Adtalem at Jefferies Conference: Strategic Focus on Healthcare Education

On Tuesday, 30 September 2025, Adtalem Global Education (NYSE:ATGE) presented at the Jefferies 2025 Healthcare Services Conference, providing a strategic overview of its role in healthcare education. Adtalem is positioning itself as a critical player in addressing the healthcare talent shortage, while also navigating regulatory changes and exploring growth opportunities. Despite challenges, the company remains optimistic about its future trajectory.

Key Takeaways

• Adtalem is focused on expanding access to healthcare education through partnerships and strategic initiatives.
• The company aims for mid-single-digit revenue growth and consistent margin expansion.
• Regulatory changes are being addressed with alternative financing options for students.
• Adtalem is exploring new opportunities in Allied Health and strategic acquisitions.
• The company emphasizes its role as a key player in solving healthcare talent challenges.

Financial Results

• Adtalem targets mid-single-digit growth in revenue.
• The company has achieved 100 basis points of margin expansion annually over the past four years.
• Free cash flow was $330 million last year, with expectations for continued growth.

Operational Updates

• Adtalem serves 90,000 students across various programs.
• Chamberlain University is the largest nursing school in the US, and Walden University ranks third.
• The company graduated a record 23,000 students last year.
• The "Growth with Purpose" strategy focuses on optimizing marketing, enrollment, and program offerings.

Future Outlook

• Adtalem is considering expansion into Allied Health, driven by employer demand.
• New partnerships, like the SSM Health Aspiring Nurse program, are being explored.
• The M&A strategy focuses on bolt-on acquisitions to enhance capabilities and expand geographically.
• Changes in federal loan programs are not expected to disrupt student enrollment or financing.

Q&A Highlights

• Concerns about a nursing educator shortage are mitigated by Adtalem’s scale and ability to attract faculty.
• The SSM Health partnership includes tuition support for clinical opportunities and future employment.
• Adtalem sees a favorable regulatory environment, supporting equal treatment for universities regardless of tax status.
• Economic concerns are not expected to impact new student applications.

In conclusion, for a deeper understanding of Adtalem’s strategic initiatives and financial performance, refer to the full transcript provided below.

Full transcript - Jefferies 2025 Healthcare Services Conference:

Jack Slevin, Research Analyst, Jefferies: All right, I’m going to kick this off. Thanks, everyone in the room for joining. I’m Jack Slevin. I’m a research analyst here at Jefferies, covering health care services, and very excited today to be joined by Steve Beard, the Chairman and CEO of Adtalem Global Education, one of the largest, if not the largest, operator of nursing schools, among other health care-focused education facilities or programs in the U.S. Steve, thanks for coming.

Steve Beard, Chairman and CEO, Adtalem Global Education: Thanks for having me.

Jack Slevin, Research Analyst, Jefferies: Yeah, really excited. Maybe just to kick it off, health care is sort of key to the strategy for you all, but education is maybe not the typical asset they see at a conference like this. We’d love to have you just give a brief background of Adtalem Global Education, what you do, what you’re focused on, and what the current ongoings are, or key topics are for you.

Steve Beard, Chairman and CEO, Adtalem Global Education: Yeah, happy to do it. For a health care audience, what I would say is that we view ourselves as increasingly part of the critical infrastructure for health care, just given our scale across some of the more critical domains in health care. We are one of the largest producers of physicians, nurses, social workers, veterinarians in the country, over 90,000 students in total, with our four biggest categories being the ones I just mentioned. We go to market through two medical schools, the Ross University School of Medicine, the American University of the Caribbean School of Medicine, the Ross University School of Veterinary Medicine, Chamberlain University, which is the largest nursing school in the country, and Walden University, which is a comprehensive online university that has inside of it the third largest nursing school in the country.

We are growing, but we’re growing in places where the talent needs for health care are particularly acute.

