Covista Third Quarter Fiscal Year 2026 Results; Raises Fiscal Year 2026 Revenue and Adjusted Earnings Per Share Guidance

Total enrollment up 6.8% YoY, with Chamberlain returning to positive total enrollment growth

Surpassed 100,000 students including record enrollment at Chamberlain and Walden

Revenue up 4.5% YoY; revenue up 8.4% YoY when adjusted for Walden one-week academic shift

Third quarter highlights

• Total student enrollment 100,585, up 6.8% year-over-year, achieved 11^th straight quarter of growth
• Revenue $487.0 million, up 4.5% year-over-year; up 8.4% year-over-year when adjusted for Walden one-week academic shift
• Chamberlain University returned to positive total enrollment growth, delivered the highest enrollment in university history, and achieved 15^th straight quarter of pre-licensure BSN total enrollment growth
• Walden University achieved 11^th straight quarter of total enrollment growth, up 12.3% year-over-year, highest total enrollment in university history
• GAAP net income $41.6 million; adjusted EBITDA $127.9 million

Capital allocation

• Repurchased $66 million of shares in the third quarter
• Refinanced outstanding debt, consolidating into $510 million Term Loan B at attractive rates and extending maturity to 2033
• Net leverage of 0.7x as of Mar. 31, 2026

Increased fiscal year 2026 guidance

• Revenue of $1,930 million to $1,945 million, or approximately 8% to 9% growth year-over-year, and from a previous range of $1,900 million to $1,940 million
• Adjusted earnings per share of $7.95 to $8.15, or approximately 19% to 22% growth year-over-year, and from a previous range of $7.80 to $8.00

CHICAGO--(BUSINESS WIRE)--Covista Inc. (NYSE: CVSA), the largest healthcare educator in the United States, today reported third quarter fiscal year 2026 results (ended Mar. 31, 2026). The Company continues to execute on its Growth with Purpose strategy, leading the transformation of higher education by training the next generation of healthcare professionals at an industry-leading scale.

“The country needs more nurses, physicians, and behavioral health professionals than the current system is on pace to produce. Covista is helping close that gap. This quarter shows the strength of our model: more than 100,000 students and growth across every segment, including a return to enrollment growth at Chamberlain,” said Steve Beard, Chairman and Chief Executive Officer, Covista. “We educate practitioners, and we are increasingly connecting them to the healthcare systems that need them most. We are raising guidance because execution is translating into results. The need is urgent, our role is clear, and the opportunity ahead is significant.”

Financial Highlights

Selected financial data for the three months ended Mar. 31, 2026:

• Revenue of $487.0 million increased 4.5% compared with the prior year
• Operating income of $91.3 million, compared with $90.5 million in the prior year; adjusted operating income of $102.2 million, compared with $105.4 million in the prior year
• Net income of $41.6 million, compared with $60.8 million in the prior year; adjusted net income of $69.0 million, compared with $73.3 million in the prior year
• Diluted earnings per share of $1.20, compared with $1.59 in the prior year; adjusted earnings per share of $1.98, compared with $1.92 in the prior year
• Adjusted EBITDA of $127.9 million, compared with $127.8 million in the prior year; adjusted EBITDA margin of 26.3%, compared with 27.4% in the prior year

