Education:
                        
Net income from continuing operations
  
$
135,611
    
$
(28,364
)
  
$
107,247
  
Net loss from discontinued operations
    
(40,443
)
    
—
      
(40,443
)
Net income attributable to Adtalem Global Education
  
$
95,168
    
$
(28,364
)
  
$
66,804
  
                         
Earnings (loss) per share attributable to Adtalem Global Education:
                        
Basic:
                        
Continuing operations
  
$
2.32
    
$
(0.48
)
  
$
1.83
  
Discontinued operations
  
$
(0.69
)
  
$
—
    
$
(0.69
)
Net
  
$
1.63
    
$
(0.48
)
  
$
1.14
  
Diluted:
                        
Continuing operations
  
$
2.29
    
$
(0.48
)
  
$
1.81
  
Discontinued operations
  
$
(0.68
)
  
$
—
    
$
(0.68
)
Net
  
$
1.60
    
$
(0.48
)
  
$
1.13
  
                         
Weighted-average shares outstanding:
                        
Basic shares
    
58,540
      
58,540
      
58,540
  
Diluted shares
    
59,330
      
59,330
      
59,330
  
Notes to June 30, 2019 Pro Forma Consolidated Statement of Income
(a)
Represents the elimination of the operating results associated with the Adtalem Brazil business disposition.

Adtalem Global Education Inc.
Pro Forma Consolidated Statement of Income
(unaudited and amounts in thousands, except per share amounts)
 
   
Year Ended June 30, 2018
  
   
Adtalem
    
Pro Forma
    
Adtalem
  
   
Historical
    
Adjustments (a)
    
Pro Forma
  
Revenue
  
$
1,231,211
    
$
(270,934
)
  
$
960,277
  
Operating cost and expense:
                        
Cost of educational services
    
645,604
      
(184,047
)
    
461,557
  
Student services and administrative expense
    
373,064
      
(45,357
)
    
327,707
  
Restructuring expense
    
5,067
      
(1,216
)
    
3,851
  
Total operating cost and expense
    
1,023,735
      
(230,620
)
    
793,115
  
Operating income from continuing operations
    
207,476
      
(40,314
)
    
167,162
  
Other income (expense):
                        
Interest and dividend income
    
5,827
      
(5,229
)
    
598
  
Interest expense
    
(14,620
)
    
3,039
      
(11,581
)
Net other expense
    
(8,793
)
    
(2,190
)
    
(10,983
)
Income from continuing operations before income taxes
    
198,683
      
(42,504
)
    
156,179
  
Income tax provision
    
(84,102
)
    
(4,005
)
    
(88,107
)
Equity method investment loss
    
(138
)
    
—
      
(138
)
Income from continuing operations
    
114,443
      
(46,509
)
    
67,934
  
Discontinued operations:
                        
Loss from discontinued operations before income taxes
    
(124,162
)
    
—
      
(124,162
)
Income tax benefit
    
44,016
      
—
      
44,016
  
Loss from discontinued operations
    
(80,146
)
    
—
      
(80,146
)
Net income (loss)
    
34,297
      
(46,509
)
    
(12,212
)
Net (income) loss attributable to redeemable noncontrolling interest
    
(528
)
    
1,023
      
495
  
Net income (loss) attributable to Adtalem Global Education
  
$
33,769
    
$
(45,486
)
  
$
(11,717
)
                         
Amounts attributable to Adtalem Global Education:
                        
Net income from continuing operations
  
$
113,915
    
$
(45,486
)
  
$
68,429
  
Net loss from discontinued operations
    
(80,146
)
    
—
      
(80,146
)
Net income attributable to Adtalem Global Education
  
$
33,769
    
$
(45,486
)
  
$
(11,717
)
                         
Earnings (loss) per share attributable to Adtalem Global Education:
                        
Basic:
                        
Continuing operations
  
$
1.85
    
$
(0.74
)
  
$
1.11
  
Discontinued operations
  
$
(1.30
)
  
$
—
    
$
(1.30
)
Net
  
$
0.55
    
$
(0.74
)
  