Jack Slevin, Research Analyst, Jefferies: OK, that’s a great overview. Thinking about the various business lines now, maybe one way to ask the question of relative sizing and how you think about growth across Chamberlain, Walden, and then the international ones.

Steve Beard, Chairman and CEO, Adtalem Global Education: Yeah, so we have guided, out of our last Investor Day, folks to think about this as a business that grows at the top line at mid-single digits, and that we’ve got the kind of operating leverage in the model that allows us to expand margins by about 100 basis points a year. We either met or exceeded that over the course of the last four years, and we’ve been really thrilled with that outperformance. We think that’s a reflection of a couple of things. First, just the really robust secular demand trends in health care, both on the employer side, particularly in nursing, but also demand on the consumer side, with more and more students seeking access to these careers. Over the course of the last five years, health care has really been a bright spot in the U.S.

labor market, and it’s the one corner of the labor market where you’ve seen really attractive wage inflation and really attractive demand. We’ve been a beneficiary of that and have been really pleased to offer so many students a path to the middle class through these well-paying professions.

Jack Slevin, Research Analyst, Jefferies: OK, awesome. You know, from our conversations, you all know I feel good about the long-term thesis, the secular underpinning of the nursing shortage we have in the country, or the health care provider shortage we have in the country. Maybe just to pull on a couple of things or sort of dive in on that topic. The one thing you hear is, OK, there’s going to be, there is a nursing shortage. There will continue to be a nursing shortage, but there are not enough educators in the U.S. to get the graduates pulling through. Can you talk about that issue and how you work through getting enough educators on staff to be able to expand capacity and continue to grow in this current market?

Steve Beard, Chairman and CEO, Adtalem Global Education: Yeah, so three big barriers, I think, to growth in nursing education, one of which you mentioned, which is the scarcity of qualified nursing faculty. The other is the availability of clinical preceptors for rotations for nursing students. The third is the fact that nursing as a profession, nursing education, is regulated at the state level, with a patchwork of state boards of nursing that you’ve got to navigate in order to stand up programs. The good news for us is that by virtue of our scale and our reach, we are well established across all three of those dimensions. We’ve got great clinical inventory for our students. We’ve got fantastic relationships with the state boards of nursing across the country who know us and know us well.

Because we’re able to pay what we think are attractive market rates for adjunct and core faculty, we’ve never had a real challenge attracting faculty to our platform. That has not been a barrier to growth for us, although I know it’s been a challenge for others.

Jack Slevin, Research Analyst, Jefferies: OK, awesome. Maybe I’ll put it a different way because it’s something I’ve been thinking about. Nursing demographics is one of the problems for the broader shortage, but if you have nurses that are going to ultimately retire, does that, the thing I wonder over the coming years as we sort of hit that cycle in a more meaningful way, is that your source for an easier access to educators? I mean, does that track, or do you see anything along those lines?

Steve Beard, Chairman and CEO, Adtalem Global Education: Yeah, I think as you get that older generation of nurses who want to step away from practicing at the bedside, I think being an adjunct faculty member at a Chamberlain campus or in an online setting at Walden is a very attractive sort of post-retirement opportunity, just given the way we reward our faculty, given the nature of our students, which come to their programs with a degree of humility because they’re your non-traditional student. I actually think it’s a quite gratifying late-career option for the retiring nurse or clinician.

Jack Slevin, Research Analyst, Jefferies: OK, makes a ton of sense. Maybe now to sort of dovetail into the second sort of pillar question I had on this long-term growth thesis, health systems are something that are becoming more of a conversation. You mentioned already strong relationships on the employer front for you all. Over the summer, you announced this partnership with SSM Health for the Aspiring Nurse program. Can you maybe talk a little bit about what that program is and why you’re excited about what that might bring to Adtalem?

