Exhibit 99.1

ZOVIO INC

Corrected Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)

(In thousands)

	Quarterly Period Ended
	Dec 31, 2017		Mar 31, 2018		Jun 30, 2018		Sept 30, 2018		Dec 31, 2018
EBITDA and Adjusted EBITDA Reconciliation:
GAAP net income (loss)	$	(5,145)	$	1,310	$	15,080	$	1,661	$	(13,415)
Interest expense (income), net	(251)		(235)		(272)		(312)		(457)
Income tax expense (benefit)	(456)		(1,680)		(5,452)		(415)		(35)
Depreciation and amortization	2,043		1,758		1,775		1,667		1,586
EBITDA	(3,809)		1,153		11,131		2,601		(12,321)
Legal settlement expense	1,845		—		141		—		—
Restructuring and impairment charges	(120)		(159)		2,729		1,225		3,999
Separation transaction costs	—		1,153		1,103		2,578		3,247
Adjusted EBITDA	$	(2,084)	$	2,147	$	15,104	$	6,404	$	(5,075)

	Quarterly Period Ended
	Mar 31, 2019		Jun 30, 2019		Sept 30, 2019		Dec 31, 2019		Mar 31, 2020
EBITDA and Adjusted EBITDA Reconciliation:
GAAP net income (loss)	$	(6,642)	$	(17,597)	$	(7,558)	$	(23,015)	$	2,020
Interest expense (income), net	(453)		(240)		(126)		(91)		(53)
Income tax expense (benefit)	46		(2,435)		(148)		1,766		(12,777)
Depreciation and amortization	1,498		2,699		2,974		3,055		2,978
EBITDA	(5,551)		(17,573)		(4,858)		(18,285)		(7,832)
Restructuring and impairment charges	267		5,394		2,467		13,575		2,763
Separation transaction costs	2,194		1,814		951		874		1,522
Acquisition costs	921		7,471		1,652		1,570		2,658
Adjusted EBITDA	$	(2,169)	$	(2,894)	$	212	$	(2,266)	$	(889)

Exhibit 99.1

ZOVIO INC

Corrected Reconciliation of GAAP to Non-GAAP Financial Measures (Continued)

(Unaudited)

(In thousands)

	Year-to-Date Period Ended
	Dec 31, 2017		Mar 31, 2018		Jun 30, 2018		Sept 30, 2018		Dec 31, 2018
EBITDA and Adjusted EBITDA Reconciliation:
GAAP net income (loss)	$	9,111	$	1,310	$	16,390	$	18,051	$	4,636
Interest expense (income), net	(1,210)		(235)		(507)		(818)		(1,275)
Income tax expense (benefit)	(1,174)		(1,680)		(7,132)		(7,547)		(7,582)
Depreciation and amortization	8,863		1,758		3,533		5,200		6,786
EBITDA	15,590		1,153		12,284		14,886		2,565
Legal settlement expense	1,845		—		141		141		141
Restructuring and impairment charges	7,884		(159)		2,570		3,795		7,795
Separation transaction costs	—		1,153		2,256		4,834		8,081
Adjusted EBITDA	$	25,319	$	2,147	$	17,251	$	23,656	$	18,582

	Year-to-Date Period Ended
	Mar 31, 2019		Jun 30, 2019		Sept 30, 2019		Dec 31, 2019		Mar 31, 2020
EBITDA and Adjusted EBITDA Reconciliation:
GAAP net income (loss)	$	(6,642)	$	(24,239)	$	(31,797)	$	(54,812)	$	2,020
Interest expense (income), net	(453)		(693)		(819)		(910)		(53)
Income tax expense (benefit)	46		(2,389)		(2,537)		(770)		(12,777)
Depreciation and amortization	1,498		4,198		7,171		10,229		2,978
EBITDA	(5,551)		(23,123)		(27,982)		(46,263)		(7,832)
Restructuring and impairment charges	267		5,661		8,128		21,702		2,763
Separation transaction costs	2,194		4,008		4,959		5,832		1,522
Acquisition costs	921		8,391		10,043		11,613		2,658
Adjusted EBITDA	$	(2,169)	$	(5,063)	$	(4,852)	$	(7,116)	$	(889)