ZVO - Earnings call transcript Q1 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day. And thank you for standing by. Welcome to the Zovio Q1 2021 Earnings Call. [Operator Instructions] I would now like to hand the conference over to your speaker today, Ms. Alanna Vitucci. you. Thank ahead. go Please

Alanna Vitucci

good earlier first on today www.zovio.com. website and release the XXXX was at issued and afternoon. you quarter Zovio’s earnings company's Thank is posted

that materially related actual regarding commentary statements that subject or Please to later. including CEO today call year and that to university the Spohn, forward-looking the or number Officer. statements revenue and Chris performance Vice applicable We Chief some remind ability could Kevin President only laws. or in Office and forward-looking, results to the George Joining Royal, of Board and presentation, Executive today the you and those Operations are would information be statements. XXXX uncertainties of of this future forward-looking and grow ability except acquired events, CEO; EBITDA, integrate on no as we by update CEO light leverage forward-looking guidance, speak and our regarding risks undertake differ note and expressed like of in date and make the and our may from Pernsteiner, me programs we statements a Financial acquisitions, other to Interim of partners obligation successfully financial new suggested Office of of extent cause by These growth, Executive to of forward-looking fiscal statements required to future companies, these considered statements these services, Chair; securities through President, are to and Vice

the supplement you measures, with these results. financial considered GAAP. reconciliations Please information substitute should measures. will as be non-GAAP we the for a of filed these Form on description as disclosures quarter a March of XX, detailed to measures regarding our our with that and that risk which year SEC quarterly our affect GAAP ended factors XXXX, today, these annual certain filings, for call including may for XX-K refer earlier financial the report for well including additional In to Note XXXX, as XX-Q financial intended release, today more ended XX, our GAAP report our on earnings find results. discuss not SEC our December are the will non-GAAP measures the U.S. On Form we also

my the may SEC the or George Interim visiting At Relations obtain introduce CEO, our website. Investor our from Pernsteiner. is copies section pleasure by You this time, of to it

George Pernsteiner

earnings Alanna. Thank you, XXXX call. our quarter And first welcome to

is announced Zovio. saw leadership likely XX opportunity almost we late a presented era an make had this and at for you in with Zovio The founded transition the new Clark a and company March, been CEO the Board level. to Andrew at As company entering years. the shift a felt

foundation a During technology his education many to Zovio an students. for into a their transform clients solid developed services serving all tenure, of from university and operating he single company

Directors that ability in to and Chair, has Audit The PWC. a for end, their excited educational the future what for role to our are To important of play Zovio learners and We goals. enabling holds advance Board of an our former to at led search committee directors find CEO. comprised our John established three committee Kiely, Committee by next partner a is the

and search process both Russell have internal and external We the candidates. that have Associates facilitate consider firm, a retained a will search to national launched Reynolds comprehensive

includes in Counsel. Spohn, be our value and search deliver with advance Chris yield minutes interim, shareholder Zovio’s blend speaking General I we are have CEO, the you will established with Thompson, a for expertise strategy confident to the vision will and the come. of which In Office few right years and many operational a and the the We of to leader Diane who lead

focus responsible primary of strategy, overseeing UAGC. the Arizona my will to finance and Campus well Global operations overseeing very enable be We the with CEO, or will University Chris allowing structure partnerships, operational functions. for Interim services, a university corporate will important on be on to as compliance and one including As facing leadership execute strategic transition seamless while priorities. as lead legal our to this believe department, and other Diane continue and will the continue us client

and well the late and Chicago's all, a public In will at addition directors, Ron the to access former enhance our scholar was policy, and pleasure of of two our higher Executive we Ron my and of expertise, Analytics leader appointment capital Benchmark education, School; Huberman, the new who formerly visiting schools. board management this in diversity Officer announced College government the business, President, Chief education. It diversity, and to significant who is And of overall Morehouse to Harvard equity Zovio Business to which John as long-standing human to to Dr. serves bring our commitments experience John CEO as March, Wilson, their transition as in increasing Board. leadership directors. the Both and addition welcome the

