ZVO on NASDAQ

Zovio

Logo: Zovio, Public domain, via Wikimedia Commons4

Education technology services company

Zovio, formerly Bridgepoint Education, Inc. (BPI), was a publicly held, American for-profit education services company.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

2004Founded1

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  • TickerZVO on NASDAQ1
  • Industryeducational technology1
  • HeadquartersSan Diego1
  • Websitewww.bridgepointeducation.com
  • Incorporated inDE5
  • Business address1811 E Northrop Blvd, Chandler, Az 852865
  • Filer categoryNon-accelerated filer, Smaller reporting company5

Zovio, formerly Bridgepoint Education, Inc. (BPI), was a publicly held, American for-profit education services company. It was the online program manager for one online university, the University of Arizona Global Campus (formerly Ashford University), until the contract termination was announced August 1, 2022. In April 2019, the company changed its name to Zovio, moving its headquarters to Chandler, Arizona. In 2020, the company sold Ashford University to the University of Arizona. Zovio also owned Waypoint Outcomes and Fullstack Academy and traded on NASDAQ under the ticket symbol ZVO.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2021

-16.2%Operating margin7
-16.1%Net margin7
-33.8%Revenue growth, 20217
-211.7%Return on equity7
-$16.8MFree cash flow8

Where the money goes

Where each dollar of revenue went, fiscal 2021

  • Other costs99¢$259.8M
  • Interest1¢$3.1M
  • Income tax0¢$129.0K

Out of $263.0M in revenue.7 The company lost money this year.

Financial statements

Revenue910117$263.0M in 2021−50% since 2016
0$200.0M$400.0M$600.0M2016: $523.5M$523.5M20162017: $475.1M$475.1M2017−9%2018: $443.4M$443.4M2018−7%2019: $417.8M$417.8M2019−6%2020: $397.1M$397.1M2020−5%2021: $263.0M$263.0M2021−34%
Operating income12910117-$42.6M in 2021+1% since 2015
-$80.0M-$60.0M-$40.0M-$20.0M0$20.0M2015: -$42.3M-$42.3M20152016: -$43.2M-$43.2M2016+2%2017: $6.4M$6.4M20172018: -$4.0M-$4.0M20182019: -$56.6M-$56.6M2019+1317%2020: -$61.9M-$61.9M2020+9%2021: -$42.6M-$42.6M2021−31%
Net income12910117-$42.3M in 2021−40% since 2015
-$80.0M-$60.0M-$40.0M-$20.0M0$20.0M2015: -$70.5M-$70.5M20152016: -$33.1M-$33.1M2016−53%2017: $9.1M$9.1M20172018: $4.6M$4.6M2018−49%2019: -$54.8M-$54.8M20192020: -$49.0M-$49.0M2020−11%2021: -$42.3M-$42.3M2021−13%
Fiscal year2015201620172018201920202021
Revenue$523.5M9$475.1M10$443.4M10$417.8M11$397.1M7$263.0M7
Cost of revenue$263.3M9$235.4M10$217.7M10$011
Operating expenses$9.8M7
Operating income-$42.3M12-$43.2M9$6.4M10-$4.0M10-$56.6M11-$61.9M7-$42.6M7
Interest$3.1M7
Income before tax-$42.5M7
Income tax$30.3M12-$7.9M9-$1.2M10-$7.6M10-$770.0K11-$13.1M7-$129.0K7
Net income-$70.5M12-$33.1M9$9.1M10$4.6M10-$54.8M11-$49.0M7-$42.3M7
Earnings per share-$1.5412-$0.719$0.2810$0.1710-$1.8611-$1.537-$1.277
Earnings per share (diluted)-$1.5412-$0.719$0.2810$0.1710-$1.8611-$1.537-$1.277
Shares (weighted, basic)33.3M shares7
Shares (weighted, diluted)33.3M shares7

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The story

Founding (1999)

Zovio was first incorporated in Delaware in May 1999 under the name TeleUniversity, Inc. The company changed its name to Bridgepoint Education, Inc. in February 2004.

Bridgepoint Education (2004–2019)

Bridgepoint Education purchased The Franciscan University of the Prairies in Clinton, Iowa in 2005 and changed its name to Ashford University. In September 2007 Bridgepoint purchased the Colorado School of Professional Psychology, and changed that institution's name to University of the Rockies. In 2008, Bridgepoint Education was named the fastest-growing private education company in the United States, as well as the fastest-growing private company in San Diego by Inc. magazine. In April 2009, Bridgepoint Education went public, and began trading on the New York Stock Exchange under the ticker symbol BPI. Bridgepoint's Ashford University had an estimated economic impact on state of Iowa of $40.9 million in business output, 782 jobs, $12.6 million in employee earnings, and $18.6 million in total value added to the state's GDP.

From 2010 through 2013, Bridgepoint Education was the title sponsor of the Holiday Bowl postseason college football game in San Diego. In 2013, Bridgepoint Education helped generate over $1 billion in income and 4,505 outside jobs in San Diego. In 2013, Bridgepoint Education's Ashford University announced an alliance with business publisher Forbes Media. Under the terms of the alliance, Ashford's College of Business and Professional Studies was renamed the Forbes School of Business at Ashford University.

