Covista 2026 Investor Day Summary Company Overview - **Company Name**: Covista (NYSE: ATGE) - **Industry**: Healthcare Education - **Key Focus**: Addressing the healthcare workforce crisis by providing education and training for healthcare professionals Core Points and Arguments 1. **Healthcare Crisis**: The U.S. is facing a healthcare crisis with 76% of clinicians unable to provide desired care quality, and 395,000 unfilled healthcare roles. Covista aims to address this by educating 97,000 students annually and graduating 24,000 healthcare professionals each year [5][6][11] 2. **Rebranding and Strategy**: Covista has undergone a rebranding to position itself as a leading healthcare educator, emphasizing its unique role in the intersection of healthcare and education. The new strategy, "Purpose at Scale," aims to leverage existing assets and relationships to grow [10][11][12] 3. **Market Demand**: There is a durable demand for healthcare professionals due to workforce shortages, particularly in nursing, social work, and veterinary fields. Covista has established deep clinical relationships to meet this demand [12][20] 4. **Operational Excellence**: The company has a proven track record of operational excellence, which it plans to build upon with the new strategy. This includes focusing on marketing, enrollment, and program development [13][19] 5. **AI Integration**: Covista is investing in AI to enhance educational delivery and workforce readiness, addressing the gap between technology adoption and workforce preparedness [24][25][26] 6. **Enrollment Growth**: Covista aims to enroll over 120,000 students by fiscal 2029, with a projected revenue CAGR of 7%-10% and adjusted EPS CAGR of 10%-14% [33][34] Additional Important Insights 1. **Student Demographics**: The traditional student population is shrinking, while non-traditional students (working adults, veterans) are increasing. Covista is adapting its offerings to meet the needs of these groups [21][22] 2. **Employer Partnerships**: 97% of healthcare executives believe in the importance of partnerships with academic institutions for talent acquisition, yet only 20% are currently investing in such relationships. This presents a significant opportunity for Covista [23] 3. **Financial Performance**: Covista has exceeded its investor targets, achieving record enrollments and expanding margins while investing in competitiveness [17][18] 4. **Walden University**: Covista's Walden University has seen significant enrollment growth, particularly in graduate programs, and is positioned to lead in addressing shortages in healthcare and education [41][49][60] 5. **Innovative Programs**: Covista is launching new programs to meet market demands, including in high-demand fields like palliative care and special education [69] Conclusion Covista is strategically positioned to address the pressing healthcare workforce crisis through its educational programs and partnerships. The company's focus on operational excellence, AI integration, and innovative program offerings positions it for significant growth and impact in the healthcare education sector.

Investor Day February 24, 2026 covista.com Welcome Jeremy Cohen Vice President, Investor Relations 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 certain assumptions and include any statement that does not directly relate to any historical or current fact, which includ ...

Company Overview - Adtalem Global Education Inc. is a leading provider of workforce-oriented postsecondary education, focusing on healthcare and professional training segments [6] - The company offers degree and non-degree programs through institutions like Chamberlain University and Walden University, generating revenue primarily from tuition and related educational services [9] - Adtalem's diversified academic offerings and focus on high-demand fields position it as a key player in the education and training services industry [6] Financial Performance - For the trailing twelve months (TTM), Adtalem reported revenue of $1.89 billion and net income of $253.25 million [4] - The company recently posted quarterly revenue of $503.4 million, reflecting a year-over-year increase of 12.4%, with adjusted EPS of $2.43, up 34.3% [10] - Enrollment increased by 6.3% to 97,010 students, marking the 10th consecutive quarter of growth [10] Investment Insights - First Sabrepoint Capital Management LP initiated a new position in Adtalem, acquiring 135,000 shares valued at approximately $13.97 million, representing 5.39% of its 13F reportable assets under management (AUM) [2][8] - Adtalem's full-year adjusted EPS guidance was raised to between $7.80 and $8.00, with a net leverage of just 0.9x and free cash flow of $368 million over the trailing twelve months [11] - The company's strong operating momentum, particularly with Walden revenue surging 27.0% year over year and adjusted EBITDA margins expanding to 30.8%, suggests potential for long-term value despite recent share price underperformance [12]

