Adtalem Global Education Inc.

Greetings and welcome to the Covista third quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note that this conference is being recorded. I will now turn the conference over to Jeremy Cohen, Vice President, Investor Relations. Thank you. You may go ahead.

Good afternoon, and welcome to Covista's earnings call for the fiscal year 2026 third quarter results. On the call with me today are Steve Beard, Chairman and Chief Executive Officer of Covista, and Bob Phelan, Chief Financial Officer. Before I hand you over to Steve, I will take you through the legal safe harbor and cautionary declarations. Certain statements and projections of future results made in this presentation constitute forward-looking statements that are based on our current market, competitive, and regulatory expectations and are subject to risks and uncertainties that could cause actual results to vary materially. We undertake no obligation to update publicly any forward-looking statement after this presentation, whether as a result of new information, future events, changes in assumptions, or otherwise. Please see our latest Form 10-K and Form 10-Q for a discussion of risk factors as they relate to forward-looking statements. In today's presentation, we will use certain non-GAAP financial measures. And we refer you to the appendix in the presentation materials available on our Investor Relations website for reconciliations to the most directly comparable GAAP financial measures and related information. You will find a link to the webcast on our Investor Relations website at investors.covista.com. After this call, the presentation and webcast will be archived on the website for 30 days. I will now hand you over to Steve.