Steve Beard, Chairman and CEO, Adtalem Global Education: Yeah, we’ve always partnered with providers, but the pandemic really laid bare the fragility in the talent infrastructure for providers. Coming out of the pandemic, the conversations that we have with those providers have changed dramatically. Increasingly, they’re interested in finding a way to develop a proprietary pipeline of talent into their systems. We’re one of the few nationally scaled operators that can be a viable partner for that kind of ambition. You mentioned SSM Health. That’s a great template in both their St. Louis, Missouri, and Oklahoma locations. We’re working with them on this Aspiring Nurse program, whereby in exchange for tuition support for the students, those students get clinical opportunities at SSM Health. They get the opportunity for employment at SSM Health with a service commitment that they give in exchange for that tuition support.

It allows SSM Health to access those students earlier in their academic journeys, get them comfortable with the SSM Health way of doing things, and it’s a much less expensive model for acquiring talent than what they encounter in the spot market. We think on average, most providers incur anywhere from $65,000 to $70,000 for each replacement nurse that they have, and there’s a ton of churn in the market. That’s before you get into the cost of travel or temporary nursing staff. The ability to get, in the case of SSM Health, 400 nurses a year coming through a program headed towards your facility is just a very attractive proposition. The other dynamic that we love is that when employers come into the payer mix that way, it actually drives up demand for the programs.

If people know this opportunity for loan forgiveness and employment is out there, you get more folks that are willing to take the leap and incur the opportunity cost of going to nursing school, which expands the pool of potential talent.

Jack Slevin, Research Analyst, Jefferies: OK, really, really interesting. Maybe SSM, multi-state health system, I would think we’ve seen a lot of consolidation on that front over the last five to seven years, let’s call it, of more not-for-profit systems coming together and creating larger enterprises. When you think about the pipeline for more opportunities like SSM, how does that stack up?

Steve Beard, Chairman and CEO, Adtalem Global Education: We’ve got active conversations in flight. Every system is a little different with its own idiosyncrasies. There are folks that have affiliations with existing academic institutions. Market dynamics vary by geography. I think the template at SSM Health is one that is both scalable and repeatable at other systems across the country. I expect we’ll be in a position to announce new partnerships in the near term.

Jack Slevin, Research Analyst, Jefferies: OK, super exciting. Maybe one more thing just to sort of continue along the same thread of the health system partnership. Obviously, your footprint expands pretty broadly across the country, not in every state, but in plenty. When you think about others that might look to the health system opportunity like you’re doing, do you think there’s a unique positioning for your company versus others in the ability to service health systems that may have multiple locations rather than only being able to scale this on sort of a localized level?

Steve Beard, Chairman and CEO, Adtalem Global Education: Yeah, absolutely. We think the multi-site, multi-location model like SSM Health is one that we play well in because even in areas where we don’t have a physical campus, more likely than not, we deliver distance learning there, so we can provide online instruction that gives them that same access to talent in those markets. We have a BSN online program at Chamberlain University. It’s the largest of its type in the U.S., growing at a phenomenal rate. It allows us to actually extend that kind of partnership in areas where we don’t have a physical campus at all, as long as we can get the clinical capacity in that market for the hands-on opportunities that the nursing students need. Given our national reach, we’ve never had any problem doing that.

Jack Slevin, Research Analyst, Jefferies: OK, and then sort of the last pillar I had teed up when we’re thinking long-term growth. We’ve had this conversation before. Allied Health, I scratched out some numbers when on BLS site. Nurses, call it 4 million in the country. If you look at RNs, probably a little more if you count LPNs or other licenses. If you look at Allied, that’s like a 1.5 to 2.5 million population of people out there in the health care labor force that you currently don’t service. How do you think about approaching an issue of there’s potentially this market that I would think plays with your portfolio? Feel free to disagree if you do. How do you think about the idea of approaching, hey, we’ve got this new market segment we could maybe look at? What are the pieces that go into deciding if you’re going to go attack that market?

How do you actually operationalize it?