Core Viewpoint - Adtalem Global Education (ATGE) is experiencing significant selling pressure, with a 20.9% decline over the past four weeks, but is now positioned for a potential trend reversal as it enters oversold territory, supported by analyst expectations of better-than-previously predicted earnings [1]. Group 1: Technical Indicators - The Relative Strength Index (RSI) is a momentum oscillator that indicates whether a stock is oversold, with readings below 30 typically signaling this condition [2]. - ATGE's current RSI reading is 29.18, suggesting that the heavy selling pressure may be exhausting itself, indicating a potential trend reversal [5]. Group 2: Fundamental Analysis - Analysts have shown strong agreement in raising earnings estimates for ATGE, with a 0.6% increase in the consensus EPS estimate over the last 30 days, which often correlates with price appreciation [7]. - ATGE holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further indicating a potential turnaround [8].

Core Viewpoint - Adtalem Global Education is rebranding to Covista, signifying a major transformation aimed at becoming the largest healthcare educator in the U.S. and a vital part of the healthcare workforce pipeline [1] Company Summary - The rebranding reflects a four-year transformation process undertaken by the company [1] - Covista will begin trading under the ticker symbol CVSA on the New York Stock Exchange starting February 24, 2026 [1] - The name change is described as more than just a rebrand; it acknowledges the company's achievements and the challenges it aims to address in the healthcare sector [1]

Industry Overview - The Zacks Schools industry is facing significant challenges, including a declining traditional student base, increased competition from public and nonprofit institutions, and rising compliance costs due to tighter regulatory oversight [1][4][5] - The industry comprises for-profit education companies offering various undergraduate, graduate, and specialized programs, focusing on career-oriented education in fields such as healthcare, technology, and skilled trades [3] Current Challenges - Margin pressures are intensifying due to rising costs in faculty, support services, marketing, and technology, coupled with aggressive enrollment competition [4] - Operational challenges include high compliance costs and vulnerability to enrollment fluctuations, which can significantly impact operating income [5][6] Demand Trends - There is a renewed demand for workforce-oriented programs, particularly in healthcare, cybersecurity, and skilled trades, driven by employers prioritizing job-ready skills [7][9] - The U.S. healthcare sector is experiencing a shortage of skilled professionals, creating opportunities for education providers to align their programs with workforce needs [8][9] Industry Consolidation - The sector is witnessing consolidation, with larger players acquiring smaller institutions to expand program offerings and achieve scale advantages [10] - Recent policy changes, such as the "Workforce Pell" initiative, are expected to enhance enrollment and pricing power for accredited programs [11] Technology Integration - The adoption of technology and digital learning platforms is becoming a key differentiator for for-profit colleges, enhancing student engagement and operational efficiency [12] Financial Performance - The Zacks Schools industry currently ranks 153 out of over 250 Zacks industries, indicating it is in the bottom 37% in terms of performance [13][14] - The industry's earnings estimates for 2026 have decreased slightly to $1.86 per share, reflecting a loss of confidence in earnings growth potential [15] Stock Performance - The industry has underperformed the S&P 500 but has fared better than the broader Zacks Consumer Discretionary sector over the past year, with a collective loss of 4.5% [17] Valuation Metrics - The industry is currently trading at a forward P/E ratio of 13.68X, significantly lower than the S&P 500's 23.24X and the sector's 17.66X [20] Notable Companies - **American Public Education, Inc. (APEI)**: Focused on military and healthcare education, APEI has seen strong enrollment growth and is expected to grow earnings by 106.5% in 2026 [27][28] - **Adtalem Global Education Inc. (ATGE)**: Gaining from enrollment momentum in healthcare education, ATGE's earnings are projected to grow 18% in fiscal 2026 [30][31] - **Stride, Inc. (LRN)**: Provides technology-driven online education, with a focus on K-12 education, and is expected to see earnings growth of 3.2% in fiscal 2026 [34][35]

