<SEC-DOCUMENT>0001157523-19-001731.txt : 20190806
<SEC-HEADER>0001157523-19-001731.hdr.sgml : 20190806
<ACCEPTANCE-DATETIME>20190806163101
ACCESSION NUMBER:		0001157523-19-001731
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190806
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190806
DATE AS OF CHANGE:		20190806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K12 INC
		CENTRAL INDEX KEY:			0001157408
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				954774688
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33883
		FILM NUMBER:		191002514

	BUSINESS ADDRESS:	
		STREET 1:		2300 CORPORATE PARK DRIVE
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
		BUSINESS PHONE:		7034837000

	MAIL ADDRESS:	
		STREET 1:		2300 CORPORATE PARK DRIVE
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a52074065.htm
<DESCRIPTION>K12 INC. 8-K
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">&#160;SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center;">&#160;WASHINGTON, D.C. 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">&#160;<font style="font-size: 16pt;">FORM 8-K</font></div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;">&#160;CURRENT REPORT</div>
    <div><br>
    </div>
    <div style="text-align: center;">&#160;Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>
    <div><br>
    </div>
    <div><br>
    </div>
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        <tr>
          <td style="width: 10%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: top;">
            <div>Date of Report (Date of Earliest Event Reported):</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: top;">
            <div>August 6, 2019</div>
          </td>
          <td style="width: 10%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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        <tr>
          <td style="width: 25%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-size: 16pt;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">K12 Inc.</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
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        <tr>
          <td style="width: 32.21%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Delaware</div>
          </td>
          <td style="width: 1.69%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 32.21%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">001-33883</div>
          </td>
          <td style="width: 1.69%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 32.21%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">95-4774688</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32.21%; vertical-align: bottom;">
            <div style="text-align: center;">(State or other jurisdiction</div>
            <div style="text-align: center;">of incorporation)</div>
          </td>
          <td style="width: 1.69%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
          <td style="width: 32.21%; vertical-align: bottom;">
            <div style="text-align: center;">(Commission</div>
            <div style="text-align: center;">File Number)</div>
          </td>
          <td style="width: 1.69%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
          <td style="width: 32.21%; vertical-align: bottom;">
            <div style="text-align: center;">(I.R.S. Employer</div>
            <div style="text-align: center;">Identification No.)</div>
          </td>
        </tr>

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        <tr>
          <td style="width: 50%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">2300 Corporate Park Drive, Herndon,</div>
            <div style="text-align: center;">&#160;Virginia</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 30%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">20171</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: bottom;">
            <div style="text-align: center;">(Address of principal executive offices)</div>
          </td>
          <td style="width: 20%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
          <td style="width: 30%; vertical-align: bottom;">
            <div style="text-align: center;">(Zip Code)</div>
          </td>
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    <div><br>
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          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;">Registrant&#8217;s telephone number, including area code:</div>
          </td>
          <td style="width: 10%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 40%; vertical-align: top;">
            <div style="text-align: center;">(703) 483-7000</div>
          </td>
        </tr>

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    <div><br>
    </div>
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            <div>&#160;</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Not Applicable</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center;">Former name or former address, if changed since last report</div>
          </td>
          <td style="width: 25%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <div>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
    <div><br>
    </div>
    <div>&#8414; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
    <div><br>
    </div>
    <div>&#8414; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
    <div><br>
    </div>
    <div>&#8414; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
    <div><br>
    </div>
    <div>&#8414; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
    <div> <br>
    </div>
    <div>
      <hr noshade="noshade" align="center" style="height: 1px; width: 100%; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    <div>
      <div><br>
      </div>
    </div>
    <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
    <div>&#160;</div>
    <div>Emerging growth company &#9744;</div>
    <div>&#160;</div>
    <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange
      Act. &#9744;</div>
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    </div>
    <div style="font-weight: bold;">Item 2.02. Results of Operations and Financial Condition</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">On August 6, 2019, K12 Inc. (the &#8220;Company&#8221;) issued a press release announcing its financial results for the fourth fiscal quarter and full fiscal year ended June 30, 2019.&#160; A copy of the Company&#8217;s press release is
      furnished herewith as Exhibit 99.1.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">The information contained in this Current Report of Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed &#8220;filed&#8221; by the Company with the Securities and Exchange Commission and shall not be deemed
      incorporated by reference into any filing by the Company under the U.S. Securities Act of 1933, as amended.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Item 9.01. Financial Statements and Exhibits</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">(d) Exhibits.</div>
    <br>
    <div>
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              <div>
                <div style="text-align: left; font-weight: bold;">Exhibit No.</div>
              </div>
            </td>
            <td style="width: 5%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="width: 85%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
                <div style="text-align: left; font-weight: bold;">Description</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;">
              <div>&#160;</div>
            </td>
            <td style="width: 5%;" colspan="1">&#160;</td>
            <td style="width: 85%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;">
              <div>99.1 <br>
              </div>
            </td>
            <td style="width: 5%;" colspan="1">&#160;</td>
            <td style="width: 85%;">
              <div>K12 Inc. Earnings Press Release, dated August 6, 2019. <br>
              </div>
            </td>
          </tr>

