The Truth About Form 5 Is About To Be Revealed | Form 5

CHANDLER, Ariz., Feb. 20, 2020 /PRNewswire/ — Zovio Inc (NASDAQ:ZVO), an apprenticeship technology casework company, today appear the after-effects for its fourth division and abounding year concluded December 31, 2019.



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“During 2019, we fabricated abundant advance as we alteration Zovio to an apprenticeship technology casework company. At the aforementioned time, new acceptance for the fourth division of 2019 exceeded our expectations, while Ashford’s anniversary accomplice assimilation amount added advisedly as of December 31, 2019, over the above-mentioned year. In addition, our Apprenticeship Partnership programs abide to flourish. The abutment and advocacy of their advisers by our accumulated ally is a attestation that the exchange believes in the backbone and affection of the programs offered through Ashford University,” commented Andrew Clark, Founder, President and Chief Executive Officer.

Financial After-effects for the Three Months Concluded December 31, 2019



Revenue for the three months concluded December 31, 2019 was $96.3 million, compared with acquirement of $94.7 actor for the three months concluded December 31, 2018.

Operating accident for the three months concluded December 31, 2019 was $21.2 million, compared with operating accident of $13.6 actor for the three months concluded December 31, 2018.

The Aggregation accustomed an assets tax amount of about $1.8 actor for the three months concluded December 31, 2019, compared with assets tax account of $35,000 for the three months concluded December 31, 2018.

Net accident for the three months concluded December 31, 2019 was $23.0 million, compared with net accident of $13.4 actor for the three months concluded December 31, 2018.

Diluted accident per allotment for the three months concluded December 31, 2019 was $0.76, compared with adulterated accident per allotment of $0.49 for the three months concluded December 31, 2018.

Non-GAAP Banking After-effects for the Three Months Concluded December 31, 2019

Non-GAAP operating accident for the three months concluded December 31, 2019 was $4.4 million, compared with non-GAAP operating accident of $6.4 actor for the three months concluded December 31, 2018. Non-GAAP operating accident for the three months concluded December 31, 2019 excludes restructuring and crime accuse of $13.6 million, break transaction costs of $0.9 million and accretion costs of $2.4 million. Non-GAAP operating accident for the three months concluded December 31, 2018 excludes restructuring and crime accuse of $4.0 actor and break transaction costs of $3.2 million.

Non-GAAP net accident for the three months concluded December 31, 2019 was $4.5 million, compared with non-GAAP net accident of $6.2 actor for the three months concluded December 31, 2018. Non-GAAP net accident for the three months concluded December 31, 2019 excludes restructuring and crime accuse of $13.6 million, break transaction costs of $0.9 million and accretion costs of $2.4 million, and the accompanying tax effects. Non-GAAP net accident for the three months concluded December 31, 2018 excludes restructuring and crime accuse of $4.0 actor and break transaction costs of $3.2 million, and the accompanying tax effects.

Non-GAAP adulterated accident per allotment for the three months concluded December 31, 2019 was $0.15, compared with non-GAAP adulterated accident per allotment of $0.23 for the three months concluded December 31, 2018.

Financial After-effects for the Year Concluded December 31, 2019

Revenue for the year concluded December 31, 2019 was $417.8 million, compared with acquirement of $443.4 actor for the year concluded December 31, 2018.

Operating accident for the year concluded December 31, 2019 was $56.6 million, compared with operating accident of $4.0 actor for the year concluded December 31, 2018.

The Aggregation accustomed an assets tax account of $0.8 actor for the year concluded December 31, 2019, compared with assets tax account of $7.6 actor for the year concluded December 31, 2018.

Net accident for the year concluded December 31, 2019 was $54.8 million, compared with net assets of $4.6 actor for the year concluded December 31, 2018.

Diluted accident per allotment for the year concluded December 31, 2019 was $1.86, compared with adulterated assets per allotment of $0.17 for the year concluded December 31, 2018.

Non-GAAP Banking After-effects for the Year Concluded December 31, 2019

Non-GAAP operating accident for the year concluded December 31, 2019 was $15.0 million, compared with non-GAAP operating assets of $12.0 actor for the year concluded December 31, 2018. Non-GAAP operating accident for the year concluded December 31, 2019 excludes restructuring and crime accuse of $21.5 million, break transaction costs of $5.8 million, accretion costs of $14.1 actor and added non-GAAP costs of $0.2 million. Non-GAAP operating assets for the year concluded December 31, 2018 excludes a acknowledged adjustment amount of $0.1 million, restructuring and crime accuse of $7.8 million and break transaction costs of $8.1 million.

