Exhibit 99.1
Investor DayMay 13, 2019
Safe Harbor Certain statements contained in this presentation concerning Adtalem Global Education’s future
performance, including those statements concerning expectations or plans, constitute “forward-looking statements” within the meaning of the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. These forward-looking
statements generally can be identified by phrases such as Adtalem Global Education or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates,” “plans,” “intends” or other words or phrases of similar import.
Actual results may differ materially from those projected or implied by these forward-looking statements. Potential risks, uncertainties and other factors that could cause results to differ are described more fully in Item 1A, "Risk Factors," in
the most recent Annual Report on Form 10-K for the year ending June 30, 2018 and filed with the Securities and Exchange Commission (SEC) on August 24, 2018 and its most recent Quarterly Report on Form 10-Q for the quarter ending March 31, 2019
and filed with the SEC on May 2, 2019.Non-GAAP Financial MeasuresThis presentation includes references to certain financial measures that are not calculated in accordance with generally accepted accounting principles in the United States
(“GAAP”). Management believes that the non-GAAP disclosures provide investors with useful supplemental information regarding the underlying business trends and performance of Adtalem’s ongoing operations and are useful for period-over-period
comparisons of such operations. Adtalem uses these supplemental financial measures internally in its assessment of the performance of its portfolio of investments. These non-GAAP financial measures have important limitations and should not be
considered in isolation or as a substitute for measures of Adtalem’s financial performance prepared in accordance with GAAP. For how we define the non-GAAP financial measures, including EBITDA, and a reconciliation of each non-GAAP financial measure
to the most directly comparable GAAP measure, please refer to the reconciliation at the end of this presentation.
12:00 Welcome John Kristoff12:05 Adtalem Today: Poised for Growth Lisa Wardell12:30 The Workforce Solutions
Provider Model Stephen Beard 1:00 Enterprise-Level Financial Strategy Lisa Wardell 1:20 Vertical Overviews Medical & Healthcare Kathy Boden Holland Financial Services Mehul Patel Business & Law Thiago Sayão 2:05 Break 2:20 Academic Panel
Maira Habimorad, Mehul Patel, Karen Cox, William Owen 2:40 Financial Overview Patrick Unzicker 3:10 Q&A Agenda
Adtalem Today: Poised for Growth Lisa WardellPresident and Chief Executive Officer
Substantial Progress Since May 2018 Investor Day Streamlined portfolio with the divestitures of DeVry
University/Carrington CollegeCompleted permanent relocation of Ross University School of Medicine to BarbadosReturned AUC to St. Maarten, with a new permanent satellite campus in the U.K.Introduced Workforce Solutions Provider with new
verticals/organizational structure – Medical & Healthcare, Financial Services, and Business & LawEnhanced financial performance driven by organic growth through new programs/ product offerings, margin expansion, cost efficiencies, and a
focus on B2B partnerships/ customersMaintained strong track record of capital allocation through organic investment in growing businesses, share repurchases, and strategically aligned pending acquisition of OCL Financial Services
Strong cash flow generation and solid financial position with focus on shareholder
returns Experienced, global management team Mission-based organization focused on serving student and employer partners Streamlined and focused business/ enhanced long-term strategy Compelling Investment Thesis Substantial organic revenue
growth and margin expansion opportunities Leading positions with competitive differentiated products in attractive, growing markets
Robust Portfolio with Diverse Revenue Mix andRevenue Growth Opportunities Medical &
Healthcare Financial Services Business & Law
Leading positions in attractive, growing markets with compelling organic revenue growth opportunities. One
of the largest Medical and Healthcare tertiary educationproviders globally ATB ranked No. 1 institution in 8 of 12cities where wecompete in Brazil No. 1 or 2 brandin all professional services offerings ACAMS, supportedby Becker and OCL,
driving organic growth opportunities in Financial Services Leading Market Positions and Growing Opportunities
Mission-Based Organization Serving Students and Employer Partners Our Vision Is to Empower ESG
Strategy Enhance communities in which we teach, learn and work by operating sustainably, maintaining responsible governance standards and supporting our global communityOngoing efforts include documenting and increasing programs in supplier
diversity, employee and vendor diversity and inclusion, waste energy and community investment Empower our students to achieve their goals and encourage our students to make inspiring contributions to the global communityProduce more marketable
graduates who can fill employer partners’ talent needsForm deep partnerships with employers who provide careers and advancement/new skills for our graduates/members Provide comprehensive solutions for multinational corporations, financial
services firms and hospital systemsDrive intentional diversity in our employees, student body and suppliersPractice our values of Teamwork, Energy, Accountability, Community and Heart 9 ©2019 Adtalem Global Education Inc. All rights
reserved.