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    </div>
    <div><br>
    </div>
    <div><br>
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    </div>
    <div style="text-align: center;">SIGNATURES</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
    <div><br>
    </div>
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            <div style="text-align: right;">&#160;</div>
          </td>
          <td style="width: 22.17%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">
            <div>&#160;K12 Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 22.17%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="vertical-align: top;" colspan="2" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
          <td style="width: 22.17%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 36pt;">Date:</div>
          </td>
          <td style="width: 22.17%; vertical-align: top;">
            <div>&#160;August 6, 2019</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div>By:&#160;<u>/s/Vincent W. Mathis</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
          <td style="width: 22.17%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
          <td style="width: 6%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 47%; vertical-align: top;">
            <div>Vincent W. Mathis</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
          <td style="width: 22.17%; vertical-align: middle;">
            <div style="font-size: 8pt;">&#160;</div>
          </td>
          <td style="width: 6%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 47%; vertical-align: top;">
            <div>Executive Vice President, General Counsel and</div>
            <div>Secretary</div>
          </td>
        </tr>

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    </div>
    <div style="text-align: center;">Exhibit Index</div>
    <br>
    <div>
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          <tr>
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              <div>
                <div style="text-align: left; font-weight: bold;">Exhibit No.</div>
              </div>
            </td>
            <td style="width: 5%; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td style="width: 85%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
                <div style="text-align: left; font-weight: bold;">Description</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;">
              <div>&#160;</div>
            </td>
            <td style="width: 5%;" colspan="1">&#160;</td>
            <td style="width: 85%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;">
              <div><a href="a52074065ex99_1.htm">99.1</a> <br>
              </div>
            </td>
            <td style="width: 5%;" colspan="1">&#160;</td>
            <td style="width: 85%;">
              <div><a href="a52074065ex99_1.htm">K12 Inc. Earnings Press Release, dated August 6, 2019. <br>
                </a></div>
            </td>
          </tr>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a52074065ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
  </div>
  <div>
    <div class="bw-release"><br>
    </div>
    <div class="bw-release">
      <h1 style="text-align: center; list-style-position:inside;FONT-SIZE: 14pt;"> <b>K12 Inc. Reports Full Year Fiscal 2019 Revenues Increase 10.7% to $1.016 Billion</b> </h1>
      <div class="bw-release-body">
        <div class="bw-release-table-js bw-release-story">
          <p>HERNDON, Va.--(BUSINESS WIRE)--August 6, 2019--K12 Inc. (NYSE: LRN), a technology-based education company and leading provider of online curriculum and online school programs for students in pre-K through high school, today announced its
            results for the fourth fiscal quarter and full fiscal year ended June 30, 2019. </p>
          <p> <b>Financial Highlights for the Three Months Ended June 30, 2019 (Fourth Quarter Fiscal Year 2019)</b> </p>
          <ul style="list-style-type: disc;">
            <li> Revenues of $256.3 million, compared to revenues of $238.9 million in the fourth quarter of FY 2018. </li>
            <li> Operating income of $2.7 million, compared to $9.9 million in the fourth quarter of FY 2018. </li>
            <li> Net income attributable to common stockholders of $3.3 million, compared to $9.3 million in the fourth quarter of FY 2018. </li>
            <li> Diluted net income attributable to common stockholders per share of $0.08, compared to $0.23 in the fourth quarter of FY 2018. </li>
          </ul>
          <p> To supplement our financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), we are also presenting adjusted operating income (loss) and adjusted EBITDA. Management believes that these additional
            metrics provide useful information to our investors as an indicator of performance because they exclude stock-based compensation expenses. Non-GAAP Financial Highlights for the three months ended June 30, 2019 (Fourth Quarter Fiscal Year 2019)
            are as follows: </p>
          <ul style="list-style-type: disc;">
            <li> Adjusted operating income of $7.2 million, compared to $15.8 million in the fourth quarter of FY 2018. </li>
            <li> Adjusted EBITDA of $25.4 million, compared to adjusted EBITDA of $33.5 million in the fourth quarter of FY 2018. </li>
          </ul>
          <p> A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is provided below. </p>
          <p> <b>Financial Highlights for the Year Ended June 30, 2019</b> </p>
          <ul style="list-style-type: disc;">
            <li> Revenues of $1,015.8 million, compared to $917.7 million for the full fiscal year of 2018. </li>
            <li> Operating income of $45.5 million, compared to $25.5 million for the full fiscal year of 2018. </li>
            <li> Net income attributable to common stockholders of $37.2 million, compared to $27.6 million for the full fiscal year of 2018. </li>
            <li> Diluted net income attributable to common stockholders per share of $0.91, compared to $0.68 for the full fiscal year of 2018. </li>
          </ul>
          <p> Non-GAAP Financial Highlights for the Year Ended June 30, 2019 are as follows: </p>
          <ul style="list-style-type: disc;">
            <li> Adjusted operating income of $62.2 million, compared to $46.4 million for the full fiscal year of 2018. </li>
            <li> Adjusted EBITDA of $133.6 million, compared to $121.6 million for the full fiscal year of 2018. </li>
          </ul>
          <p> A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is provided below. </p>
          <div> </div>
          <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <p> <b>Liquidity</b> </p>
          <p> As of June 30, 2019, the Company had cash, cash equivalents, and restricted cash of $284.6 million, an increase of $51.5 million compared to $233.1 million reported at June 30, 2018. </p>
          <p> Net cash provided by operating activities for the year ended June 30, 2019 was $141.6 million, an increase of $36.2 million from the prior fiscal year. Free cash flow for the year ended June 30, 2019 was $93.2 million, an increase of $31.0
            million from the prior fiscal year. A reconciliation of this non-GAAP measure to the most directly comparable GAAP financial measure is provided below. </p>
          <p> <b>Capital Expenditures</b> </p>
          <p> Capital expenditures for the year ended June 30, 2019 were $48.4 million, an increase of $5.3 million from the prior full fiscal year, and was comprised of: </p>
          <ul style="list-style-type: disc;">
            <li> $5.5 million for property and equipment, </li>
            <li> $26.3 million for capitalized software development, and </li>
            <li> $16.6 million for capitalized curriculum development. </li>
          </ul>
          <p> <b>Revenue and Enrollment Data</b> </p>
          <p> <b><i>Revenue </i></b> </p>
          <p> The Company&#8217;s lines of business are: Managed Public School Programs (programs which offer an integrated package of systems, services, products, and professional expertise that K12 manages to support an online or blended public school,
            including administrative support, information technology and provisioning, academic support services, curriculum, learning systems, and instructional services), Institutional (Non-managed Public School Programs &#8211; programs which provide
            instruction, curriculum, supplemental courses, marketing, enrollment and other educational services where K12 does not provide primary administrative support services and Institutional Software and Services &#8211; educational software and services
            provided to school districts, public schools and other educational institutions), and Private Pay Schools and Other (private schools for which the Company charges student tuition and makes direct consumer sales). The following table sets forth
            the Company&#8217;s revenues for the periods indicated: </p>
          <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt;" id="ze28c6db5852e49f28a3bfb463e65177b">

