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 ACAMS, Becker, and OCL. 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, 2021 presents our consolidated financial position giving pro forma effect to the disposition of ACAMS, Becker, and OCL as if it had occurred on December 31, 2021. The Pro Forma Consolidated Statements of Income (Loss) for the six months ended December 31, 2021 and for the years ended June 30, 2021, 2020, and 2019, present our consolidated results of operations giving pro forma effect to the disposition of ACAMS, Becker, and OCL as if it had occurred on July 1, 2021, July 1, 2020, July 1, 2019, and July 1, 2018, 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, 2021, filed on August 19, 2021 and Quarterly Report on Form 10-Q for the six months ended December 31, 2021, filed on February 8, 2022.
 
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 in thousands, except par value)

                             
   
December 31, 2021
  
         
Transaction Accounting Adjustments
          
   
Adtalem
    
Disposition
      
Debt
      
Adtalem
  
   
Historical
    
Adjustments
  
    
  
Adjustments
  
    
  
Pro Forma
  
Assets:
                            
Current assets:
                            
Cash and cash equivalents
  
$
275,420
    
$
854,207
  
(a)
  
$
(770,000
)
(e)
  
$
359,627
  
Restricted cash
    
1,224
      
—
        
—
        
1,224
  
Accounts receivable, net
    
92,744
      
—
        
—
        
92,744
  
Prepaid expenses and other current assets
    
166,722
      
—
        
—
        
166,722
  
Current assets held for sale
    
74,397
      
(74,244
)
(b)
    
—
        
153
  
Total current assets
    
610,507
      
779,963
        
(770,000
)
      
620,470
  
Noncurrent assets:
                                    
Property and equipment, net
    
301,666
      
—
        
—
        
301,666
  
Operating lease assets
    
155,356
      
—
        
—
        
155,356
  
Deferred income taxes
    
61,536
      
—
        
—
        
61,536
  
Intangible assets, net
    
923,701
      
—
        
—
        
923,701
  
Goodwill
    
960,058
      
—
        
—
        
960,058
  
Other assets, net
    
117,621
      
—
        
—
        
117,621
  
Noncurrent assets held for sale
    
529,328
      
(529,232
)
(b)
    
—
        
96
  
Total noncurrent assets
    
3,049,266
      
(529,232
)
      
—
        
2,520,034
  
Total assets
  
$
3,659,773
    
$
250,731
      
$
(770,000
)
    
$
3,140,504
  
                                     
Liabilities and shareholders' equity:
                                    
Current liabilities:
                                    
Accounts payable
  
$
65,422
    
$
—
      
$
—
      
$
65,422
  
Accrued payroll and benefits
    
52,086
      
—
        
—
        
52,086
  
Accrued liabilities
    
134,585
      
—
        
—
        
134,585
  
Deferred revenue
    
124,347
      
—
        
—
        
124,347
  
Current operating lease liabilities
    
54,845
      
—
        
—
        
54,845
  
Current portion of long-term debt
    
8,500
      
—
        
—
        
8,500
  
Current liabilities held for sale
    
57,690
      
(56,300
)
(b)
    
—
        
1,390
  
Total current liabilities
    
497,475
      
(56,300
)
      
—
        
441,175
  
Noncurrent liabilities:
                                    
Long-term debt
    
1,599,538
      
—
        
(750,364
)
(f)
    
849,174
  
Long-term operating lease liabilities
    
155,827
      
—
        
—
        
155,827
  
Deferred income taxes
    
27,127
      
—
        
—
        
27,127
  
Other liabilities
    
58,040
      
—
        
—
        
58,040
  
Noncurrent liabilities held for sale
    
32,086
      
(32,049
)
(b)
    
—
        
37
  
Total noncurrent liabilities
    
1,872,618
      
(32,049
)
      
(750,364
)
      
1,090,205
  
Total liabilities
    
2,370,093
      
(88,349
)
      
(750,364
)
      
1,531,380
  
Redeemable noncontrolling interest
    
1,790
      
—
        
—
        
1,790
  
Shareholders' equity:
                                    
