1. It's like Kaplan Education, but also owns and operates its own medical, nursing, and veterinary universities.

2. Think of it as a more diversified Strategic Education, Inc. (which owns Strayer and Capella Universities), specializing in healthcare degrees and financial professional certifications.

Adtalem Global Education Inc. (symbol: CVSA) primarily sells its services to individuals.

Its major customer categories are:

1. Students pursuing higher education degrees: This includes individuals enrolled in undergraduate and graduate programs in medicine, nursing, and veterinary medicine through institutions like Chamberlain University, American University of the Caribbean School of Medicine, Ross University School of Medicine, and Ross University School of Veterinary Medicine.
2. Business professionals seeking certifications and continuing education: This category encompasses individuals in fields such as accounting, anti-money laundering, banking, and mortgage lending who utilize services for test preparation, professional certifications, conferences, and ongoing education from brands like Becker Professional Education, Association of Certified Anti-Money Laundering Specialists (ACAMS), and OnCourse Learning.

Steve Beard, Chairman and Chief Executive Officer

Steve Beard was named CEO of Covista in 2021 and elected Chairman of the Board in 2024. Under his leadership, Covista transformed from a diversified education and training company to one centered on healthcare education. He joined the company in 2018 as General Counsel and later became Chief Operating Officer, where he led the now divested financial services segment and portfolio repositioning. Prior to Covista, Beard served as Executive Vice President and Chief Administrative Officer at Heidrick & Struggles International. He also serves as board chair of A Better Chicago, a venture philanthropy.

Bob Phelan, Senior Vice President and Chief Financial Officer

Bob Phelan serves as chief financial officer at Covista, bringing over 35 years of finance and operational experience. He oversees all aspects of finance, including real estate and cybersecurity. Since joining Covista in February 2020, Phelan has held multiple leadership roles, including vice president and chief accounting officer, where he managed enterprise-wide accounting and reporting, SEC and regulatory filings, real estate, and strategic sourcing operations.

Michael Betz, Chief Digital Officer and President, Walden University

Michael Betz serves as chief digital officer of Covista and president of Walden University. In his dual role, Betz leads digital transformation and AI strategy across Covista and its institutions. As president of Walden University, he leads the institution, serving over 50,000 online learners through various degree and certificate programs.

Scott Liles, President, Medical and Veterinary

Scott Liles serves as president of the medical and veterinary segment at Covista. He is responsible for leading the growth strategy and operations for institutions such as American University of the Caribbean School of Medicine, Ross University School of Medicine, and Ross University School of Veterinary Medicine. His leadership focuses on expanding access to medical and veterinary education for students.

Douglas Beck, Senior Vice President, Institutional Support Services, General Counsel and Corporate Secretary

Douglas Beck holds the titles of Senior Vice President, Institutional Support Services, General Counsel, and Corporate Secretary at Covista.

The key risks to Covista's business include:

1. Heavy reliance on Title IV funding and regulatory changes: Covista's business is significantly dependent on federal funding through Title IV, with some of its institutions nearing a concerning threshold of revenue derived from this source. Changes in government regulations regarding federal student aid could therefore pose a substantial risk to the company's financial stability.
2. Short-term headwinds at Chamberlain University: The company has experienced short-term challenges, particularly an enrollment decline of 1% at Chamberlain University. These headwinds have contributed to a significant drop in the company's stock value, despite overall revenue growth in other segments like Walden University.

Covista (trading under the symbol CVSA), formerly known as Adtalem Global Education Inc. until February 2026, primarily operates in the healthcare education sector, addressing the U.S. healthcare workforce shortage through its various institutions. The company's main products and services include degree and non-degree programs in nursing, health professions, medical, and veterinary postsecondary education. The addressable markets for these services are substantial within the United States.

