Covista Inc.

Listed Company

CVSACIK 0000730464NYSELarge AcceleratedServices-Educational ServicesDelawareFY ends Jun 30

Period

FY 2025

Revenue

$1.79B

Net Income

$237.06M

Total Assets

$2.75B

Equity

$1.43B

Shares Out

34.51M

Op. Cash Flow

$337.90M

Business

Adtalem Global Education Inc. is a provider of postsecondary education focused on preparing a diverse healthcare workforce and related professionals. It offers degree and certificate programs across nursing, medicine, veterinary medicine, public health, social and behavioral sciences, education, business, information technology, and allied health fields. Its operations are organized into three reportable segments: Chamberlain (nursing and health professions), Walden (online degrees and certificates for working adults), and Medical and Veterinary (AUC, RUSM, RUSVM). Adtalem delivers programs via multiple U.S. campuses, Caribbean campuses, extensive online modalities, and clinical affiliations in the U.S., Canada, and the U.K.

Summary from filing dated 2025-08-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Revenue	1,788	1,585	1,451	1,382	899
Cost of educational services	771	699	648	660	458
Student services and administrative expense	672	633	586	566	292
Restructuring expense	3	2	19	26	7
Business integration expense	0	34	43	—	32
Gain on sale of assets	0	0	−13	0	0
Total operating cost and expense	1,447	1,368	1,283	1,305	789
Operating income	342	217	168	77	110
Interest expense	−52	−64	−63	−129	−41
Other income, net	9	11	7	1	7
Income from continuing operations before income taxes	299	164	112	−51	76
Provision for income taxes	−66	−26	−10	16	−12
Income from continuing operations	233	138	102	−36	63
Income (loss) from discontinued operations before income taxes	6	−762,000	−8	−986,000	9
Loss on disposal of discontinued operations before income taxes	0	0	−4	473	0
(Provision for) benefit from income taxes	−1	−174,000	4	−126	−3
Income (loss) from discontinued operations	4	−936,000	−8	347	6
Net income and comprehensive income	237	137	93	311	70
Continuing operations (In dollars per share)	6.27	3.49	2.27	−0.74	1.24
Discontinued operations (In dollars per share)	0.12	−0.02	−0.19	7.17	0.13
Total basic earnings per share (In dollar per share)	6.39	3.47	2.08	6.43	1.36
Continuing operations (In dollars per share)	6.07	3.42	2.23	−0.74	1.23
Discontinued operations (In dollars per share)	0.11	−0.02	−0.18	7.17	0.13
Total diluted earnings per share (In dollars per share)	6.18	3.39	2.05	6.43	1.36
Basic shares (In shares)	37	39	45	48	51
Diluted shares (In shares)	38	40	46	48	52

