0001305323-20-000039.txt : 20200430 0001305323-20-000039.hdr.sgml : 20200430 20200430072948 ACCESSION NUMBER: 0001305323-20-000039 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200429 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200430 DATE AS OF CHANGE: 20200430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Zovio Inc CENTRAL INDEX KEY: 0001305323 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 593551629 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-34272 FILM NUMBER: 20833145 BUSINESS ADDRESS: STREET 1: 1811 E NORTHROP BLVD CITY: CHANDLER STATE: AZ ZIP: 85286 BUSINESS PHONE: 858-668-2586 MAIL ADDRESS: STREET 1: 1811 E NORTHROP BLVD CITY: CHANDLER STATE: AZ ZIP: 85286 FORMER COMPANY: FORMER CONFORMED NAME: Bridgepoint Education Inc DATE OF NAME CHANGE: 20041006 8-K/A 1 a8-ka2020q1earningsrel.htm 8-K/A Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
 Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
 Date of Report (Date of earliest event reported): April 30, 2020
ZOVIO INC
(Exact name of registrant as specified in its charter)
Delaware 001-34272 59-3551629
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

1811 E. Northrop Blvd.
Chandler, Arizona		 85286
(Address of principal executive offices) (Zip Code)
(858) 668-2586
(Registrant’s telephone number, including area code)
None
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐          Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐           Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐           Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐           Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐          Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareZVOThe Nasdaq Stock Market LLC



Item 7.01.  Regulation FD Disclosure.
On April 29, 2020, Zovio Inc furnished as Exhibit 99.1 to its Current Report on Form 8-K the press release announcing financial results for the quarter ended March 31, 2020. Subsequently, Zovio discovered an error in the Reconciliation of GAAP to Non-GAAP Financial Measures regarding EBITDA and Adjusted EBITDA, which error appears in similar reconciliations in the Company’s prior earnings releases starting March 12, 2019. The corrected reconciliations are attached herewith as Exhibit 99.1.

The information provided in this Item 7.01 (including the exhibits referenced therein) shall be deemed “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, nor shall it be incorporated by reference in any filing made by the Company pursuant to the Securities Act of 1933, except to the extent that such filing incorporates by reference any or all of such information by express reference thereto.

Item 9.01.  Financial Statements and Exhibits.
(d) Exhibits.



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 30, 2020
 ZOVIO INC
   
 By:/s/ KEVIN ROYAL
  Name:  Kevin Royal
  Title: Chief Financial Officer



 EX-99.1 2 ex-991q12020earningsre.htm EX-99.1 Document
Exhibit 99.1
ZOVIO INC
Corrected Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(In thousands)


 Quarterly Period Ended
 Dec 31, 2017Mar 31, 2018Jun 30, 2018Sept 30, 2018Dec 31, 2018
EBITDA and Adjusted EBITDA Reconciliation:
GAAP net income (loss)$(5,145) $1,310  $15,080  $1,661  $(13,415) 
Interest expense (income), net(251) (235) (272) (312) (457) 
Income tax expense (benefit)(456) (1,680) (5,452) (415) (35) 
Depreciation and amortization2,043  1,758  1,775  1,667  1,586  
EBITDA(3,809) 1,153  11,131  2,601  (12,321) 
Legal settlement expense1,845  —  141  —  —  
Restructuring and impairment charges(120) (159) 2,729  1,225  3,999  
Separation transaction costs—  1,153  1,103  2,578  3,247  
Adjusted EBITDA$(2,084) $2,147  $15,104  $6,404  $(5,075) 


 Quarterly Period Ended
 Mar 31, 2019Jun 30, 2019Sept 30, 2019Dec 31, 2019Mar 31, 2020
EBITDA and Adjusted EBITDA Reconciliation:
GAAP net income (loss)$(6,642) $(17,597) $(7,558) $(23,015) $2,020  
Interest expense (income), net(453) (240) (126) (91) (53) 
Income tax expense (benefit)46  (2,435) (148) 1,766  (12,777) 
Depreciation and amortization1,498  2,699  2,974  3,055  2,978  
EBITDA(5,551) (17,573) (4,858) (18,285) (7,832) 
Restructuring and impairment charges267  5,394  2,467  13,575  2,763  
Separation transaction costs2,194  1,814  951  874  1,522  
Acquisition costs921  7,471  1,652  1,570  2,658  
Adjusted EBITDA$(2,169) $(2,894) $212  $(2,266) $(889) 


Exhibit 99.1
ZOVIO INC
Corrected Reconciliation of GAAP to Non-GAAP Financial Measures (Continued)
(Unaudited)
(In thousands)


 Year-to-Date Period Ended
 Dec 31, 2017Mar 31, 2018Jun 30, 2018Sept 30, 2018Dec 31, 2018
EBITDA and Adjusted EBITDA Reconciliation:
GAAP net income (loss)$9,111  $1,310  $16,390  $18,051  $4,636  
Interest expense (income), net(1,210) (235) (507) (818) (1,275) 
Income tax expense (benefit)(1,174) (1,680) (7,132) (7,547) (7,582) 
Depreciation and amortization8,863  1,758  3,533  5,200  6,786  
EBITDA15,590  1,153  12,284  14,886  2,565  
Legal settlement expense1,845  —  141  141  141  
Restructuring and impairment charges7,884  (159) 2,570  3,795  7,795  
Separation transaction costs—  1,153  2,256  4,834  8,081  
Adjusted EBITDA$25,319  $2,147  $17,251  $23,656  $18,582  


 Year-to-Date Period Ended
 Mar 31, 2019Jun 30, 2019Sept 30, 2019Dec 31, 2019Mar 31, 2020
EBITDA and Adjusted EBITDA Reconciliation:
GAAP net income (loss)$(6,642) $(24,239) $(31,797) $(54,812) $2,020  
Interest expense (income), net(453) (693) (819) (910) (53) 
Income tax expense (benefit)46  (2,389) (2,537) (770) (12,777) 
Depreciation and amortization1,498  4,198  7,171  10,229  2,978  
EBITDA(5,551) (23,123) (27,982) (46,263) (7,832) 
Restructuring and impairment charges267  5,661  8,128  21,702  2,763  
Separation transaction costs2,194  4,008  4,959  5,832  1,522  
Acquisition costs921  8,391  10,043  11,613  2,658  
Adjusted EBITDA$(2,169) $(5,063) $(4,852) $(7,116) $(889)