Covista Inc.
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
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FY2026 · Filed Aug 6, 2026
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Property and Equipment, Net
- Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
| | | | | | | | | |
|---|---|---|---|---|---|---|---|---|
| · · · · June 30, | ||||||||
| · · Useful Life · · 2026 · · 2025 | ||||||||
| Land | - | $31,776 | | $31,776 | ||||
| Buildings and improvements | | 10 - 31 years | | | 205,974 | | | 202,240 |
| Leasehold improvements | | Shorter of asset useful life or lease term | | | 141,174 | | | 120,603 |
| Furniture and equipment | | 3 - 8 years | | | 120,410 | | | 104,708 |
| Software | | 3 - 5 years | | | 128,114 | | | 113,565 |
| Construction in progress | | - | | | 58,161 | | | 24,983 |
| Property and equipment, gross | | | | | 685,609 | | | 597,875 |
| Accumulated depreciation | | | | (382,960) | | (341,744) | ||
| Property and equipment, net | | | | $302,649 | | $256,131 | ||
Depreciation expense was $43.9 million, $40.7 million, and $39.7 million for the years ended June 30, 2026, 2025, and 2024, respectively.
During the year ended June 30, 2024, management committed to a plan to sell a building located in Naperville, Illinois, and the building met criteria to be classified as assets held for sale. As a result, the building’s carrying value of $8.4 million was adjusted to its estimated fair value less cost to sell of $7.8 million, and the resulting $0.6 million charge was recognized within student services and administrative expense in the Consolidated Statements of Income for the year ended June 30, 2024. On June 25, 2025, Covista sold the building for $7.3 million, which resulted in an additional loss of $0.5 million that was recognized within student services and administrative expense in the Consolidated Statements of Income for the year ended June 30, 2025.
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