Covista Inc. · NYSE:CVSA

Covista — Adtalem Global Education — Q3 2025 Earnings Presentation

25 slides from Covista's earnings presentation, May 8, 2025

  1. Slide 1: Third Quarter 2025 Earnings

    Third Quarter 2025 Earnings MAY 8, 2025 ©2025 Adtalem Global Education Inc. All rights reserved

  2. Slide 2: Safe Harbor

    Safe CAUTIONARY DISCLOSURE REGARDING 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 certa

  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 : T h i r d Q u a r t e r

  4. Slide 4: 5 like-kind institutions

    5 like-kind institutions All post-secondary All with a center of 27 campuses higher education gravity in healthcare Robust online delivery >94k students ~90% of student enrollment capabilities ~150 programs1 is healthcare focused As of March 31, 2025 A D T A L E M : T h i r d Q u a r t e r 2 0 2 5 R

  5. Slide 5: 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 : T h i r d Q u a r t e r 2 0 2 5 R e s u l t s / 5 ©2025 Adtal

  6. Slide 6: Q3 2025 Performance

    Q3 2025 Performance Total enrollment growth YoY: +9.8% $466.1 million 27.4% 1 $1.92 1 Revenue Adj. EBITDA margin Adj. EPS +12.9% vs. prior year +150 bps vs. prior year +28.0% vs. prior year Growth with Purpose generating significant returns through operational excellence • Chamberlain: 40.6k student

  7. Slide 7: Q3 2025 Highlights

    Q3 2025 Highlights 1 Revenue & Adj. EPS ahead of expectations ▪ Seventh straight quarter of total enrollment YoY growth ▪ Operational excellence focus, enhanced academic outcomes, maintained high persistence Financial strength & disciplined capital allocation 1 ▪ Trailing twelve months free cash flo

  8. Slide 8: Total Enrollment Trends

    Total Enrollment Trends Chamberlain: ninth straight quarter of YoY total enrollment growth Walden: seventh straight quarter of YoY total enrollment growth Med/Vet: YoY total enrollment growth Continue to deliver enhanced student outcomes, maintained high persistence levels Total enrollments1 enterpr

  9. Slide 9: Enterprise Performance

    Enterprise Performance Growth with Purpose strategy delivering significant value Revenue growth and efficiencies generating operational leverage Operational leverage greater than increased level of investments Q3 ‘25 Q3 ‘24 ∆ vs. Q3 ‘24 Total Enrollment +9.8% $ in Millions, except per share data • A

  10. Slide 10: Chamberlain Performance

    Chamberlain Performance Growth driven by pre-licensure & post-licensure nursing programs High persistence Q3 ‘25 Q3 ‘24 ∆ vs. Q3 ‘24 $ in Millions Total Enrollment +6.8% Revenue $192.6 $170.3 +13.1% • Growth in pre-licensure & post-licensure nursing programs 1 Adj. EBITDA $56.8 $50.5 +12.6% 1 Adj. E

  11. Slide 11: Walden Performance

    Walden Performance Growth driven by healthcare & non-healthcare programs High persistence Q3 ‘25 Q3 ‘24 ∆ vs. Q3 ‘24 $ in Millions Total Enrollment +13.5% Revenue $178.4 $150.6 +18.5% • Growth in healthcare & non-healthcare programs 1 Adj. EBITDA $54.0 $35.9 +50.6% 1 Adj. EBITDA margin +650 bps % Ma

  12. Slide 12: Medical & Veterinary Performance

    Medical & Veterinary Performance Vet maintaining leading position Med executed remediation plans, foundation for growth Q3 ‘25 Q3 ‘24 ∆ vs. Q3 ‘24 $ in Millions Total Enrollment +1.2% Revenue $95.0 $91.7 +3.6% • Growth led by Vet • New enrollment up YoY Vet & Med 1 Adj. EBITDA $22.9 $27.0 (15.3)% 1

  13. Slide 13: Cash Flow Trailing Twelve Months

    Cash Flow Continued healthy cash generation and disciplined capital allocation $ in Millions Trailing Twelve Months $287 $233 $239 $243 $232 Q3 ‘24 Q4 ‘24 Q1 ‘25 Q2 ‘25 Q3 ‘25 1 Operating Cash Flow $277 $288 $292 $282 $335 Capital Expenditure ($44) ($49) ($49) ($50) ($48) 2 Free Cash Flow $233 $239

