PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Grand Canyon Education, Inc. reported strong Q1 2024 financial performance, with increased revenue and net income, and growing assets, primarily from its GCU partnership Consolidated Income Statement Highlights (Q1 2024 vs Q1 2023, in millions) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change | | :--- | :--- | :--- | :--- | | Service Revenue | $274.7 | $250.1 | +9.8% | | Operating Income | $84.5 | $74.5 | +13.4% | | Net Income | $68.0 | $59.6 | +14.2% | | Diluted EPS | $2.29 | $1.94 | +18.0% | Consolidated Balance Sheet Highlights (As of March 31, 2024, in millions) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $196.2 | $146.5 | | Total Assets | $1,035.6 | $930.5 | | Total Liabilities | $276.1 | $212.4 | | Total Stockholders' Equity | $759.4 | $718.0 | Consolidated Cash Flow Highlights (Q1 2024 vs Q1 2023, in millions) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $85.0 | $63.0 | | Net cash used in investing activities | $(5.3) | $(37.1) | | Net cash used in financing activities | $(30.0) | $(41.2) | - The company provides education services to **23 university partners** across the United States, with its most significant partner being Grand Canyon University (GCU)[22](index=22&type=chunk)[23](index=23&type=chunk) - Revenue is generated through long-term master services agreements with university partners, where GCE receives a percentage (**60% from GCU**) of the partner's tuition and fee revenue in exchange for providing technology, academic, counseling, marketing, and back-office services[29](index=29&type=chunk)[44](index=44&type=chunk) - Grand Canyon University (GCU) accounted for **89.7% of total service revenue** for the three months ended March 31, 2024, up from 88.5% in the same period in 2023, indicating a high concentration of credit risk[59](index=59&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q1 2024 revenue growth to GCU enrollment and revenue per student increases, alongside rising operating expenses, strong liquidity, and share repurchases [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Q1 2024 service revenue grew 9.8% to **$274.7 million** from GCU enrollment and revenue per student increases, with rising operating expenses but an improved operating margin Enrollment Statistics (as of March 31) | Enrollment Category | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Total Partner Enrollments | 120,788 | 112,588 | +7.3% | | GCU Enrollments | 116,952 | 108,597 (derived) | +7.7% | | - GCU Online | 93,987 | 86,065 | +9.2% | | - GCU Ground | 22,965 | 22,568 | +1.8% | | Off-Campus Site Enrollments | 4,486 | 4,313 (derived) | +4.0% | - The increase in revenue per student was positively impacted by higher room, board, and ancillary revenues at GCU, a favorable academic calendar shift adding **$2.1 million**, and an extra day for the leap year adding **$1.5 million**[109](index=109&type=chunk) - Counseling services and support expenses increased by **13.0%** to **$82.9 million**, primarily due to a **$7.2 million** increase in employee compensation from higher headcount and a **$1.8 million** increase in travel costs[113](index=113&type=chunk) - Marketing and communication expenses increased by **4.6%** to **$55.4 million**, driven by a **$2.1 million** rise in advertising costs to market university partners' programs[114](index=114&type=chunk) - The effective tax rate increased to **22.9%** in Q1 2024 from **22.3%** in Q1 2023, primarily due to higher taxable income, despite larger excess tax benefits from share-based compensation[119](index=119&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity increased to **$290.7 million** in Q1 2024 from strong operating cash flow, with significant cash used for share repurchases and planned capital expenditures Cash Flow Summary (Three Months Ended March 31, in millions) | (in millions) | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $85.0 | $63.0 | | Net cash used in investing activities | $(5.3) | $(37.1) | | Net cash used in financing activities | $(30.0) | $(41.2) | - Capital expenditures were **$9.0 million** in Q1 2024, primarily for leasehold improvements and equipment for new off-campus sites. The company anticipates annual capital expenditures of **$30.0 to $40.0 million**[128](index=128&type=chunk) - The company used **$22.6 million** to repurchase **171,670 shares** of its common stock in Q1 2024. As of March 31, 2024, **$242.5 million** remained available under the share repurchase authorization, which expires March 1, 2025[131](index=131&type=chunk)[134](index=134&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=25&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company has limited market risk, primarily interest rate risk on its high-credit-quality investment portfolio, with no material impact from a 10% interest rate change - The company invests excess cash in money market instruments, corporate bonds, agency bonds, and commercial paper with a **minimum BBB rating** to limit credit risk[137](index=137&type=chunk) - As of March 31, 2024, a hypothetical **10% increase or decrease in interest rates** would not materially impact the company's future earnings, fair values, or cash flows[137](index=137&type=chunk) [Item 4. Controls and Procedures](index=25&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed effective disclosure controls and procedures as of March 31, 2024, with no material changes to internal control over financial reporting in Q1 - The CEO and CFO concluded that the company's disclosure controls and procedures are effective as of March 31, 2024[138](index=138&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the first quarter of 2024[139](index=139&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=25&type=section&id=Item%201.%20Legal%20Proceedings) The company faces ongoing legal proceedings, including a resolved shareholder class action, a pending derivative suit, and an uncertain False Claims Act lawsuit - The securities class action (Shareholder Litigation) has been resolved via a settlement agreement, with the entire settlement amount to be funded by the company's insurance carriers[85](index=85&type=chunk) - A shareholder derivative lawsuit related to the class action allegations is pending, with the company filing a motion to dismiss in April 2024[86](index=86&type=chunk) - The company is defending a False Claims Act lawsuit alleging improper compensation for enrollment counselors. The outcome is uncertain, and no liability has been accrued as a range of loss cannot be reasonably estimated[87](index=87&type=chunk)[88](index=88&type=chunk) [Item 1A. Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's 2023 Annual Report on Form 10-K were reported - No material changes to the risk factors from the 2023 Form 10-K were reported[142](index=142&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=26&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2024, the company repurchased **171,670 shares** for **$22.5 million**, with **$242.5 million** remaining available under its share repurchase authorization Share Repurchases in Q1 2024 | Period | Total Shares Purchased (Program) | Average Price Paid Per Share | | :--- | :--- | :--- | | Jan 2024 | 38,553 | $126.15 | | Feb 2024 | 57,880 | $131.01 | | Mar 2024 | 75,237 | $133.94 | | **Total** | **171,670** | **$131.20** | - As of March 31, 2024, **$242.5 million** remained available under the company's share repurchase authorization[145](index=145&type=chunk) [Item 5. Other Information](index=26&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during Q1 2024 - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement in Q1 2024[148](index=148&type=chunk) [Item 6. Exhibits](index=27&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO/CFO certifications and Inline XBRL financial statements