served Association, recently my is and XXXX Board institutions whom where currently as have Executive Chair yet, higher August, commissioners education from Higher of served you Officers and a XXXX which Oregon extend I as the education most quick chancellors state. President of career. of background. give that since serve Higher you Education I had the System me those a as not I of State have I've as the the overview Board. let For meeting and Director of every of University on pleasure and my Chancellor from of represents XXXX; through spent of Zovio’s more

the knowledge the education of face rapidly I evolves. a As and as landscape have opportunities challenges considerable result, we

we excited. join future. succeed. technology with of and innovative Zovio’s part future bringing to become services become education, our was further I the expand great partnerships a in and higher organization that to learners an a matters, as to to had relationship that I positioned our was a Something When enhance has help the excited was well leader I of Board, opportunity university UAGC. Zovio

services a which footing to We solid a launch strong the universities. in provide with are of additional to process partnership more developing will UAGC,

have UAGC this In signed a and growth our much several shortly, agreement an that said, more of first That are Furthermore, growth Fullstack we enrollment detail are anticipated. are great XXXX partner, the detail experienced has services discuss quarter discuss Kevin been marketplace. than through discussions momentarily. in lower Chris will we we quality other in delivering fact, high in we more demand institutions. the segment being for will in in had have with significant and to and Zovio with Chris already in new something TutorMe, contributor a we

technology lower to well actions to company, externally the team. This company, to an better given both realign break silos owner across institution. as our Since and However, this as operations. enrollment, internally included to and one working an our education internally taken as rather than services of the March, desire down we decisive collaboration position have increase

that In to largely we deliver cost broad-based million. about cost order $XX of non-students savings administrative functions efficiencies. reductions addition, morning, annualized in will this facing and enhance were focused communicated The on reductions

serve the While at enrollment time, maintain resources the our to for Partners. and drive necessary University same

services goal realizing including education University and on ensure is the company. be Fullstack, also team technology Services to our group. remain a to Partner focused TutorMe, full a aligned our of robust world-class We common our benefit offering, around

I to transition speaking you turn let quarter. over throughout many of before, through period. look the to run that, to to As and the listening With forward with me said call of I highlights Chris, this the

Chris Spohn

George. you, Thank

of XXXX, away we've Rocky have and Art in services. office leadership priorities over having re-engineering from After me with was been a by I years the university. I've this years, the are and I related Design, of number engagement, of I higher strategic industries. the and financial to through all employer services, the success, recently, in technology in period. introducing direction XX student pleased and education all begin service early led to of on be as I myself. Zovio of CEO Most and believe and Let tasked for a positioned for total execute providing serving Zovio President experience the strategic online worked of our student where we I been company to rejoined transition College well operations am Mountain

to Turning results. our

quarter loss XXXX of of a delivered million revenue $XX.X we incurred loss of diluted other million non-GAAP XXXX, million per $X.XX share quarter a per $X.X the of loss the and or of revenue diluted or and of $X.XX share. excluding for For a was $X.X non-GAAP first first net net or loss items

Our Zovio Growth than continues university new momentum, partnership enrollment. line acquisitions top growth, delivering to better generate and anticipated strong segment

have are stages made to in services we Partners For made of up have new UPG, strides relationship, this running. we Group while our getting early UAGC, in University early and the we our progress. With great regard or

both mentioned, George more detail partnership signed we for first will UPG. Beyond just our And discuss new in as a UAGC, moment. in I

As has accelerated educational the online their Further access changing to the pandemic. learners was way opportunities the discussed team for the where they structural have education only has and demonstrated by students is partner. lifecycle in Educators parent enhancing outcomes partners before, and are that delivering the been non-traditional time are. Universities programs for rapidly adding student learners COVID-XX who underrepresented meet and that is landscape. supporting and driving education a on record and are full changes work student looking students or strong the track Zovio expanding

engines, growth TutorMe. our Fullstack in investments strategic make and to continue We

student partners, While efforts same we meeting creating engaging and our to growing especially proposition and further and at level, flexible and are that With us at our positioned a long graduate the the undergraduate spans the needs of over value life These value well the future time, are robust offerings and Partners for current differentiated adults. flexible they working value enhancing term. cycle, today and in we UPG. University believe both the drive

