Zovio Inc Reports Fourth Quarter & Full Year 2020 Results.

CHANDLER, Ariz: Zovio Inc (NASDAQ:ZVO), an education technology services company, today announced the results for its fourth quarter and full year ended December 31, 2020.

"We ended the year strong, executing on the sale of the University, delivering triple-digit growth in Zovio Growth and exceeding earnings expectations. Zovio is an enviable position as we embark on this new chapter as a leading education technology services business. Our track record of innovation, driven by advanced data and analytics, strong culture and more than 200 institutional partners will allow us to offer services to our university partners that span the student journey and support the best possible outcomes. As we enter 2021, we remain poised for long-term growth and value-creation as we capture the rapid changes in education to empower all learners," commented Andrew Clark, Founder, President and Chief Executive Officer.

Financial Results for the Three Months Ended December 31, 2020

Revenue and other revenue for the three months ended December 31, 2020 was $93.1 million, compared with revenue of $96.3 million for the three months ended December 31, 2019.

Operating loss for the three months ended December 31, 2020 was $57.3 million, compared with operating loss of $21.2 million for the three months ended December 31, 2019.

The Company recognized an income tax benefit of approximately $0.2 million for the three months ended December 31, 2020, compared with income tax expense of $1.8 million for the three months ended December 31, 2019.

Net loss for the three months ended December 31, 2020 was $57.2 million, compared with net loss of $23.0 million for the three months ended December 31, 2019.

Diluted loss per share for the three months ended December 31, 2020 was $1.75, compared with diluted loss per share of $0.76 for the three months ended December 31, 2019.

Non-GAAP Financial Results for the Three Months Ended December 31, 2020

Non-GAAP operating income for the three months ended December 31, 2020 was $0.9 million, compared with non-GAAP operating loss of $4.4 million for the three months ended December 31, 2019. Non-GAAP operating income for the three months ended December 31, 2020 excludes restructuring and impairment charges of $1.4 million, separation transaction costs of $1.2 million, acquisition costs of $0.9 million and loss on transaction of $54.8 million. Non-GAAP operating loss for the three months ended December 31, 2019 excludes restructuring and...