Business Highlights

• Chamberlain University continues to make progress with its campus expansion strategy, with six new campuses currently in progress, of which two received full regulatory approval and are expected to start classes during the first half of fiscal year 2027.
• Walden University continues to expand student programming; programs launched heading into the 2026 academic year have enrolled more than 1,400 students. In addition, we received approval for seven new programs, including three that are starting to enroll students: B.S. Special Education, B.S. Integrative Health, and a Post-Master’s Certificate in Palliative Care.
• American University of the Caribbean School of Medicine (AUC) and Ross University School of Medicine (RUSM) achieved a combined 97% first-time residency attainment rate¹ for the 2025-2026 graduating class, marking the fifth consecutive year with a first-time residency attainment rate of at least 95% for each school. In 2026, AUC and RUSM combined to place more than 750 students and graduates into over 400 unique healthcare facilities with more than 110 students and graduates securing positions at partner clinical hospitals.
• Ross University School of Veterinary Medicine (RUSVM) continues to be a top university in total graduates matched into highly competitive internships and residencies in 2026 through the Veterinary Internship and Residency Matching Program. For the last six years, RUSVM has been among the top schools for number of graduates matched into postgraduate opportunities, providing invaluable clinical experience in specialized fields such as surgery, cardiology, internal medicine and emergency care.
• In partnership with Google Cloud, Covista launched healthcare-specific AI professional certificates across all five of its institutions—covering AI applications in clinical practice, responsible use, and patient safety. The credentials have generated immediate demand with more than 4,000 learners enrolled to date, underscoring how urgently the health professions are seeking AI fluency.

Segment Highlights

Chamberlain

	Three Months Ended
$ in millions	March 31,
	2026	2025	% Change
Revenue	$197.0	$192.6	2.3%
Operating Income	$47.7	$47.5	0.4%
Adj. Operating Income	$47.9	$47.5	0.8%
Adj. EBITDA	$58.5	$56.8	2.9%
Total Students ^(2)	40,767	40,564	0.5%

• Total student enrollment increased 0.5% compared with the prior year, driven by growth in pre-licensure nursing.

Walden

	Three Months Ended
$ in millions	March 31,
	2026	2025	% Change
Revenue	$186.6	$178.4	4.6%
Operating Income	$39.5	$45.2	(12.5)%
Adj. Operating Income	$42.4	$48.0	(11.7)%
Adj. EBITDA	$49.7	$54.0	(7.9)%
Total Students ^(2)	54,474	48,526	12.3%

• Total student enrollment increased 12.3% compared with the prior year, driven by growth in healthcare and non-healthcare programs.

Medical and Veterinary

	Three Months Ended
$ in millions	March 31,
	2026	2025	% Change
Revenue	$103.5	$95.0	8.9%
Operating Income	$21.1	$17.8	18.7%
Adj. Operating Income	$21.5	$17.9	20.0%
Adj. EBITDA	$27.5	$22.9	20.1%
Total Students ^(2)	5,344	5,133	4.1%

• Total student enrollment increased 4.1% compared with the prior year, driven by growth in both medical and veterinary.

Fiscal Year 2026 Outlook

Covista raised its revenue guidance for fiscal year 2026 from a range of $1,900 million to $1,940 million, or approximately 6% to 8.5% growth year-over-year, to a range of $1,930 million to $1,945 million, or approximately 8% to 9% growth year-over-year. Covista also raised its adjusted earnings per share guidance from a range of $7.80 to $8.00, or approximately 17% to 20% growth year-over-year, to a range of $7.95 to $8.15, or approximately 19% to 22% growth year-over-year.

Conference Call and Webcast Information

Covista will hold a conference call to discuss its third quarter fiscal year 2026 results today at 4:00 p.m. CT (5:00 p.m. ET).

The call can be accessed by dialing [phone] (U.S. participants) or [phone] (international participants) and stating “Covista earnings call” or by using conference ID:13759299. The call will be simulcast through the Covista investor relations website at: https://investors.covista.com.

Covista will archive a replay of the call for 30 days. To access the replay, dial [phone] (U.S.) or [phone] (international), conference ID: 13759299, or visit the Covista investor relations website.

About Covista

Covista (NYSE: CVSA) is America's largest healthcare educator, serving more than 100,000 students and supported by a community of 385,000 alumni across five accredited institutions. Through personalized, tech-enabled education powered by 10,000 faculty and colleagues, Covista expands access to healthcare careers and addresses the U.S. healthcare workforce shortage at scale. Covista is the parent company of American University of the Caribbean School of Medicine, Chamberlain University, Ross University School of Medicine, Ross University School of Veterinary Medicine and Walden University. For more information, visit Covista.com and follow us on LinkedIn, Instagram and YouTube.

