ATGE: DEF 14A · proxy statement
Covista Inc. (NYSE: CVSA) filed its 2026 proxy statement ahead of a November 11, 2026 virtual annual meeting, with proposals covering director elections, PwC ratification, say-on-pay, and approval of a new 2026 Equity Incentive Plan reserving 2,100,000 shares (~6% of the 33.86M shares outstanding). The proxy recaps strong FY26 results: revenue grew 9.3% to $1.954 billion, adjusted EPS rose 23.7% to $8.25, adjusted EBITDA reached $522 million, and operating cash flow hit $471 million. The company repurchased $238 million of stock at an average $98.35 and disclosed a new $750 million buyback authorization through December 2028. CEO Steve Beard received a 125% individual performance modifier with 100% of his FY26 equity in three-year cliff-vesting PSUs; the company ended the year with $406 million cash and 0.5x net leverage. New Purpose at Scale targets through FY29 call for 7-10% revenue CAGR and 10-14% adjusted EPS CAGR.
ATGE: 8-K · debt financing
Covista Inc. entered into Amendment No. 6 to its credit agreement on September 18, 2026, repricing all $510 million of its outstanding term loans with Morgan Stanley Senior Funding as administrative agent. The amendment cut the interest margin by 25 basis points, from Term SOFR plus 2.25% to Term SOFR plus 2.00% (and the base rate margin from 1.25% to 1.00%), lowering annual interest expense on the term loans. The repriced loans carry a 1.00% soft-call premium on certain prepayments or repricings within six months, and no other material terms of the existing credit agreement changed. The move is a modest, credit-positive cost-of-capital improvement.
ATGE: 10-K · periodic report
Covista Inc., formerly Adtalem Global Education, closed fiscal 2026 with revenue of $1,954.1 million, up 9.3%, net income of $251.6 million, up 6.1%, and diluted EPS of $7.04, up 13.9%; adjusted diluted EPS rose 23.7% to $8.25. Enrollment momentum was broad-based, with average enrollment up 1.1% at Chamberlain, 13.2% at Walden, and 4.5% at the medical and veterinary schools, and first-time residency attainment of 98% at AUC and 96% at RUSM. The key overhang is regulatory: the Department of Education composite score sits at 0.2 versus the 1.5 financial-responsibility threshold, keeping all five institutions on provisional Title IV certification backed by $202.6 million in letters of credit, with 78% of revenue tied to Title IV funds and new OBBBA borrowing limits effective July 1, 2026 a potential headwind for graduate-heavy Walden. Covista ended the year with $661.8 million remaining on its share repurchase authorization and paid no dividends in fiscal 2024, 2025, or 2026.
ATGE: 8-K · earnings release
Covista Inc. reported fiscal year 2026 results (ended June 30, 2026) that exceeded its financial guidance, with revenue of $1,954.1 million, up 9.3% year-over-year, GAAP diluted EPS of $7.04, and adjusted EPS of $8.25, up 23.7% year-over-year. Full-year adjusted EBITDA rose 13.5% to $521.7 million on GAAP net income of $251.6 million. Fourth quarter revenue was $501.4 million, up 9.7% year-over-year, with adjusted EPS of $2.09, up 25.9%. Total enrollment reached 99,472 students, up 8.4%, marking the 12th straight quarter of growth, led by Walden University's record 54,851 students (+14.0%) and Chamberlain's reacceleration to +1.6% total enrollment growth. Capital allocation in fiscal 2026 included $238 million of share repurchases, $50 million of Term Loan B repayment, and a debt refinancing that extended maturities, leaving net leverage at 0.5x with $406.3 million of cash at June 30, 2026. Free cash flow for the fiscal year was $393.1 million. Management initiated fiscal 2027 guidance of $2,050-$2,090 million in revenue (5-7% growth) and adjusted EPS of $8.90-$9.15 (8-11% growth) as it launches its new Purpose at Scale strategy, alongside an Advocate Health nursing collaboration, two new Chamberlain campuses, and an expanded Google Cloud AI certificate program.
ATGE: 8-K · leadership change
Covista Inc. announced the appointment of Emily Chiu and Leslie Storms as independent directors to its board, effective August 17, 2026. The appointments are part of the company's effort to strengthen board oversight for its 'Purpose at Scale' strategy, aimed at addressing healthcare workforce challenges. Ms. Chiu brings experience from Block Inc. and Novo Platform, while Ms. Storms joins from National Veterinary Associates and previously held senior roles at Johnson & Johnson. In connection with the appointments, the Covista board approved an increase in its size from ten to twelve members. The new directors will receive compensation consistent with other non-employee directors, including annual cash pay of $85,000 and equity grants. With these additions, ten of Covista's twelve directors will be independent.