Common stock, $0.01 par value per share
    
817
      
—
        
—
        
817
  
Additional paid-in capital
    
542,296
      
—
        
—
        
542,296
  
Retained earnings
    
1,964,954
      
340,119
  
(c)
    
(19,636
)
(g)
    
2,285,437
  
Accumulated other comprehensive loss
    
(634
)
    
(1,039
)
(d)
    
—
        
(1,673
)
Treasury stock, at cost
    
(1,219,543
)
    
—
        
—
        
(1,219,543
)
Total shareholders' equity
    
1,287,890
      
339,080
        
(19,636
)
      
1,607,334
  
Total liabilities and shareholders' equity
  
$
3,659,773
    
$
250,731
      
$
(770,000
)
    
$
3,140,504
  
Notes to December 31, 2021 Pro Forma Consolidated Balance Sheet
(a)
Represents net, after tax proceeds received upon sale close of $854.2 million. Includes proceeds received for cash balances and reduction for estimated transaction expenses due at the time of close.
(b)
Represents the elimination of the assets and liabilities associated with the business disposition. As of December 31, 2021, ACAMS, Becker, and OCL assets and liabilities were classified as held for sale on Adtalem’s Consolidated Balance Sheet in the Form 10-Q filed on February 8, 2022.
(c)
Represents the estimated gain on the sale of ACAMS, Becker, and OCL had the transaction closed on December 31, 2021. This amount is subject to finalization. This estimated gain 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 in the period of the disposition.
(d)
Represents the release of accumulated other comprehensive loss associated with ACAMS into earnings.
(e)
Represents the anticipated use of $770.0 million of net proceeds to paydown debt.
(f)
Represents the anticipated debt reduction and associated pro-rated deferred financing fees write-off.
(g)
Represents the anticipated pro-rated deferred financing fees write-off charge had the debt paydown occurred on December 31, 2021.



Adtalem Global Education Inc.
Pro Forma Consolidated Statement of Loss
(unaudited and in thousands, except per share data)

                         
   
Six Months Ended December 31, 2021
  
         
Transaction Accounting Adjustments
        
   
Adtalem
    
Disposition
    
Debt
    
Adtalem
  
   
Historical
    
Adjustments (a)
    
Adjustments (b)
    
Pro Forma
  
Revenue
  
$
660,268
    
$
—
    
$
—
    
$
660,268
  
Operating cost and expense:
                                
Cost of educational services
    
332,470
      
—
      
—
      
332,470
  
Student services and administrative expense
    
283,033
      
—
      
—
      
283,033
  
Restructuring expense
    
6,481
      
—
      
—
      
6,481
  
Business acquisition and integration expense
    
35,613
      
—
      
—
      
35,613
  
Total operating cost and expense
    
657,597
      
—
      
—
      
657,597
  
Operating income
    
2,671
      
—
      
—
      
2,671
  
Other income (expense):
                                
Interest and dividend income
    
1,739
      
—
      
—
      
1,739
  
Interest expense
    
(73,322
)
    
—
      
22,212
      
(51,110
)
Net other expense
    
(71,583
)
    
—
      
22,212
      
(49,371
)
Loss from continuing operations before income taxes
    
(68,912
)
    
—
      
22,212
      
(46,700
)
Benefit from (provision for) income taxes
    
30,764
      
—
      
(50,128
)
    
(19,364
)
Net loss from continuing operations
    
(38,148
)
    
—
      
(27,916
)
    
(66,064
)
                                 
Loss per share from continuing operations:
                                
Basic
  
$
(0.77
)
                  
$
(1.33
)
Diluted
  
$
(0.77
)
                  
$
(1.33
)
                                 
Weighted-average shares outstanding:
                                
Basic shares
    
49,719
                      
49,719
  
Diluted shares
    
49,719
                      
49,719
  
Notes to December 31, 2021 Pro Forma Consolidated Statement of Loss
(a)
Represents the elimination of the operating results associated with the ACAMS, Becker, and OCL business disposition. As of December 31, 2021, ACAMS, Becker, and OCL operating results were classified as discontinued operations in Adtalem’s Consolidated Statement of Loss in the Form 10-Q filed on February 8, 2022, resulting in no adjustments to this period.
(b)
Represents the after-tax interest expense impact associated with the anticipated debt paydown had it occurred on July 1, 2021.


