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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)
- Revenues of $251.3 million, compared to revenues of $228.8 million in the first quarter of FY 2018.
- Loss from operations of $13.8 million, compared to loss from operations of $17.8 million in the first quarter of FY 2018.
- Net loss attributable to common stockholders of $8.3 million, compared to net loss attributable to common stockholders of $8.1 million in the first quarter of FY 2018.
- Diluted net loss attributable to common stockholders per share of $0.22, compared to diluted net loss attributable to common stockholders of $0.21 in the first quarter of FY 2018.
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.
- Adjusted loss from operations of $9.7 million, compared to adjusted loss from operations of $14.7 million in the first quarter of FY 2018.
- Adjusted EBITDA of $8.8 million, compared to adjusted EBITDA of $6.0 million in the first quarter of FY 2018.
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.
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.
The following information was filed by K12 Inc (LRN) on Tuesday, October 23, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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