Covista Inc. · NYSE:CVSA
Covista — Adtalem Global Education — Q2 2022 Earnings Presentation
16 slides from Covista's earnings presentation, Feb 8, 2022
Slide 1: Second Quarter 2022 Earnings Presentation
Second Quarter 2022 Earnings Presentation February 8, 2022
Slide 2: Safe Harbor
Safe Harbor Forward-Looking Statements Certain statements contained in this release 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 assumptions and include any
Slide 3: Q2 2022 Highlights
Q2 2022 Highlights Q2 2022 • Announced definitive agreement to sell Financial Services segment, unlocking Revenue significant shareholder value • Continued to successfully integrate Walden into asset portfolio; on track to meet $371.2 million synergy targets Operating Income1 • Positioned as the lea
Slide 4: Q2 2022 P&L Highlights
Q2 2022 P&L Highlights Top line, earnings and margin growth primarily driven by the accretive Walden acquisition Revenue Operating Income1 Diluted EPS1 (in millions) (in millions) $70.2 $0.75 $371.2 23% 70% $0.61 $234.4 +58% $41.3 Q2 2021 Q2 2022 Q2 2021 Q2 2022 Q2 2021 Q2 2022 Year-over-Year Operat
Slide 5: Q2 2022 Chamberlain Performance
Q2 2022 Chamberlain Performance Revenue Revenue ($M) ($M) Operating Income ($M) -2.0% -21.6% $142.0 $32.5 $139.1 $25.5 Q2 2021 Q2 2022 Q2 2021 Q2 2022 • Q2 2022 revenue decreased 2.0% to $139.1 million • Operating income declined 21.6% to $25.5 million, due primarily to increased marketing expense a
Slide 6: Q2 2022 Walden Performance
Q2 2022 Walden Performance Revenue Revenue ($M) ($M) Operating Income1 ($M) $32.4 $140.6 1 1 Q2 2021 Q2 2022 Q2 2021 Q2 2022 • Revenue was $140.6 million this quarter • Operating income2 was $32.4 million 1) Walden was not owned by Adtalem Global Education in Q2 2021 2) Excluding special items ©2022
Slide 7: Q2 2022 Med & Vet Performance
Q2 2022 Med & Vet Performance Revenue Revenue ($M) ($M) Operating Income ($M) -1.0% 3.8% $92.4 $91.5 $19.5 $18.8 Q2 2021 Q2 2022 Q2 2021 Q2 2022 • Q2 2022 revenue decreased 1.0% to $91.5 million • Operating income increased 3.8% to $19.5 million, primarily driven by lower expenses ©2022 Adtalem Glob
Slide 8: Free Cash Flow
Free Cash Flow Three Months Ended ($M) Twelve Months Ended ($M) 2Q 2022 2Q 2021 2Q 2022 1Q 2022 4Q 2021 Operating Cash Flow $(48.5) $(15.6) $91.8 $124.7 $168.8 Capital Expenditures $(8.1) $(7.4) $(34.9) $(34.3) $(39.9) Free Cash Flow $(56.6) $(23.0) $56.9 $90.5 $128.9 Free cash flow is a non-GAAP fi
Slide 9: Outlook
Outlook Revised previous guidance for FY 2022 revenue1 and diluted EPS1 growth based on: • Pending sale of Financial Services segment therefore moving it to discontinued operations • Impact of COVID-related headwinds associated with the Omicron variant that has further burdened healthcare profession
Slide 10: Appendix
Appendix ADTALEM
Slide 11: 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 and are useful for period-over-period comparisons. We us
Slide 12: Enrollment
Enrollment 2Q 2022 2Q 2021 % Change Adtalem Global Education Student Enrollments New students(1) 7,915 9,046 -12.5% Total students 80,255 85,509 -6.1% Chamberlain University November Session New students(2) 2,916 2,931 -0.5% Total students 33,648 34,387 -2.1% Walden University(3) October - December
Slide 13: Operating Income by Segment
Operating Income by Segment ©2022 Adtalem Global Education Inc. All rights reserved. 13
Slide 14: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables ©2022 Adtalem Global Education Inc. All rights reserved. 14
Slide 15: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables Adtalem Global Education Inc. Non-GAAP Free Cash Flow Disclosure (unaudited) (in thousands) Three Months Ended Twelve Months Ended FY22 FY21 FY22 FY22 FY21 Q2 Q2 Q2 Q1 Q4 Net cash (used in) provided by operating activities-continuing operations (GAAP) $ (48,474) $ (15,
Slide 16: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables Adtalem Global Education Inc. Non-GAAP Outlook Disclosure (unaudited) (in millions, except per share data) Year Ended June 30, 2022 Expected (loss) earnings per share, diluted (GAAP) $ (0.11) to 0.09 Expected effects on diluted earnings per share: Purchase accounting a
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