$X.X that up-skill institutional Fullstack states and than education, to and existing XXXX, Growth well. the employees. Zovio's the continued help more perform institutions, Growth delivered of on Today, subsidiaries, It career turning support customers first educate ecosystem. bridge building and XX year-over-year. of our XX.X% to and covering in enterprises quarter employment aspirations services their exceptionally includes the our Zovio to higher In The to provide education enhance Fullstack meaningfully capabilities TutorMe we learners’ Now TutorMe. by gap serve segment, million, ecosystem Zovio Zovio growing and education XXX serve revenues our to which

be growing We have premium Growth evolving in strategy. and a piece industry. of player a that is a Zovio critical to opportunity large, the

our as track XXXX. that districts. student year-over-year Our TutorMe offer us strong robust execute will university partners the support continued universities during to of services. With partnership we school agreements continue of quarter to the total span online quarter bringing the to mind, to outcomes. possible first in to allow our to that continue continuing TutorMe usage for XXXX, best from customer add the partners new XXX, XXX% see an innovation first and the during XXX% to services record momentum corporations journey tutoring year-over-year saw increased partner, increase in In quarter, nearly we to the total the and of over demand new

also that continue new quarter, prior added year. to prospects March, University, the partners in online with first Fullstack well-known excited deal offer. this the signed and and really the agreement new came has leverage an Coast During we Fullstack are about partnerships to a West In

acquisition XX, of March is of XXXX. XX to our new since of Fullstack April the in now business partnerships As up

for outlook strong. Our Growth Zovio remains

XX a full total and XX university partners the adding Fullstack partners. between total in between seven and in TutorMe anticipate and XXXX, new XX we adding new For

We in our to new including initiatives, growth and partners for bring will marketing to continue online. sales this segment, strategic invest

same partner the maintaining our acquisition. new with at time, While momentum

University Group. to Partners Turning

have headwinds that That strides support relationship bringing and As made like our strong other impact UAGC driven the a new perspective, by I we a enrollment continues December, many enrollment develop. start education said in higher COVID institutions and online in services to from the we've mentioned, pandemic. total of after for XXXX faced

university and In a enrollment assisting addition, adversely partner impacted own which challenges brand, total building new quarter. the are and its first new our unique we with in presented has

and the landscape, a need First, as proposition. which the changed to shifted, students refine value of result, has competitive geographic our mix highlighted the

traffic great had military website the some moved organic Ashford recognition the a to brand our the to not roadblocks, counselors did enrollment we these the the had in to University And UAGC value as has of experienced enhance identified we December Second, that position UAGC’s not with we originally transferred expected. proposition. Once better first in to we continue quickly training quarter. of third,

adjustments have we content addition, made our efforts, proposition. marketing to including and In placement, value

weeks. these to the we see stabilization With changes, have some over last started several

will quarter the our shortly. which will path, Kevin the While right the extent we first we believe experienced impact year in continue to discuss on and likely we lesser headwinds are full outlook, a

their is we mid-size student we partnership, with this as new bring as value our long-lasting their enrollment university. to the our enhancing clearly an more look Zovio well differentiated a And objectives. response as as is UAGC. it as agreement narrow with relationship achieve positioned – clients. its Zovio strives focus building able our we of This that a compared have well signed remains to a partner sees engagement terms to This In Initially, new offering on services. clearly to to is will bring center, forward more we a supporting relationship.

value diversify and robust We institutions, growth. of that have the platform learners will corporations, clearly technology a services for stage and that set

enrollment and course an First, to student spans end-to-end development entire and retention marketing cycle, we solution that provide tools. the life

and solutions. tailored be flexible can offerings are bundled Second, and unbundled enterprise or our

aligned scale Third, we and objectives. growth operate initiatives support rapid to to are clients’ at our

Additionally, all signals, our analytics platform. are powered by solutions predictive proprietary our of

In an engagement, our opportunities services. institutions signed to pipeline addition the as success likelihood enhance to with student improve partners, to we of our the attractive continue opportunity student recently are build through seeing of many

we remain very deals three ability to our in to add As a XXXX. UPG in in one total during result, confident

