Covista Inc. · NYSE:CVSA
Covista — Adtalem Global Education — Q1 2023 Earnings Presentation
16 slides from Covista's earnings presentation, Nov 3, 2022
Slide 1: First Quarter 2023 Earnings Presentation
First Quarter 2023 Earnings Presentation November 3, 2022 Confi dential
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: Q1 2023 Enterprise Performance
Q1 2023 Enterprise Performance Continued margin expansion across all segments $355 million 23% $0.88 Q1 Revenue Q1 Adj. EBITDA1 Margin Q1 Adj. EPS1 23% growth vs. prior year 560 bps expansion vs. prior 151% growth vs. prior year due to the timing of the year Walden acquisition Modest improvement in
Slide 4: Enterprise Highlights
Q1 FY 2023 RESULTS Enterprise Highlights Good progress on strategic positioning Sustain momentum of Walden acquisition; on track to deliver synergy targets Continue to grow into new operating model, enhanced competitive differentiators Improved operational effectiveness and financial outcome
Slide 5: Enterprise Performance
Q1 FY 2023 RESULTS Enterprise Performance Year-over-year margin expansion driven by operational efficiencies and realization of cost synergies $ millions Q1 2023 Q1 2022 Change Revenue up 22.7% driven primarily by the timing of the Walden acquisition Revenue $354.6 $289.1 22.7% Adj. EBITDA1 margin i
Slide 6: Chamberlain Performance
Q1 FY 2023 RESULTS Chamberlain Performance Significant margin expansion driven by benefit of cost synergy initiatives implemented in FY 2022 $ millions Q1 2023 Q1 2022 Change Total Enrollment down 4% due to declines in post-licensure programs, partially offset by growth in pre-licensure programs Rev
Slide 7: Walden Performance
Q1 FY 2023 RESULTS Walden Performance Pandemic related headwinds continue to negatively impact total enrollment $ millions Q1 2023 Q1 2022 Change Student enrollment down 9.2% due to pandemic related headwinds in post- Revenue $130.9 $68.6 90.8% licensure nursing programs and declines in the manageme
Slide 8: Medical & Veterinary Performance
Q1 FY 2023 RESULTS Medical & Veterinary Performance Total enrollment up due to growth in new enrollments and improved persistence $ millions Q1 2023 Q1 2022 Change Total Enrollment up 3.4% driven by growth in new enrollment and improved persistence Revenue $88.3 $84.8 4.1% Adj. EBITDA1 margin increa
Slide 9: Free Cash Flow
Q1 FY 2023 RESULTS Free Cash Flow Strong free cash flow continues Significant increase year-over-year and for the trailing twelve months Q1 – Three Months Trailing Twelve Months ($ millions) ($ millions) $86 $196 $133 $91 $23 $68 $57 Q1 2023 Q1 2022 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Operating
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 as seen through the eyes of management and are useful fo
Slide 12: Historical Q1 Total Enrollment Trends
Historical Q1 Total Enrollment Trends 47,486 45,638 44,886 40,772 35,525 34,539 33,153 31,736 Q1 2020 Q1 2021 Q1 2022 Q1 2023 1 Walden Chamberlain 1. Q1 2020 and Q1 2021 Walden enrollment f igures are calculated by Walden while owned by Laureate Education, Inc., and are 12 included here f or compara
Slide 13: Non-GAAP Adjusted EBITDA by Segment Disclosure
Non-GAAP Adjusted EBITDA by Segment Disclosure Unaudited (in thousands) Three Months Ended September 30, Increase/(Decrease) 2022 2021 $ % Chamberlain: Operating income (GAAP) $ 26,184 $ 20,855 $ 5,329 25.6 % Restructuring expense 818 — 818 Depreciation 4,481 4,584 (103) Stock-based compensation 2,2
Slide 14: Non-GAAP Earnings Disclosure
Non-GAAP Earnings Disclosure (unaudited) (in thousands, except per share data) Three Months Ended September 30, 2022 2021 Net income (loss) (GAAP) $ 2,192 $ (58,004) Deferred revenue adjustment — 6,207 CEO transition costs — 6,195 Restructuring expense 15,065 3,094 Business acquisition and integrati
Slide 15: Non-GAAP Free Cash Flow Disclosure
Non-GAAP Free Cash Flow Disclosure (unaudited) (in thousands) Three Months Ended Twelve Months Ended FY23 FY22 FY23 FY22 FY22 FY22 FY22 FY21 Q1 Q1 Q1 Q4 Q3 Q2 Q1 Q4 Net cash provided by operating activities- continuing operations (GAAP) $ 91,524 $ 29,506 $ 225,843 $ 163,825 $ 101,481 $ 91,835 $ 124,
Slide 16: Non-GAAP Net Leverage Disclosure
Non-GAAP Net Leverage Disclosure (unaudited) (in thousands) Twelve Months Ended September 30, 2022 Adtalem Global Education: Net income (GAAP) $ 377,901 Net income from discontinued operations (324,700) Net other expense 95,206 Benefit from income taxes (22,787) Depreciation and amortization 144,231
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