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

Aug 11, 2020 • 05:00 pm ET


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


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Greetings, and welcome to K12 Fourth Quarter Fiscal 2020 Earnings Conference Call. [Operator Instructions]. A question-and-answer session will follow the formal presentation. [Operator Instructions].

I would now like to turn this conference over to your host, Mr. Mike Kraft, Head of Investor Relations. Thank you. You may begin.

Mike Kraft

Thank you, and good afternoon. Welcome to K12's fourth quarter and year-end earnings conference 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 2020 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 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 Tim Medina, Chief Financial Officer. Following our prepared remarks, we will answer any questions you may have.

I'd like to now turn the call over to Nate. Nate?

Nathaniel Alonzo Davis

Thank you, Mike. Good afternoon, everyone, and thanks for joining us on the call today. It's year-end, so my comments will be a little longer than normal, but I wanted to give you a complete picture of the year-end review and the direction we're headed.

First, on behalf of my entire team here at K12, I'd like to begin by extending my thoughts and prayers to those of you who are suffering and have experienced loss because of coronavirus pandemic. Throughout my talk today, I'll cover what our business has been hurt by the pandemic and also how it's withdrawn more customers to our technology and services. So let's get started.

I'm pleased to report that K12 ended fiscal year 2020 with a strong financial performance, for both