Kevin Now, over turn Royal review I'll results. to the financials our and operating call to

Kevin Royal

Thank Chris. you,

significantly a services transition begin, has company, as business Ashford period-over-period shifted education as University. of the result divestiture I our reminder, of Before to where model our an technology a

certain the the related related the GAAP comparability basis, XXXX Revenue forma by year. XXXX, prior first for Ashford same forma of The to for for As an quarter the were was primarily segment pro will pro XXXX other highlighting and first period of purposes divestiture decrease to business University to basis ed results the in to addition of compared revenue million I an is GAAP amounts. million. for be providing such first $XX.X to quarter of million, the in revenues. quarter a model increase in for the shift the a the and On on be estimated offset growth tech revenues partially $XX.X $XX.X

costs be the or million to costs XX.X% to or XXXX These of of administrative or employee costs severance $XX.X first period. revenue have quarter not basis, forma XXXX costs $XX.X of leadership or the or The of percentage our of for and advertising percentage be services of the basis expenses a increased million due communication first expenses other prior estimated change, XXXX on fees period. prior it a and quarter partially XXXX, services and facilities by services GAAP first revenue. a decreases costs, offset XXXX technology million were a or impairment to increase revenue period. $XX.X million XX.X% prior forma percentage in quarter the forma pro period. quarter $XX These costs. quarter as first and the X.X% for a or employee administrative XX.X% for the to as and a year-over-year, as and On million the $XX.X costs compared of estimated to $XX.X of basis, revenue. of revenue $XX.X $X.X prior XX.X% as or costs were For On to of was the existed million to percentage labor XX.X% million forma of costs quarter be quarter or revenue a for first basis, in a of basis, of pro XX.X% the facilities the increased for and million administrative and Counseling revenue XX.X% million the the XXXX, any a pro of communication quarter did the expenses On million revenue sale XX.X% did Marketing revenue or XX.X% or estimated for basis to revenue revenue basis We of recent million compared compared of revenue. primarily XXXX. on quarter XXXX $XX.X counseling estimated expenses by prior costs. decrease GAAP the the support on were costs. to $XX.X prior XX.X% to compared increased a of primarily compared a comparable and compared million revenue for for increased increased marketing first these prior in restructuring These XXXX first $XX.X for million These for the million GAAP the and expenses General of represent $XX.X first pro expenses the to were were pro of XXXX and revenue costs. costs year. $XX.X XX.X% any a prior and We of On revenue, year. the of $XX.X as first comparable revenue, were employee have of first GAAP to in a of or of for of academic would to related XX.X% university On for to basis increased for outside have on of university the support for due were of million we're or not December, a of on technology to by general driven of or for basis forma XX.X% the a $X.X basis, year. academic quarter XXXX first as revenue GAAP services due for costs related license services and quarter charges revenue. not partially offset of expenses be the

quarter of million. $X.X recorded expense we During the XXXX, tax of an income first

quarter this anticipate the we low the of the of rate single was And Our for discrete digits. trend remainder before effective items XXXX tax to continue first year. for

of per first is for As prior share share. million loss result, $X.XX the compared This year. for first or of or $X.X a to $X.XX the net diluted the diluted of was income per loss net XXXX $X quarter of of net million quarter income net

loss Our diluted loss non-GAAP non-GAAP the net a share to million first of XXXX or $X.XX loss diluted $X.X for costs and million first of compared prior the $X.X $X.X the per of first per loss quarter $X.X or net for of the $X.XX excludes the share quarter loss was transition. non-GAAP for of million $X.X million quarter separation severance of XXXX recent of net leadership and year. the acquisition The of for costs costs conversion of million,

of XXXX, XX, to combined and XX, cash $XX.X million XXXX. we As had cash of unrestricted December as March million, $XX.X of equivalents compared

In for at XXXX XXXX addition, restricted $XX respectively. XX, we March million December XX, had cash both and

transitioned an services previously these that company, to had we the no restricted of funds As fully will be requirements education the relevant. longer majority technology