Steve Beard, Chairman and CEO, Adtalem Global Education: Allied Health is something we hear about frequently from the employer partners that we have. It’s an adjacency that we’re taking a hard look at. It is different from the programs we take to market today. We’re trying to be thoughtful about the type of student that pursues those opportunities. We’re likely, if we were to move into Allied Health in a meaningful way, to be following the needs of the employers. We’d go to those markets where we have existing employer partnerships, where we think we’re going to get that participation in the payer mix because Allied Health isn’t ideal for Title IV financial aid. If we’ve got that kind of employer support and we think we’ve got a large enough market opportunity, that is something we would absolutely take a hard look at. It’s very much compatible with our existing model.

It extends our health care thesis in a meaningful way. It makes us that much more indispensable to the organizations that employ our graduates.

Jack Slevin, Research Analyst, Jefferies: OK, really, really interesting. Maybe to now sort of zoom back in on the near term, right? Some level of concern when we saw movement around the One Big Beautiful Bill about what impacts there might be to education, student loans, various other things. We now finally have sort of the version of it that’s codified in law. As you look, maybe a couple of things on that. You’ve already announced you have a letter of intent with Sallie Mae to try to sort of transition those Grad PLUS loans that are no longer going to be available. Can you just talk a little bit about how that program is going to work and what gives you the confidence that you’ll be able to sort of navigate through this with limited disruption or limited access to funding for students in your institutions?

Steve Beard, Chairman and CEO, Adtalem Global Education: Yeah, great question. The place I would start would be to point out that despite all the noise about 13B, the regulatory landscape for proprietary higher education is as favorable as it’s been in many, many years. Most importantly, the administration philosophically believes that universities should be treated the same irrespective of their tax status. These rules that are in the One Big Beautiful Bill aren’t simply applicable to for-profit providers. They’re applicable to all higher ed institutions, which we think levels the playing field in a really important way. I think that’s an important backdrop against which to look at some of these developments. As it relates specifically to some of the changes to loan programs, it’s also important to know that folks that are currently participating in those programs are grandfathered through. There’s going to be a lag in the impact of those changes on students.

It was important to us from a signaling position to let our students know, both existing and prospective, that we’re way ahead of this and that we will have attractive financing options for them when those loan limitations actually begin to impact students. We think because of the nature of the programs we take to market, we represent a very attractive credit underwriting proposition for private lenders. These are physicians. These are veterinarians. These are nurses. They earn really competitive wages. They can service the debt they incur to finance their education. As a result, we think they’re going to get really attractive and competitive terms from Sallie Mae and other private lenders to supplement where federal programs fall short. Because of the attractiveness of that pool of students, we’ve been able to get Sallie Mae to extend those attractive terms to the broader portfolio.

Now we’ve got supplemental arrangements available for our entire portfolio should we need them, even beyond the very attractive doctors, nurses, and veterinarians that drew them to us in the first place. We are excited about having that option available to students. It has calmed the waters a bit for students. It allows us to say to our owners that we don’t anticipate any disruption in our ability to enroll students or in our ability to help our students finance their academic journeys.

Jack Slevin, Research Analyst, Jefferies: OK, makes a lot of sense. Maybe just to get a little more granular on some of the Grad PLUS stuff, I guess from like a numbers perspective, exposure on Grad PLUS or like sort of the amount of funding that’s flowing through there. Maybe just to contextualize a little more, what do these Grad PLUS loans look like? You mentioned the access to private funding should be there. My understanding is a lot of them are a little bit higher cost of borrowing and look almost like a private loan. Is that the right way to think about it? How would you sort of explain what that does for students, that Grad PLUS layer of funding?

Steve Beard, Chairman and CEO, Adtalem Global Education: I think the criticism of Grad PLUS is that students have been, not my words, the administration’s words, irresponsible in how they’ve gone about borrowing that money, because the loans themselves are able to be used for indirect expenses related to attendance. Folks, and because it’s been easy to get, because the underwriting standards in the federal student loan programs are a lot looser than you see in the private markets, folks may have taken on debt that they didn’t need to take on. That said, that’s a different population of students than the kind we serve. We’ve got a more mature student. We’re talking graduate programs. We’re talking professional programs. They will be subject to more commercial terms and more commercial approaches to repayment and collection than the federal government has.