Non-GAAP net accident for the year concluded December 31, 2019 was $13.9 million, compared with non-GAAP net assets of $13.0 actor for the year concluded December 31, 2018. Non-GAAP net accident for the year concluded December 31, 2019 excludes restructuring and crime accuse of $21.5 million, break transaction costs of $5.8 million, accretion costs of $14.1 million, added non-GAAP costs of $0.2 million, and the accompanying tax effects. Non-GAAP net assets for the year concluded December 31, 2018 excludes a acknowledged adjustment amount of $0.1 million, restructuring and crime accuse of $7.8 million, break transaction costs of $8.1 million, and the accompanying tax effects.

Non-GAAP adulterated accident per allotment for the year concluded December 31, 2019 was $0.47, compared with non-GAAP adulterated assets per allotment of $0.47 for the year concluded December 31, 2018.

Balance Sheet and Banknote Flow

As of December 31, 2019, the Aggregation had accumulated banknote and banknote equivalents of $69.3 actor as compared to $166.3 actor as of December 31, 2018.

The Aggregation acclimated $46.1 actor of banknote in operating activities during the year concluded December 31, 2019, compared with $7.6 actor of banknote acclimated in operating activities during the year concluded December 31, 2018.

Student Enrollment

Total apprentice acceptance at Ashford University was 34,722 at December 31, 2019, compared with absolute apprentice acceptance of 38,153 at December 31, 2018.

About Non-GAAP Banking Measures

This columnist absolution contains non-GAAP banking measures for non-GAAP operating assets (loss), non-GAAP net assets (loss), non-GAAP adulterated assets (loss) per share, EBITDA and Adjusted EBITDA. These non-GAAP measures exclude acknowledged adjustment expense, restructuring and crime charges, break transaction costs, accretion costs, added non-GAAP costs, as able-bodied as assertive assets tax adjustments, as applicable. These non-GAAP banking measures are not able in accordance with U.S. about accustomed accounting attempt (“GAAP”) and are not based on a absolute set of accounting rules. Administration believes non-GAAP banking measures are advantageous in accouterment investors with an compassionate of how specific band items in the circumscribed statements of assets are afflicted by items that may not be apocalyptic of the operating after-effects of the Company’s amount business. To the admeasurement that added companies use agnate methods in artful and advertisement non-GAAP operating results, the Aggregation believes accouterment of added non-GAAP banking advice allows for a allusive allegory of the Company’s achievement adjoin the achievement of added companies. The Aggregation added believes that these non-GAAP banking measures accommodate advantageous advice apropos its advancing operating activities and business trends accompanying to its after-effects of operations, as able-bodied as a allusive allegory with absolute banking results. The Company’s administration and lath of admiral advance these non-GAAP banking measures, calm with the Company’s banking statements able in accordance with GAAP, in developing operating budgets and evaluating the Company’s performance. These non-GAAP banking measures are advised to supplement GAAP banking information, and should not be advised as a acting for, or above to, measures of banking achievement able in accordance with GAAP. In addition, these non-GAAP banking measures may be altered from non-GAAP banking measures acclimated by added companies. Refer to the accompanying tables for a abundant adaptation of the non-GAAP banking measures to the best anon commensurable GAAP banking measures.

Earnings Appointment Alarm and Webcast

Zovio Inc will host a appointment alarm at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to altercate its latest banking after-effects and contempo highlights. The dial-in cardinal for callers in the United States is (877) 395-6119, and the dial-in cardinal for added callers is (647) 689-5537. The admission cipher for all callers is 9166989. A alive advertisement of the alarm will additionally be accessible on the Company’s website at http://ir.zovio.com.

About Zovio Inc

Zovio Inc (NASDAQ: ZVO) is an apprenticeship technology casework aggregation that ally with college apprenticeship institutions and administration to bear innovative, alone solutions to advice learners and leaders accomplish their aspirations. The Zovio network, which includes Fullstack Academy, TutorMe, and [email protected], leverages its amount strengths and applies its technology and capabilities to antecedence bazaar needs. Using avant-garde abstracts and analytics, Zovio identifies the best allusive means to enhance the abecedarian acquaintance and bear able outcomes for college apprenticeship institutions, employers, and learners. Zovio’s purpose is to advice anybody be in a chic of their own. For added information, appointment www.zovio.com.