Cautionary Disclosure Regarding 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 statement that does not directly relate to any historical or current fact, which includes statements regarding Covista’s future growth. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “future,” “believe,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “may,” “will,” “would,” “could,” “can,” “continue,” “preliminary,” “potential,” “range,” and similar terms. These forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those described in the statements. Important factors that could cause actual results to differ materially from the expectations expressed or implied by our forward-looking statements are disclosed in Item 1A, “Risk Factors,” of our Annual Report on Form 10-K. You should evaluate forward-looking statements in the context of these risks and uncertainties and are cautioned to not place undue reliance on such forward-looking statements. We caution you that these factors, performance or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. All forward-looking statements are based on information available to use as of the date any such statements are made, and Covista assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized, except as required by law.

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of special items that may be incurred in the future, although these special items could be material to Covista's results in accordance with GAAP.

1.	Percent of students attaining a 2026-27 residency position out of all graduates or expected graduates in 2025-26 who were active applicants in the 2026 NRMP match or who attained a residency position outside the NRMP match.
2.	Represents total students attending sessions during each institution’s most recent enrollment period in Q3 FY 2026 and Q3 FY 2025.

Covista Inc.
Consolidated Balance Sheets
(unaudited)
(in thousands)

	March 31,		June 30,
	2026		2025
Assets:
Current assets:
Cash and cash equivalents	$	146,977	$	199,601
Restricted cash		1,862		1,563
Accounts and financing receivables, net		175,924		146,189
Prepaid expenses and other current assets		78,992		68,837
Total current assets		403,755		416,190
Noncurrent assets:
Property and equipment, net		276,972		256,131
Operating lease assets		201,079		191,194
Deferred income taxes		—		32,956
Intangible assets, net		757,059		765,474
Goodwill		961,262		961,262
Other assets, net		137,300		129,145
Total noncurrent assets		2,333,672		2,336,162
Total assets	$	2,737,427	$	2,752,352
Liabilities and shareholders' equity:
Current liabilities:
Accounts payable	$	97,261	$	105,017
Accrued payroll and benefits		75,093		76,374
Accrued liabilities		92,846		77,286
Deferred revenue		276,192		214,091
Current operating lease liabilities		35,230		35,159
Current portion of long-term debt		3,825		—
Total current liabilities		580,447		507,927
Noncurrent liabilities:
Long-term debt		495,644		552,669
Long-term operating lease liabilities		201,595		186,172
Deferred income taxes		58,731		31,856
Other liabilities		36,905		40,103
Total noncurrent liabilities		792,875		810,800
Total liabilities		1,373,322		1,318,727
Commitments and contingencies
Total shareholders' equity		1,364,105		1,433,625
Total liabilities and shareholders' equity	$	2,737,427	$	2,752,352

Covista Inc.
Consolidated Statements of Income
(unaudited)
(in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2026			2025			2026			2025
Revenue	$	487,030		$	466,055		$	1,452,703		$	1,331,184
Operating cost and expense:
Cost of educational services		210,719			199,869			616,911			572,500
Student services and administrative expense		184,106			175,167			542,631			491,141
Restructuring expense		863			510			5,228			2,926
Total operating cost and expense		395,688			375,546			1,164,770			1,066,567
Operating income		91,342			90,509			287,933			264,617
Interest expense		(13,629	)		(13,074	)		(35,636	)		(41,465	)
Other income, net		232			1,898			4,422			6,779
Income from continuing operations before income taxes		77,945			79,333			256,719			229,931
Provision for income taxes		(19,963	)		(18,539	)		(61,504	)		(51,716	)
Income from continuing operations		57,982			60,794			195,215			178,215
Discontinued operations:
(Loss) income from discontinued operations before income taxes		(21,860	)		52			(20,810	)		6,216
Benefit from (provision for) income taxes		5,515			(14	)		5,440			(1,578	)
(Loss) income from discontinued operations		(16,345	)		38			(15,370	)		4,638
Net income and comprehensive income	$	41,637		$	60,832		$	179,845		$	182,853
Earnings (loss) per share:
Basic:
Continuing operations	$	1.69		$	1.64		$	5.52		$	4.76
Discontinued operations	$	(0.48	)	$	0.00		$	(0.43	)	$	0.12
Total basic earnings per share	$	1.21		$	1.64		$	5.08		$	4.88
Diluted:
Continuing operations	$	1.67		$	1.59		$	5.42		$	4.62
Discontinued operations	$	(0.47	)	$	0.00		$	(0.43	)	$	0.12
Total diluted earnings per share	$	1.20		$	1.59		$	4.99		$	4.74
Weighted-average shares outstanding:
Basic shares		34,283			37,140			35,381			37,434
Diluted shares		34,782			38,233			36,031			38,583