              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td colspan="5" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;vertical-align: bottom;" rowspan="1"><b>Three Months Ended<br>
                    June 30,</b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="5" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;vertical-align: bottom;" rowspan="1"><b>Change 2019 / 2018</b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="5" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;vertical-align: bottom;" rowspan="1"><b>Year Ended<br>
                    June 30,</b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="6" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;vertical-align: bottom;" rowspan="1"><b>Change 2019 / 2018</b></td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                </td>
                <td style="padding-left: 0.0px;text-align: center; list-style-position:inside;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>$</b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>%</b> </p>
                </td>
                <td style="padding-left: 0.0px;text-align: center; list-style-position:inside;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;text-align: center; list-style-position:inside;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                </td>
                <td style="padding-left: 0.0px;text-align: center; list-style-position:inside;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="3" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>$</b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>%</b> </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td colspan="25" style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1"><b>(In thousands, except percentages)</b></td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Managed Public School Programs</b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 224,294 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 208,319 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 15,975 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 7.7 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 890,275 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 780,797 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 109,478 </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 14.0 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Institutional</b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 20.0px;" rowspan="1" colspan="1">Non-managed Public School Programs</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 13,225 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 12,384 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 841 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 6.8 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 50,623 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 56,784 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (6,161 </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> -10.8 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 20.0px;" rowspan="1" colspan="1">Institutional Software &amp; Services</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 9,815 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 9,352 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 463 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 5.0 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 39,330 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 43,852 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (4,522 </p>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> -10.3 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Total Institutional</b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 23,040 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 21,736 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,304 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 6.0 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 89,953 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 100,636 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (10,683 </p>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> -10.6 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Private Pay Schools and Other</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 8,980 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 8,819 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 161 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 1.8 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 35,524 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 36,301 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (777 </p>
                </td>
                <td style="padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> -2.1 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Total Revenues</b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 256,314 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 238,874 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 17,440 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 7.3 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,015,752 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 917,734 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 98,018 </p>
                </td>
                <td style="border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 10.7 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
              </tr>

