Covista Inc. · NYSE:CVSA
Covista — Adtalem Global Education — Baird Global Consumer, Technology & Services Conference 2025
17 slides from Covista's conference presentation, Jun 4, 2025
Slide 1: Baird Global Consumer, Technology & Services Conference
Baird Global Consumer, Technology, & Services Conference JUNE 4, 2025 ©2025 Adtalem Global Education Inc. All rights reserved
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
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 : B a i r d G l o b a l C
Slide 4: Adtalem at a glance
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 : B a i r d G l o b a l C o n s u m
Slide 5: Chamberlain, Walden, and Medical and Veterinary institutions
40.6k students 1 48.5k students 1 5.1k students 1 Largest nursing school in the U.S. ~80% healthcare enrollment Medical: 3 campuses 23 campuses 8 colleges, ~100 programs 36 U.S. health system partnerships 3 Graduates eligible to practice in: Bachelor of Science in Nursing online in 36 states 100% on
Slide 6: Growth with Purpose strategy
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 : B a i r d G l o b a l C o n s u m e r , T e c h n o l o g y &
Slide 7: Operational excellence delivering total enrollment expansion
Operational excellence delivering total enrollment expansion Chamberlain: ninth straight quarter of YoY total enrollment growth as of Q3 ‘25 Walden: seventh straight quarter of YoY total enrollment growth as of Q3 ‘25 Med/Vet: YoY total enrollment growth in Q3 ‘25 Continue to deliver enhanced studen
Slide 8: Resulting in consistent financial performance
Resulting in consistent financial performance $ in Millions, except per share data 1 1 Revenue Adj. EBITDA Adj. EPS $1,760 - $1,775 $6.40 - $6.60 $378 $1,585 $5.01 $343 $1,451 $329 $4.21 $1,382 $3.11 FY ‘22 FY ‘23 FY ‘24 FY ‘25 FY ‘22 FY ‘23 FY ‘24 FY ‘22 FY ‘23 FY ‘24 FY ‘25 Guidance Guidance Disci
Slide 9: Adtalem by the numbers
Adtalem by the numbers Scale #1 #1 ~4,200 ~350k #1 Grantor of U.S. nursing Conferrer of MD graduates Social & Behavioral Sciences Alumni impacting Producer of DVM graduates; 1 2 2 degrees; 8% of 2022 total to the U.S. in 2023 degrees granted in 2024 local communities ~9% of new DVM graduates in 2022
Slide 10: A systemically important component of the U.S. healthcare system
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
Slide 11: 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
Slide 12: Appendix
Appendix A D T A L E M : B a i r d G l o b a l C o n s u m e r , T e c h n o l o g y & S e r v i c e s C o n f e r e n c e / 1 2 ©2025 Adtalem Global Education Inc. All rights reserved
Slide 13: 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
Slide 14: Non-GAAP Adjusted EBITDA Consolidated
Non-GAAP Adjusted EBITDA Consolidated Year Ended June 30, 2024 2023 2022 Adtalem Global Education: Net income (GAAP) $ 136,777 $ 93,358 $ 310,991 Loss (income) from discontinued operations 936 8,394 (346,946) Interest expense 63,659 63,100 129,348 Other income, net (10,542) (6,965) (1,108) Provision
Slide 15: Non-GAAP Earnings Disclosure (1/2)
Non-GAAP Earnings Disclosure (1/2) Year Ended June 30, 2024 2023 2022 Net income (GAAP) $ 136,777 $ 93,358 $ 310,991 Deferred revenue adjustment — — 8,561 CEO transition costs — — 6,195 Restructuring expense 1,870 18,817 25,628 Business acquisition and integration expense 34,215 42,661 53,198 Amorti
Slide 16: Non-GAAP Earnings Disclosure (2/2)
Non-GAAP Earnings Disclosure (2/2) Year Ended June 30, 2024 2023 2022 Diluted earnings per share (GAAP) $ 3.39 $ 2.05 $ 6.43 Effect on diluted earnings per share: Deferred revenue adjustment - - 0.18 CEO transition costs - - 0.13 Restructuring expense 0.05 0.41 0.53 Business acquisition and integrat
Slide 17: 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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