Covista Inc. · NYSE:CVSA

Covista — Adtalem Global Education — Baird Global Healthcare Conference 2023

20 slides from Covista's conference presentation, Sep 13, 2023

  1. Slide 1: A Force For Good

    A Force For Good Baird Global Healthcare Conference September 13, 2023 ©2023 Adtalem Global Education Inc. All rights reserved

  2. Slide 2: Safe Harbor

    Safe FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain Harbor assumptions and includ

  3. Slide 3: A Force for Good

    Purpose driven organization committed to student and societal outcomes A Force Creating shareholder value for Good Growth with Purpose strategy delivering long-term growth Systemically important component of the U.S. healthcare system, training care providers A D T A L E M / 3 ©2023 Adtalem Global E

  4. Slide 4: Like-kind institutions with a center of gravity in healthcare

    5 like-kind institutions All post-secondary All with a center of 27 campuses higher education gravity in healthcare Robust online delivery >75k students ~90% of student enrollment capabilities ~150 degree programs is healthcare focused A D T A L E M / 4 ©2023 Adtalem Global Education Inc. All rights

  5. Slide 5: Chamberlain, Walden, Medical and Veterinary institutions at a glance

    33.3k students 1 37.6k students 1 4.9k students 1 Largest nursing school in the U.S ~80% healthcare enrollment Medical: 3 campuses 23 campuses 7 colleges, 100+ programs 38 health system partnerships Graduates practice: Bachelor of Science in Nursing online in 30 states 100% online in 50 states, UK,

  6. Slide 6: Full breadth of healthcare programs across the learning continuum

    Offering the full breadth of healthcare programs across the entire healthcare learning continuum Bachelor’s Master’s Doctoral 33% 46% 21% Nursing Social & Behavioral Medical & Post-Secondary Sciences Veterinary Other Degrees 46.3k 16.9k 4.9k 7.7k Current enrollees Current enrollees Current enrollees

  7. Slide 7: Innovative modalities to meet students where, when and how they learn

    Utilizing innovative modalities to meet students where, when and how they learn best ~150 ~75% Programs Programs offered online Addison Troy Chicago Tinley Park ADDISON Columbus TRO CHICAGO St. Louis Y North Brunswick Sacramento Indianapolis TINLEY Las Vegas Tysons Corner 50 Charlotte INDIANAPOL Irw

  8. Slide 8: The Opportunity

    The Opportunity Market New Right Leading Operating Market Scale Model Incredibly large and attractive The nation’s largest1 Walden acquisition market with durable supply & healthcare educator, catalyzed launch of new demand asymmetry systematically important operating model • Creating complementary

  9. Slide 9: Growth with Purpose

    Growth with Purpose Growth with Purpose strategy Driving organic revenue growth Marketing Enrollment Retention Pricing Programs Expanding Access to Underserved Communities Ongoing Commitment to Outstanding Student Outcomes A D T A L E M / 9 ©2023 Adtalem Global Education Inc. All rights reserved

  10. Slide 10: FY 2023 Performance

    FY 2023 Performance Repositioned Adtalem, integrating our institutions, focusing on operational execution, creating an unparalleled foundation $1,451 million 23.7% 1 $4.21 1 Revenue Adj. EBITDA margin Adj. EPS +5.0% vs. prior year ~flat vs. prior year +35.4% vs. prior year Financial strength with ca

  11. Slide 11: Transformed Portfolio, Positioned Well as a Leading Healthcare Educator

    Transformed Portfolio, Positioned Well as a Leading Healthcare Educator In a growing, structurally attractive industry with tailwinds Creating Long-Term Value with Growth with Purpose Strategy Focused on accelerating organic total enrollment growth and efficiency As a systemically important componen

  12. Slide 12: Disciplined Capital Allocation Philosophy

    Disciplined Student Growth Capital Allocation Growth with Purpose to invest back into our institutions and capabilities to reach optimal capacity Philosophy Return Excess Cash Execution of the remaining $173m against our Board-authorized $300m share repurchase program through February 2025 Financial

  13. Slide 13: Appendix

    Appendix A D T A L E M / 1 3 ©2023 Adtalem Global Education Inc. All rights reserved

  14. Slide 14: Adtalem by the numbers

    Adtalem by the numbers Scale #1 #1 ~3,500 ~300k #1 Grantor of U.S. nursing Provider of medical graduates Social & Behavioral Sciences Alumni impacting Educator of U.S. veterinarians; 1 1 degrees; 9% of 2022 total to the U.S. in 2022 degrees granted in 2022 local communities ~8% of new DVM graduates

  15. Slide 15: Non-GAAP financial measures and reconciliations

    Non-GAAP financial measures and reconciliations We believe that certain non-GAAP financial measures provide investors with useful supplemental information regarding the underlying business trends and performance of Adtalem’s ongoing operations as seen through the eyes of management and are useful fo

  16. Slide 16: Non-GAAP Adjusted EBITDA by Segment Disclosure (1/2)

    Non-GAAP Adjusted EBITDA by Segment Disclosure (1/2) (unaudited) (in thousands) Three Months Ended Year Ended June 30, June 30, Increase/(Decrease) Increase/(Decrease) 2023 2022 $ % 2023 2022 $ % Chamberlain: Operating income (GAAP) $ 35,683 $ 41,124 $ (5,441) (13.2)% $ 134,685 $ 124,414 $ 10,271 8.

  17. Slide 17: Non-GAAP Adjusted EBITDA by Segment Disclosure (2/2)

    Non-GAAP Adjusted EBITDA by Segment Disclosure (2/2) (unaudited) (in thousands) Three Months Ended Year Ended June 30, June 30, Increase/(Decrease) Increase/(Decrease) 2023 2022 $ % 2023 2022 $ % Home Office and Other: Operating loss (GAAP) $ (16,412) $ (21,560) $ 5,148 23.9 % $ (62,044) $ (101,719)

  18. Slide 18: Non-GAAP Earnings Disclosure

    Non-GAAP Earnings Disclosure (unaudited) (in thousands, except per share data) Three Months Ended Year Ended June 30, June 30, 2023 2022 2023 2022 Net income (GAAP) $ 22,244 $ 6,746 $ 93,358 $ 310,991 Deferred revenue adjustment — — — 8,561 CEO transition costs — — — 6,195 Restructuring expense 1,11

  19. Slide 19: Non-GAAP Free Cash Flow Disclosure

    Non-GAAP Free Cash Flow Disclosure (unaudited) (in thousands) Three Months Ended Twelve Months Ended FY23 FY22 FY23 FY23 FY23 FY23 FY22 Q4 Q4 Q4 Q3 Q2 Q1 Q4 Net cash provided by operating activities-continuing operations (GAAP) $ 55,863 $ 105,231 $ 205,684 $ 255,052 $ 225,247 $ 225,972 $ 164,002 Cap

  20. Slide 20: Non-GAAP Net Leverage Disclosure

    Non-GAAP Net Leverage Disclosure (unaudited) (in thousands) Year Ended June 30, 2023 Adtalem Global Education: Net income (GAAP) $ 93,358 Net loss from discontinued operations 8,394 Interest expense 63,100 Other income, net (6,965) Provision for income taxes 10,283 Depreciation and amortization 102,

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