The following additional risk factors should be read in conjunction with the risk factors previously disclosed in Part 1, Item 1A, “Risk Factors,” of the 2019 Form 10-K, Item 1A.
−Removed: “Risk Factors” of our quarterly report on Form 10-Q for the period ended March 31, 2020, and the information contained in this Quarterly Report on Form 10-Q and our other reports and registration statements filed with the SEC.
+Added: “Risk Factors” of our quarterly report on Form 10-Q for the period ended March 31, 2020 and for the period ended June 30, 2020, and the information contained in this Quarterly Report on Form 10-Q and our other reports and registration statements filed with the SEC.
The developments described in these additional risk factors have heightened, or in some cases manifested, certain of the risks disclosed in the “Risk Factors” section of the 2019 Form 10-K, and such risk factors are further qualified by the information relating to COVID-19 that is described in this Quarterly Report on Form 10-Q, including in the additional risk factor below.
8 unchanged sentences
This outbreak, as well as measures taken to contain the spread of COVID-19, has impacted GCU’s students and its business in a number of ways, including the closure of dormitories and GCU’s hotel and various ancillary businesses near the end of the Spring 2020 semester.
−Removed: It has limited the number of residential students, doctoral residencies and the various ancillary businesses in the summer months and it has caused the university to move back the start of its Fall 2020 ground traditional student semester including when residential students can move on to campus.
+Added: It has limited the number of residential students, doctoral residencies and the various ancillary businesses in the summer and fall months and it has caused the university to move back the start of its Fall 2020 ground traditional student semester including when residential students can move on to campus.
+Added: A greater than expected number of traditional ground students have chosen to take the Fall semester in an online modality rather than living on campus.
These actions have served to reduce GCU’s non-tuition revenue and, consequently, the service revenue we earn under the master services agreement.
−Removed: If GCU is not able to fully open its campus to its traditional residential ground university students for the Fall semester or if a greater than expected number of these students choose to take the Fall semester online rather than live on campus, then our service revenue would be further materially impacted.
The COVID-19 outbreak could cause disruptions to our other university partners as well, including, but not limited to:
6 unchanged sentences
We have eliminated all non-essential travel as a result of the pandemic and as a result are seeing a decrease in travel costs.
−Removed: The COVID-19 pandemic presents material uncertainty and risk with respect to our financial condition, results of operations, cash flows and performance and it is not possible for us to completely predict the duration or magnitude of the adverse results of the outbreak and its effects on us.
−Removed: The COVID-19 pandemic may also have the effect of heightening many of the risks factors identified in the “Risk Factors” section of the 2019 Form 10-K, such as those related to disruption or failures of our learning platform.
+Added: The COVID-19 pandemic presents material uncertainty and risk with respect to our financial condition, results of operations, cash flows and performance and it is not possible for us to completely predict the duration or magnitude of
+Added: the adverse results of the outbreak and its effects on us.
+Added: The COVID-19 pandemic may also have the effect of heightening many of the risk factors identified in the “Risk Factors” section of the 2019 Form 10-K, such as those related to disruption or failures of our learning platform.
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.