Forward-Looking Statements

This account absolution may accommodate advanced statements which are not statements of absolute actuality and are accountable to the Safe Harbor accoutrement created by the Private Balance Litigation Reform Act of 1995, including, after limitation, statements apropos management’s intentions, hopes, behavior or expectations, and statements apropos the Company’s angle for the butt of 2020 and beyond. These advanced statements are based on accepted advice and expectations and are accountable to assorted risks and uncertainties. The Company’s absolute achievement or after-effects may alter materially from those bidding in or appropriate by such statements due to assorted factors, including after limitation: our adeptness to auspiciously alteration to actuality an apprenticeship technology casework company, and the success of our strategies with account to apprentice initiatives.

Additional advice on factors that could account absolute affairs implemented and absolute after-effects accomplished to alter materially from those set alternating in the advanced statements is included from time to time in the Company’s filings with the Balance and Exchange Commission (“SEC”), including, but not bound to, the Company’s Anniversary Report on Form 10-K for the budgetary year concluded December 31, 2019 to be filed with the SEC on February 20, 2020, the Company’s annual letters on Form 10-Q and the Company’s accepted letters on Form 8-K which are accessible at www.zovio.com. You should not abode disproportionate assurance on any advanced statements. Advanced statements are fabricated on the base of management’s acceptable acceptance beliefs, expectations and assumptions apropos approaching contest based on advice accessible at the time such statements are made. Advanced statements allege alone as of the date they are made. The Aggregation assumes no obligation to amend or alter any advanced statements to reflect absolute after-effects or any changes in assumptions, expectations or added factors affecting such advanced statements, except to the admeasurement appropriate by applicative balance laws.

Contact: Alanna [email protected] 668 2586 x11636

ZOVIO INC

Consolidated Statements of Assets (Loss)

(In thousands, except per allotment amounts)

Three Months EndedDecember 31,

Year EndedDecember 31,

2019

2018

2019

2018

Revenue

$

96,285

$

94,713

$

417,795

$

443,373

Costs and expenses:

Instructional costs and services

51,298

51,580

209,730

217,700

Admissions advising and marketing

36,071

38,780

170,791

168,751

General and administrative

16,565

13,952

72,406

52,980

Legal adjustment expense

141

Restructuring and crime charges

13,575

3,999

21,465

7,794

Total costs and expenses

117,509

108,311

474,392

447,366

Operating loss

(21,224)

(13,598)

(56,597)

(3,993)

Other assets (loss), net

(25)

148

1,015

1,047

Loss afore assets taxes

(21,249)

(13,450)

(55,582)

(2,946)

Income tax amount (benefit)

1,766

(35)

(770)

(7,582)

Net assets (loss)

$

(23,015)

$

(13,415)

$

(54,812)

$

4,636

Income (loss) per share:

Basic

$

(0.76)

$

(0.49)

$

(1.86)

$

0.17

Diluted

$

(0.76)

$

(0.49)

$

(1.86)

$

0.17

Weighted boilerplate cardinal of accepted shares outstanding acclimated in accretion assets (loss) per share:

Basic

30,270

27,144

29,492

27,135

Diluted

30,270

27,144

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29,492

27,563

ZOVIO INC

Consolidated Balance Sheets

(In thousands)

As of December 31,

2019

2018

ASSETS

Current assets:

Cash and banknote equivalents

$

69,280

$

166,307

Restricted cash

23,257

18,619

Investments

2,502

2,068

Accounts receivable, net

34,951

27,015

Prepaid costs and added accepted assets

20,524

18,255

Total accepted assets

150,514

232,264

Property and equipment, net

34,294

16,860

Operating charter assets

18,615

Goodwill and intangibles, net

44,419

12,441

Other abiding assets

2,296

7,927

Total assets

$

250,138

$

269,492

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable and accrued liabilities

$

68,160

$

62,792

Deferred acquirement and apprentice deposits

55,284

63,834

Total accepted liabilities

123,444

126,626

Rent liability

22,409

3,183

Lease costs obligation

8,634

Other abiding liabilities

5,347

3,435

Total liabilities

151,200

141,878

Total stockholders’ equity

98,938

127,614

Total liabilities and stockholders’ equity

$

250,138

$

269,492

ZOVIO INC

Consolidated Statements of Banknote Flows

(In thousands)

Year Concluded December 31,

2019

2018

Cash flows from operating activities

Net assets (loss)

$

(54,812)

$

4,636

Adjustments to accommodate net assets (loss) to net banknote acclimated in operating activities:

Provision for bad debts

16,252

22,834

Depreciation and amortization

10,229

6,786

Deferred assets taxes

(36)

(19)

Stock-based compensation

12,340

4,787

Noncash charter expense

19,261

Net accident (gain) on bankable securities

(308)

89

Reassessment of charter charges

558

2,943

Loss on auctioning or crime of anchored assets

208

1,406

Loss on crime of amicableness and intangibles

670

495

Changes in operating assets and liabilities:

  Accounts receivable

(18,537)

(27,007)

  Prepaid costs and added accepted assets

3,874

4,133

  Added abiding assets

(7)

2,843

  Accounts payable and accrued liabilities

1,939

(12,190)

  Deferred acquirement and apprentice deposits

(11,099)

(6,598)

  Operating charter liabilities

(22,967)

  Added liabilities

(3,651)

(12,729)

Net banknote acclimated in operating activities

(46,086)

(7,591)

Cash flows from advance activities

Capital expenditures

(31,029)

(2,581)

Purchases of investments

(126)

(1,067)

Capitalized costs for abstract assets

(750)

(873)

Cash paid for acquisitions, net of banknote acquired

(19,489)

Sales of investments

975

Net banknote acclimated in advance activities

(51,394)

(3,546)

Cash flows from costs activities

Proceeds from exercise of banal options

60

455

Tax withholdings accompanying to net exercise of banal options

(1,097)

Proceeds from the arising of banal beneath agent banal acquirement plan

192

210

Tax denial on arising of banal awards

(819)

(949)

Repurchase of accepted stock

(2,424)

Net banknote acclimated in costs activities

(567)

(3,805)

Net abatement in cash, banknote equivalents and belted cash

(98,047)

(14,942)

Cash, banknote equivalents and belted banknote at alpha of period

190,584

205,526

Cash, banknote equivalents and belted banknote at end of period

$

92,537

$

190,584

ZOVIO INC

Reconciliation of GAAP to Non-GAAP Banking Measures

(In thousands, except per allotment amounts)

(Unaudited)

Three Months EndedDecember 31,

Year EndedDecember 31,

2019

2018

2019

2018

Operating Assets (Loss) Reconciliation:

GAAP operating assets (loss)

$

(21,224)

$

(13,598)

$

(56,597)

$

(3,993)

Legal adjustment expense

141

Restructuring and crime charges

13,575

3,999

21,465

7,794

Separation transaction costs

874

3,247

5,832

8,081

Acquisition costs

2,404

14,111

Other non-GAAP costs

238

Non-GAAP operating assets (loss)

$

(4,371)

$

(6,352)

$

(14,951)

$

12,023

Net Assets (Loss) Reconciliation:

GAAP net assets (loss)

$

(23,015)

$

(13,415)

$

(54,812)

$

4,636

Legal adjustment expense

141

Restructuring and crime charges

13,575

3,999

21,465

7,794

Separation transaction costs

874

3,247

5,832

8,081

Acquisition costs

2,404

14,111

Other non-GAAP costs

238

Income tax impact, non-GAAP

1,663

(38)

(750)

(7,685)

Non-GAAP net assets (loss)

$

(4,499)

$

(6,207)

$

(13,916)

$

12,967

Diluted Assets (Loss) Per Allotment Reconciliation:

GAAP adulterated assets (loss) per share

$

(0.76)

$

(0.49)

$

(1.86)

$

0.17

Legal adjustment expense

0.01

Restructuring and crime charges

0.45

0.15

0.73

0.28

Separation transaction costs

0.03

0.12

0.20

0.29

Acquisition costs

0.08

 

0.48

Other non-GAAP costs

0.01

Income tax impact, non-GAAP

0.05

(0.01)

 

(0.03)

(0.28)

Non-GAAP adulterated assets (loss) per share

$

(0.15)

$

(0.23)

$

(0.47)

$

0.47

ZOVIO INC

Reconciliation of GAAP to Non-GAAP Banking Measures (continued)

(In thousands, except per allotment amounts)

(Unaudited)

Three Months EndedDecember 31,

Year EndedDecember 31,

2019

2018

2019

2018

EBITDA and Adjusted EBITDA Reconciliation:

GAAP net assets (loss)

$

(23,015)

$

(13,415)

$

(54,812)

$

4,636

Income tax benefit

1,766

(35)

(770)

(7,582)

Interest (income) expense, net

(91)

(310)

(910)

(229)

Depreciation and amortization

3,055

1,586

10,229

6,786

EBITDA

(18,285)

(12,174)

(46,263)

3,611

Legal adjustment expense

141

Restructuring and crime charges

13,575

3,999

21,465

7,794

Separation transaction costs

874

3,247

5,832

8,081

Acquisition costs

2,404

14,111

Other non-GAAP costs

238

Income tax impact, non-GAAP

1,663

(38)

(750)

(7,685)

Adjusted EBITDA

$

231

$

(4,966)

$

(5,367)

$

11,942

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Last Updated: March 1st, 2020 by admin
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