Subsequent Event	3 Months Ended
Mar. 31, 2020
Subsequent Event.
Subsequent Event	14. Subsequent Event In March 2020, the World Health Organization declared COVID-19 a global pandemic. This contagious outbreak and the related adverse public health developments, including orders to shelter-in-place, travel restrictions and mandated non-essential business closures, have adversely affected our business, primarily through reduced ancillary revenue at our most significant university partner, GCU. These recent developments are expected to result in lower education service revenues and lower operating income and margins in the second and third quarters of 2020. While the disruption is currently expected to be temporary, there is considerable uncertainty around the duration. If our most significant university partner is not able to allow its students to return to campus in the Fall of 2020, this will have a material impact on our service revenues, operating income and margins. These factors, or material changes in the fair value of the collateral underlying our Secured Note receivable and accounts receivable could also materially impact the allowance for expected credit losses on our Secured Note receivable and our accounts receivable. However, the related financial impact and duration cannot be reasonably estimated at this time.

Subsequent Event

3 Months Ended

Mar. 31, 2020

14. Subsequent Event

In March 2020, the World Health Organization declared COVID-19 a global pandemic. This contagious outbreak and the related adverse public health developments, including orders to shelter-in-place, travel restrictions and mandated non-essential business closures, have adversely affected our business, primarily through reduced ancillary revenue at our most significant university partner, GCU. These recent developments are expected to result in lower education service revenues and lower operating income and margins in the second and third quarters of 2020. While the disruption is currently expected to be temporary, there is considerable uncertainty around the duration. If our most significant university partner is not able to allow its students to return to campus in the Fall of 2020, this will have a material impact on our service revenues, operating income and margins. These factors, or material changes in the fair value of the collateral underlying our Secured Note receivable and accounts receivable could also materially impact the allowance for expected credit losses on our Secured Note receivable and our accounts receivable. However, the related financial impact and duration cannot be reasonably estimated at this time.