Covista Inc.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)

	Nine Months Ended
	March 31,
	2026			2025
Operating activities:
Net income	$	179,845		$	182,853
Loss (income) from discontinued operations		15,370			(4,638	)
Income from continuing operations		195,215			178,215
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation		31,103			31,181
Amortization and impairments to operating lease assets		21,004			25,330
Depreciation		32,627			30,267
Amortization of acquired intangible assets		8,415			8,415
Amortization and write-off of debt discount and issuance costs		6,961			4,995
Provision for bad debts		48,853			46,854
Deferred income taxes		65,318			19,994
Loss on disposals and impairments of property and equipment		605			2,522
Gain on investments		(561	)		(268	)
Changes in assets and liabilities:
Accounts and financing receivables		(76,271	)		(80,613	)
Prepaid expenses and other current assets		(896	)		5,727
Cloud computing implementation assets		(10,087	)		(21,959	)
Accounts payable		(12,607	)		(9,978	)
Accrued payroll and benefits		(1,136	)		1,406
Accrued liabilities		(10,168	)		(10,449	)
Deferred revenue		66,322			66,081
Operating lease liabilities		(15,395	)		(17,839	)
Other assets and liabilities		(2,888	)		(6,068	)
Net cash provided by operating activities-continuing operations		346,414			273,813
Net cash provided by operating activities-discontinued operations		45			4,394
Net cash provided by operating activities		346,459			278,207
Investing activities:
Capital expenditures		(50,882	)		(31,337	)
Proceeds from sales of marketable securities		2,314			3,120
Purchases of marketable securities		(2,313	)		(2,048	)
Payment for investment in business		(5,000	)		—
Net cash used in investing activities		(55,881	)		(30,265	)
Financing activities:
Proceeds from exercise of stock options		131			10,008
Employee taxes paid on withholding shares		(42,074	)		(12,457	)
Proceeds from stock issued under Colleague Stock Purchase Plan		1,305			922
Repurchases of common stock for treasury		(239,866	)		(146,436	)
Borrowings under long-term debt obligations		844,450			9,873
Repayments under long-term debt obligations		(895,283	)		(109,873	)
Payment of debt issuance and extinguishment costs		(11,566	)		—
Net cash used in financing activities		(342,903	)		(247,963	)
Net decrease in cash, cash equivalents and restricted cash		(52,325	)		(21	)
Cash, cash equivalents and restricted cash at beginning of period		201,164			221,202
Cash, cash equivalents and restricted cash at end of period	$	148,839		$	221,181

Covista Inc.
Segment Revenue
(unaudited)
(in thousands)

	Three Months Ended								Nine Months Ended
	March 31,								March 31,
					Increase/(Decrease)								Increase/(Decrease)
	2026		2025		$		%		2026		2025		$		%
Revenue:
Chamberlain	$	196,963	$	192,592	$	4,371	2.3	%	$	559,996	$	541,508	$	18,488	3.4	%
Walden ^(1)		186,575		178,418		8,157	4.6	%		594,097		511,237		82,860	16.2	%
Medical and Veterinary		103,492		95,045		8,447	8.9	%		298,610		278,439		20,171	7.2	%
Consolidated ^(1)	$	487,030	$	466,055	$	20,975	4.5	%	$	1,452,703	$	1,331,184	$	121,519	9.1	%

^(1)

Walden revenue for the third quarter of fiscal year 2026 was impacted by a shift of one academic week from the third quarter to the second quarter, which resulted in $18.0 million of revenue being recognized during the second quarter of fiscal year 2026. Including the $18.0 million revenue timing impact in the third quarter of fiscal year 2026, Walden segment revenue would have increased 14.7%, or $26.2 million, to $204.6 million and consolidated revenue would have increased 8.4%, or $39.0 million, to $505.0 million.

