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New words:
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Financial report summary
?Competition
AspenRisks
- We cannot assure you as to the amount of distributions, if any, to be made to our stockholders under our Plan of Dissolution.
- We cannot predict the timing of the distributions to stockholders.
- The Dissolution pursuant to the Plan of Dissolution may be disrupted and adversely impacted by the effects of natural disasters, political crises, public health crises, and other events outside of our control.
- The amount of cash available to distribute to our stockholders depends on our ability to successfully execute our monetization strategy and dispose of all or substantially all of our assets.
- Our stockholders may be liable to our creditors for part or all of the amount received from us in our liquidating distributions if reserves are inadequate.
- The directors and officers of the Company will continue to receive benefits from the Company following the Dissolution.
- We will continue to incur the expenses of complying with public company reporting requirements.
- Stockholders may not be able to recognize a loss for U.S. federal income tax purposes until they receive a final distribution from us.
Management Discussion
- Total revenue and other revenue. Total revenue and other revenue for the three months ended September 30, 2022 and 2021, was $22.5 million and $62.2 million, respectively, a decrease of $39.7 million, or 63.8%. For the three months ended September 30, 2022 and 2021, University Partners segment revenue was $13.7 million and $55.2 million, respectively, representing a decrease of 75.2%, and the Zovio Growth segment revenue was $8.9 million and $7.0 million, respectively, representing an increase of 26.0%.
- The decrease in revenue in the University Partners segment of $41.5 million between periods was primarily due to the sale of that business to Global Campus on July 31, 2022, as well as the decrease in service revenue due to a decrease in average weekly enrollment for the three months ended September 30, 2022, as compared to the same period ended September 30, 2021. A component of the University Partners segment revenue includes the other revenue generated from the Transition Services Agreement of approximately $0.5 million.
- The increase in revenue in the Zovio Growth segment between periods was primarily due to the growth in new customer contracts within the Fullstack subsidiary.