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Exhibit 99.1
K12 Inc. Announces FY19 Managed Enrollments Growth of 6.9% to 118.8 Thousand Students
Full Year Revenue Guidance Exceeds $1.0 Billion; Profit Expected to Grow 20%+
HERNDON, Va.--(BUSINESS WIRE)--October 23, 2018--K12 Inc. (NYSE: LRN), a technology-based education company and leading provider of online curriculum and online school programs for students in pre-K through high school, today announced its results for the first fiscal quarter ended September 30, 2018.
Financial Highlights for the Three Months Ended September 30, 2018 (First Quarter Fiscal Year 2019)
To supplement our financial statements presented in accordance with Generally Accepted Accounting Principles (GAAP), we are also presenting adjusted operating income (loss) and adjusted EBITDA. Management believes that these additional metrics provide useful information to our investors as an indicator of performance because they exclude stock-based compensation expenses. Non-GAAP Financial Highlights for the three months ended September 30, 2018 (First Quarter Fiscal Year 2019) are as follows.
The results for fiscal 2019 include K12’s adoption of the new revenue recognition standard, ASC 606. Results presented for fiscal 2018 have not been restated and are reported under the accounting standards in effect for that period. For reference, we have provided select metrics in Appendix A for fiscal 2018 including the impact of ASC 606. Additional information on K12’s adoption of ASC 606 can be found in K12’s First Quarter Fiscal 2019 Report on Form 10-Q.
Liquidity
As of September 30, 2018, the Company had cash, cash equivalents, and restricted cash of $145.0 million, compared to $147.3 million in the first quarter of FY2018. Compared to the $233.1 million reported at June 30, 2018 cash, cash equivalents, and restricted cash in the quarter decreased $88.1 million. This decrease is largely the result of normal seasonal expenditures incurred at the start of the school year.
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K12 Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
K12 Inc provided additional information to their SEC Filing as exhibits
Ticker: LRN
CIK: 1157408
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-18-007801
Submitted to the SEC: Tue Oct 23 2018 5:36:25 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Sunday, September 30, 2018
Industry: Educational Services