          </table>
          <div> </div>
          <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <p> <b><i>Enrollment Data</i></b> </p>
          <p> The following table sets forth average enrollment data for the period indicated. These figures exclude enrollments from classroom pilot programs and consumer programs. </p>
          <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt;" id="z433ef1a7f77846f595c2d1805f9ecb34">

              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;vertical-align: bottom;" rowspan="1"><b>Three Months Ended<br>
                    June 30,</b></td>
                <td style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="4" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;vertical-align: bottom;" rowspan="1"><b>2019 / 2018</b></td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;vertical-align: bottom;" rowspan="1"><b>Year Ended June 30,</b></td>
                <td style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="4" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;vertical-align: bottom;" rowspan="1"><b>2019 / 2018</b></td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>Change </b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>Change % </b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;text-align: center; list-style-position:inside;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>Change </b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>Change % </b> </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td colspan="18" style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1"><b>(In thousands, except percentages)</b></td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1">Managed Public School Programs (1,2)</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 110.5 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 105.0 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 5.5 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 5.2 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 115.6 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 108.7 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 6.9 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 6.3 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1">Non-managed Public School Programs (1)</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 23.3 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 23.1 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 0.2 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 0.9 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 23.9 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 23.9 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> - </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 0.0 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>

          </table>
          <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt;" id="z21dd1200274d448388a735c045286795">

              <tr>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: top;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (1) </p>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: top;padding-left: 0.0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> If a school changes from a Managed Public School Program to a Non-managed Public School Program, the corresponding enrollment classification would change in the period in which the contract
                    arrangement changed. </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;padding-right: 0.0px;vertical-align: top;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (2) </p>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: top;padding-left: 0.0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Managed Public School Programs include enrollments for which K12 receives no public funding or revenue. </p>
                </td>
              </tr>

          </table>
          <p> <b><i>Revenue per Enrollment Data</i></b> </p>
          <p> The following table sets forth revenue per average enrollment data for students in Public School Programs for the period indicated. </p>
          <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt;" id="z7920f7fcda1a4d1e8cd8a0ac915d124d">

              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td colspan="5" style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1"><b>Three Months Ended</b></td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="5" style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1"><b>Change</b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="5" style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1"><b>Year Ended</b></td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="6" style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1"><b>Change</b></td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td colspan="5" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1"><b>June 30,</b></td>
                <td style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="5" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1"><b>2019 / 2018</b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="5" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1"><b>June 30,</b></td>
                <td style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="6" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1"><b>2019 / 2018</b></td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>$</b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>%</b> </p>
                </td>
                <td style="padding-left: 0.0px;text-align: center; list-style-position:inside;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;text-align: center; list-style-position:inside;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="3" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>$</b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> <b>%</b> </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Managed Public School Programs</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 2,030 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 1,984 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 46 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 2.3 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 7,701 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 7,183 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 518 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 7.2 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Non-managed Public School Programs</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 568 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 536 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 32 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 6.0 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 2,118 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> 2,376 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> (258 </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> -10.9 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
              </tr>