Addressable Markets for Covista's Main Products and Services (U.S. Region):

• U.S. Healthcare Education Market: The overall U.S. healthcare education market was estimated at USD 39.24 billion in 2023 and is projected to grow to USD 61.44 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 9.4%. North America, with the U.S. as a leading contributor, holds the largest share of the global healthcare education market.
• U.S. Nursing Education Market: This market was valued at USD 9.7 billion in 2024 and is expected to grow at a CAGR of 5.3% between 2025 and 2034. Other estimates place the market size to increase by USD 25.25 billion with a CAGR of 6.1% from 2025 to 2030, and project it to be worth USD 14.57 billion by 2030. North America accounts for approximately 60% of the global nursing education market.
• U.S. Medical Education Market: The medical education market in the U.S. was valued at USD 35.07 billion in 2024 and is anticipated to reach USD 53.02 billion by 2033, growing at a CAGR of 4.7%. The U.S. continuing medical education (CME) segment alone was valued at USD 3.35 billion in 2024 and is expected to reach USD 4.67 billion by 2030.
• U.S. Veterinary Education Market: The U.S. veterinary education market was estimated at USD 754.4 million in 2024. It is projected to grow at a CAGR of 7.62% from 2025 to 2030, reaching USD 1.16 billion by 2030. Another report valued the U.S. market at USD 1.01 billion in 2024, with a projected increase to USD 1.56 billion by 2032.
• U.S. Healthcare Workforce Management System Market: Given Covista's focus on addressing workforce shortages, the U.S. healthcare workforce management system market is also relevant. This market generated USD 662.8 million in revenue in 2023 and is expected to reach USD 1,513.5 million by 2030, with a CAGR of 12.5% from 2024 to 2030. Another estimate for the U.S. market is USD 0.92 billion in 2025, projected to reach USD 2.51 billion by 2035 with a CAGR of 10.68%.

Covista (CVSA) is strategically positioned to leverage several key drivers for future revenue growth over the next 2-3 years, primarily by addressing the persistent demand within the healthcare sector.

1. Sustained Enrollment Growth in Healthcare Programs: As America's largest healthcare educator, Covista benefits from the ongoing shortage of healthcare workers, which fuels demand for its educational programs. The company has demonstrated consistent enrollment growth across its institutions, including Chamberlain University and Walden University, with total enrollment increasing year-over-year. This continued growth in its student base directly translates to increased revenue.
2. Expansion of Healthcare Education Offerings and Geographic Reach (Platform Extension): Covista's "Purpose at Scale" growth strategy includes platform extension, focusing on serving more students in additional communities and expanding into new, adjacent healthcare domains where workforce shortages are most acute. This strategic expansion aims to capture a larger share of the healthcare education market.
3. Scaling Employer Partnerships and Integration: A crucial aspect of Covista's growth plan is to enhance and scale its partnerships with employers. By connecting educational pathways more directly to employer needs and integrating with healthcare systems, Covista aims to better address workforce demands, which can lead to increased program relevance, higher enrollment, and new revenue streams through corporate training or customized programs.
4. Leveraging Technology and AI in Education: Covista is integrating technology and artificial intelligence (AI) into its educational offerings. This includes partnerships with AI programs like HelloAI, Google Cloud, and Hippocratic AI to train healthcare professionals in AI-powered decision-making and prepare them for evolving industry demands. This focus on tech-enabled education is intended to catalyze enrollments, provide a competitive edge, and ensure graduates are well-prepared for the future healthcare landscape.

Share Repurchases

• The company completed a $150 million share repurchase program and authorized a new program of up to $750 million, set to run through December 2028.
• Since February 2022, Covista (as Adtalem Global Education) has repurchased $913 million worth of shares, reducing outstanding shares by 30%.
• In the second quarter of fiscal year 2026, $165 million was deployed to repurchase 1.7 million shares at an average price of $95, completing the prior $150 million authorization and leaving $728 million remaining on the $750 million authorization as of December 31, 2025.

Capital Expenditures

• Capital expenditures were approximately $39.88 million in fiscal year 2021, $31.05 million in fiscal year 2022, and $26.01 million in fiscal year 2023.
• In fiscal year 2024, capital expenditures were approximately $48.89 million, increasing to $50.33 million in fiscal year 2025.
• For the twelve months ending December 2025, capital expenditures amounted to approximately $59.88 million, with future expenditures expected to focus on campus investments and capacity expansion.