Covista Inc.
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 Covista’s ongoing operations as seen through the eyes of management and are useful for period-over-period comparisons. We use these supplemental non-GAAP financial measures internally in our assessment of performance and budgeting process. However, these non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The following are non-GAAP financial measures used in the subsequent GAAP to non-GAAP reconciliation tables:

Adjusted net income (most comparable GAAP measure: net income) – Measure of Covista’s net income adjusted for restructuring expense, amortization of acquired intangible assets, strategic advisory costs, loss on debt extinguishment, litigation reserve, asset impairments, debt modification costs, and loss (income) from discontinued operations.

Adjusted earnings per share (most comparable GAAP measure: diluted earnings per share) – Measure of Covista’s diluted earnings per share adjusted for restructuring expense, amortization of acquired intangible assets, strategic advisory costs, loss on debt extinguishment, litigation reserve, asset impairments, debt modification costs, and loss (income) from discontinued operations.

Adjusted operating income (most comparable GAAP measure: operating income) – Measure of Covista’s operating income adjusted for restructuring expense, amortization of acquired intangible assets, litigation reserve, asset impairments, strategic advisory costs, and debt modification costs.

Adjusted EBITDA (most comparable GAAP measure: net income) – Measure of Covista’s net income adjusted for loss (income) from discontinued operations, interest expense, other income, net, provision for income taxes, depreciation, amortization of acquired intangible assets, amortization of cloud computing implementation assets, stock-based compensation, restructuring expense, litigation reserve, asset impairments, strategic advisory costs, and debt modification costs. Provision for income taxes, interest expense, and other income, net are not recorded at the reportable segments, and therefore, the segment adjusted EBITDA reconciliations begin with adjusted operating income.

Free cash flow (most comparable GAAP measure: net cash provided by operating activities-continuing operations) – Defined as net cash provided by operating activities-continuing operations less capital expenditures.

Net debt – Defined as long-term debt less cash and cash equivalents.

Net leverage – Defined as net debt divided by adjusted EBITDA.

A description of special items in our non-GAAP financial measures described above are as follows:

• Restructuring expense primarily related to workforce reductions, costs to exit certain course offerings, and prior real estate consolidations at Covista’s home office. We do not include normal, recurring, cash operating expenses in our restructuring expense.
• Amortization of acquired intangible assets.
• Amortization of cloud computing implementation assets.
• Strategic advisory costs related to expanding capabilities and bringing new capacities to market to further enhance our strategic position. We do not include normal, recurring, cash operating expenses in our strategic advisory costs.
• Reserves related to significant litigation.
• Loss on debt extinguishment related to amendments and repayments of our Senior Secured Notes due 2028, Term Loan B, and Revolver.
• Asset impairments related to adjusting certain operating lease assets and property and equipment as a result of adjusting carrying values to fair values.
• Debt modification costs related to refinancing our Term Loan B.
• Loss (income) from discontinued operations includes activity from ongoing litigation costs and settlements related to divestitures and the earn-outs we received.