Adtalem Global Education Inc.
Pro Forma Consolidated Statement of Income
(unaudited and in thousands, except per share data)

                         
   
Year Ended June 30, 2021
  
         
Transaction Accounting Adjustments
        
   
Adtalem
    
Disposition
    
Debt
    
Adtalem
  
   
Historical
    
Adjustments (a)
    
Adjustments (b)
    
Pro Forma
  
Revenue
  
$
1,112,380
    
$
(203,946
)
  
$
—
    
$
908,434
  
Operating cost and expense:
                                
Cost of educational services
    
489,233
      
(30,687
)
    
—
      
458,546
  
Student services and administrative expense
    
420,267
      
(125,644
)
    
—
      
294,623
  
Restructuring expense
    
9,804
      
(2,935
)
    
—
      
6,869
  
Business acquisition and integration expense
    
31,593
      
—
      
—
      
31,593
  
Total operating cost and expense
    
950,897
      
(159,266
)
    
—
      
791,631
  
Operating income
    
161,483
      
(44,680
)
    
—
      
116,803
  
Other income (expense):
                                
Interest and dividend income
    
4,094
      
—
      
—
      
4,094
  
Interest expense
    
(41,365
)
    
—
      
12,440
      
(28,925
)
Investment gain
    
2,638
      
—
      
—
      
2,638
  
Net other expense
    
(34,633
)
    
—
      
12,440
      
(22,193
)
Income from continuing operations before income taxes
    
126,850
      
(44,680
)
    
12,440
      
94,610
  
Provision for income taxes
    
(25,248
)
    
12,159
      
(3,108
)
    
(16,197
)
Income from continuing operations
    
101,602
      
(32,521
)
    
9,332
      
78,413
  
Net loss attributable to redeemable noncontrolling interest from continuing operations
    
434
      
—
      
—
      
434
  
Net income from continuing operations
  
$
102,036
    
$
(32,521
)
  
$
9,332
    
$
78,847
  
                                 
Earnings per share from continuing operations:
                                
Basic
  
$
1.99
                    
$
1.54
  
Diluted
  
$
1.98
                    
$
1.53
  
                                 
Weighted-average shares outstanding:
                                
Basic shares
    
51,322
                      
51,322
  
Diluted shares
    
51,645
                      
51,645
  
Notes to June 30, 2021 Pro Forma Consolidated Statement of Income
(a)
Represents the elimination of the operating results associated with the ACAMS, Becker, and OCL business disposition.
(b)
Represents the after-tax interest expense impact associated with the anticipated debt paydown had it occurred on July 1, 2020.

Adtalem Global Education Inc.
Pro Forma Consolidated Statement of Loss
(unaudited and in thousands, except per share data)

                         
   
Year Ended June 30, 2020
  
         
Transaction Accounting Adjustments
        
   
Adtalem
    
Disposition
    
Debt
    
Adtalem
  
   
Historical
    
Adjustments (a)
    
Adjustments (b)
    
Pro Forma
  
Revenue
  
$
1,052,001
    
$
(182,475
)
  
$
—
    
$
869,526
  
Operating cost and expense:
                                
Cost of educational services
    
490,054
      
(31,454
)
    
—
      
458,600
  
Student services and administrative expense
    
395,838
      
(112,425
)
    
—
      
283,413
  
Restructuring expense
    
28,628
      
(4,945
)
    
—
      
23,683
  
Gain on sale of assets
    
(4,779
)
    
—
      
—
      
(4,779
)
Total operating cost and expense
    
909,741
      
(148,824
)
    
—
      
760,917
  
Operating income
    
142,260
      
(33,651
)
    
—
      
108,609
  
Other income (expense):
                                