On December 22, 2015, an agreement was made that Clinton Catalyst, LLC would buy the Ashford University campus properties for $1.6 million, according to the Clinton Herald. For the subsequent 12 months, Ashford University planned to lease the campus from Clinton Catalyst to make sure that the spring semester classes could continue, according to the Clinton Herald's report. In March 2017, Secretary of Education Betsy DeVos appointed Robert Eitel, a vice president at Bridgepoint, as an advisor. At the end of 2018, its last full year of operation under the Bridgepoint name, Bridgepoint enrollment stood at 38,153. On March 12, 2019, Bridgepoint Education reported to the Securities and Exchange Commission (SEC) that it had made unreliable statements about its earnings and losses. The company estimated an operating loss of $13.6–14.0 million loss for the quarter ending in December 2018.

The same day, Bridgepoint announced the acquisition of the coding boot camp Fullstack Academy for approximately US$20 million.

Charitable organizations and programs Bridgepoint partnered with included After-School All-Stars, Big Brothers Big Sisters of San Diego, Boys & Girls Clubs of Greater San Diego, Computers 2 SD Kids, the Homefront Heroes Scholarship Program, the Jacobs & Cushman San Diego Food Bank, Junior Achievement, Make-A-Wish Foundation, A Salute to Teachers, the San Diego Office of Education, the Teacher Appreciation Scholarship Program, United Way of San Diego, and Warrior Foundation-Freedom Station. The Bridgepoint Heroes program brought Bridgepoint employees together for large-scale volunteer efforts. Past Bridgepoint Heroes initiatives included cleaning Chollas Lake Park, cleaning Balboa Park, cleaning the San Diego River Garden, revitalizing the Mary Fay Pendleton School on Marine Corps Base, Camp Pendleton, and restoring Ruffin Canyon.

Zovio (2019–2022)

In April 2019, Bridgepoint changed its name to Zovio and moved its stock listing to the NASDAQ, where it trades under the ticker symbol ZVO. On April 4, 2019, Zovio acquired on-demand tutoring provider TutorMe. In August 2020, the company announced that it would sell Ashford University to the University of Arizona. The company reported an annual loss of $61 million for 2020.

In 2021, co-founder and CEO Andrew Clark left Zovio and two new board members were appointed, John Silvanus Wilson, Jr., former Morehouse College President, and Ron Huberman, former superintendent of Chicago's public schools. Zovio continued to lose more money as enrollment at the newly branded University of Arizona Global Campus declined. Zovio agreed to pay the Massachusetts Attorney General $295,120 and to stop collecting written off balances owed to Ashford University by students both enrolled in Ashford and Massachusetts residents from 2011 to 2014.

Read the full text

In November 2021, the California Attorney General case filed in 2017 against Ashford University began its trial phase. California Judge Eddie C. Sturgeon found for the plaintiffs on March 3, 2022, his 49-page opinion citing evidence that Zovio deceived students about their ability to become teachers, nurses, social workers, drug and alcohol counselors using their degrees; and misled students about how much financial aid they would receive; misrepresented federal financial aid rules, understated costs of attendance, the time needed to complete degree requirements, their ability to transfer credits, and evidence of deception within the admissions department, and Zovio's tolerance for repeat compliance offenders. Zovio was fined $22,375,282. The Board of Directors officially closed the business on September 11, 2022. Following the liquidation, Zovio plans to sell Fullstack Academy for an amount estimated between $34 and $55 million, according to the mentioned filing to the SEC. Stockholders would receive only a portion of it, probably below $20 million. It sold its final asset in November 2022 before closing down.

From Wikipedia’s article on Zovio, shared under CC BY-SA 4.0.6

Leadership

Who has led Zovio, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (37)

Products and brands

  • software

Listed on Wikidata.1

Subsidiaries and ownership

Subsidiaries

  • University of Arizona Global Campus
  • University of the Rockies
  • Fullstack Academy since Mar 2019

From Wikidata.1

Acquisitions

  1. Mar 2019Acquired Fullstack Academy1
  2. 2005Acquired University of Arizona Global Campus1

Former names

  • Bridgepoint Education IncOct 5, 2004 to Apr 2, 20195

Timeline

  1. Dec 8, 2021New chief executive Randy J. Hendricks becomes CEO17
  2. Oct 8, 2021New chief executive Diane Louise Thompson becomes CEO16
  3. Apr 8, 2021New chief executive George P. Pernsteiner becomes CEO15
  4. Apr 14, 2009New chief executive Andrew S. Clark becomes CEO18
  5. 2004Founded Founded1

Filings

74 filings to the SEC since October 2021: 1 annual reports, 4 quarterly reports, 21 major events, 26 insider forms, 12 large holders, 10 other. The latest 20:

  1. Jan 31, 2023SC 13G/A EDGAR
  2. Dec 21, 202225-NSE EDGAR
  3. Dec 14, 2022SC 13G/A EDGAR
  4. Dec 8, 202215-12G EDGAR
  5. Dec 7, 2022S-8 POS EDGAR
  6. Nov 30, 20228-K EDGAR
  7. Nov 28, 20228-K EDGAR
  8. Nov 23, 2022SC 13D/A EDGAR
  9. Nov 21, 202210-Q EDGAR
  10. Nov 14, 2022NT 10-Q EDGAR
  11. Nov 9, 2022SC 13G/A SC 13G EDGAR
  12. Nov 2, 20228-K EDGAR
  13. Oct 26, 20228-K EDGAR
  14. Oct 3, 2022DEF 14A EDGAR
  15. Sep 21, 20228-K EDGAR
  16. Sep 20, 2022PRE 14A EDGAR
  17. Sep 9, 2022SC 13G/A EDGAR
  18. Sep 2, 20224 EDGAR
  19. Aug 4, 202210-Q EDGAR
  20. Aug 4, 20228-K/A EDGAR

The 74 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Sources

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