          </table>
          <p> <b>Fiscal Year 2020 Outlook</b> </p>
          <p> The Company will provide an outlook for fiscal 2020 results as part of the first quarter results report for fiscal year 2020. The Company plans to publish first quarter results at or near the end of October 2019. No separate guidance
            communication, or enrollment counts, for fiscal 2020 will be provided before that time. </p>
          <div> </div>
          <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <p> <b><i>Special Note on Forward-Looking Statements</i></b> </p>
          <p><i>This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as
              &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;continues,&#8221; &#8220;likely,&#8221; &#8220;may,&#8221; &#8220;opportunity,&#8221; &#8220;potential,&#8221; &#8220;projects,&#8221; &#8220;will,&#8221; &#8220;expects,&#8221; &#8220;plans,&#8221; &#8220;intends&#8221; and similar expressions to identify forward looking statements, whether in the negative or the
              affirmative. These statements reflect our current beliefs and are based upon information currently available to us. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could
              cause our actual results, performance or achievements to differ materially from those expressed in, or implied by, such statements. These risks, uncertainties, factors and contingencies include, but are not limited to: reduction of per pupil
              funding amounts at the schools we serve; inability to achieve a sufficient level of new enrollments to sustain our business model; failure to enter into new school contracts or renew existing contracts, in part or in their entirety; failure
              of the schools we serve or us to comply with federal, state and local regulations, resulting in a loss of funding, an obligation to repay funds previously received or contractual remedies; governmental investigations that could result in
              fines, penalties, settlements, or injunctive relief; declines or variations in academic performance outcomes of the students and schools we serve as curriculum standards, testing programs and state accountability metrics evolve; harm to our
              reputation resulting from poor performance or misconduct by operators or us in any school in our industry and/or in any school in which we operate; legal and regulatory challenges from opponents of virtual public education or for-profit
              education companies; discrepancies in interpretation of legislation by regulatory agencies that may lead to payment or funding disputes; termination of our contracts, or a reduction in the scope of services, with schools; failure to develop
              the career readiness business; entry of new competitors with superior technologies and lower prices; unsuccessful integration of mergers, acquisitions and joint ventures; failure to further develop, maintain and enhance our technology,
              products, services and brands; inadequate recruiting, training and retention of effective teachers and employees; infringement of our intellectual property; disruptions in our Internet-based learning aid delivery systems, including but not
              limited to our data storage systems, resulting from cybersecurity attacks; misuse or unauthorized disclosure of student and personal data; and other risks and uncertainties associated with our business described in the Company&#8217;s filings with
              the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that
              any deviation will not be material. All information in this release is as of June 30, 2019, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the
              Company&#8217;s expectations.</i></p>
          <div> </div>
          <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <p> <b>Conference Call</b> </p>
          <p> The Company will discuss its fourth quarter and full fiscal year 2019 financial results during a conference call scheduled for Tuesday, August 6, 2019 at 5:00 p.m. eastern time (ET). </p>
          <p> The conference call will be webcast and available at http://public.viavid.com/index.php?id=134702. Please access the web site at least 15 minutes prior to the start of the call. </p>
          <p> To participate in the live call, investors and analysts should dial (877) 407-4019 (domestic) or (201) 689-8337 (international) at 4:45 p.m. (ET). No passcode is required. </p>
          <p> A replay of the call will be available starting on August 6, 2019 at 8:00 p.m. ET through September 6, 2019 at 8:00 p.m. ET, at (877) 660-6853 (domestic) or (201) 612-7415 (international) using conference ID 13691158. A webcast replay of the
            call will be available at http://public.viavid.com/index.php?id=134702 for 30 days. </p>
          <p> <b>Financial Statements </b> </p>
          <p> The financial statements set forth below are not the complete set of K12 Inc.&#8217;s financial statements for the three months and full fiscal year ended June 30, 2019 and are presented below without footnotes. Readers are encouraged to obtain and
            carefully review K12 Inc.&#8217;s Annual Report on Form 10-K for the year ended June 30, 2019, including all financial statements contained therein and the footnotes thereto, filed with the SEC, which may be retrieved from the SEC&#8217;s website at
            www.sec.gov or from K12 Inc.&#8217;s website at www.k12.com. </p>
          <div> </div>
          <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt;" id="zc78ea9182ce44107889c7de5a95d9577">