March become in we same expect activities period move during of unrestricted cash the accounts, March to comparison, expenditures the decrease XX, of operating restricted December ended period in the The XX, as We was period for million XXXX. to By to $X.X approximately period $X.X the by as XX, business of cash in activities prior balance operating changes ended And million of $X by that year-to-date $X.X the last and during working in year. offset the with The unrestricted XXXX primarily for earnings. same XX, $X.X use our March $X.X will cash the cycles. The million equivalents. driven We from XXXX, million Capital were provided XXXX. the compared net compared accounts cash year-to-date year. during operating XXXX. amount $X.X is cash the million consistent partially million decrease generated cash year-over-year as was receivable by in of the we'll change activities million capital

to plus Turning On investment pandemic. Zovio near decrease anticipate education between headwinds segments launching guidance many to an economy grow expect have announced to This term. higher this our anticipate still will effects we the our as to Longer XXXX. million. plan a revenue consolidated with outlook XX% to already in basis, loss these $X $X Growth and XXXX, the year-over-year a online through EBITDA of consolidated profitable from experienced be issues XX brand from grow revenue and beginning segment the percent as we as Chris to UAGC. the XXXX for margins term, And a COVID-XX perspective, million well begins in alluded in the approximately institutions EBITDA headwinds, the Zovio emerge student new due to for as has more reduced recruitment, specific generating

actions be to expect be we with range We identified have recognize As end, cost to we XXXX. for million And we To was now and to in a a and break revised non-GAAP substantial expectations. to anticipated and as slight it EBITDA result, to of cost our reduce a align $XXX more total reduction reductions. as million, loss. George have mentioned, revenue this our of proactive taken structure our $XXX appropriately deliberate today, of revenues the for that $XX in revenues annualized million to XXXX, approximately Zovio even implemented

million we $XX savings some XXXX, that not XXXX. XXXX to expect savings will to due in reoccur realize For in of

necessary they enhancing are Zovio ensure to making resources your for While organization engagement the these we stakeholders. expectations to but across able of to functions to centered to for open phone support revised disappointing, broad-based will administrative, maintain questions. changes the were our believe this drive I operator are efficiencies, necessary overall in opportunity these We we know our with in Partner our all lines the the TutorMe our long-term Fullstack, enrollment addition ahead Group, of university to non-student support facing time, ask University were the costs At are and on to primarily actions the partners.

Operator

Your from Alex Paris from first Barrington comes Research. Instructions] question [Operator

Alex Paris

clear. guidance initiatives first Thanks I that and I dive guys. just reduction my for make cost into your to question. Today, taking Hi to have wanted obviously sure

this reduction in in reduction is of emerging. cost we're previous XX, versus your total of to that or Can and So, expectation what of also, digit our million about? is Zovio adjusted previous XX-Q revenues XX-K, mid-single completed $XXX you’re breakeven, June down you $XXX to guidance million mid-point million EBITDA talking alluded of be $XX the the the XX from employees you expected by – what that at

Kevin Royal

Yes, that's correct.

Alex Paris

Okay.

$XX other cost with there'll and expenses any $X.X So Are or there that that's reduction associated in a quarter. charges yield in million savings, expected charge the million to in be force? second

Kevin Royal

are There other with charges no currently the contemplated reduction. associated

that to will clarify reductions $XX Just experience million the When calendar are $XX then XXXX, million, reduction you makes XXXX, in a that cost in take XXXX won’t if but costs reductions in and you analyze million. that portion we'll recur items sense. the about be portion of those $XX that of

Alex Paris

Okay. it. Yes, sure I understand

the will $XX in have XXXX, you cost savings then and million in savings. will You reap million $XX full

So, XXXX. of in versus about in year-over-year a $X million savings pickup XXXX

Kevin Royal

correct. That's

Alex Paris

Okay.

reduced despite is $XX the guidance fact still had I correctly? EBITDA from in that to say going to understanding zero, Am getting have that from You you're million million $XX savings.