Interest and dividend income
    
3,688
      
—
      
—
      
3,688
  
Interest expense
    
(19,510
)
    
—
      
—
      
(19,510
)
Investment gain
    
18
      
—
      
—
      
18
  
Gain on derivative
    
110,723
      
—
      
—
      
110,723
  
Net other income
    
94,919
      
—
      
—
      
94,919
  
Income from continuing operations before income taxes
    
237,179
      
(33,651
)
    
—
      
203,528
  
Benefit from income taxes
    
6,358
      
8,581
      
—
      
14,939
  
Income from continuing operations
    
243,537
      
(25,070
)
    
—
      
218,467
  
Net loss attributable to redeemable noncontrolling interest from continuing operations
    
444
      
—
      
—
      
444
  
Net income from continuing operations
  
$
243,981
    
$
(25,070
)
  
$
—
    
$
218,911
  
                                 
Earnings per share from continuing operations:
                                
Basic
  
$
4.55
                    
$
4.08
  
Diluted
  
$
4.51
                    
$
4.05
  
                                 
Weighted-average shares outstanding:
                                
Basic shares
    
53,659
                      
53,659
  
Diluted shares
    
54,094
                      
54,094
  
Notes to June 30, 2020 Pro Forma Consolidated Statement of loss
(a)
Represents the elimination of the operating results associated with the ACAMS, Becker, and OCL business disposition.
(b)
Represents the after-tax interest expense impact associated with the anticipated debt paydown had it occurred on July 1, 2019. The associated debt paydown relates to agreements entered into during fiscal year 2021, resulting in no adjustments to this period.


Adtalem Global Education Inc.
Pro Forma Consolidated Statement of Income
(unaudited and in thousands, except per share data)

                         
   
Year Ended June 30, 2019
  
         
Transaction Accounting Adjustments
        
   
Adtalem
    
Disposition
    
Debt
    
Adtalem
  
   
Historical
    
Adjustments (a)
    
Adjustments (b)
    
Pro Forma
  
Revenue
  
$
1,013,843
    
$
(163,463
)
  
$
—
    
$
850,380
  
Operating cost and expense:
                                
Cost of educational services
    
471,782
      
(29,044
)
    
—
      
442,738
  
Student services and administrative expense
    
359,342
      
(86,922
)
    
—
      
272,420
  
Restructuring expense
    
53,067
      
(1,304
)
    
—
      
51,763
  
Settlement gains
    
(26,178
)
    
—
      
—
      
(26,178
)
Total operating cost and expense
    
858,013
      
(117,270
)
    
—
      
740,743
  
Operating income
    
155,830
      
(46,193
)
    
—
      
109,637
  
Other income (expense):
                                
Interest and dividend income
    
3,968
      
—
      
—
      
3,968
  
Interest expense
    
(19,898
)
    
—
      
—
      
(19,898
)
Investment loss
    
(153
)
    
—
      
—
      
(153
)
Net other expense
    
(16,083
)
    
—
      
—
      
(16,083
)
Income from continuing operations before income taxes
    
139,747
      
(46,193
)
    
—
      
93,554
  
Provision for income taxes
    
(32,878
)
    
12,374
      
—
      
(20,504
)
Income from continuing operations
    
106,869
      
(33,819
)
    
—
      
73,050
  
Net loss attributable to redeemable noncontrolling interest from continuing operations
    
378
      
—
      
—
      
378
  
Net income from continuing operations
  
$
107,247
    
$
(33,819
)
  
$
—
    
$
73,428
  
                                 
Earnings per share from continuing operations:
                                
Basic
  
$
1.83
                    
$
1.25
  
Diluted
  
$
1.81
                    
$
1.24
  
                                 
Weighted-average shares outstanding:
                                
Basic shares
    
58,540
                      
58,540
  
Diluted shares
    
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 ACAMS, Becker, and OCL business disposition.
(b)
Represents the after-tax interest expense impact associated with the anticipated debt paydown had it occurred on July 1, 2018. The associated debt paydown relates to agreements entered into during fiscal year 2021, resulting in no adjustments to this period.