Covista Inc. · NYSE:CVSA

Covista — Adtalem Global Education — Baird Global Consumer, Technology & Services Conference 2024

20 slides from Covista's conference presentation, Jun 5, 2024

  1. Slide 1: A Force For Good

    A Force For Good Baird Global Consumer, Technology & Services Conference June 5, 2024 ©2024 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 ©2024 Adtalem Global E

  4. Slide 4: Institutions at a glance: healthcare-focused post-secondary education

    5 like-kind institutions All post-secondary All with a center of 27 campuses higher education gravity in healthcare Robust online delivery >85k students ~90% of student enrollment capabilities ~150 programs1 is healthcare focused Enrollment data as of March 31, 2024 A D T A L E M / 4 1) Programs = d

  5. Slide 5: Chamberlain, Walden, and Medical/Veterinary institutions overview

    38.0k students 1 42.8k students 1 5.1k students 1 Largest nursing school in the U.S. ~80% healthcare enrollment 4 campuses 23 campuses Medical: 7 colleges, ~100 degree programs 48 health system partnerships Bachelor of Science in Nursing online in 33 states 100% online 98% first-time attainment rate

  6. Slide 6: Utilizing innovative modalities to meet students where they learn

    Utilizing innovative modalities to meet students where, when and how they learn best ~150 ~95% 1 1 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

  7. Slide 7: The Opportunity

    The Opportunity Market New Right Leading Operating Market Scale Model Incredibly large and attractive The nation’s leading1 Walden acquisition market with durable supply & healthcare educator, catalyzed launch of new demand trends systemically important operating model • Creating complementary marke

  8. Slide 8: 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 / 8 ©2024 Adtalem Global Education Inc. All rights reserved

  9. Slide 9: Focusing on our expertise and competitive advantages

    Focusing on our expertise and competitive advantages to realize the full potential of our institutions $ millions Revenue Adj. EBITDA1 Adj. EBITDA Margin1 $1,451 $343 $1,382 24% 24% $329 FY ‘22 FY ‘23 FY ‘22 FY ‘23 FY ‘22 FY ‘23 1) Reconciliations to Non-GAAP Financial Measures and definitions can b

  10. Slide 10: Accelerating Total Enrollment Trends

    Accelerating Total Enrollment Trends Chamberlain: fifth straight quarter of YoY total enrollment growth in pre-licensure & post-licensure programs Walden: third straight quarter of YoY total enrollment growth Continue to deliver enhanced student outcomes, maintained high persistence levels Total enr

  11. Slide 11: Q3 2024 Performance

    Q3 2024 Performance Total enrollment growth YoY: +7.8% $413 million 25.9% 1 $1.50 1 Revenue Adj. EBITDA margin Adj. EPS +11.8% vs. prior year +260 bps vs. prior year +32.7% vs. prior year Growth with Purpose delivering enterprise total enrollment growth & operational leverage • Chamberlain: 38.0k st

  12. Slide 12: 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

  13. Slide 13: 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 $220 million remaining on our Board-authorized $300 million share repurchase program 2 through January 2027 Financial Stre

  14. Slide 14: Appendix

    Appendix A D T A L E M 1 4 ©2024 Adtalem Global Education Inc. All rights reserved

  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 (1/4)

    Non-GAAP Adjusted EBITDA by Segment Disclosure (1/4) (unaudited) (in thousands) Three Months Ended Nine Months Ended March 31, March 31, Increase/(Decrease) Increase/(Decrease) 2024 2023 $ % 2024 2023 $ % Chamberlain: Operating income (GAAP) $ 43,349 $ 39,589 $ 3,760 9.5 % $ 97,313 $ 99,002 $ (1,689

  17. Slide 17: Non-GAAP Adjusted EBITDA by Segment Disclosure (2/4)

    Non-GAAP Adjusted EBITDA by Segment Disclosure (2/4) (unaudited) (in thousands) Three Months Ended Nine Months Ended March 31, March 31, Increase/(Decrease) Increase/(Decrease) 2024 2023 $ % 2024 2023 $ % Home Office and Other: Operating loss (GAAP) $ (27,968) $ (6,975) $ (20,993) (301.0)% $ (55,045

  18. Slide 18: Non-GAAP Adjusted EBITDA by Segment Disclosure (3/4)

    Non-GAAP Adjusted EBITDA by Segment Disclosure (3/4) (unaudited) (in thousands) Year Ended June 30, Increase/(Decrease) 2023 2022 $ % Chamberlain: Operating income (GAAP) $ 134,685 $ 124,414 $ 10,271 8.3 % Restructuring expense 818 2,838 (2,020) Depreciation 17,264 18,547 (1,283) Stock-based compens

  19. Slide 19: Non-GAAP Adjusted EBITDA by Segment Disclosure (4/4)

    Non-GAAP Adjusted EBITDA by Segment Disclosure (4/4) (unaudited) (in thousands) Year Ended June 30, Increase/(Decrease) 2023 2022 $ % Home Office and Other: Operating loss (GAAP) $ (62,044) $ (101,719) $ 39,675 39.0 % CEO transition costs — 6,195 (6,195) Restructuring expense 7,067 8,946 (1,879) Bus

  20. Slide 20: 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, 2024 2023 2024 2023 Net income (GAAP) $ 36,821 $ 45,869 $ 87,358 $ 71,114 Restructuring expense 473 1,278 1,217 17,706 Business integration expense 18,450 11,346 30

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