Embraces education mission and broadens our customer baseBuilds upon existing strengths – brands, product
demand, functional synergies – to drive value creation across the portfolioEnhances solution set and creates more value for stakeholders, especially employers looking for talent acquisition, development and retentionStrengthens new product
development capability across the portfolio that sets the stage for long-term organic growthLeverages the existing portfolio while transforming how we integrate and deploy capabilities across the enterpriseLeverages corporate partnership
capability that is driving incremental revenue for all business units Streamlined Business and Enhanced Long-Term Enterprise Strategy
Increasing capacity in medical and veterinary schools with university and employer partnerships, satellite
campus, new programsAdding in-demand graduate programs at Chamberlain in nursing and health professions collegesDriving sales in financial services through product differentiation (Becker) and geographic and language offering expansion
(ACAMS)Participating in growing trend of distance learning, particularly in Brazil, to support continuing enrollmentCapitalizing on strong brands across portfolio todrive growth Return to enrollment growth at medical and veterinarian
schools Increased relevancy of brands through product differentiation and customer responsiveness Expansion of higher margin online programs, i.e., graduate at Chamberlain and CPE in financial services Organic Growth and
Margin Expansion Opportunities Accelerating organic growth supported by increasing operational efficiencies.
Strong cash flow generation, healthy margin profile, solid financial position supports future growth
initiatives and shareholder returns. Significant discretionary free cash flow with continued focus on maintaining financial strength and flexibilityReduced cost of capital driven byrecent balance sheet recapitalizationStrong and consistent
marginsPrudent use of CapEx to drive incremental revenue over time Financial Overview1 1 Fiscal years ended June 30. From continuing operations excluding special items. $ IN MILLIONS 14.4% 14.7% 16.6% 17.3% Percentage Margin Strong
Financial Position and Cash Generation
Experienced, Global Management Team Lisa Wardell was appointed President and CEO in 2016 and has been a
member of Adtalem’s Board of Directors since 2008Prior to her current position with Adtalem, Wardell was Executive Vice President and Chief Operating Officer for The RLJ Companies, a diversified holding company, bringing significant experience in
corporate development, M&A and strategyShe currently serves on the Board of Directors for Lowe’s Home Improvement and THINK450, the commercial subsidiary of the National Basketball Players AssociationShe is also a member of The Business
Council, the Executive Leadership Council, CEO Action for Diversity and Inclusion and the Fortune CEO Initiative Lisa WardellPresident and CEO Patrick UnzickerChief Financial Officer Patrick Unzicker was appointed Senior Vice President, Chief
Financial Officer and Treasurer for Adtalem Global Education in 2016Unzicker joined Adtalem in 2006 as ControllerBefore joining Adtalem, Unzicker served as Vice President and Controller of Whitehall JewelersUnzicker is on the Board of Trustees of
the Catholic Theological Union and serves on the Advisory Board of the Accounting and Business Law department of Loyola University Chicago Stephen W. BeardChief Operating Officer, General Counsel and Corporate Secretary Stephen Beard was
appointed Chief Operating Officer and General Counsel for Adtalem Global Education in 2019Beard joined Adtalem in 2018 as General CounselBefore joining Adtalem, Beard served as Chief Administrative Officer and General Counsel of Heidrick &
StrugglesPrior to Heidrick, Beard served as an associate of Schiff Hardin in their M&A and corporate law practiceBeard is on the Board of Directors of A Better Chicago and serves on the board of Lurie Children’s Hospital Kathy Boden
Holland was appointed to current position in 2018Most recently, Boden Holland served as EVP, Bank Products and in other executive leadership roles at Elevate Credit, Inc., from 2014 to 2018. Prior roles include EVP, Corporate Development, of
Think Finance Incorporated and President of RLJ Financial LLCShe was a Director of Adtalem Global Education from 2017 to 2018, served as a Board Member to the UNC Kenan-Flagler Business School, Center for the Business of Health, and serves as an
Advisory Board Member of Capital A Partners, an early stage venture capital firm Thiago Sayão was appointed to current position in May 2019 Sayão has nearly 20 years of experience in education in BrazilAs a founding partner of Meta Concursos, he
acquired Damásio in 2008. Under Sayão’s leadership, Damásio grew from R$20 million to R$150 million before being acquired by Adtalem in 2015. Most recently, he served as Vice President, Adtalem Brazil Mehul Patel was appointed to current
position in 2017Most recently Patel served as President of Apollo Global, the international education unit of Apollo Education Group, Inc., where he was responsible for several global acquisitions in addition to organic growthFormerly Patel was
President of Kaplan Professional Publishing and Kaplan Professional Schools, where he led two professional education business units Kathy Boden HollandGroup President, Medical & Healthcare Education Thiago SayãoGroup President, Business
& Law, Adtalem Global Education Mehul PatelGroup President, Professional Education 13
Adtalem Today Is Positioned Well for Tomorrow. We have successfullypositioned the businessfor an
exciting transformationto deliver accelerated growthand an enhanced portfolio.