              <tr>
                <td style="padding-left: 0.0px;" colspan="9" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td colspan="9" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>K12 INC.</b> </p>
                </td>
              </tr>
              <tr>
                <td colspan="9" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>CONSOLIDATED BALANCE SHEETS</b> </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" colspan="9" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="7" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1"><b>June 30,</b></td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                </td>
                <td style="padding-left: 0.0px;text-align: center; list-style-position:inside;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="3" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="7" rowspan="2" style="text-align: center; list-style-position:inside;padding-left: 0.0px;"><b>(In thousands except share and per share data)</b></td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><b>ASSETS</b></td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Current assets</b></td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Cash and cash equivalents</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 283,121 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 231,113 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Accounts receivable, net of allowance of $11,766 and $12,384 at June 30, 2019 and 2018, respectively</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 191,639 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 176,319 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Inventories, net</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 29,946 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 25,916 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Prepaid expenses</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 12,643 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 10,278 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Other current assets</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 12,307 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 10,388 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 20.0px;" rowspan="1" colspan="1"><b>Total current assets </b></td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 529,656 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 454,014 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Property and equipment, net</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 31,980 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 28,868 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Capitalized software, net</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 51,165 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 55,488 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Capitalized curriculum development costs, net</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 53,297 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 53,558 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Intangible assets, net</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 14,981 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 17,951 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Goodwill</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 90,197 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 90,197 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Deposits and other assets</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 48,330 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 41,887 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 20.0px;" rowspan="1" colspan="1"><b>Total assets </b></td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 819,606 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 741,963 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><b>LIABILITIES AND STOCKHOLDERS' EQUITY</b></td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Current liabilities</b></td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Current portion of capital lease obligations</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 19,588 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 13,353 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Accounts payable</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 50,488 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 29,362 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Accrued liabilities</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 20,685 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 14,345 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Accrued compensation and benefits</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 41,998 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 36,050 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Deferred revenue</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 22,828 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 23,114 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 20.0px;" rowspan="1" colspan="1"><b>Total current liabilities </b></td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 155,587 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 116,224 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Capital lease obligations, net of current portion</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 5,060 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 12,665 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Deferred rent, net of current portion</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 2,269 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 3,270 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Deferred tax liability</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 16,670 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 12,577 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Other long-term liabilities</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 6,655 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 10,038 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1"><b>Total liabilities </b></td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 186,241 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 154,774 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Commitments and contingencies</b></td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1">&#8212;</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1">&#8212;</td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Stockholders&#8217; equity</b></td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Common stock, par value $0.0001; 100,000,000 shares authorized; 45,575,236 and 44,902,567 shares issued; and 40,240,493 and 39,567,824 shares outstanding at June 30, 2019 and 2018,
                  respectively</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 4 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 4 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Additional paid-in capital</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 713,436 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 703,351 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Accumulated other comprehensive loss</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (40 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (252 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Retained earnings (accumulated deficit)</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 22,447 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (13,432 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Treasury stock of 5,334,743 shares at cost at June 30, 2019 and 2018</td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (102,482 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (102,482 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Total stockholders&#8217; equity </b></td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 633,365 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 587,189 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Total liabilities and stockholders' equity </b></td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 819,606 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 741,963 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>

          </table>
          <div> </div>
          <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt;" id="z3c0a7884de3d4b0dae6919aa26d72238">

              <tr>
                <td colspan="16" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>K12 INC.</b> </p>
                </td>
              </tr>
              <tr>
                <td colspan="16" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>CONSOLIDATED STATEMENTS OF OPERATIONS</b> </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" colspan="16" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td colspan="7" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1"><b>Three Months Ended June 30,</b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="6" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1"><b>Year Ended June 30,</b></td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                </td>
                <td style="padding-left: 0.0px;text-align: center; list-style-position:inside;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="3" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                </td>
                <td style="padding-left: 0.0px;text-align: center; list-style-position:inside;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="3" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                </td>
                <td style="padding-left: 0.0px;text-align: center; list-style-position:inside;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td colspan="14" style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1"><b>(In thousands except share and per share data)</b></td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><b>Revenues </b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 256,314 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 238,874 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 1,015,752 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 917,734 </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><b>Cost and expenses</b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Instructional costs and services</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 175,863 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 157,087 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 663,437 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 592,495 </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Selling, administrative, and other operating expenses</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 75,207 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 69,939 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 297,350 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 290,446 </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Product development expenses</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 2,563 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 1,972 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 9,479 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 9,248 </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><b>Total costs and expenses </b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 253,633 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 228,998 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 970,266 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 892,189 </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><b>Income from operations </b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 2,681 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 9,876 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 45,486 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 25,545 </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><b>Interest income, net</b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 1,214 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 430 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 2,761 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 965 </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><b>Other income, net</b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 154 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" colspan="2" rowspan="1">&#8212;</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 114 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1">&#8212;</td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><b>Income before income taxes, loss from equity method investments and noncontrolling interest </b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 4,049 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 10,306 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 48,361 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 26,510 </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><b>Income tax (expense) benefit</b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (662 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (959 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (10,520 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 910 </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><b>Loss from equity method investments</b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (70 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" colspan="2" rowspan="1">&#8212;</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (632 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1">&#8212;</td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><b>Net income</b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 3,317 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 9,347 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 37,209 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 27,420 </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><b>Add net loss attributable to noncontrolling interest</b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;" colspan="2" rowspan="1">&#8212;</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;" colspan="2" rowspan="1">&#8212;</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;" colspan="2" rowspan="1">&#8212;</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 200 </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><b>Net income attributable to common stockholders</b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 3,317 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 9,347 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 37,209 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 27,620 </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><b>Net income attributable to common stockholders per share:</b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Basic</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 0.08 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 0.24 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 0.96 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 0.70 </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Diluted</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 0.08 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 0.23 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 0.91 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 0.68 </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><b>Weighted average shares used in computing per share amounts:</b></td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Basic</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 39,135,413 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 39,031,207 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 38,848,780 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 39,282,674 </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Diluted</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 41,667,000 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 39,976,593 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 40,944,800 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 40,637,744 </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">&#160;</td>
              </tr>