Again, because our students are so good at repaying their loans, we had the lowest cohort default rates in all of higher education before the Biden repayment pause. We don’t expect that to be a real issue for our students at all. I think whether you believe the elimination of Grad PLUS is good policy or not, I believe for the typical student in our program, they’re not going to see a meaningful difference in their ability to access funds. They will see, I think, a more rigorous approach to collection and fewer options on repayment post-graduation. Again, these are students who are very much able to service those loans.

Jack Slevin, Research Analyst, Jefferies: OK. Really, really interesting. Maybe, I mean, we’ve ended up going a little deeper on the policy side, so I might as well stay there and finish the thought. When you look at the OBBBA terms on education outside of Grad PLUS, any other moving pieces that people need to be aware of, the general regulatory environment in the current administration? I think you’ve kind of alluded to a little bit, but how does that feel right now in terms of regulatory red tape or the ability to push new programs through?

Steve Beard, Chairman and CEO, Adtalem Global Education: It is an overall positive. There are the do no harm provisions of the bill, which are this administration’s response to the Biden gainful employment rules. We think they are a dramatic improvement over gainful employment. They are also applicable to everyone, which we like. We believe our programs, subject to the rulemaking around that legislation, will do just fine there because there is a meaningful premium that our graduates enjoy relative to folks who have not completed those credentials. We feel good about that. Because so many of our programs are career-focused, because they’re focused on careers where remuneration is attractive and high, it is much easier for us to demonstrate return on investment for our students than folks maybe studying history at a sort of regional state university. We feel good about the environment.

The other thing that I think is great, even though it doesn’t directly apply to us, is there’s a workforce Pell Grant in the bill, which I think is fantastic at a time where we need more trades and vocationally trained students in manufacturing and other industries. I think the administration’s approach on balance has been one that we find to be a net positive for us and hopefully a net positive for all of higher ed.

Jack Slevin, Research Analyst, Jefferies: OK, really, really interesting. Maybe to just bring it back to some of the near term, I think about the same time that people worried about the bill, there’s also tariffs, you name it, sort of things that are popping up on people’s news feeds that may change consumer behavior. At least that’s what the concern has been. At 2Q, you were pretty clear that you have seen no near-term disruption from new students or applications or sort of any KPIs you look at. Can you maybe talk a little bit about that and then update and say, like, hey, is that continuing? Through this point, things still seem to be not impacted on the sort of the pipeline of students coming in?

Steve Beard, Chairman and CEO, Adtalem Global Education: Yeah, so we’re a consumer business. As the consumer feels pressure, whether that’s inflationary pressure, we’re often monitoring that because our students are trying to fit their academic journeys into their ordinary lives. They’ve got rent to pay, car notes to pay, that sort of thing. To date, we’ve not seen any of these pocketbook issues really impede persistence or students’ willingness to continue through their programs. We haven’t seen a ton of students back away from their programs because of other economic demands on their lives. It is something that we do monitor closely. We don’t have much in the way of tariff exposure. We’re not in a building phase. We’re not doing a lot of construction at the moment. We haven’t seen that flow through the cost line. We’re monitoring that.

I think some of these broader macro issues have yet to affect our business, but we’re keeping a close eye on our students because they represent probably the most vulnerable part of the overall consumer picture. We want to make sure that they’re in a good place to continue their studies.

Jack Slevin, Research Analyst, Jefferies: OK, maybe just segueing from that, because I think it’ll tie nicely, for someone that’s new to the story, if you think about, again, just going back to Chamberlain, Walden, and the other banners, what does the actual student look like? Where are you positioned in the market from a pricing perspective or in the broader education landscape?

