Zovio Inc (ZVO) Misses Q4 EPS by 5c, Revenues Miss

Zovio Inc (NASDAQ: ZVO) reported Q4 EPS of ($0.15), $0.05 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $96.3 million versus the consensus estimate of $99.5 million.

• Non-GAAP operating loss for the three months ended December 31, 2019 was $4.4 million, compared with non-GAAP operating loss of $6.4 million for the three months ended December 31, 2018. Non-GAAP operating loss for the three months ended December 31, 2019 excludes restructuring and impairment charges of $13.6 million, separation transaction costs of $0.9 million and acquisition costs of $2.4 million. Non-GAAP operating loss for the three months ended December 31, 2018 excludes restructuring and impairment charges of $4.0 million and separation transaction costs of $3.2 million.
• Non-GAAP net loss for the three months ended December 31, 2019 was $4.5 million, compared with non-GAAP net loss of $6.2 million for the three months ended December 31, 2018. Non-GAAP net loss for the three months ended December 31, 2019 excludes restructuring and impairment charges of $13.6 million, separation transaction costs of $0.9 million and acquisition costs of $2.4 million, and the related tax effects. Non-GAAP net loss for the three months ended December 31, 2018 excludes restructuring and impairment charges of $4.0 million and separation transaction costs of $3.2 million, and the related tax effects.
• Non-GAAP diluted loss per share for the three months ended December 31, 2019 was $0.15, compared with non-GAAP diluted loss per share of $0.23 for the three months ended December 31, 2018.

"During 2019, we made substantial progress as we transition Zovio to an education technology services company. At the same time, new enrollment for the fourth quarter of 2019 exceeded our expectations, while Ashford's annual cohort retention rate increased meaningfully as of December 31, 2019, over the prior year. In addition, our Education Partnership programs continue to flourish. The support and sponsorship of their employees by our corporate partners is a testament that the marketplace believes in the strength and quality of the programs offered through Ashford University," commented Andrew Clark, Founder, President and Chief Executive Officer.

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

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