What the changes say
- Healthcare risks now emphasize nurse shortages, value-based Medicare reimbursement, and updated 2025 payment rules.
- Saatchi Art adds authenticity, ownership, and intellectual-property claims as a platform-specific litigation and reputational risk.
- Removed disclosures covered payor consolidation, pharmacy supply and pricing pressures, government audits, and nurse shortages.
- U.K. disclosures now report a 20% private-school cost increase affecting MPW enrollment and higher employer taxes affecting KI.
What changed since the prior 10-K
New
- NewRisks Related to the Company’s Healthcare Business
The country’s severe shortage of nurses, including shortages of specialized nursing personnel, could adversely affect the healthcare group’s ability to meet customer demand, impact its ability to take on new business and increase labor costs
Nurse shortages, especially specialized personnel, could limit healthcare demand capacity and new business while raising labor costs; value-based Medicare payments add reimbursement risk.
- NewRisks Related to the Company’s Other Businesses
Saatchi Art may face claims related to the authenticity, ownership, or intellectual property rights of artwork sold on its platform. Any such claims could result in litigation, financial liability, reputational harm, and increased operational costs
Artwork authenticity, ownership, or intellectual-property claims could create litigation, liability, reputational damage, and higher operating costs for Saatchi Art.
Dropped
- DroppedRisks Related to the Company’s Healthcare Business
Reimbursement for services by third-party payors, including Medicare, Medicaid and private health insurance providers, may decline, while authorization, audit and compliance requirements continue to add to the cost of providing those services
- DroppedRisks Related to the Company’s Healthcare Business
In addition, CSI Pharmacy and Impact Medical both face risks from manufacturer supply shortages, competitive vertical integration and pricing power, and government intervention on drug pricing
- DroppedRisks Related to the Company’s Healthcare Business
The country’s severe shortage of nurses could adversely affect GHG’s ability to meet customer demand and may impact its ability to take on new business. In addition, competition to attract new nurses necessitates offering increased wages and benefits, which increases costs
Reworded
- 33% rewrittenRisks Related to the Company’s Education Business
Following the departure of the U.K. from the European Union (EU) on December 31, 2020, the U.K. may further develop its VAT rules in this complex area separate from the EU rules. Kaplan continues to closely monitor this area
VAT monitoring became a reported 20% private-school cost increase affecting MPW enrollment; employer insurance costs rose, with U.K. tax and employment-law increases possible for KI.
Risk factor headings as read
Headings as the filing states them, in filing order.
Risks Related to the Company’s Education Business
- 01Following the departure of the U.K. from the European Union (EU) on December 31, 2020, the U.K. may further develop its VAT rules in this complex area separate from the EU rules. Kaplan continues to closely monitor this area33% rewritten
- 02Reductions in Title IV or other federal, state or private financial assistance
- 03Compliance reviews and litigation
- 04Changes in legislation, regulations or interpretations
- 05Increases in regulatory scrutiny of postsecondary education and service providers
Risks Related to the Company’s Healthcare Business
- 06The country’s severe shortage of nurses, including shortages of specialized nursing personnel, could adversely affect the healthcare group’s ability to meet customer demand, impact its ability to take on new business and increase labor costsNew
Risks Related to the Company’s Other Businesses
- 07Saatchi Art may face claims related to the authenticity, ownership, or intellectual property rights of artwork sold on its platform. Any such claims could result in litigation, financial liability, reputational harm, and increased operational costsNew
Other Graham Holdings 10-Ks
- FY2024 10-K risk factorsRisk factors section under review
UK’s 20% VAT on private-school fees may reduce MPW enrollment from January 2025.
Filed Feb 26, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.