Core Viewpoint - Adtalem Global Education Inc. (NYSE: ATGE) is positioned as a leading provider of educational services with a diverse range of programs, indicating strong market presence and potential for growth [1] Company Overview - Adtalem operates several institutions, including Chamberlain University and Ross University School of Medicine, and competes with other educational service providers like Grand Canyon Education and Strayer Education [1] Stock Performance - Over the past month, ATGE has seen a slight decline of approximately 0.88%, with a more pronounced drop of 11.38% in the last 10 days, suggesting market volatility or sector-specific challenges [2] - The recent decline presents a potential buying opportunity at a lower entry point for investors [2] Growth Potential - ATGE has a robust stock price growth potential of 51.62%, indicating significant upside potential for growth-oriented investors [3] - The company has a Piotroski Score of 9, reflecting strong financial health and solid fundamentals [3] Analyst Insights - Analysts have set a target price of $157 for ATGE, suggesting considerable upside from current levels and confidence in the company's growth strategies [4] - The recent decline has brought ATGE to a local minimum, presenting a potential entry point for investors looking to capitalize on a rebound [4]

Core Viewpoint - The article highlights Adtalem Global Education (ATGE) as a promising growth stock, supported by its favorable Growth Score and Zacks Rank, indicating strong potential for outperformance in the market [2][11]. Earnings Growth - Adtalem has a historical EPS growth rate of 22.4%, with projected EPS growth of 18% for the current year, significantly surpassing the industry average of 11.5% [5]. Asset Utilization Ratio - The company has an asset utilization ratio (sales-to-total-assets ratio) of 0.69, indicating it generates $0.69 in sales for every dollar in assets, which is higher than the industry average of 0.68, showcasing better efficiency [6]. Sales Growth - Adtalem's sales are expected to grow by 7.6% this year, compared to the industry average of 6.7%, indicating a strong sales growth outlook [7]. Earnings Estimate Revisions - The current-year earnings estimates for Adtalem have been revised upward, with the Zacks Consensus Estimate increasing by 0.3% over the past month, reflecting positive sentiment [9]. Overall Positioning - With a Zacks Rank of 2 and a Growth Score of A, Adtalem is well-positioned for potential outperformance, making it an attractive option for growth investors [11].

Core Viewpoint - Adtalem Global Education (ATGE) has received a Zacks Rank 2 (Buy) upgrade, indicating a positive outlook driven by rising earnings estimates, which significantly influence stock prices [1][4]. Earnings Estimates and Stock Ratings - The Zacks rating system is based solely on a company's changing earnings picture, tracking the Zacks Consensus Estimate for EPS from sell-side analysts [2]. - Changes in earnings estimates are strongly correlated with near-term stock price movements, influenced by institutional investors who adjust their valuations based on these estimates [5]. Recent Performance and Outlook - Adtalem's earnings estimates have been revised upward, with the Zacks Consensus Estimate for the fiscal year ending June 2026 projected at $7.87 per share, showing a 1.2% increase over the past three months [9]. - The upgrade to Zacks Rank 2 reflects an improvement in Adtalem's underlying business, suggesting that investor sentiment may lead to higher stock prices [6][11]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [8]. - Only the top 20% of Zacks-covered stocks receive a "Strong Buy" or "Buy" rating, indicating superior earnings estimate revisions and potential for market-beating returns [10][11].

Core Viewpoint - Adtalem Global Education (ATGE) shows potential for significant upside, with a mean price target of $158.25 indicating a 46.8% increase from its current price of $107.78 [1] Price Targets - The average price target for ATGE ranges from a low of $125.00 to a high of $175.00, with a standard deviation of $22.71, suggesting variability in analyst estimates [2] - The lowest estimate indicates a 16% increase, while the highest suggests a 62.4% upside [2] Analyst Sentiment - Analysts exhibit strong agreement on ATGE's ability to report better earnings than previously predicted, which supports the expectation of stock upside [4][11] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 0.3%, with one estimate moving higher and no negative revisions [12] Zacks Rank - ATGE holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] Price Movement Implications - While consensus price targets may not be entirely reliable, the direction they imply appears to be a good guide for potential price movement [14]