Covista Inc.
Adjusted Operating Income
(unaudited)
(in thousands)

	Three Months Ended										Nine Months Ended
	March 31,										March 31,
							Increase/(Decrease)										Increase/(Decrease)
	2026			2025			$		%		2026			2025			$		%
Chamberlain:
Operating income	$	47,696		$	47,516		$	180	0.4	%	$	105,302		$	115,716		$	(10,414)	(9.0)	%
Restructuring expense		199			(23)			222				2,024			1,912			112
Adjusted operating income	$	47,895		$	47,493		$	402	0.8	%	$	107,326		$	117,628		$	(10,302)	(8.8)	%
Operating margin		24.2	%		24.7	%						18.8	%		21.4	%
Adjusted operating margin		24.3	%		24.7	%						19.2	%		21.7	%
Walden:
Operating income	$	39,540		$	45,194		$	(5,654)	(12.5)	%	$	168,035		$	133,929		$	34,106	25.5	%
Restructuring expense		31			—			31				460			—			460
Amortization of acquired intangible assets		2,805			2,805			—				8,415			8,415			—
Litigation reserve		—			—			—				—			(5,550)			5,550
Adjusted operating income ^(1)	$	42,376		$	47,999		$	(5,623)	(11.7)	%	$	176,910		$	136,794		$	40,116	29.3	%
Operating margin		21.2	%		25.3	%						28.3	%		26.2	%
Adjusted operating margin ^(1)		22.7	%		26.9	%						29.8	%		26.8	%
Medical and Veterinary:
Operating income	$	21,127		$	17,800		$	3,327	18.7	%	$	62,454		$	53,934		$	8,520	15.8	%
Restructuring expense		375			121			254				855			236			619
Adjusted operating income	$	21,502		$	17,921		$	3,581	20.0	%	$	63,309		$	54,170		$	9,139	16.9	%
Operating margin		20.4	%		18.7	%						20.9	%		19.4	%
Adjusted operating margin		20.8	%		18.9	%						21.2	%		19.5	%
Home Office:
Operating loss	$	(17,021)		$	(20,001)		$	2,980	14.9	%	$	(47,858)		$	(38,962)		$	(8,896)	(22.8)	%
Restructuring expense		258			412			(154)				1,889			778			1,111
Asset impairments		—			6,442			(6,442)				—			6,442			(6,442)
Strategic advisory costs		7,238			5,100			2,138				17,032			5,100			11,932
Debt modification costs		—			—			—				—			712			(712)
Adjusted operating loss	$	(9,525)		$	(8,047)		$	(1,478)	(18.4)	%	$	(28,937)		$	(25,930)		$	(3,007)	(11.6)	%
Covista:
Operating income (GAAP) ^(1)	$	91,342		$	90,509		$	833	0.9	%	$	287,933		$	264,617		$	23,316	8.8	%
Restructuring expense		863			510			353				5,228			2,926			2,302
Amortization of acquired intangible assets		2,805			2,805			—				8,415			8,415			—
Litigation reserve		—			—			—				—			(5,550)			5,550
Asset impairments		—			6,442			(6,442)				—			6,442			(6,442)
Strategic advisory costs		7,238			5,100			2,138				17,032			5,100			11,932
Debt modification costs		—			—			—				—			712			(712)
Adjusted operating income (non-GAAP) ^(1)	$	102,248		$	105,366		$	(3,118)	(3.0)	%	$	318,608		$	282,662		$	35,946	12.7	%
Operating margin (GAAP) ^(1)		18.8	%		19.4	%						19.8	%		19.9	%
Adjusted operating margin (non-GAAP) ^(1)		21.0	%		22.6	%						21.9	%		21.2	%

^(1)

Walden revenue for the third quarter of fiscal year 2026 was impacted by a shift of one academic week from the third quarter to the second quarter, which resulted in $18.0 million of revenue being recognized during the second quarter of fiscal year 2026. Including the $18.0 million revenue timing impact in the third quarter of fiscal year 2026, Walden adjusted operating income would have increased 25.8%, or $12.4 million, to $60.4 million and Walden adjusted operating margin would have been 29.5%. Similarly, consolidated operating income would have increased 20.8%, or $18.8 million, to $109.4 million and consolidated adjusted operating income would have increased 14.1%, or $14.9 million, to $120.3 million. Consolidated operating margin would have been 21.7% and consolidated adjusted operating margin would have been 23.8%.