The Workforce Solutions Provider Stephen BeardChief Operating Officer
Medical & Healthcare Financial Services Business & Law U.S. Post-Secondary Recent
Divestitures Permit Adtalem to Leverage Its Strengths and Pivot with the Market DIVESTITURES
ATGE’s traditional business model is impactedby the evolving learning landscape, driven by three key
trends… Higher Ed Institutions Facing Pressure to Improve Student ROI Tech and Business Model Innovations Boundaries Blurring Between Educators and Employers The Education Landscape Is Shifting; Adtalem Is Evolving to Meet New
Demands The market is expected to continue to shift toward flexible, on-the-job training and lifelong learning/continuous upskilling.
Adtalem Will Migrate from Portfolio Manager to Workforce Solutions Provider Workforce Solutions Provider
An enterprise strategy that delivers leading workforce solutions permitsAdtalem to serve our markets in a more competitive and comprehensive way. Responsive to positive market dynamics that demand stronger links between education and workforce
needsOpportunities for higher mix of B2B revenue as workforce playerLonger relationship with consumer over time translates to higher customer lifetime value (CLTV) Portfolio Manager This model benefited us with a straightforward playbook for a
broadly diversified portfolioHowever, it also presented complexity and risk and lacked opportunities for driving value through shared activity and transferrable capabilities across the enterprise
Educate Recruit & Select Prepare & Certify Train & Develop Workforce Solutions Value
Chain Formal, degree-granting programsor equivalent Staffing offerings Industry-related test preparation and certification offerings Continuing and professional educationand training Graduate admissions exams, test prep and readiness
programs Prepare aspiring students to apply/ advance to degree programs Develop qualified professionals via degree-granting programs and related training Connect graduates with prospective employers Assist organizations with short- or
long-term staffing needs, or broader strategic services; includes apprenticeship models Prepare professionals with training, test preparation and knowledge acquisition to pass required certification examsAssist students in preparing for advanced
certifications which helps them accelerate their careers Offer continuing education for professionals to maintain knowledge/ meet regulatory requirements TAM* $195B $37B $5B $28B Sizeable Market Opportunity in Workforce Solutions
Value Chain Leveraging Existing Capabilities TAM
Streamlined Verticals Medical & Healthcare Financial Services Business & Law Our
verticals will prioritize growth opportunities that serve current and prospective customers. And they will leverage opportunities for shared activities and transferrable capabilities.
