K12’s (LRN) CEO Stuart Udell on Q3 2016 Results – Earnings Call Transcript

K12’s (LRN) CEO Stuart Udell on Q3 2016 Results – Earnings Call Transcript

Apr. 27, 2016 10:31 AM ET

K12 Inc. (NYSE:LRN)

Q3 2016 Earnings Conference Call

April 27, 2016 08:30 AM ET

Executives

Mike Kraft – VP of Finance

Nate Davis – Executive Chairman

Stuart Udell – CEO

James Rhyu – CFO

Analysts

Jeff Silber – BMO Capital Markets

Corey Greendale – First Analysis

Operator

Greetings, and welcome to the K12 Fiscal 2016 Third Quarter Earnings Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mike Kraft, Vice President of Finance. Please go ahead sir.

Mike Kraft

Thank you and good morning. Welcome to K12’s third quarter earnings call for fiscal year 2016. Before we begin, I would like to remind you that in addition to historical information, certain comments made during this conference call may be considered forward-looking statements, made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, and should be considered in conjunction with cautionary statements contained in our earnings release and the Company’s periodic filings with the SEC. 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. In addition, this conference call contains time sensitive information that reflects management’s best analysis only as of the day of this live call. K12 does not undertake any obligation to publicly update or revise any forward-looking statements. For further information concerning risks and uncertainties that could materially affect financial and operational performance and results, please refer to our reports filed with the SEC, including without limitation, cautionary statements made in K12’s 2015 Annual Report on Form 10-K. These filings can be found on the Investor Relations section of our website at www.k12.com.

In addition to disclosing financial results in accordance with Generally Accepted Accounting Principles in the US or GAAP, we will discuss certain information that is considered non-GAAP financial information. A reconciliation of this non-GAAP financial information to the most closely comparable GAAP information was included in our earnings release and is also posted on our website. This call is open to the public and is being webcast. The call will be available for replay for 30 days. With me on today’s call is Nate Davis, Executive Chairman, Stuart Udell, Chief Executive Officer and James Rhyu, Chief Financial Officer. Following our prepared remarks, we will answer any questions you may have.

I like to now turn the call over to Stuart Udell. Stuart?

Stuart Udell

Thank you Mike, good morning and thanks for joining us on the call today. Before reviewing the results for the quarter, I just want to share how delighted I am that I came to K12. My entire career is focused on providing instructional services to kids who need the most help. I have always been a champion of school choice and educational options for students. Now, after almost 3 months on the job, I’m even further convinced that there is no better platform to do this at scale and to make a difference with kids than in K12. I’ve spent the last 75 days visiting schools, attending school board meetings, listening to customers and talking with employees to quickly gain a deep understanding of the Company’s operations, curriculum and talent. My takeaway is that the K12 team is more than just a leader in building create curriculum and technology; it’s a team of incredibly passionate and committed individuals including teachers, school administrators and support personnel who are on a mission. It’s those individuals that truly differentiate this organization and make us a true pioneer and leader in online and blended education.

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