K12, Inc. (NYSE:LRN) Q2 2020 Earnings Conference Call - Final Transcript

Jan 27, 2020 • 05:00 pm ET


K12, Inc. (NYSE:LRN) Q2 2020 Earnings Conference Call - Final Transcript


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Greetings. Welcome to the K12 Second Quarter Fiscal 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded.

I would now like to turn the conference over to your host, Mr. Mike Kraft. Thank you. You may begin.

Mike Kraft

Thank you and good afternoon.

Welcome to K12's second quarter earnings call for fiscal year 2020. Before we begin, I would like to remind you that in addition to historical information, certain comments made during this conference call may be considered forward-looking statements. These statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. They should be considered in conjunction with cautionary statements contained in our earnings release and the Company's periodic filings with the SEC. Forward-looking statements involve risks and uncertainties that may cause actual performance or results to differ materially from those expressed or implied by such statements. In addition, this conference call contains time-sensitive information that reflects management's best analysis, only as of the day of this live call. K12 does not undertake any obligation to publicly update or revise any forward-looking statements. For further information concerning risks and uncertainties that could materially affect financial and operational performance and results, please refer to our reports filed with the SEC. These reports include, without limitation, cautionary statements made in K12's 2019 Annual Report on Form 10-K. These filings can be found on the Investor Relations section of our website at www.k12.com.

In addition to disclosing financial results in accordance with Generally Accepted Accounting Principles in the US or GAAP, we will discuss certain information that is considered non-GAAP financial information. A reconciliation of this non-GAAP financial information to the most closely comparable GAAP information was included in our earnings release and is also posted on our website. This call is open to the public and is being webcast. The call will be available for replay for 30 days.

With me on today's call is Nate Davis, Chief Executive Officer and Chairman of the Board and James Rhyu, Chief Financial Officer and President, Product and Technology. Additionally, we are joined by Dr. Shaun McAlmont, President of Career Readiness Education and Harsh Patel, Chief Executive Officer of Galvanize, who will be available to answer questions following our prepared remarks.

I would like now to turn the call over to Nate. Nate?

Nathaniel A. Davis

Thank you, Mike. Good afternoon, everyone, and thanks for joining our quarterly call.

I'd like to devote most of my time to providing details about the announcement we made earlier today, K12's acquisition of tech pioneer Galvanize. I'd like to welcome Harsh Patel, CEO of Galvanize to our team, and also welcome him to the call today. Harsh is calling in remotely and he will participate in our Q&A session as Mike noted.

Let's get going with a brief summary of this quarter's financial results. As you saw in today's press release, revenue