Yes. I really wish the COVID situation was over, so they could travel because they are getting a lot of requests for them to come present to school district. $8 million to $9 million of the reduction in our adjusted operating income guidance related to Galvanize's negative operating income and to a short-term operational investments we plan to make, but the remaining $11 million to $12 million was related to purchase accounting adjustment. In response to the COVID-19 crisis, we borrowed against our existing credit facility as a pre-emptive measure. They want a continuity plan. We gave free access to Keystone for 30 days. An example of that would be, if you look at our Destination Career Academies website for any school, if you looked at it a year ago, you had what I might call Level 1 or 2 Level of information. With me on today's call is Nate Davis, Chief Executive Officer and Chairman of the Board; Tim Medina, Chief Financial Officer; and James Rhyu, President, Corporate Strategy, Marketing and Technology. K12 Incorporated (NYSE:LRN)Q3 2020 Earnings CallApr 27, 2020, 5:00 p.m. Hi, Jeff. For -- there are constituents that might be better suited for an online or a blended program? EBITDA for the quarter was $32.9 million, adjusted EBITDA was $39 million, an improvement of $2.6 million before the effect of the Galvanize transaction. We teach their teachers how to teach an online environment. And I promise that it's the last accounting lesson I'll give today. Parent satisfaction of K12 powered schools and the curriculum rose to 82%, and the likelihood of those parents in reenrolling their students is up 89%, both were all-time highs. In terms of just, I'll say, the contingency planning that Nate talked about. Unlike this spring our schools will all be open for enrollment this fall. Third, it's made school districts examine their preparedness for disasters and highlighted how online learning can be and should be a part of their ongoing plan. I think as Nate said, certainly their community business in Q4 will likely suffer the most, just for the obvious reasons that folks are less willing to go into offices. And also, we hope some who expressed interest and investigated his choice for the spring will now choose online learning protocol. Last quarter, I mentioned that we had implemented steps to help students determine if our program was right for them early on. Stock Advisor launched in February of 2002. Good afternoon. They're sort of running away from something. Yeah. So, I'm not assuming that anything that had not been in progress beforehand. I would now like to turn the floor back over to Mr. Davis for closing remarks. So we've given a lot of thought to those things and have given those prices to those customers already and we'll do so again next year. However, for the schools that were open for enrollment during this period, we've received more than 6,000 applications, more than we had last year. So for the year, we're looking at revenue in the range of $1,033 million to $1,040 million, capital expenditures of $45 million to $49 million. Did you get any lift from your private pay schools or did you have similar enrollment cutoff? That's great. And then, the final thing is, there'll be a little bit more of what I would call image advertising this year than direct response. I'm excited for someone with Tim's experience and background to join the K12 team. So, we've begun to think about pricing for next year as well. This view was informed by recent studies -- recommissioned with parents and students in the kindergarten through 12th grade. We believe the effects of COVID-19 will be a lasting tailwind to online education and especially to K12's business model. Thank you. So you're actually right for the first part. This is not just my personal opinion. And then just one more and I'll go back in the queue. Second, when getting guidance -- when setting guidance in January, we anticipate a strong growth in new enrollments, and that happened as we internally planned. Thank you and good afternoon. There are no further questions at this time. Because as our surveys say, many of them are still going to be worried about why go back to school and put my kid in the school where this virus is still going to be hanging in around. Greetings, and welcome to K12 Third Quarter Fiscal 2020 Earnings Conference Call. You have a great memory, Alex. I meant to say consumer on the segment. I understand. Für nähere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklärung und Cookie-Richtlinie. Sorry. I think for right now, we're trying to -- clearly, it's a large opportunity for us. So, to your first question on the online, before we acquired them, they were starting to Galvanize online, but less than 10% was really done online when we acquired them. Hi, thanks. I think I would just add that from a macro trend perspective, what we're seeing -- in our schools, in our enrollment centers, we see -- I think most of you know -- a large portion of kids who come to the schools that we manage. He has an extensive background in accounting and operations, management and strategy and a deep understanding of high growth technology