Covista Inc. · NYSE:CVSA
Covista — Adtalem Global Education — FY2025 Earnings Presentation
27 slides from Covista's earnings presentation, Aug 7, 2025
Slide 1: Fourth Quarter & Full Year 2025 Earnings
Fourth Quarter & Full Year 2025 Earnings AUGUST 7, 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: Purpose driven organization, creating shareholder value
Purpose driven Creating Systemically important organization shareholder value component committed to student & societal Growth with Purpose strategy of the U.S. healthcare system, outcomes delivering long-term growth training care providers A D T A L E M : F o u r t h Q u a r t e r & F u l l Y e a r
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 >91k students ~90% of student enrollment capabilities ~150 programs1 is healthcare focused As of June 30, 2025 A D T A L E M : F o u r t h Q u a r t e r & F u l
Slide 5: 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 : F o u r t h Q u a r t e r & F u l l Y e a r 2 0 2 5 R e s u l
Slide 6: FY25 Performance
FY25 Performance Growth with Purpose delivering exceptional results; foundation for sustainable momentum $1,788.3 million 25.7% 1 $6.67 1 Revenue Adj. EBITDA margin Adj. EPS +12.9% vs. prior year +190 bps vs. prior year +33.1% vs. prior year Financial strength & disciplined capital allocation • Exec
Slide 7: Q4 FY25 Performance
Q4 FY25 Performance Total enrollment growth YoY: +10.2% $457.1 million 24.1% 1 $1.66 1 Revenue Adj. EBITDA margin Adj. EPS +11.5% vs. prior year +30 bps vs. prior year +21.2% vs. prior year Growth with Purpose generating significant returns through operational excellence • Chamberlain: 38.9k student
Slide 8: Highlights
Highlights 1 Revenue & Adj. EPS ahead of expectations ▪ Eighth straight quarter of total enrollment YoY growth ▪ Operational excellence focused, enhanced academic outcomes, and maintained high persistence Leader in U.S. healthcare talent development ▪ Maximizing our proven operational model to deliv
Slide 9: Chamberlain University & SSM Health partnership
Adtalem’s Chamberlain University & SSM Health Landmark partnership - sustainably addressing nursing shortages at scale “What makes this relationship unique is that we’re actually granting access to nontraditional students who can thrive within our healthcare systems.” - Amy Wilson, DNP, RN, chief nu
Slide 10: Total Enrollment Trends
Total Enrollment Trends Chamberlain: tenth straight quarter of YoY total enrollment growth Walden: eighth straight quarter of YoY total enrollment growth Med/Vet: second straight quarter of YoY total enrollment growth Continue to deliver enhanced student outcomes, maintained high persistence levels
Slide 11: 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 Q4 ‘25 ∆ vs. Q4 ‘24 2025 ∆ vs. 2024 Total Enrollment +10.2% vs. Q4 ‘24 $ in Millions • All
Slide 12: Chamberlain Performance
Chamberlain Performance Growth driven by pre-licensure & post-licensure nursing programs Higher persistence Q4 ‘25 ∆ vs. Q4 ‘24 2025 ∆ vs. 2024 $ in Millions Total Enrollment +5.8% vs. Q4 ‘24 • Growth in pre-licensure & post-licensure nursing Revenue $184.3 +10.3% $725.8 +14.6% programs 1 Adj. EBITD
Slide 13: Walden Performance
Walden Performance Growth driven by healthcare & non-healthcare programs Higher persistence Q4 ‘25 ∆ vs. Q4 ‘24 2025 ∆ vs. 2024 $ in Millions Total Enrollment +15.0% vs. Q4 ‘24 • Growth in healthcare & non-healthcare programs Revenue $182.2 +16.6% $693.4 +16.5% 1 Adj. EBITDA 1 $52.7 +28.0% $206.5 +4
Slide 14: Medical & Veterinary Performance
Medical & Veterinary Performance Vet maintaining leading position Med foundation for sustainable growth, strategy showing early indicators Q4 ‘25 ∆ vs. Q4 ‘24 2025 ∆ vs. 2024 $ in Millions Total Enrollment +1.0% vs. Q4 ‘24 • Growth in Med & Vet Revenue $90.6 +4.7% $369.1 +3.7% • New enrollment up Yo