Covista Inc.
Adjusted EBITDA
(unaudited)
(in thousands)

	Three Months Ended										Nine Months Ended
	March 31,										March 31,
							Increase/(Decrease)										Increase/(Decrease)
	2026			2025			$		%		2026			2025			$		%
Chamberlain:
Adjusted operating income (GAAP)	$	47,895		$	47,493		$	402	0.8	%	$	107,326		$	117,628		$	(10,302)	(8.8)	%
Depreciation		6,027			5,350			677				17,108			16,184			924
Amortization of cloud computing implementation assets		2,073			786			1,287				5,620			2,253			3,367
Stock-based compensation		2,465			3,178			(713)				8,709			10,290			(1,581)
Adjusted EBITDA (non-GAAP)	$	58,460		$	56,807		$	1,653	2.9	%	$	138,763		$	146,355		$	(7,592)	(5.2)	%
Adjusted EBITDA margin (non-GAAP)		29.7	%		29.5	%						24.8	%		27.0	%
Walden:
Adjusted operating income (GAAP)	$	42,376		$	47,999		$	(5,623)	(11.7)	%	$	176,910		$	136,794		$	40,116	29.3	%
Depreciation		2,075			1,951			124				6,089			5,428			661
Amortization of cloud computing implementation assets		1,918			763			1,155				5,023			2,242			2,781
Stock-based compensation		3,374			3,288			86				10,264			9,354			910
Adjusted EBITDA (non-GAAP) ^(1)	$	49,743		$	54,001		$	(4,258)	(7.9)	%	$	198,286		$	153,818		$	44,468	28.9	%
Adjusted EBITDA margin (non-GAAP) ^(1)		26.7	%		30.3	%						33.4	%		30.1	%
Medical and Veterinary:
Adjusted operating income (GAAP)	$	21,502		$	17,921		$	3,581	20.0	%	$	63,309		$	54,170		$	9,139	16.9	%
Depreciation		3,109			2,785			324				8,936			8,098			838
Amortization of cloud computing implementation assets		720			304			416				1,836			902			934
Stock-based compensation		2,129			1,848			281				6,221			5,613			608
Adjusted EBITDA (non-GAAP)	$	27,460		$	22,858		$	4,602	20.1	%	$	80,302		$	68,783		$	11,519	16.7	%
Adjusted EBITDA margin (non-GAAP)		26.5	%		24.0	%						26.9	%		24.7	%
Home Office:
Adjusted operating loss	$	(9,525)		$	(8,047)		$	(1,478)	(18.4)	%	$	(28,937)		$	(25,930)		$	(3,007)	(11.6)	%
Depreciation		166			188			(22)				494			557			(63)
Stock-based compensation		1,603			1,949			(346)				5,909			5,924			(15)
Adjusted EBITDA	$	(7,756)		$	(5,910)		$	(1,846)	(31.2)	%	$	(22,534)		$	(19,449)		$	(3,085)	(15.9)	%
Covista:
Net income (GAAP)	$	41,637		$	60,832		$	(19,195)	(31.6)	%	$	179,845		$	182,853		$	(3,008)	(1.6)	%
Loss (income) from discontinued operations		16,345			(38)			16,383				15,370			(4,638)			20,008
Interest expense		13,629			13,074			555				35,636			41,465			(5,829)
Other income, net		(232)			(1,898)			1,666				(4,422)			(6,779)			2,357
Provision for income taxes		19,963			18,539			1,424				61,504			51,716			9,788
Depreciation and amortization		18,893			14,932			3,961				53,521			44,079			9,442
Stock-based compensation		9,571			10,263			(692)				31,103			31,181			(78)
Restructuring expense		863			510			353				5,228			2,926			2,302
Litigation reserve		—			—			—				—			(5,550)			5,550
Asset impairments		—			6,442			(6,442)				—			6,442			(6,442)
Strategic advisory costs		7,238			5,100			2,138				17,032			5,100			11,932
Debt modification costs		—			—			—				—			712			(712)
Adjusted EBITDA (non-GAAP) ^(1)	$	127,907		$	127,756		$	151	0.1	%	$	394,817		$	349,507		$	45,310	13.0	%
Adjusted EBITDA margin (non-GAAP) ^(1)		26.3	%		27.4	%						27.2	%		26.3	%

