This view was informed by recent studies -- recommissioned with parents and students in the kindergarten through 12th grade. [Operator Instructions] As a reminder, this conference is being recorded. I'm going to say, and those are the ones that we are having the most success with because they know us the best. It varies to be seen that somebody will actually approve something in their short period of time. But I think the trajectory is really nice there. In addition, this conference call contains time-sensitive information that reflects management's best analysis only as of the day of this live call. We teach their teachers how to teach an online environment. And your second question around just the financial projection for the year. So I think while sort of the overall halo around our business is strong, I think the specific actions we'll take and we'll continue to take through the summer around career readiness. I'm proud to join the K12's team and our shared mission to provide a personalized learning experience for students of all ages and all backgrounds across the nation. However, I want to be clear that this is a timing issue only. Now, why am I telling you that, that only says that's how school districts are thinking. Some of the inbound inquiries however concerned options for the next school year. Greetings, and welcome to K12 Third Quarter Fiscal 2020 Earnings Conference Call. Before I lead my discussion of Galvanize, I also want to provide more detail on the impact of the acquisition on fiscal year '20 and fiscal year '21 financial result. Thanks for that color. Gregory Pendy -- Sidoti & Company -- Analyst. Specifically all assets and liabilities on Galvanize's balance sheet including deferred revenue were required by accounting standards to be reported at fair value. And I would say on the enterprise business they are probably a little bit below what our original expectations. Importantly, in our press release today, we have reaffirmed the full guidance -- full-year guidance we provided last quarter. These efforts continue to raise interest in and awareness of the blended and online classroom and of K12's expertise in this area. Institutional revenue in the quarter was $16.8 million a decline of $4.5 million. But how would you charge for these Plan B sort of schools? And so, we don't want to create pricing barriers just to have it on the shelf for -- as Nate said, for a contingency-type of basis. I think the way we view pricing is a little bit fluid right now because we're not really sure exactly what's going to take hold in the marketplace. Damit Verizon Media und unsere Partner Ihre personenbezogenen Daten verarbeiten können, wählen Sie bitte 'Ich stimme zu.' Thank you. Lastly, we are also working closely with dozens of school districts on solutions that will help them educate students enroll. So we can just talk about what our programs can do. Hey, Greg, sorry. And the enterprise business is the smallest business but the fastest growing business. And I think now, we see a lot of students, they're running toward us, they see us as a viable alternative. Let's talk about the upside to the pandemic in our business. Yes. So, really it's -- the intent is really to have a very low barrier to entry to have it on the shelf with. We had some problem hearing you. But in addition to that, state may even, and this is I think would be a big exception, I don't expect a lot of it to happen, but states might even open up schools quickly, with providers like ourselves, if they find that their schools are closed. That's helpful. The conference ID is 4972995. The good news is times like this that bring us together. Very engaging call. While some have decided to defer until in-person sessions resume, students are committed to staying with Galvanize. How wide is it possible range of results? It wouldn't be the same as your typical district partnership. [Operator Instructions] Our first question comes from Jeff Silber with BMO Capital Markets. He'll elaborate on the third quarter financial results. So, we don't see any negative long-term impact today from what we know. We gave them a price. In fact, more than 100,000 leave submission forms were completed by parents in the last two months, a 57% increase over the same time last year. And in our community business, which manages co-working space in eight locations, Galvanize strongly encouraged all team members to work-from-home and to follow CDC local help guidance. Dazu gehört der Widerspruch gegen die Verarbeitung Ihrer Daten durch Partner für deren berechtigte Interessen. More than 30% of high school parents want school options with online career readiness education offers [Phonetic]. How would they continue if the school had to close down, given they've already got us as a partner? Individual that wish to register for the company’s earnings conference call can do so using this link. We still think there's a lot of market softening and a lot of market messaging to let people know these academies are available. That's great. That's correct. When deferred revenue is recorded at fair value it has the effect of lowering revenue and profitability for the acquired business until the liability comes off the balance sheet. We still expect our full-year tax rate to be in the 28% to 30% range. We couldn't hear you very well. Most have been asked. So, as your top portfolio grows from consumers and that sort of -- parents looking for online alternatives during COVID and then potentially beyond, the one-third of your contracts that are district partners, I would think this would have the -- COVID would have a bigger impact on these. So they are thinking about it as a business continuity, a school continuity plan. But that conversations are being had, for sure. We said to them, if you really want to be in a position to be able to help students and help your community and help your state as more students want to be safe and want to be in their online school. Provide them the ability to enroll students in the curriculum and content and then let them go teach in that environment. So for the year, we're looking at revenue in the range of $1,033 million to $1,040 million, capital expenditures of $45 million to $49 million. All right. We've had communications with state authorities. Okay. On Galvanize, you talked about I think you called it the consumer versus the community business. They're not going to let kids sit at home and do nothing. So we think the big opportunity is in training professional development of teachers who can learn how to teach in an online environment. As you know, the conversion rate gets higher or maybe you know -- the conversion rate gets higher as you get toward the normal season when parents are making their final decision. Now, the impact of these students who eventually enroll, but it's not going to have a great impact on our revenue because they were enrolled very late in the school year. Please proceed with your question. Capitalized cost of $9.5 million for the quarter were relatively flat in the last year. aus oder wählen Sie 'Einstellungen verwalten', um weitere Informationen zu erhalten und eine Auswahl zu treffen. This is James. The pandemic has disrupted academic plans and goals for so many students across the US and across the globe. I don't know how much detail we've disclosed before, but the community business is slightly below $20 million, and I think it will, as I said, shrink a bit. And they're going to want their teachers to be employed. Prospective parents believe career readiness, education is an important way for their children to learn real world skills and be prepared for the future. We therefore expect to achieve revenues for the full year at the low end of our guidance range. This call is open to the public and is being webcast. Thank you for the color, everyone. So I'm not going to disclose too much here but I would tell you that we believe and we have looked at pricing. So we have had those conversations with them and told them that our recommendation to do the right thing for the state and the right thing for the citizens in the state, which means opening up their caps and allowing more students in. I think for right now, we're trying to -- clearly, it's a large opportunity for us. By every measure he has been an instrumental part of our company's trajectory and a tremendous help to me personally. And all of the large school district partners we've talked to were the first ones to sit down with us and talk about what should be their backup plan and how should they incorporate -- how should they be ready to move easily from their 100% brick and mortar to a more blended kind of environment.
2020 k12 earnings call