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2024 2024-03-31	FY 2023 2023-12-31	FY 2023 2023-09-30
Cash and cash equivalents	200	219	—	—	261
Restricted cash	2	2	—	—	4
Accounts and financing receivables, net	146	127	—	—	—
Prepaid expenses and other current assets	69	70	64	61	63
Total current assets	416	418	392	381	475
Property and equipment, net	256	249	240	235	247
Operating lease assets	191	177	—	—	—
Deferred income taxes	33	49	—	—	—
Intangible assets, net	765	777	—	—	—
Goodwill	961	961	—	—	—
Other assets, net	129	103	97	88	84
Assets held for sale	0	8	—	8	—
Total noncurrent assets	2,336	2,323	2,323	2,320	2,319
Total assets	2,752	2,741	—	—	—
Accounts payable	105	103	—	—	—
Accrued payroll and benefits	76	71	—	—	—
Accrued liabilities	77	97	—	—	—
Deferred revenue	214	185	—	—	—
Current operating lease liabilities	35	31	—	—	—
Total current liabilities	508	488	—	—	—
Long-term debt	553	649	—	—	—
Long-term operating lease liabilities	186	168	—	—	—
Deferred income taxes	32	30	—	—	—
Other liabilities	40	39	—	—	—
Total noncurrent liabilities	811	885	—	—	—
Total liabilities	1,319	1,372	—	—	—
Commitments and contingencies	—	—	—	—	—
Common stock, $0.01 par value per share, 200,000 shares authorized; 35,952 and 37,681 shares outstanding as of June 30, 2025 and June 30, 2024, respectively	839,000	832,000	—	—	—
Additional paid-in capital	664	612	—	—	—
Retained earnings	2,778	2,541	—	—	—
Accumulated other comprehensive loss	−2	−2	—	—	—
Treasury stock, at cost, 47,990 and 45,513 shares as of June 30, 2025 and June 30, 2024, respectively	−2,007	−1,782	—	—	—
Total shareholders' equity	1,434	1,369	—	—	—
Total liabilities and shareholders' equity	2,752	2,741	—	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Net income	237	137	93	311	—
Stock-based compensation	42	26	14	23	13
Amortization and impairments to operating lease assets	33	33	48	45	51
Depreciation	41	40	41	45	34
Amortization of acquired intangible assets	11	36	61	97	0
Amortization and write-off of debt discount and issuance costs	6	6	9	43	3
Provision for bad debts	63	53	33	27	—
Deferred income taxes	18	11	−5	−544,000	62,000
Loss on disposals and impairments of property and equipment	3	466,000	4	4	2
Gain on extinguishment of debt	0	0	−71,000	−2	0
(Gain) loss on investments	−1	−1	4	3	−3
Loss on assets held for sale	500,000	600,000	0	0	—
Accounts and financing receivables	−81	−76	−56	−41	15
Prepaid expenses and other current assets	6	−9	9	−3	−18
Cloud computing implementation assets	−33	−27	−14	0	—
Accounts payable	140,000	18	25	−16	6
Accrued payroll and benefits	5	19	−16	−12	13
Accrued liabilities	−16	27	241,000	−16	29
Deferred revenue	34	41	6	70	13
Operating lease liabilities	−25	−37	−59	−49	−49
Other assets and liabilities	−5	−10	1	−16	−14
Net cash provided by operating activities-continuing operations	334	288	195	164	169
Net cash provided by (used in) operating activities-discontinued operations	4	7	−3	−153	23
Net cash provided by operating activities	338	296	192	11	192
Capital expenditures	−50	−49	−26	−31	−40
Proceeds from sales of marketable securities	3	2	8	3	3
Purchases of marketable securities	−2	−689,000	−2	−4	−11
Proceeds from sale of assets	7	0	0	—	—
Proceeds from note receivable related to property sold	0	0	47	0	0
Net cash (used in) provided by investing activities-continuing operations	−42	−48	27	−1,509	−48
Payment for working capital adjustment for sale of business	0	0	−3	0	0
Net cash (used in) provided by investing activities	−42	−48	24	−552	−57
Proceeds from exercise of stock options	10	17	3	9	1
Employee taxes paid on withholding shares	−14	−8	−5	−3	−4
Proceeds from stock issued under Colleague Stock Purchase Plan	1	810,000	608,000	535,000	262,000
Repurchases of common stock for treasury	−213	−262	−123	−120	−100
Payment on equity forward contract	0	0	−13	−30	0
Proceeds from issuance of long-term debt	10	2	0	850	800
Repayments of long-term debt	−110	−52	−151	−1,080	−3
Net cash used in financing activities	−316	−302	−289	−424	676
Net decrease in cash, cash equivalents and restricted cash	−20	−54	−73	−966	813
Interest paid	47	58	53	107	14
Income taxes paid, net	33	31	12	94	26
Accrued capital expenditures	9	9	5	4	3
Accrued liability for repurchases of common stock	0	0	3	0	0
Accrued excise tax on share repurchases	2	3	1	0	0
Settlement of financing liability with assets	0	0	39	0	0

Filings

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