LOPE — what changed in the latest 10-Q
A section-by-section comparison of LOPE'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 · 2026-11-04 vs the prior 10-Q · 2026-07-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +33 | −28 | ~11 | 27 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~2 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Risk factors | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Other information | Text added/removed | 0 | −1 | ~1 | 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 · 2026-11-04
We opened two new sites in the nine months ended September 30, 2026 and closed one site in which we stopped recruiting new students in 2025, thus the total number of sites were 48 at September 30, 2026. Enrollments for GCU ground students were 23,650 at September 30, 2026, down 4.1% from 24,671 at S…
Litigation settlement. A litigation settlement of $35.0 million was recorded in the three months ended September 30, 2025 related to the settlement of the qui tam lawsuit.
Lease termination, impairment and other. We incurred $2.4 million in lease termination and impairment charges in the third quarter of 2025 related to leases. In the third quarter of 2025, we agreed to pay $1.3 million for our Indiana office space to early terminate our lease effective in June 2027. …
Amortization of intangible assets. Amortization of intangible assets for the three months ended September 30, 2026 and 2025 were $2.1 million for both periods. As a result of the Orbis Education acquisition in 2019, certain identifiable intangible assets were created (primarily customer relationship…
Investment interest and other. Investment interest and other for the three months ended September 30, 2026 was $2.3 million, a decrease of $1.3 million, as compared to $3.6 million for the three months ended September 30, 2025 due to lower investment balances attributable to an increase in stock rep…
Text removed vs the prior filing · source: 10-Q · 2026-07-30
We opened one new site in the six months ended June 30, 2026 and closed one site in which we stopped recruiting new students in 2025, thus the total number of sites remains at 47 at June 30, 2026. We plan to open one additional site in the Fall of 2026. Enrollments for GCU ground students were 8,910…
Amortization of intangible assets. Amortization of intangible assets for the three months ended June 30, 2026 and 2025 were $2.1 million for both periods. As a result of the Orbis Education acquisition in 2019, certain identifiable intangible assets were created (primarily customer relationships) th…
Investment interest and other. Investment interest and other for the three months ended June 30, 2026 was $2.7 million, a decrease of $0.5 million, as compared to $3.2 million for the three months ended June 30, 2025 due to slightly lower returns and lower investment balances.
Income tax expense. Income tax expense for the three months ended June 30, 2026 was $15.0 million, an increase of $1.5 million, or 11.4%, as compared to income tax expense of $13.5 million for the three months ended June 30, 2025. The increase in income tax expense is due to the increase in income b…
Net income. Our net income for the three months ended June 30, 2026 was $45.9 million, an increase of $4.4 million, or 10.4% as compared to $41.5 million for the three months ended June 30, 2025, due to the factors discussed above.
Other information
Text removed vs the prior filing · source: 10-Q · 2026-07-30
On July 29, 2026, we entered into an Amended and Restated Master Services Agreement with GCU. For information regarding this agreement, see Note 11 Subsequent Event of our notes to consolidated financial statements included in Part I, Item 1 of this report, which section is incorporated by reference…
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