LRN — what changed in the latest 10-Q
A section-by-section comparison of LRN's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-04-29 vs the prior 10-Q · 2026-01-28
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +7 | −8 | ~17 | 33 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 2 |
| Controls & procedures | Text added/removed | +3 | −2 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +1 | −1 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-04-29
Revenues. Our revenues for the nine months ended March 31, 2026 were $1,882.0 million, an increase of $130.3 million, or 7.4%, from $1,751.7 million for the same period in the prior year. General Education revenues increased $7.4 million, or 0.7%, year over year. The primary drivers for the increase…
Instructional costs and services expenses. Instructional costs and services expenses for the nine months ended March 31, 2026 were $1,148.7 million, an increase of $102.0 million, or 9.7%, from $1,046.7 million for the same period in the prior year. This increase in expense was due to hiring of pers…
Selling, general, and administrative expenses. Selling, general, and administrative expenses for the nine months ended March 31, 2026 were $388.4 million, a decrease of $13.4 million, or 3.3%, from $401.8 million for the same period in the prior year. The decrease was primarily due to a decrease of …
Interest expense, net. Net interest expense for the nine months ended March 31, 2026 was $8.9 million as compared to $7.8 million for the same period in the prior year. The increase in net interest expense was primarily due to an increase in our finance leases.
Other income (expense), net. Other income (expense), net for the nine months ended March 31, 2026 was income of $0.8 million as compared to income of $23.5 million for the same period in the prior year. The change in other income (expense), net was due to unrealized losses related to our investments…
Text removed vs the prior filing · source: 10-Q · 2026-01-28
Comparison of the Six Months Ended December 31, 2025 and 2024
Revenues. Our revenues for the six months ended December 31, 2025 were $1,252.1 million, an increase of $113.8 million, or 10.0%, from $1,138.3 million for the same period in the prior year. General Education revenues increased $20.8 million, or 3.0%, year over year. The primary drivers for the incr…
Instructional costs and services expenses. Instructional costs and services expenses for the six months ended December 31, 2025 were $750.4 million, an increase of $67.8 million, or 9.9%, from $682.6 million for the same period in the prior year. This increase in expense was due to hiring of personn…
Selling, general, and administrative expenses. Selling, general, and administrative expenses for the six months ended December 31, 2025 were $285.9 million, an increase of $2.6 million, or 0.9%, from $283.3 million for the same period in the prior year. The increase was primarily due to an increase …
Interest expense, net. Net interest expense for the six months ended December 31, 2025 was $5.9 million as compared to $5.0 million for the same period in the prior year. The increase in net interest expense was primarily due to an increase in our finance leases.
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-04-29
We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and …
that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recogniz…
We carried out an evaluation, required by paragraph (b) of Rule 13a-15 under the Exchange Act, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined…
Text removed vs the prior filing · source: 10-Q · 2026-01-28
We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and …
We carried out an evaluation, required by paragraph (b) of Rule 13a-15 under the Exchange Act, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined…
Other information
Text added vs the prior filing · source: 10-Q · 2026-04-29
On February 25, 2026, Mr. Rhyu, the Company’s Chief Executive Officer and director, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act for the sale of up to 62,571 shares of the Company’s common stock until February …
Text removed vs the prior filing · source: 10-Q · 2026-01-28
During the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice