Zovio Inc (NASDAQ:ZVO) Q1 2019 Earnings Conference Call Transcript

May 09, 2019 • 05:00 pm ET


Zovio Inc (NASDAQ:ZVO) Q1 2019 Earnings Conference Call Transcript


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Good afternoon and welcome to Zovio's First Quarter 2019 Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Ms. Dori Abel, Vice President of Corporate Communications. Please go ahead.

Dori Abel

Thank you, and good afternoon. Zovio's first quarter 2019 earnings release was issued earlier today and is posted on the company's website at www.zovio.com. Joining me on the call today are Andrew Clark, Founder President and Chief Executive Officer; and Kevin Royal, Chief Financial Officer. We would like to remind you that some of the statements we make today may be considered forward looking including statements regarding performance of our marketing strategy, new enrollment, student retention, education partnerships and other programs and services, our future receipt of regulatory approval of the planned separation and conversion of Ashford, our ability to close on the planned separation and conversion and its timing impact, our ability to transition to an education technology services provider, our ability to grow through acquisitions, our ability to successfully integrate and leverage acquired companies, future revenue growth, EBITDA, financial and related guidance, and commentary regarding fiscal year 2019 and later.

These forward-looking statements are subject to a number of risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Please note that these forward-looking statements speak only as of the date of this presentation, and we undertake no obligation to update these forward-looking statements in light of new information or future events except to the extent required by applicable securities laws. On the call today, we will also discuss certain non-GAAP financial measures. In our earnings release, you will find additional disclosures regarding these measures, including reconciliations of these measures with U.S. GAAP. Note that these non-GAAP financial measures are intended to supplement GAAP financial information and should not be considered as a substitute for our GAAP results.

Please refer to our SEC filings, including our annual report on Form 10-K for the year-ended December 31, 2018, and quarterly report on Form 10-Q for the quarter ended March 31, 2019, which we filed with the SEC earlier today, as well as our earnings press release, which we also posted today, for a more detailed description of the risk factors that may affect our results. You may obtain copies from the SEC or by visiting the Investor Relations section of our website.

At this time, it is my pleasure to introduce Zovio's Founder, President and CEO, Andrew Clark.

Andrew S. Clark

Thank you, Dori, and welcome to our first quarter 2019 earnings call. We have had a lot of exciting news recently. After I discuss some of the highlights and our results for the quarter, Kevin will review our financial results and key operating metrics. After Kevin concludes, I will offer my closing comments. In early April, we unveiled Zovio, our new brand for the company as we transform to an educational technology services company. The name was inspired by