          </table>
          <div> </div>
          <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt;" id="z38d492af8e6640e2b7d5b90f87446231">

              <tr>
                <td colspan="10" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>K12 INC.</b> </p>
                </td>
              </tr>
              <tr>
                <td colspan="10" style="padding-left: 0.0px;text-align: center; list-style-position:inside;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b> </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" colspan="10" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="8" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1"><b>Year Ended June 30,</b></td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="3" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="8" style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1"><b>(In thousands)</b></td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Cash flows from operating activities</b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Net income</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 37,209 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 27,420 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><b>Adjustments to reconcile net income to net cash provided by operating activities:</b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Depreciation and amortization expense</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 71,400 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 75,260 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Stock-based compensation expense</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 16,676 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 20,817 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Deferred income taxes</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 3,693 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (4,015 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Provision for doubtful accounts</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 6,325 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 4,089 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Other</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 3,985 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 4,822 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Changes in assets and liabilities:</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Accounts receivable</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (21,637 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 11,987 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Inventories, prepaid expenses, deposits and other current and long-term assets</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (3,321 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (28,491 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Accounts payable</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 20,174 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (2,336 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Accrued liabilities</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 8,295 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (6,273 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Accrued compensation and benefits</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 5,948 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 6,672 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Deferred revenue, rent and other liabilities</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (7,141 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (4,506 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Net cash provided by operating activities </b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 141,606 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 105,446 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Cash flows from investing activities</b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Purchase of property and equipment</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (5,477 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (8,743 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Capitalized software development costs</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (26,318 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (24,533 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Capitalized curriculum development costs</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (16,611 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (9,927 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Sale of long-lived assets</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 389 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1">&#8212;</td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Acquisitions and investments</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (13,092 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (7,274 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Net cash used in investing activities </b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (61,109 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (50,477 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Cash flows from financing activities</b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Repayments on capital lease obligations</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (21,034 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (13,301 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Payments of contingent consideration</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (1,027 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (1,819 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Purchase of treasury stock</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1">&#8212;</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (27,482 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Proceeds from exercise of stock options</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 3,030 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 196 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Repurchase of restricted stock for income tax withholding</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (9,958 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (10,314 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Net cash used in financing activities </b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (28,989 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (52,720 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Net change in cash, cash equivalents and restricted cash</b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 51,508 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 2,249 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Cash, cash equivalents and restricted cash, beginning of period</b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 233,113 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;border-bottom: solid black 1.0pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 230,864 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Cash, cash equivalents and restricted cash, end of period</b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 284,621 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 233,113 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><b>Reconciliation of cash, cash equivalents and restricted cash to balance sheet as of June 30th:</b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Cash and cash equivalents</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 283,121 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 231,113 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Other current assets (restricted cash)</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 500 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" colspan="2" rowspan="1">&#8212;</td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 10.0px;" rowspan="1" colspan="1">Deposits and other assets (restricted cash)</td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 1,000 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 2,000 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 20.0px;" rowspan="1" colspan="1"><b>Total cash, cash equivalents and restricted cash</b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 284,621 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position:inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 233,113 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>

          </table>
          <div> </div>
          <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <p> <b>Non-GAAP Financial Measures</b> </p>
          <p> To supplement our financial statements presented in accordance with GAAP, we have presented adjusted operating income (loss), adjusted EBITDA, and Free Cash Flow. These measures are not measurements recognized under GAAP. </p>
          <ul style="list-style-type: disc;">
            <li> Adjusted operating income (loss) is defined as income (loss) from operations as adjusted for stock-based compensation. </li>
            <li> Adjusted EBITDA is defined as income (loss) from operations as adjusted for stock-based compensation and depreciation and amortization. </li>
            <li> Adjusted EBITDA and adjusted operating income (loss) exclude stock-based compensation, which consists of expenses for stock options, restricted stock, restricted stock units, and performance stock units. </li>
            <li> Free Cash Flow is defined as net cash provided by (used in) operating activities less purchase of property and equipment; capitalized software development costs; and capitalized curriculum development costs. </li>
          </ul>
          <p> Management believes that the presentation of these non-GAAP financial measures provides useful information to investors relating to our financial performance. These widely used measures may remove such things as stock-based compensation,
            which is a non-cash charge that varies based on market volatility and the terms and conditions of the awards. They may also remove depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, and
            which can provide a measure of corporate performance exclusive of capital structure and the method by which assets were acquired. </p>
          <p> Our management uses these non-GAAP financial measures: </p>
          <ul style="list-style-type: disc;">
            <li> as additional measures of operating performance because they assist us in comparing our performance on a consistent basis; and </li>
            <li> in presentations to the members of our Board of Directors to enable our Board to review the same measures used by management to compare our current operating results with corresponding prior periods. </li>
          </ul>
          <p> Other companies may define these non-GAAP financial measures differently and, as a result, our use of these non-GAAP financial measures may not be directly comparable to similar non-GAAP financial measures used by other companies. Although we
            use these non-GAAP financial measures to assess the performance of our business, the use of non-GAAP financial measures is limited as they include and/or do not include certain items not included and/or included in the most directly comparable
            GAAP financial measure. </p>
          <p> These non-GAAP financial measures should be considered in addition to, and not as a substitute for, income or loss from operations, net income or loss, and earnings or loss per share or other related financial information prepared in
            accordance with GAAP. Adjusted EBITDA is not intended to be a measure of liquidity. You are cautioned not to place undue reliance on these non-GAAP financial measures. </p>
          <p> A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is provided below. </p>
          <div> </div>
          <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <table cellspacing="0" style="margin-bottom: 10.0px; font-size: 10pt;" id="z53e8119e09ca4c5e8b05026aaeeb3b02">