Thanks, Jeremy. Good afternoon, everyone, and thank you for joining us. This is our first earnings call as Covista. The name reflects what we've been building, a single platform for healthcare workforce development on a national scale, backed by the performance you're seeing in this quarter's results. The structural backdrop for our business hasn't changed and remains highly durable. There are roughly 700,000 healthcare jobs posted every month in the U.S. and only 306,000 unemployed healthcare workers to fill them. That's a patient care problem, not a staffing problem, and it's exactly what we were built to solve. Five institutions, more than 24,000 healthcare graduates a year, deep clinical relationships, and a footprint that reaches communities most under strain. And we're increasingly connecting our market-leading capacity to produce healthcare workers directly to employers through programs that fund education, deliver clinical experience, and create hiring pathways. No one else does this at our scale. Three things define this quarter. First, we surpassed 100,000 students, achieved our 11th consecutive quarter of total enrollment growth, and delivered record enrollment at both Chamberlain and Walden. Second, Chamberlain returned to positive total enrollment growth ahead of our expectations. The operating changes that we committed to are in fact working. Third, the strength of our results gives us the confidence to raise both revenue and adjusted EPS guidance for the year. Total enrollment grew 6.8% in the quarter against near double-digit comparables a year ago. Walden has been compounding off an extraordinary base, and Chamberlain spent this fiscal year retooling its marketing and enrollment model. As Chamberlain's recovery builds and Walden's persistence efforts continue to compound, the underlying earnings power of the platform is strengthening in really exciting ways. With respect to Chamberlain, last fall, we were direct with you. The market opportunity was solid, but our execution was not. We called out two issues, marketing effectiveness and funnel conversion. In response, we localized our marketing in key metropolitan areas, simplified the application experience, rebuilt the scholarship process, and upgraded talent in the critical roles across this activity set. We said we do these things, and we did. The operating signals are now telling the story. Application volumes have improved sharply, funnel conversion is up, total enrollment turned positive ahead of plan, and we expect Q4 to look like Q3 with momentum building into the fall enrollment cycle. We're not declaring victory on a single quarter of 0.5% enrollment growth, but we are telling you that the operating model is working and the trajectory ahead is stronger than the trailing numbers suggest. Looking forward, four things matter at Chamberlain. The first, is the admission pathway expansion that we've embarked on, including fast-track options that give students more flexibility in how they earn their degree. Second is campus expansion. Six new campuses are in active development. The first begins teaching in September, and two have received full regulatory approval since Investor Day. Third is a new brand campaign for Chamberlain, which I expect will compound through fiscal 2027, both in enrollment growth and in the brand equity for Chamberlain. And last but not least is the addition of a dynamically capable new leader for the university, who I'll speak to in a moment. Chamberlain confers more nursing degrees than any other university in the country. That's no accident, and it's not easily replicated. At Walden, the story is one of sustained momentum on top of very strong comparables. Total enrollment grew 12.3% to over 54,000 students, a record for that institution. The work I'm proudest of is what Walden has done on student persistence. We started by focusing on first to second semester retention, and we've since pushed the same discipline deeper into the student experience. It shows up in the retention numbers, and it compounds quietly over time, which is exactly the kind of operating asset we want to build. We launched several programs heading into the 2026 academic year, including clinical psychology and behavioral analysis, and they've already enrolled over 1,400 students. Seven additional programs were approved, three of which are starting intake shortly in fields like palliative care and special education. The speed at which Walden brings new programs to market in high-demand fields is a competitive advantage we intend to build upon. Medical and veterinary continues its strong performance. The top line is healthy, and the operating discipline keeps converting enrollment growth into strong financial outcomes. One operational point worth flagging. We've cut application review time by weeks through process improvements and workflow automation. Faster decisions mean a better applicant experience and a higher probability that strong candidates choose us. Our academic outcomes remain exceptional. We're tracking at a 97% first-time residency attainment rate, with AUC at over 98% in the most recent cycle. On the veterinary side, our graduates continue to earn spots in the most competitive internships and residencies in the country, and we remain among the top universities in total veterinary placement. On our enterprise investments, our work with Google Cloud is moving forward on two fronts. First, we're co-developing the AI-powered classroom of the future, built natively inside the platform our students already use. The goal is a personalized learning companion that supports each student from first course to graduation. Initial pilots launch later this year. Second, more than 4,000 learners have already enrolled in our newly launched AI credentials across nursing, medicine, and foundational AI. Additional certificates in veterinary medicine, mental health, and other disciplines launch later this year. The demand validates how urgently the healthcare workforce wants AI fluency. To keep this work grounded in clinical reality, we established the Covista Healthcare Readiness AI Council, with leaders including Dr. Toby Cosgrove, former CEO of Cleveland Clinic, Dr. Selwyn Rogers of University of Chicago Medicine, and Dr. Betty Jo Riccio, Chief Nurse Executive at Advocate Health. Building the most clinically grounded AI curriculum in healthcare education is our objective, and it's increasingly a differentiator that's resonating with health systems. Before I hand off to Bob, I do want to spend a moment on capital, because how we allocate it is central to how we create value for you. Trailing 12-month free cash flow grew 17% to $336 million. We refinanced our long-term debt during the quarter, cutting 50 basis points off our rate and extending maturity to 2033. We repurchased $66 million of our stock in the quarter at prices we believe materially understate the long-term earnings power of this platform and are accretive to our intrinsic value. We ended the quarter at 0.7 times net leverage. That balance sheet, combined with the cash this business generates, gives us multiple paths to create value at the same time. Investment in campus expansion, employer partnerships, and the AI platform, opportunistic return of capital to shareholders, and the optionality to act decisively if the right strategic opportunity presents itself. We'll be disciplined about which dollar goes where, and we'll be transparent about the choices we make. On leadership, two important notes. Amelia Manning will join Chamberlain as its next president, bringing the student success operating discipline she developed as COO of Southern New Hampshire University. And Michael Betts will take on an expanded role as Chief Growth and Innovation Officer, adding marketing oversight to his leadership of Walden and our digital world. Both moves strengthen our ability to execute, and I have high conviction in both leaders. So to summarize. We delivered strong performance across every segment. Chamberlain has turned. Walden continues to compound. MedVet is converting growth to financial outcomes. The capital structure is in great shape. The cash generation supports the investments we're making. And structural demand for what we produce is durable and deepening. As we close the fiscal year, we will complete our three-year growth with purpose strategy in a position of strength and move into purpose at scale. That next chapter is built on four pillars, operational excellence, platform extension, employer integration, and technology focus. You heard the framework at investor day, but the point I want to leave you with today is a bit simpler. Purpose at scale is not a plan we're about to roll out for the first time. It's an extension of the operating model that's already producing this quarter's results. And you'll see that same discipline at a larger scale over the coming quarters. As always, thank you for your continued support. And now I'll turn the call over to Bob.