^(1)

Walden revenue for the third quarter of fiscal year 2026 was impacted by a shift of one academic week from the third quarter to the second quarter, which resulted in $18.0 million of revenue being recognized during the second quarter of fiscal year 2026. Including the $18.0 million revenue timing impact in the third quarter of fiscal year 2026, Walden adjusted EBITDA would have increased 25.5%, or $13.8 million, to $67.8 million and Walden adjusted EBITDA margin would have been 33.1%. Similarly, consolidated adjusted EBITDA would have increased 14.2%, or $18.2 million, to $145.9 million and consolidated adjusted EBITDA margin would have been 28.9%.

Covista Inc.
Adjusted Earnings
(unaudited)
(in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2026			2025			2026			2025
Net income (GAAP)	$	41,637		$	60,832		$	179,845		$	182,853
Restructuring expense		863			510			5,228			2,926
Amortization of acquired intangible assets		2,805			2,805			8,415			8,415
Strategic advisory costs		7,238			5,100			17,032			5,100
Loss on debt extinguishment, litigation reserve, asset impairments, and debt modification costs		3,828			8,180			4,810			3,342
Income tax impact on non-GAAP adjustments ^(1)		(3,676	)		(4,134	)		(8,822	)		(4,821	)
Loss (income) from discontinued operations		16,345			(38	)		15,370			(4,638	)
Adjusted net income (non-GAAP)	$	69,040		$	73,255		$	221,878		$	193,177

^(1)	Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements.

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2026			2025			2026			2025
Diluted earnings per share (GAAP)	$	1.20		$	1.59		$	4.99		$	4.74
Effect on diluted earnings per share:
Restructuring expense		0.02			0.01			0.15			0.08
Amortization of acquired intangible assets		0.08			0.07			0.23			0.22
Strategic advisory costs		0.21			0.13			0.47			0.13
Loss on debt extinguishment, litigation reserve, asset impairments, and debt modification costs		0.11			0.21			0.13			0.09
Income tax impact on non-GAAP adjustments ^(1)		(0.11	)		(0.11	)		(0.24	)		(0.12	)
Loss (income) from discontinued operations		0.47			(0.00	)		0.43			(0.12	)
Adjusted earnings per share (non-GAAP)	$	1.98		$	1.92		$	6.16		$	5.01
Diluted shares		34,782			38,233			36,031			38,583

Note: May not sum due to rounding.

^(1)	Represents the income tax impact of non-GAAP continuing operations adjustments that is recognized in our GAAP financial statements.

Covista Inc.
Free Cash Flow
(unaudited)
(in thousands)

	Twelve Months Ended
	FY25			FY25			FY26			FY26			FY26
	Q3			Q4			Q1			Q2			Q3
Net cash provided by operating activities-continuing operations (GAAP)	$	335,069		$	333,734		$	374,796		$	427,890		$	406,335
Capital expenditures		(47,914	)		(50,327	)		(55,936	)		(59,880	)		(69,872	)
Free cash flow (non-GAAP)	$	287,155		$	283,407		$	318,860		$	368,010		$	336,463

Covista Inc.
Net Leverage
(unaudited)
(in thousands)

	Twelve Months Ended
	March 31, 2026
Covista:
Net income (GAAP)	$	234,057
Loss from discontinued operations		15,620
Interest expense		46,489
Other income, net		(6,933	)
Provision for income taxes		75,625
Depreciation and amortization		68,607
Stock-based compensation		41,512
Restructuring expense		5,616
Strategic advisory costs		23,932
Loss on assets held for sale		490
Adjusted EBITDA (non-GAAP)	$	505,015
	March 31, 2026
Long-term debt	$	510,000
Less: Cash and cash equivalents		(146,977	)
Net debt (non-GAAP)	$	363,023
Net leverage (non-GAAP)		0.7 x