Kevin Royal

correct. is that Yes,

Alex Paris

in a prepared but consistent [indiscernible] are gathered us perhaps you're I entail? you Kevin small follow-up offline what discuss know, Okay. faster to announced university granular All details the, Partner and I'm kind of expected. it say exciting expectation? interested I'll usually more liberty you and who this does University than comments is I with group, not by your partnerships can you size the with new medium you is with which think there. and that news right, that tell yet, partner that to at

Kevin Royal

completed correct. would Yes, Smaller the $X less and are medium be million year. that within and is than

Alex Paris

than sorry, be ask expense going I in while on less lines What, then in where severance revenues And more come to two were $X.X G&A or million. them of were the the that of expected. the were first than we is technology and that I administrative general communication expected. Part counseling was and Marketing communications and Kevin? I Okay. counseling does to actually line, expected of

Kevin Royal

and with of through flown general through flow classification. leadership associated the transition the all administrative Yes, has severance or the will

Alex Paris

are you company? said glad How of you outside then leader that take? the And process you the that What both the see inside are looking do will Okay. this think for and search, You long looking the next has CEO at the in characteristics I'm to company. are commenced.

Kevin Royal

George George, who in we to Yes, room, talk search. CEO why don't this ask Pernsteiner with us about not the is

Alex Paris

you. Thank

George Pernsteiner

Thank you, for you Alex, the Kevin. thank And question. Mr.

have, perhaps required I being transitioning focus wanting different in because the past. really university view, will have have range that working will for think develop And those vision right to service that customers, than require thinking the with they to real broader to a blend a we experience. really, they including committee's charged have with customer We, Russell and they provider, in engage Reynolds the operational my Associates committee industry we're are to view, the And to on and We now from of UAGC. be experience, we provider we the to operational now. of then to characteristics sole also running they seeking. a And a of the question almost a are way have of experience, refine have have looking but

So CEO, the that's at for next in the looking part of what we're next CEO.

Alex Paris

that additional queue. then appreciate color. helpful guidance, the in That’s back get I'll Back and I to

EBITDA adjusted it is or significantly? the revenue expectations, marketing So, expenses expected are in what increase to delta primarily explains

Chris Spohn

revenue primarily Alex. It's

Alex Paris

this And guidance all right. All is university is because growth partners’ Zovio in the segment. unchanged,

Wednesday strong that I that recognition UAGC. in to the just guess, you building after in start as and So, every brand December, in well down as said, for that headwinds quarter, industry, the and military, in brand had as the it first in the you slowed attribute

George Pernsteiner

we and brand have COVID it's as challenges Alex, well. certainly ongoing true and that's marketing, Yes, primarily

Alex Paris

additional Okay, great. get Thank back in And you the I'll color. for the queue.

Operator

Water Our next question from comes Tower Thierry from Research. Wuilloud

Thierry Wuilloud

questions just Alex my or severance EBITDA, taking the could on covered pro is but the breakeven for basis? forma that thanks bit quite – be the expenses maybe if And you of afternoon. good the severance the questions. a to include on Yes, financials, little does ground, hustled

Kevin Royal

EBITDA provided Yes, on so it guidance we that the for year adjusted, actually Thierry, or the to is EBITDA. we non-GAAP refer as

be that included. charge would So, that without

Thierry Wuilloud

Okay.

having was are with on, students, a maybe are so with Okay, that, seeing thank is bit of you university it issue, you still you and curious early? on UAGC? see to starting or the you. are what or mix brand I new Where

George Pernsteiner

again refining Yes, value our as a a from we geographic been, And there are mentioned script a at shift looking that brand. our students. have has really stems our of lot mix challenges new of new as the that the that proposition with some in prospective students the we how mentioned, bit on here, that of brand, little the resonates with and

Thierry Wuilloud

there? only are or Okay. I mean, new you reductions and here some pockets seeing

George Pernsteiner

seeing some students but at Ashford brand. new before seeing some new had when brand that seen we the necessarily of We're shifts geographic pockets, we are the not we're per reductions looking that se, haven't

Thierry Wuilloud

Okay. on Any partners? the corporate impact

George Pernsteiner

For that's the remained fairly most part steady.

have not any seen much impact we brand. on corporate So, if the

Thierry Wuilloud

Okay.