Adtalem Will Expand Across the Workforce Solutions Value Chain Medical & Healthcare Enterprise
Driven B2B Partnerships Educate Recruit & Select Prepare & Certify Train & Develop Value Chain and Industry Verticals Educate Recruit & Select Prepare & Certify Train &
Develop Educate Recruit & Select Prepare & Certify Train & Develop Financial Services Business& Law ChamberlainRUSMRUSVMAUCMERPWyden Health IbmecWydenDamásio BeckerACAMSEduPristine Damásio Curso
ClioSJT BeckerACAMSEduPristine SJT Med Ibmec
Competitive Differentiators of the Workforce Solutions Strategy Several capabilities at the enterprise
level, strengthened by the leadership team, will lend themselves to the workforce solutions provider strategy. Brand Strength Global Platform Institutional Partnerships Academic Foundation Talent
Revitalized Model Improves Competitiveness, Accelerates Growth, and Drives Enterprise
Value Synergies driven by shared activities and skills Responsive to positive market dynamics, linking education and workforce needs Focused portfolio with streamlined assets Expansion opportunities across geography, industry
and horizontally Relationship with consumer over time translates to higher customer lifetime value Enhanced opportunity for B2B relationships Builds upon existing strengths Higher mix of B2B revenue as a workforce player
Leverage Multiple Vehicles to Achieve Growth Goals Consistently Profitable Topline
Growth Exploiting the Synergies of the Streamlined Portfolio Differentiating Capabilities Accretive Inorganic Growth
Enterprise-Level Financial Strategy Lisa WardellPresident and Chief Executive Officer
Capital Allocation Invest in the core – institutions and companies Return capital to
shareholders Make strategic acquisitions via disciplined approach Maintain financial strength and flexibility Continually Allocating Capital to Increase Enterprise Value While Maintaining Leverage Under 2x
ROIC and accretive enterprise valueAbility to scaleTalent/acquihireImpact on global reachSynergy
opportunitiesPositioned within Workforce Solutions value chain Driving marginal revenue in the core through the thoughtful, disciplined andstrategic use of M&A to bridge gaps in the workforce solutions provider capabilities. M&A
Criteria
Medical and Healthcare Kathy Boden HollandGroup President, Medical & Healthcare Education
Medical & Healthcare 38,000+ students and 86,000+ alumni from 5 medical and healthcare institutions
1,500+ clinical relationships with healthcare systems and nursing organizationsServing a diverse market/demographic of students in the medical and healthcare fields90% plus medical residency attainment rate for both medical schoolsStrong positive
student outcome trends: NCLEX & NAVLE scores as well as residency attainment Each institution is in growth mode and portfolio has stabilized post-hurricanes Maria and IrmaEarly and favorable signs of value from cross-vertical effort:Dual
degree programsJoint clinical negotiationsLeveraging technology investments and education expertise At a Glance Vertical Investment Highlights Collectively, the largest medical “institution” in the U.S. market, offering economies of scale and
broad market insightPositioned to address the significant demand for healthcare programs and graduates Student outcomes continue to improve
Positioned to Capture Market Demand 1 Source: Bureau of Labor Statistics Occupational Outlook Handbook.
2Source: American Association of Medical Colleges, November 2017. 3 Source: https://revcycleintelligence.com/news/less-than-a-third-of-docs-owned-independent-practices-in-2018. NURSING MEDICAL VETERINARY
15%growth in demand for nurses expected from 2016 to 2026 31%Employment for FNPs expected from 2016 to 20261 1.1MRNs required tosupport expansion/ replacement needs 52k+shortfall for primary care physicians in 20252 <32%are practice
owners3 33% of physicians will be 65+ in age in 10 years $35BGlobal animal healthcare projected market by 2025 <0.5%Unemployment among U.S. veterinarians 1.8:1Demand outstrips supply; applicant to seat ratio
31,000+ students enrolled across all programsLargest Bachelor of Science in Nursing program in the U.S.,
offered at 22 campuses in 15 statesOnline post-licensure nursing and graduate programs represent two-thirds of student enrollment60,000 alumni nationwide; 1 in 36 working nurses is a Chamberlain University graduateChamberlain Care approach is
unique and differentiated 34 ©2019 Adtalem Global Education Inc. All rights reserved.