sector companies, including important experience in acquisitions. Selling general and administrative expenses excluding the Galvanize acquisition were $59.5 million down $2.2 million from last year. Yeah. They're not going to let kids sit at home and do nothing. It is now my pleasure to introduce to your host, Mike Kraft, Head of Investor Relations. How much of an impact could that have on your finances if that scenario would unfold? These filings can be found on the Investor Relations' section of our website at www.k12.com. Alex, this is Mike. To participate in the live call, investors and analysts should dial (833) 900-1536 (domestic) or (236) 712-2276 (international) at 4:45 pm. Based on a recent parent survey, all satisfaction and loyalty metrics have increased from fall of 2018. Such a challenging time for our country. The pandemic has crystallized four things for us. Damit Verizon Media und unsere Partner Ihre personenbezogenen Daten verarbeiten können, wählen Sie bitte 'Ich stimme zu.' And in all of those, we looked at a volume discount kind of basis for how we price. Thank you. Excellent question. 20 now. We have not gotten any negative or positive indication. So I think while sort of the overall halo around our business is strong, I think the specific actions we'll take and we'll continue to take through the summer around career readiness. I got it. I'll wrap up my longer than normal comment by talking about an important organizational change at K12. Wir und unsere Partner nutzen Cookies und ähnliche Technik, um Daten auf Ihrem Gerät zu speichern und/oder darauf zuzugreifen, für folgende Zwecke: um personalisierte Werbung und Inhalte zu zeigen, zur Messung von Anzeigen und Inhalten, um mehr über die Zielgruppe zu erfahren sowie für die Entwicklung von Produkten. Adjusted operating income was $20.6 million, a decrease of 24.3% and capital expenditures were $9.5 million, largely flat to last year. He will also develop the marketing and the messaging to support these new expansions and he will execute on mergers and acquisitions and partnering opportunities to support the growth strategy. Some other items to note. K12 does not undertake any obligation to publicly update or revise any forward-looking statements. At this time, all participants are in a listen-only mode. So, thanks everyone for your time today. It's wonderful the country coming together. So we think the big opportunity is in training professional development of teachers who can learn how to teach in an online environment. But any change to your prior expectation for 2020 as far as Galvanize is concerned or any slight adjustments there? The conference ID is 4972995. First, our core business is strong and student retention and enrollments are both trending in a positive direction. The improvement in both adjusted EBITDA and adjusted operating income reflects improving trends in managed public schools. Hey, guys. I'll get back in the queue. At the same time, the pandemic is also driving cost savings across our business. Forward-looking statements involve risks and uncertainties that may cause actual performance or results to differ materially from those expressed or implied by such statements. Now, as you think about the impact that pandemic is having on our country and our communities, and I believe it to be horrific, it's a similar moment for online education. As you would expect, there are fewer new leases in the Galvanize community business, given all the states have implemented work-from-home requirement. As Nate mentioned, in each case, these results beat the expectations we provided in our guidance last quarter. And I would say on the enterprise business they are probably a little bit below what our original expectations. When deferred revenue is recorded at fair value it has the effect of lowering revenue and profitability for the acquired business until the liability comes off the balance sheet. Nate? About two-thirds are charter schools and about one-third are district partnerships. Sorry, yeah. Now, the impact of these students who eventually enroll, but it's not going to have a great impact on our revenue because they were enrolled very late in the school year. Another short-term positive impact of the pandemic maybe modest, the K12's current financials, the long haul -- the long-term effect, we see providing a great tailwind to our business model. Institutional revenue in the quarter was $16.8 million a decline of $4.5 million. This call is open to the public and is being webcast. Individual that wish to register for the company’s earnings conference call can do so using this link. We said to them, if you really want to be in a position to be able to help students and help your community and help your state as more students want to be safe and want to be in their online school. That funnel still not as big as I'd like it to be, and that as far as just then I think to make sure our advertising is geared toward messaging to folks about what career readiness is all about. Thanks. Capitalized cost of $9.5 million for the quarter were relatively flat in the last year. 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