  14. Slide 14: FY 2025 Guidance

    FY 2025 Guidance Raising Revenue and Adj. EPS Outlook Underlying Themes Revenue growth higher in 1H ‘25 vs. 2H ‘25 Revenue $1,760m - $1,775m Greater than +150 bps adj. EBITDA margin expansion Operational leverage greater than Adj. EPS 1 $6.40 - $6.60 investments in organic growth Continued strong ca

  15. Slide 15: 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 durable demand trends Creating Long-Term Value with Growth with Purpose Strategy Focused on accelerating organic total enrollment growth and efficiency A systemically important

  16. Slide 16: 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 1 Completed January 2024 Board-authorized $300 million share repurchase program 2 New Board-authorized $150 million share re

  17. Slide 17: Appendix

    Appendix A D T A L E M : T h i r d Q u a r t e r 2 0 2 5 R e s u l t s / 1 7 ©2025 Adtalem Global Education Inc. All rights reserved

  18. Slide 18: 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

  19. Slide 19: Non-GAAP Adjusted Operating by Segment Disclosure (1/2)

    Non-GAAP Adjusted Operating by Segment Disclosure (1/2) (unaudited) (in thousands) Three Months Ended Nine Months Ended March 31, March 31, Increase/(Decrease) Increase/(Decrease) 2025 2024 $ % 2025 2024 $ % Chamberlain: Operating income (GAAP) $ 47,516 $ 43,349 $ 4,167 9.6 % $ 115,716 $ 97,313 $ 18

  20. Slide 20: Non-GAAP Adjusted Operating by Segment Disclosure (2/2)

    Non-GAAP Adjusted Operating by Segment Disclosure (2/2) (unaudited) (in thousands) Three Months Ended Nine Months Ended March 31, March 31, Increase/(Decrease) Increase/(Decrease) 2025 2024 $ % 2025 2024 $ % Home Office: Operating loss (GAAP) $ (20,001) $ (27,968) $ 7,967 28.5 % $ (38,962) $ (55,045

  21. Slide 21: Non-GAAP Adjusted EBITDA by Segment Disclosure (1/2)

    Non-GAAP Adjusted EBITDA by Segment Disclosure (1/2) (unaudited) (in thousands) Three Months Ended Nine Months Ended March 31, March 31, Increase/(Decrease) Increase/(Decrease) 2025 2024 $ % 2025 2024 $ % Chamberlain: Operating income (GAAP) $ 47,516 $ 43,349 $ 4,167 9.6 % $ 115,716 $ 97,313 $ 18,40

  22. Slide 22: Non-GAAP Adjusted EBITDA by Segment Disclosure (2/2)

    Non-GAAP Adjusted EBITDA by Segment Disclosure (2/2) (unaudited) (in thousands) Three Months Ended Nine Months Ended March 31, March 31, Increase/(Decrease) Increase/(Decrease) 2025 2024 $ % 2025 2024 $ % Home Office: Operating loss (GAAP) $ (20,001) $ (27,968) $ 7,967 28.5 % $ (38,962) $ (55,045) $

  23. Slide 23: Non-GAAP Earnings Disclosure

    Non-GAAP Earnings Disclosure (unaudited) (in thousands, except per share data) Three Months Ended Nine Months Ended March 31, March 31, 2025 2024 2025 2024 Net income (GAAP) $ 60,832 $ 36,821 $ 182,853 $ 87,358 Restructuring expense 510 473 2,926 1,217 Business integration expense — 18,450 — 30,621

  24. Slide 24: Non-GAAP Free Cash Flow Disclosure

    Non-GAAP Free Cash Flow Disclosure (unaudited) (in thousands) Twelve Months Ended FY24 FY24 FY25 FY25 FY25 Q3 Q4 Q1 Q2 Q3 Net cash provided by operating activities- continuing operations (GAAP) $ 276,843 $ 288,367 $ 291,820 $ 281,971 $ 335,069 Capital expenditures (44,137) (48,893) (48,873) (50,375)

  25. Slide 25: Non-GAAP Net Leverage Disclosure

    Non-GAAP Net Leverage Disclosure (unaudited) (in thousands) Twelve Months Ended March 31, 2025 Adtalem Global Education: Net income (GAAP) $ 232,272 Income from discontinued operations (3,457) Interest expense 56,214 Other income, net (8,673) Provision for income taxes 56,784 Depreciation and amorti

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