              <tr>
                <td style="padding-left: 0.0px;" colspan="13" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td colspan="5" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1"><b>Three Months Ended June 30,</b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="5" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1"><b>Year Ended June 30,</b></td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                </td>
                <td style="padding-left: 0.0px;text-align: center; list-style-position:inside;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                </td>
                <td style="padding-left: 0.0px;text-align: center; list-style-position:inside;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                </td>
                <td style="padding-left: 0.0px;text-align: center; list-style-position:inside;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td colspan="11" style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1"><b>(In thousands)</b></td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Income from operations</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 2,681 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 9,876 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 45,486 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 25,545 </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;padding-left: 0.0px;" rowspan="1" colspan="1">Stock-based compensation expense</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 4,562 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 5,964 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 16,676 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 20,817 </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Adjusted operating income</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 7,243 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 15,840 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 62,162 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 46,362 </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Depreciation and amortization</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 18,141 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 17,648 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 71,400 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 75,260 </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Adjusted EBITDA</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 25,384 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 33,488 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 133,562 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 121,622 </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td colspan="5" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;" rowspan="1"><b>Year Ended June 30, </b></td>
                <td style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2019</b> </p>
                </td>
                <td style="padding-left: 0.0px;text-align: center; list-style-position:inside;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="text-align: center; list-style-position:inside;border-bottom: solid black 1.0pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px; list-style-position: inside;"> <b>2018</b> </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td colspan="5" style="text-align: center; list-style-position:inside;padding-left: 0.0px;" rowspan="1"><b>(In thousands)</b></td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Net cash provided by operating activities</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 141,606 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 105,446 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Purchase of property and equipment</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (5,477) </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (8,743) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Capitalized software development costs</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (26,318) </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (24,533) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Capitalized curriculum development costs</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (16,611) </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;border-bottom: solid black 1.0pt;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> (9,927) </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1">Free cash flow</td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 93,200 </p>
                </td>
                <td style="text-align: right; list-style-position:inside;padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position:inside;border-bottom: double black 2.25pt;padding-left: 0.0px;padding-right: 0.0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="list-style-position: inside; margin-bottom: 0px; margin-top: 0px;"> 62,243 </p>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0.0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>

          </table>
          <div> </div>
          <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <p> <b>About K12 Inc.</b> </p>
          <p> K12 Inc. (NYSE: LRN) takes a personalized approach to education by removing barriers to learning, reaching students where they are, and providing innovative, high-quality online and blended education solutions, curriculum, and programs to
            charter schools, public school districts, private schools, and families. In total, this work serves more than 70 public and private schools, more than 2,000 school districts, and students in all 50 states and more than 100 countries. The
            company, which has delivered millions of courses over the past decade, is taking a leadership role in career readiness education through K12-powered Destinations Career Academies and Programs which combine traditional high school academics with
            Career Technical Education (CTE). K12 is a proud sponsor of the Foundation for Blended and Online Learning, a nonprofit organization dedicated to closing the gap between the pace of technology in daily life and the pace of change in education.
            More information can be found at K12.com, destinationsacademy.com, jobshadowweek.com, and getfueled.com. </p>
        </div>
        <div class="bw-release-contact">
          <h2 style="FONT-SIZE: 14pt;">Contacts</h2>
          <p> <b>K12 Inc. </b><br>
            <b>Investor and Press Contact: </b><br>
            Mike Kraft, 571-353-7778 <br>
            Senior Vice President, Corporate Communications <br>
            mkraft@k12.com </p>
        </div>
      </div>
    </div>
  </div>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
