Zovio Inc (ZVO) Misses Q1 EPS by 13c

Zovio Inc (NASDAQ: ZVO) reported Q1 EPS of ($0.12), $0.13 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $109.8 million versus the consensus estimate of $112 million.

• Non-GAAP operating loss for the three months ended March 31, 2019 was $3.8 million, compared with non-GAAP operating income of $0.4 million for the three months ended March 31, 2018. Non-GAAP operating loss for the three months ended March 31, 2019 excludes separation transaction costs of $2.2 million, acquisition costs of $0.9 million and other non-GAAP costs of $0.3 million. There was a reversal of other Non-GAAP costs of $0.2 million for the three months ended March 31, 2018.
• Non-GAAP net loss for the three months ended March 31, 2019 was $3.3 million, compared with non-GAAP net income of $0.5 million for the three months ended March 31, 2018. Non-GAAP net loss for the three months ended March 31, 2019 excludes separation transaction costs of $2.2 million acquisition costs of $0.9 million, other non-GAAP costs of $0.3 million, and an income tax benefit of approximately $15,000. There was a reversal of other non-GAAP costs of $0.2 million as well as the related income tax benefit of $1.8 million for the three months ended March 31, 2018.
• Non-GAAP diluted loss per share for the three months ended March 31, 2019 was $0.12, compared with non-GAAP diluted income per share of $0.02 for the three months ended March 31, 2018.

"We announced Zovio in April to reflect our new vision as a leading education technology services company and we are off to an exciting start in 2019. For Zovio, we have a clear strategy in place that will leverage our core strengths while applying our technologies and capabilities to priority market needs, including recruitment, retention, the learner experience and outcomes," commented Andrew Clark, Founder, President and CEO of Zovio. "We believe through the execution of our strategic priorities and continued investments, such as our recent acquisitions of Fullstack Academy and TutorMe, we will create long-term growth and meaningful value for all our stakeholders."

For earnings history and earnings-related data on Zovio Inc (ZVO) click here.

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