Steve Beard, Chairman and CEO, Adtalem Global Education: Yeah, what’s interesting is that when we think about higher education in the U.S., we tend to focus on your traditional selective four-year university, oftentimes residential university. As it turns out, the population of well-prepared 18-year-olds who are ready to show up on a Vanderbilt, for example, and take the opportunity cost of four years to get a degree, that pool is shrinking dramatically. There’s a real demographic cliff that’s moving through higher education. By the same token, the number of working adults, folks who come to their academic journeys late in life, older students, immigrants, folks that are retooling because of a career change, that population is growing dramatically. That is exactly the corner of the market where we do our best work. We think these broader dynamics only strengthen the secular demand trends for our programs and our business.

We’re looking forward to serving that growing and robust group of students who we think deserve the opportunity to be nurses and physicians and veterinarians. It’s a great trend for us. From a pricing perspective, we tend to benchmark our programs relative to state university out-of-state tuition. We also benchmark against our near competitor set to make sure that we’re priced competitively. We do, with Bob and team, a regular annual price optimization exercise where we make sure that we are maximizing the pricing power we have, but without putting ourselves in a position where we’re conceding enrollments to lower price competitors.

Jack Slevin, Research Analyst, Jefferies: OK, got it. Maybe that’s a good growth with purpose is the name of the program for advancing top-line growth in the business. Pricing is obviously one pillar that you just touched on a bit. Can you just go through what the other key focuses of all the success you’ve had in the last couple of years have been in terms of growing the top line?

Steve Beard, Chairman and CEO, Adtalem Global Education: Yeah, once we integrated this portfolio, our hypothesis was that the real path to value creation really ran through operational excellence. Growth with Purpose was a three-year strategy designed to optimize our performance across the five pillars of operations. That’s marketing, enrollment, persistence, pricing, and programs. It has been a phenomenal success in our view. We have really enjoyed the kind of growth across our five institutions that we haven’t seen in many, many years. More importantly, it’s been great for the organization because our people are really enjoying our ability to get to market at pace. We graduated 23,000 students last year, which is an all-time high for us and something we’re very, very proud of. We still have another year left on the Growth with Purpose strategy.

We expect to see improved gains in operational efficiency and excellence, and we expect to see that flow through the results of operations in academic and financial results.

Jack Slevin, Research Analyst, Jefferies: OK, awesome. You made a little point there on sort of where the portfolio sits. I think it was a rationalization process prior to you coming in a little bit where now you’ve found this health care focus strategy, and it was really getting to that core of what makes sense to go forward with. Also, in the recent history, you’ve added Walden, right? You’ve done an acquisition. As you think about how acquisitions or the M&A opportunity out there sort of plays into your next couple of years, where does that sit, especially given the balance sheet’s very well positioned, free cash generation’s excellent? How do you think about looking at opportunities in the next couple of years?

Steve Beard, Chairman and CEO, Adtalem Global Education: Yeah, we love the position we’re in because we think our portfolio is one that doesn’t have any gaping holes in it. There’s not a program or capability that is essential to our strategy that we don’t have. This allows us to be disciplined and discerning purchasers should opportunities in the market arise. That said, there are capabilities we’d like to have that we don’t have, programs that we’d like to have that we don’t have, and geographies that we’d like to be in that we’re not in today, for which M&A may be the right vehicle to accomplish that. We think about them as bolt-on or tuck-in opportunities, nothing quite at the scale of Walden.

We believe that in our space, we represent a buyer of choice and that most opportunities, as processes kick off, will come to our doorstep and we’ll get a fair shot to look at those. Again, because we don’t have to do anything, we’re not in the position where we’d be pushed to overpay or where we’d be pushed to do anything that would distract us from continuing the really attractive organic growth trajectory we’ve enjoyed over the last few years.