On-site Online Chamberlain University Degree Programs & Options Chamberlain University Degree
Programs and Options
Chamberlain Has Built and Scaled Market-Leading ProgramsLeading to a Large and Influential Alumni Base #1
IN TOTAL ENROLLMENT#1 IN ENROLLMENT PRE-LICENSURE BACCALAUREATE NURSING#1 IN ENROLLMENT IN MSN-FNP PROGRAMS#2 IN ENROLLMENT IN RN TO BSN#2 IN ENROLLMENT IN MSN PROGRAMS#2 IN ENROLLMENT IN NON-CLINICAL MSN TRACKS#3 IN ENROLLMENT IN DNP
PROGRAMS Chamberlain Graduates by Year
Chamberlain’s New Campuses on Average Reach Profitability in Year 3 CAGR = 13%
60+ Healthcare Development Specialists with Collaborative Relationships at 920 Healthcare and Educational
Institutions, Colleges and Associations
Located in St. Maarten with ~1,400 students, returned in full August 2018, followed by a return to new
student enrollment growthAchieved record 90% residency attainment rate in 2019, with nearly 300 AUC graduates matching in 38 states and 24 specialtiesCampus in U.K., in partnership with University of Central Lancashire, expecting first students
in September 2019. Successful completion provides path for Commonwealth students to practice in the U.S. 7,000+ALUMNI 58%PRIMARY CARE PRACTITIONERS >90%PRACTICE IN LOW INCOME AREAS
14,000+ALUMNI 60%PRIMARY CARE PRACTITIONERS 43%PRACTICE IN HC SHORTAGE AREA January 2019,
approximately 1,500 basic sciences students relocated to Barbados; total current enrollment at RUSM is 3,000New academic center with state-of-the-art infrastructureStudent living and learning centerAchieved record 90% residency attainment rate in
2019Signed articulation agreements with HBCUs and HSIs create new channel for student acquisition
65%+OF STUDENTS START AT ROSS/AUC 3,000+STUDENT COMPLETIONS 3START OPTIONS IN A YEAR Applicants
are admitted to AUC and RUSM, pending successful completion of one semester MERP programDesigned for student success in medical school:Strong basic science foundation Cultivate good study skillsBuild strong peer networks for medical schoolData
has shown that undergraduate GPA and MCAT scores are not statistically significant predictors of medical school success, but MERP grades are a strong predictor
5,000+ALUMNI 10%OF BANFIELD DVMS ARE RUSVM GRADUATES 66%APPLICANTS VIA VMCAS AVMA accreditation
fully-renewed through 2026Largest AVMA accredited school and alumni base of any veterinary schoolVet Prep Program, in a similar fashion to MERP, captures additional student demand and increases likelihood of DVM success post-completionBrand
recognition growth and inclusion in VMCAS is resulting in increasing application volumes, especially for September enrollmentPhD and MSc programs are expanding
Train & Develop Educate Recruit & Select Continue strategic program development in the
core, including new campus development and unmet areas of demandPipeline of online graduate programs in developmentEvaluating additional joint degree programs with other institutions in M/H verticalAbility to expand within the college of health
professions Select entry options that:Leverage alumni and provide growth opportunities relevant to core institutionsExercise discipline in execution through strong feedback loop with employee partners Leverage institutional content and
accreditation for new offeringsPartner to leverage existing relationships for joint sales and provision of alumni upskilling needs Medical & Healthcare Summary
Financial Services Mehul PatelGroup President, Professional Education
46 Becker focuses on the Accounting and Financial Services vertical, including Accounting CPA and
Accounting CPE. Becker is a market leader in CPA exam review, with a global presence in more than 50 countries ACAMS is the largest international membership organization dedicated to financial crime prevention, offering membership,
certification, conferences, and training globally with offices in Miami, London and Hong Kong EduPristine is an India-based training provider for international certifications in Finance (CFA and FRM), Accounting (CPA, ACCA, and CMA), Analytics,
and Digital Marketing and is a distribution channel for Becker products At a Glance Vertical Investment Highlights Industry-leading brands with strong value propositionsCompliance/regulatory and certification-driven offerings with intrinsic
demandEfficient business models that are scalable, asset-light, and technology-enabledRecurring revenue opportunities through continuing education, memberships/subscriptionsStrong cross-sale opportunitiesStrong B2B and workforce solutions
orientationGlobal platform with capacity to replicate business model in other areas of the GRC space OnCourse Learning is a leading provider of digital, regulatory-oriented courses and webinars to the financial services industry including banks,
credit unions, and mortgage loanoriginators *** ***Pending closing of acquisition of OnCourse Learning’s Financial Service’s Division.
