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K12 Inc (LRN) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

K12 Inc

CIK: 1157408 Ticker: LRN

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)

  • 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.

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.


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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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statement Of Equity
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Operations
Consolidated Statements Of Cash Flows (Parenthetical)
Basis Of Presentation
Basis Of Presentation (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Description Of The Business
Description Of The Business (Details)
Equity Transactions
Equity Transactions (Tables)
Equity Transactions - Other (Details)
Equity Transactions - Restricted Stock (Details)
Equity Transactions - Share Based Compensation (Details)
Equity Transactions - Vesting (Details)
Income Taxes
Income Taxes (Details)
Investments
Investments (Details)
Line Of Credit
Line Of Credit (Details)
Long-Term Obligations
Long-Term Obligations (Tables)
Long-Term Obligations - Debt (Details)
Long-Term Obligations- Capital Leases (Details)
Related Party Transactions
Related Party Transactions (Details)
Restructuring
Restructuring (Details)
Restructuring (Tables)
Restructuring - Operating Expenses (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Asu (Details)
Summary Of Significant Accounting Policies - Contract Balances (Details)
Summary Of Significant Accounting Policies - Costs To Obtain A Contract With A Customer (Details)
Summary Of Significant Accounting Policies - Disaggregation Of Revenue (Details)
Summary Of Significant Accounting Policies - Fair Value (Details)
Summary Of Significant Accounting Policies - Fair Value Measurements (Details)
Summary Of Significant Accounting Policies - Goodwill And Intangibles (Details)
Summary Of Significant Accounting Policies - Impact On Adoption Of Revenue Recognition (Details)
Summary Of Significant Accounting Policies - Inventories (Details)
Summary Of Significant Accounting Policies - Net Income Per Common Share (Details)
Summary Of Significant Accounting Policies - Performance Obligations (Details)
Summary Of Significant Accounting Policies - Property And Equipment (Details)
Summary Of Significant Accounting Policies - Revenue Recognition (Details)
Summary Of Significant Accounting Policy (Tables)
Supplemental Disclosure Of Cash Flow Information
Supplemental Disclosure Of Cash Flow Information (Details)
Supplemental Disclosure Of Cash Flow Information (Tables)
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

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