Slide 15: Cash Flow
Cash Flow Continued healthy cash generation and disciplined capital allocation $ in Millions Trailing Twelve Months $287 $283 $239 $243 $232 Q4 ‘24 Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 1 Operating Cash Flow $288 $292 $282 $335 $333 Capital Expenditure ($49) ($49) ($50) ($48) ($50) 2 Free Cash Flow $239 $243
Slide 16: FY26 Guidance
FY26 Guidance Momentum built on a significantly higher base Underlying Themes Revenue $1,900m - $1,940m Revenue growth slightly higher in 1H ‘26 vs. 2H ‘26 YoY approx. growth 6.0% 8.5% 1 100 bps adj. EBITDA margin expansion Adj. EPS 1 $7.60 - $7.90 Operational leverage greater than investments in or
Slide 17: 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
Slide 18: Disciplined Capital Allocation Philosophy
Disciplined Student Growth Capital Allocation Growth with Purpose to invest back into our institutions and capabilities to reach optimal capacity Investing to expand access to in-demand healthcare education Philosophy Return Excess Cash 1 Completed January 2024 Board-authorized $300 million share re
Slide 19: Appendix
Appendix A D T A L E M : F o u r t h Q u a r t e r & F u l l Y e a r 2 0 2 5 R e s u l t s / 1 9 ©2025 Adtalem Global Education Inc. All rights reserved
Slide 20: 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 21: Adjusted Operating Income Disclosure (1/2)
Adjusted Operating Income Disclosure (1/2) (unaudited) (in thousands) Three Months Ended Year Ended June 30, June 30, Increase/(Decrease) Increase/(Decrease) 2025 2024 $ % 2025 2024 $ % Chamberlain: Operating income $ 35,739 $ 40,487 $ (4,748) (11.7)% $ 151,455 $ 137,800 $ 13,655 9.9 % Restructuring
Slide 22: Adjusted Operating Income Disclosure (2/2)
Adjusted Operating Income Disclosure (2/2) (unaudited) (in thousands) Three Months Ended Year Ended June 30, June 30, Increase/(Decrease) Increase/(Decrease) 2025 2024 $ % 2025 2024 $ % Home Office: Operating loss $ (17,660) $ (13,945) $ (3,715) (26.6)% $ (56,622) $ (68,990) $ 12,368 17.9 % Restruct
Slide 23: Adjusted EBITDA Disclosure (1/2)
Adjusted EBITDA Disclosure (1/2) (unaudited) (in thousands) Three Months Ended Year Ended June 30, June 30, Increase/(Decrease) Increase/(Decrease) 2025 2024 $ % 2025 2024 $ % Chamberlain: Adjusted operating income (GAAP) $ 35,739 $ 40,487 $ (4,748) (11.7)% $ 153,367 $ 137,800 $ 15,567 11.3 % Deprec
Slide 24: Adjusted EBITDA Disclosure (2/2)
Adjusted EBITDA Disclosure (2/2) (unaudited) (in thousands) Three Months Ended Year Ended June 30, June 30, Increase/(Decrease) Increase/(Decrease) 2025 2024 $ % 2025 2024 $ % Home Office: Adjusted operating loss $ (10,100) $ (9,761) $ (339) (3.5)% $ (36,030) $ (31,076) $ (4,954) (15.9)% Depreciatio
Slide 25: Adjusted Earnings Disclosure
Adjusted Earnings Disclosure (unaudited) (in thousands, except per share data) Three Months Ended Year Ended June 30, June 30, 2025 2024 2025 2024 Net income (GAAP) $ 54,212 $ 49,419 $ 237,065 $ 136,777 Restructuring expense 388 653 3,314 1,870 Business integration expense — 3,594 — 34,215 Amortizat
Slide 26: Free Cash Flow Disclosure
Free Cash Flow Disclosure (unaudited) (in thousands) Twelve Months Ended FY24 FY25 FY25 FY25 FY25 Q4 Q1 Q2 Q3 Q4 Net cash provided by operating activities- continuing operations (GAAP) $ 288,367 $ 291,820 $ 281,971 $ 335,069 $ 333,734 Capital expenditures (48,893) (48,873) (50,375) (47,914) (50,327)
Slide 27: Net Leverage Disclosure
Net Leverage Disclosure (unaudited) (in thousands) Year Ended June 30, 2025 Adtalem Global Education: Net income (GAAP) $ 237,065 Net income from discontinued operations (4,388) Interest expense 52,318 Other income, net (9,290) Provision for income taxes 65,837 Depreciation and amortization 59,165 S
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