Strengthen our core CPA value propositionEnhance experience to better align with student expectations
(e.g., CPA SkillMaster videos; unlimited access bundle)Product and technology upgradesIntroducing adaptive learning experience and updated web, e-commerce, and CRM capabilitiesExpand CPE and product offeringsLaunched 225 new courses in FY19
(+60%) – grew top 100 firm CPE customers by 25%Leverage B2B strength to deepen and expand corporate relationshipsNew clients in manufacturing, pharma, technology, retail, etc.Community buildingCPA study groups; alumni effortMarketing
effectivenessRefreshing Becker brand as a leader in Accounting Becker: Formula for Success 1M+ Candidateshave prepared for the CPA Exam with Becker Becker founded 1959 +90% Since 2005, over 90%of the Watt Sells Award winners have used
Beckerto prepare for the CPA exam in
ACAMS: Fueling Growth Globally Regional sales offices Head offices A COMMUNITY OF72,000 MEMBERSAND65
CHAPTERSACROSS175 COUNTRIESSERVED BY 15 OFFICES GLOBALLYAND CERTIFICATION AVAILABLE IN 11 LANGUAGES
Continued international expansion~70% of addressable AML market opportunity is outside of U.S.Asia Pac,
Europe, and LatAm are fastest growing regions within ACAMS Grow membership and conferencesEnhancing value proposition for recurring membership revenue modelOpportunistically launching new conference offerings based on demand and geographic
concentrationIntroduce new products/offeringsLaunching first new exam-based certification in 16 years: CGSS (Certified Global Sanctions Specialist)Short-courses, videos, webinarsContinued localization effortsPlatform extensionsInfrastructure and
technology enhancements ACAMS: Fueling Growth Globally
Build a high-performance organizationDiverse leadership team with global experience and relevant
company/industry backgroundsOptimize operating efficiency and effectivenessContinued technology enhancements that help accelerate growth, improve delivery, and enhance experienceDrive marketing and sales effectivenessDiversify and grow our
revenue baseLeveraging partnerships to expand offerings and category relevanceInorganic growth that broadens/deepens portfolio, enhances our value proposition, and provides synergistic growth opportunities Representative Partners and Technology
Enablers to Accelerate Vertical Priorities
Train & Develop Educate Prepare & Certify Consider markets where there is supply/demand
imbalance and also where the reputation and awareness of FS brands provides potential for partnershipsConsider degree alternative opportunities – particularly in international markets Financial Services Summary Aggressively grow our core
business Strengthen value propositions of current offerings to solidify market leadershipDrive expansion further into GRC category and extend offerings to current customer basesExplore new membership/certification model using the ACAMS
framework Grow continuing and professional education offerings based on timely/relevant topics Build partnerships with brands that will help address demand for upskilling/retraining due to technology/innovation related market disruptions
Business & Law Thiago SayãoGroup President, Business & Law
Wyden institutionsProfessional EducationLearning CentersIbmec Institutions Business &
Law Reach: 110,000 students are spread across 14 institutions, 20 campus locations and 187 learning centersAcademic strength: B&L institutions have top academic standards and attractive national rankingsStrong brands: Ibmec and Damásio are
flagship brands in Brazil’s education marketPlatform: country knowledge, integrated operating model and professional learning centers offer platform to scale in countryRelationships: strong external partnerships (e.g., Singularity University and
B3 – Brazilian Stock Market Education Department)Market position: B&L has an established market position in Brazilian education market At a Glance Vertical Investment Highlights Brazil will continue to rely on the private sector to close
its enrollments gapRecent distance learning deregulation provides a significant opportunity for expansion Professional Education brands
B&L institutions offer undergraduate, graduate, test prep, and professional education programs across a
wide span of fields (including Business, Engineering, and Law) and throughout all three market tiers with several brands serving the top less price sensitive tiers Competitive Differentiators Allow Us to Compete in a Changing Macroeconomic
Environment Diversified Portfolio The local institutions’ strength added to the capabilities provided by approximately 200 learning centers makes B/L a vertical that operates efficiently in all market channels Omnichannel Distribution The