$
(0.19
)
Diluted:
                        
Continuing operations
  
$
1.83
    
$
(0.73
)
  
$
1.10
  
Discontinued operations
  
$
(1.29
)
  
$
—
    
$
(1.29
)
Net
  
$
0.54
    
$
(0.73
)
  
$
(0.19
)
                         
Weighted-average shares outstanding:
                        
Basic shares
    
61,462
      
61,462
      
61,462
  
Diluted shares
    
62,280
      
62,280
      
62,280
  
Notes to June 30, 2018 Pro Forma Consolidated Statement of Income
(a)
Represents the elimination of the operating results associated with the Adtalem Brazil business disposition.

Adtalem Global Education Inc.
Pro Forma Consolidated Statement of Income
(unaudited and amounts in thousands, except per share amounts)
 
   
Year Ended June 30, 2017
  
   
Adtalem
    
Pro Forma
    
Adtalem
  
   
Historical
    
Adjustments (a)
    
Pro Forma
  
Revenue
  
$
1,207,909
    
$
(276,340
)
  
$
931,569
  
Operating cost and expense:
                        
Cost of educational services
    
638,245
      
(189,469
)
    
448,776
  
Student services and administrative expense
    
369,043
      
(39,159
)
    
329,884
  
Restructuring expense
    
12,973
      
—
      
12,973
  
Regulatory settlements
    
52,150
      
—
      
52,150
  
Total operating cost and expense
    
1,072,411
      
(228,628
)
    
843,783
  
Operating income from continuing operations
    
135,498
      
(47,712
)
    
87,786
  
Other income (expense):
                        
Interest and dividend income
    
4,905
      
(4,733
)
    
172
  
Interest expense
    
(9,144
)
    
2,250
      
(6,894
)
Net other expense
    
(4,239
)
    
(2,483
)
    
(6,722
)
Income from continuing operations before income taxes
    
131,259
      
(50,195
)
    
81,064
  
Income tax provision
    
(9,594
)
    
6,612
      
(2,982
)
Equity method investment loss
    
(694
)
    
—
      
(694
)
Income from continuing operations
    
120,971
      
(43,583
)
    
77,388
  
Discontinued operations:
                        
Income from discontinued operations before income taxes
    
3,135
      
—
      
3,135
  
Income tax provision
    
(826
)
    
—
      
(826
)
Income from discontinued operations
    
2,309
      
—
      
2,309
  
Net income
    
123,280
      
(43,583
)
    
79,697
  
Net income attributable to redeemable noncontrolling interest
    
(997
)
    
997
      
—
  
Net income attributable to Adtalem Global Education
  
$
122,283
    
$
(42,586
)
  
$
79,697
  
                         
Amounts attributable to Adtalem Global Education:
                        
Net income from continuing operations
  
$
119,974
    
$
(42,586
)
  
$
77,388
  
Net income from discontinued operations
    
2,309
      
—
      
2,309
  
Net income attributable to Adtalem Global Education
  
$
122,283
    
$
(42,586
)
  
$
79,697
  
                         
Earnings (loss) per share attributable to Adtalem Global Education:
                        
Basic:
                        
Continuing operations
  
$
1.89
    
$
(0.67
)
  
$
1.22
  
Discontinued operations
  
$
0.04
    
$
—
    
$
0.04
  
Net
  
$
1.93
    
$
(0.67
)
  
$
1.26
  
Diluted:
                        
Continuing operations
  
$
1.87
    
$
(0.67
)
  
$
1.21
  
Discontinued operations
  
$
0.04
    
$
—
    
$
0.04
  
Net
  
$
1.91
    
$
(0.67
)
  
$
1.24
  
                         
Weighted-average shares outstanding:
                        
Basic shares
    
63,499
      
63,499
      
63,499
  
Diluted shares
    
64,019
      
64,019
      
64,019
  
Notes to June 30, 2017 Pro Forma Consolidated Statement of Income
(a)
Represents the elimination of the operating results associated with the Adtalem Brazil business disposition.