−Removed: We lease various office space in New Jersey, New York, Missouri, and India and we lease warehouse space in Missouri.
−Removed: For our physical campus retail operations, we typically have the exclusive right to operate the official physical school bookstore on college campuses through multi-year management service agreements with our schools.
+Added: We lease various office space in New Jersey, Missouri, and India and we lease warehouse space in Missouri.
+Added: For our physical campus retail operations, we typically have the exclusive right to operate the official physical school bookstore on college campuses through multi-year management operating agreements with our schools.
In turn, we pay the school a percentage of store sales and, in some cases, a minimum fixed guarantee.
−Removed: These contracts with colleges and universities are typically five years with renewal options, but can range from one to 15 years, and are typically cancellable by either party without penalty with 90 to 120 days' notice.
−Removed: As of April 27, 2024, these contracts for the 707 physical stores that we operate expire as follows:
+Added: These contracts with colleges and universities are typically five years with renewal options, but can range from one to 17 years, and are typically cancellable by either party without penalty upon advance notice ranging from 90 to 180 days depending on the contract.
+Added: As of May 3, 2025, these contracts for the 653 physical stores that we operate expire as follows:
Contract Terms to Expire During
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.