high-quality standards provided by B&L institutions guaranteed its resilience during Brazil’s last years of crisis and avoided significant drops in the operating margin Operational Consistency Integrated systems across the portfolio allow
for operational efficiencies Integrated Businesses The development of agile models and innovation by test and learn allows the vertical operations to find new opportunities and accelerate expansion Thirst for Innovation
Capital Growth Opportunities/Market Dynamics Significant Demand for Prepand Certification Program
Medical residency segment has only 3 relevant players and 50k students/doctors able to take the exams annuallyBar exams receive 360k applications annually. This presents an opportunity to cross-sell and upsell test prep programs for Law students
within B&L vertical Distance Learning’sGrowing MarketThe recent deregulation in the sector has decreased the barriers of entry in the lower market tiersBy 2023, total enrollments share in the online modality is expected to reach 50% Unmet
Demand for Formal, Degree-Granting Programs Private sector accounts for 75% of total enrollmentsThe country still has an expansive enrollment gap, with 22 million potential studentsCompete in a highly concentrated marketIbmec meets the need for a
top-notch business school in the São Paulo market
Business & Law Summary Increase enrollments by using innovative admission processesKeep strong NPS and
persistence levelsIncrease B2B sales and build partnerships to deliver new courses and programsContinue to grow dual degree/exchange partnership programs (e.g., Sorbonne University, London School of Economics) Expand market share by
differentiating product offeringLaunch R1 program to compete for the highest share of the market (first residencies)Expand SJT scope to develop a general medical training organization Continue to improve conversion rate and grow market
shareIncrease brand awareness in the online marketImprove student persistence by enhancing student satisfaction and experience Ibmec São Paulo SJT WydenOnline
Academic Panel Mehul PatelGroup President, Financial Services Dr. William OwenDean and Chancellor of Ross
University School of Medicine (RUSM) Dr. Karen CoxPresident, Chamberlain University Maira HabimoradSr. Academic and Innovation Director
Financial Overview Patrick UnzickerChief Financial Officer
Strong free cash flow generation and solid financial position supports workforce solution strategy and
shareholder returnStrategy enhances Adtalem’s inherent operating leverageHighly profitable incremental enrollment in fixed-cost, campus-based model Strong and consistent margins from greater percentage of online delivery and hybrid
deliveryDigital/software as a service model for Financial ServicesOptimized cost structureWorkforce Solutions Provider positioning creates:Longer-term relationships with customers and employers; greater “share of wallet”Increased revenue
visibility and sustainability (e.g., multi-year contracts, recurring revenue streams)Continued diversification of payer funding sources Adtalem Is Well-Positioned to Drive Shareholder Value as a Workforce Solutions Provider
Financially Diversified FY19E Revenue Mix FY18 Funding Sources Financial Overview1, 2 1 Excludes
special charges and discontinued operations.2 FY19 estimate is based on midpoint of outlook range provided in 3QFY19 results release. By Operating Segment By Institution % Margin 17.3% 17.6% 16.6% ($ Millions) 1%
Segment Outlook: Medical & Healthcare Leverage and expand B2B relationships across the segment to
support new workforce solutions provider positioningContinued supply/demand imbalances expected to drive ongoing segment revenue growth; our right to win market share supported by rising Academic outcomes (improved NCLEX pass rates, first time
residency placement rates)Extend customer relationships beyond graduation: cultivate alumni relationships to support new student recruiting and lifelong learningSegment operating margins to increase, driven by continuation of new campus openings
(4-5 over the planning horizon) and new online program launches at Chamberlain, including MSW and Accelerated MSN FY15 FY19E ’15-’19ECAGR ’19E-’23ECAGR Revenue $701M $852M 5.0% 4-6% Operating
Margin 22.2% 21.6% – Increasing EBITDA $187M $214M 3.5% 6-8% CapEx $54M $48M – Decreasing Financial Summary Highlights
FY15 FY19E ’15-’19ECAGR ’19E-’23ECAGR Revenue $100M $163M 13.1% 10-12% Operating
Margin 24.1% 19.3% – Increasing EBITDA $29M $38M 7.4% 21-23% CapEx $1M $2M – Stable Segment Outlook: Financial Services ACAMS growth will be driven by increased penetration in the U.S. and international expansion ACAMS Certified