Jack Slevin, Research Analyst, Jefferies: OK, and maybe just health care-focused audience, not all the level of familiarity with what the education landscape might look like from an asset or an ownership perspective. I guess maybe just a little sense of like if you’re thinking about M&A opportunities, is there PE ownership? What does the landscape look like in terms of what’s out there?

Steve Beard, Chairman and CEO, Adtalem Global Education: There are a number of attractive assets that are currently held by private equity that I think are well past their investment cycles. That’s true in the medical space, it’s true in the Allied Health space, it’s true to a lesser extent in nursing, and it’s true in some of the ed tech companies, particularly those focused on enhancing student success. Those are all opportunities that we would take a look at as those firms are now testing the market appetite, trying to get a sense of prevailing multiples, and looking for exits. As that activity ramps up, particularly given what’s happening with interest rates and the broader macro environment, we look forward to taking a hard but disciplined look at those opportunities.

Jack Slevin, Research Analyst, Jefferies: OK, really, really interesting. Maybe we talked a bunch about M&A. You’ve also had a fairly substantial buyback program in the last couple of years. How do you think about where M&A sits in a broader capital allocation strategy or what the general approach is to determining your capital allocation mix?

Steve Beard, Chairman and CEO, Adtalem Global Education: Yeah, our philosophy to date has really been threefold. First and foremost, we enjoy real operating leverage in the model, very attractive free cash flow generation, I think $330 million last year and growing. We think we’ve got lots of great opportunities. We start with investing in the core business to ensure that we can maintain the trajectory that we enjoy today. A lot of that is investments in student success, particularly tech-supported student success. A lot of it is investments in brand equity. After that, we have for a while now had a valuation that we think has been not symmetrical with the intrinsic value of the business. As a result, we’ve been really aggressive about returning capital to shareholders through a creative share repurchase. We think that’s been well received. We’ll continue to do that to the extent there is a mismatch between market valuation and intrinsic value.

In the current environment, though, we’re also thinking about potential M&A. We’re making sure that across our various credit facilities that we’ve got a balance sheet and a credit facility that allows us flexibility to do multiple things at once, invest in the core business. If we think there’s some dislocation in price, we can do share repurchase. We’ve got the ability to make good faith approaches for inorganic opportunities as they arise. I think Bob and team have done a phenomenal job in giving us that kind of flexibility in the model that we can do multiple things at once, and we can do them in a very intelligent way.

Jack Slevin, Research Analyst, Jefferies: OK, awesome. Really interesting to hear. About a minute left. The closer we’ve been sort of giving to everyone is, if you want to, and this is a fairly new audience, so it might not be a misunderstanding, but more if there’s something you think investors need to appreciate about Adtalem, what are the one or two things you’d call out?

Steve Beard, Chairman and CEO, Adtalem Global Education: I think the first is just simple awareness. I think our story isn’t as visible as it ought to be, and that’s something we’re working on. If you look at surveys of health care leaders year in and year out, the number one issue that many of them are grappling with beyond legislation and the payers is really talent and talent burnout, talent acquisition. We are really the only nationally scaled health care player in education as a vehicle for realizing a durable solution to those talent challenges. The other thing that I would want folks to understand is that we do this in a model that expands access to these programs because there are structural limitations to seats in nursing school, medical school, veterinary school. Our business is to expand access to those in ways that bring more talent to health care employers.

The third is helping folks understand that despite all the success we’ve had over the last four years, by any measure, academic, financial, operational, share price, we’re still in the early days of the strategies we’re pursuing. There’s a lot of road ahead of us from a value creation perspective. We look forward to helping folks understand that at a more granular level, quarter in and quarter out. We’re actually looking forward to a new Investor Day that Jay is working on currently where we’ll take a deeper dive into that story.

Jack Slevin, Research Analyst, Jefferies: Awesome. Steve, that’s time. Thanks so much for joining us. Really appreciate having you here.

Steve Beard, Chairman and CEO, Adtalem Global Education: Thank you. I really appreciate it.

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