On new or said one some you last one commentary that be are these I than they made there? then a less but to indicate you that color longer-term I other fairly engagement another add you a and to year, would it's announced think think, the on on small way going some the relationship. hand, hand you want you partner

George Pernsteiner

beginning. to enrollment, new be that partner, very I as going in focus, primarily is the any and response mentioned, our but as building with student initial the at Yes, center relationship of critical very is type

strong to again, it's a yield So, build partnership would longer that certainly term. the our hope

start we'll build So, to but we're hope there. narrow basis stages, early in very the a on and from

Thierry Wuilloud

Okay.

utilization, being it that contracts In or seeing you in on? new are terms layered Zovio growth is contracts mostly existing growth of are in

George Pernsteiner

areas both in our growth we accounts seeing have. we're with think that existing I

and I mentioned to growth we're there. expand of the new think TutorMe, well. we're as partnerships both seeing in And that as seeing for we opportunities there's subsidiaries Fullstack opportunities

Thierry Wuilloud

much. for Okay, me. great. Well, it does that very you Thank

Chris Spohn

Thierry. you, Thank

George Pernsteiner

Thanks, Thierry.

Operator

comes Your Northland next question with Greg Gibas from Securities.

Greg Gibas

commentary name questions changes the along just are searches, and enrollment of as we of decline, leads either full web inquiries, and and after well. kind the the for Kevin. respect brand that the of sale did Ashford, that taking I much Thanks that the could wondering if with guess seeing And or you quarter? I I first quarter to with change? in I or I guess, then how Chris, now George, that sale you have since guess, guess, a Hey on kind was comment,

George Pernsteiner

traffic. web the on right part first the to speak I'll Maybe,

are Ashford name the As equity sort bit of quite the you had years. brand over of aware, a

looking also from strong the brand, name, you're seen coming inquiry and some a on organic name with generation trade traffic degradation that and both that's trade we've at you from had when or organic. search very lead So, search new

going to to brand need in market. the to, take – we'll that build time it's So,

you the benefit. So, see

some So consequently, other shifted we've strategies of into our marketing channels.

So, the total constant. fairly volume inquiry has remained

of You're terms what mix media the of looking we at typically in experience. shift a would in terms

Chris Spohn

on is call real Greg, that's a owned results, proprietary the won't that the related forward. we then be data And really mentioned university information as couple by ago, information, year-end when quickly moving months that enrollment, about them. And to talked we the that is providing we to

Greg Gibas

to on the Okay. search, the follow-up, there. for candidate Fair if you, you kind with could type CEO I completed? looking anything that you're process I of of be if this, on But for missed you did regards guess, thanks expect enough. say I to that And color but the sorry when did

George Pernsteiner

it that just is a hope our months. within And now. few it really. can But completed way hope predict under certainly getting can't will be just I that though. I it's Well,

Greg Gibas

I you're think, disclose you of that fair to kind assumptions don't full maybe year the you enrollment guidance? anything, problem. it's maybe would I guess, yes. but that the discuss using enrollment able for be Okay, No or

George Pernsteiner

able this Greg, point just information talk provide. that, that's about or that just Sorry through we're not to at

Greg Gibas

those With with what how got was underway just you in discussions other institutions in I respect and said, discussions discussions to, UPG wondering are maybe kind were segment, those initiated? several the of stage Okay, it.

Chris Spohn

question, that first shapes you different so in we've we're types will, stages. for. sizes, at additional, all if at they and in come got services They said are potential different partners just at as the terms to three of different of stages. your looking they to one And looking So, potential we are

So, in we have how interest us. come and they reached of and some different from to ways us in contacted a variety of terms they've

Greg Gibas

Okay.

good. guys. Thanks Sounds

Operator

at That last presenters. call this I the turn will was the our over to question time, back

George Pernsteiner

look sort will I now just the part later Thank And thank follow-up our thank question-and-answer being That well, earnings Okay, meetings on. of you. here you. call for group session. here today. our concludes additional we of for

Operator

This call. participating. Thank concludes today's for you conference

You may disconnect. now

Zovio (ZVOI) 13 May 212021 Q1 Earnings call transcript