Global Sanctions Specialist (CGSS) product launching in calendar 2020Re-established market leadership of Becker CPA Test Prep with revised product value proposition, features and pricing, which has resulted in regained market shareContinued
growth expected in Becker CPE driven by an expanded course catalog and an improved delivery platform Projections do not include acquisition of OnCourse Learning Financial Services Financial Summary Highlights
FY15 FY19E ’15-’19ECAGR ’19E-’23ECAGR Revenue $159M $226M 9.2% 3-5% Operating
Margin 9.3% 10.2% – Increasing EBITDA $23M $34M 10.3% 7-9% CapEx $13M $10M – Decreasing Segment Outlook: Business & Law Weakness on foreign currency exchange and slower than anticipated economic recovery continue to drive
near-term headwinds. FY20 revenue is projected to be flatPricing pressure, partially offset by modality shift to lower cost, online programsIbmec new student enrollment driven by continued market demand and new partnerships with high-profile
companies and organizations, as well as with high-quality international institutionsWydenOnline offering well received by marketplace, resulting in significant enrollment growth; challenge is pricing structure Segment cash flow generation
continues to increase as ATB operations achieve scaleRemain cautiously optimistic about potential additional revenue growth but need to plan for macroeconomic issues taking time to resolve Financial Summary Highlights
Long Term Outlook Key Metrics FY20E vs FY19E FY19-23E Revenue 3-5% 4-6% CAGR EBITDA 3-5% 9-11%
CAGR Tax Rates 17-18% 18-22% CapEx/Revenue 3-4% 3-4% ROIC 9-10% 11-13% EPS 7-8% 12-14% CAGR
Revenue and EBITDA Bridges Adtalem Revenue Bridge1 Adtalem EBITDA Bridge1 1Excludes special charges and
discontinued operations. ($ Millions) 85-105 50-60 1,580-1,650 380-440 ($ Millions)
In the Planning Horizon We Expect to Generate $1.5B in Cash Flow from Operations $1.5B $1.5B CapEx
invested in growth areas (Chamberlain, Med schools, and ATB)Deployed approximately $607M in Brazil and professional education acquisitionsRepurchased $244M of sharesReturned $80M through dividends CapEx investment moderates and focuses on
Medical & HealthcareExpect to spend $640M on share repurchasesEst. $480M available for:AcquisitionsContinued investment in the coreOpportunistic share repurchases From FY14-18: From FY19-23:
Closing Lisa WardellPresident and Chief Executive Officer
Strong cash flow generation and solid financial position with focus on shareholder
returns Experienced, global management team Mission-based organization focused on serving student and employer partners Streamlined and focused business/ enhanced long-term strategy Compelling Investment Thesis Substantial organic revenue
growth and margin expansion opportunities Leading positions with competitive differentiated products in attractive, growing markets
Q&A
Appendix
The following table reconciles Adtalem Global Education’s (“Adtalem”) operating income as reported under
U.S. Generally Accepted Accounting Principles (“GAAP”) to the non-GAAP measure of Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”). Earnings are defined as Operating Income from Continuing Operations excluding Special
Items. Management believes that this non-GAAP disclosure provides investors with useful supplemental information regarding the underlying business trends and performance of Adtalem’s ongoing operations and is useful for period-over-period
comparisons of such operations given the nature of the special items. Adtalem uses this supplemental financial measure internally in its assessment of the performance of its portfolio of investments. This non-GAAP financial measure should be
viewed in addition to, and not as a substitute for, Adtalem’s reported results prepared in accordance with GAAP. Non-GAAP Financial Information Medical & Healthcare Financial Services Business &
Law ATGE FY15 FY19E FY15 FY19E FY15 FY19E FY15 FY19E Operating Income from Continuing Operations $155M $158M $22M $32M $16M $21M $131M $186M Special Items Expense
(Gain)¹ $2M $26M $2M $0M $0M $2M $6M $32M Operating Income from Continuing Operations excluding Special Items $157M $184M $24M $32M $16M $23M $137M $218M Depreciation and
Amortization $25M $30M $3M $7M $7M $11M $42M $50M EBITDA $182M $214M $27M $39M $23M $34M $179M $268M Appendix ¹Includes restructuring expense in Medical & Healthcare, Financial Services and Home Office in fiscal year 2015,
and in Medical & Healthcare and Home Office in fiscal year 2019E, and insurance settlement gain in Medical & Healthcare in fiscal year 2019E.
Investor DayMay 13, 2019