Exhibit 99.1 NEWS RELEASE FOR IMMEDIATE RELEASE Investor Relations Contact: Daniel E. Bachus Chief Financial Officer Grand Canyon Education, Inc. 602-639-6648 Dan.bachus@gce.com GRAND CANYON EDUCATION, INC. REPORTS FIRST QUARTER 2024 RESULTS PHOENIX, AZ., May 7, 2024—Grand Canyon Education, Inc. (NASDAQ: LOPE), ("GCE" or the "Company"), is a publicly traded education services company that currently provides services to 23 university partners. GCE provides a full array of support services in the post-seconda ...

PHOENIX, April 16, 2024 /PRNewswire/ -- Grand Canyon Education, Inc. (Nasdaq: LOPE) announced today that it will report its 2024 first quarter results after market close on Tuesday, May 7, 2024. The Company will host a conference call to discuss the results in more detail at 1:30 P.M. (4:30 P.M. ET) the same day. Live Conference Dial-In: Those interested in participating in the question-and-answer session should follow the conference dial-in instructions below. Participants may register for the call here to ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from [ ] to [ ] Commission file number: 001-34211 GRAND CANYON EDUCATION, INC. (Exact name of registrant as specified in its charter) Delaware 20-335 ...

Financial Data and Key Metrics Changes - Service revenue for Q3 2023 was $221.9 million, an increase of $13.2 million or 6.3% compared to $208.7 million in Q3 2022, primarily driven by a 6.6% increase in GCU enrollments and higher revenue per student year-over-year [9][49] - Operating income for Q3 2023 was $41.5 million, up $6 million from $35.5 million in Q3 2022, with an operating margin of 18.7% compared to 17% in the prior year [9][11] - Net income increased 19.1% to $35.7 million for Q3 2023, compared to $30 million for the same period in 2022, with GAAP diluted income per share at $1.19 and adjusted non-GAAP diluted income per share at $1.26 [18][19] Business Line Data and Key Metrics Changes - Online new starts were up approximately 20% year-over-year, with total enrollment growth at 8.3% compared to the prior year [41] - Traditional age students starting GCU programs online increased by 21.5% from April to September [7] - The hybrid campus experienced a year-over-year enrollment decline of 4.3% in Q3, but new fall enrollments were up in the high single digits, with expectations for further growth in spring 2024 [45] Market Data and Key Metrics Changes - Despite a nationwide decline in college enrollments, Grand Canyon Education and its partners are experiencing significant growth, attributed to targeted programs and partnerships with employers [6][21] - The company reported a 33% increase in new starts from direct work with employers to address workforce shortages in various industries [39] Company Strategy and Development Direction - The company is focused on expanding its program offerings, having rolled out 116 new programs since the pandemic began, aligning with labor market needs [41] - There is a strong emphasis on maintaining low tuition increases and providing affordable education options, which has contributed to enrollment growth [39][45] - The company plans to continue its focus on traditional students while also catering to those who prefer online education [42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of enrollment growth due to increased interest in programs and improved marketing efficiency [22] - The company is addressing challenges posed by regulatory issues with the Department of Education but remains optimistic about its operational success and growth trajectory [26] - Management anticipates total enrollment to be higher in Q4 2023 than previously estimated, leading to increased tuition revenue [31] Other Important Information - Total unrestricted cash and short-term investments as of September 30, 2023, were $154.4 million, with capital expenditures for Q3 at approximately $16.6 million [43] - The board of directors authorized an increase in the share repurchase plan by $200 million, reflecting confidence in the company's valuation [32][50] Q&A Session Summary Question: What drove the strong online enrollment growth and how sustainable is it? - Management attributed the growth to partnerships with various organizations and improved marketing efficiency, indicating that the interest is expected to remain strong [21][22] Question: What are the implications of the recent fine from the Department of Education? - Management stated that they have been in communication with the Department for five years and are prepared to address the situation, emphasizing that it will not hinder their operational success [25][26]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 (Exact name of registrant as specified in its charter) or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34211 GRAND CANYON EDUCATION, INC. Delaware 20 ...

Grand Canyon Education, Inc. (NASDAQ:LOPE) Q2 2023 Earnings Conference Call August 3, 2023 4:30 PM ET Company Participants Brian Mueller - Chief Executive Officer, President and Director Daniel Bachus - Chief Financial Officer Conference Call Participants Jeffrey Meuler - Baird Ryan Griffin - BMO Operator Good day, and thank you for standing by. Welcome to the Second Quarter 2023 Grand Canyon Education Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being reco ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34211 GRAND CANYON EDUCATION, INC. (Exact name of registrant as specified in its charter) Delaware 20-3356 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Table of Contents ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34211 GRAND CANYON EDUCATION, INC. (Exact name of registrant as specified in its charter) Delaware 20-335 ...

Grand Canyon Education, Inc. (NASDAQ:LOPE) Q4 2022 Earnings Conference Call February 16, 2023 4:30 PM ET Company Participants Dan Bachus – Chief Financial Officer Brian Mueller – Chief Executive Officer Conference Call Participants Jeff Meuler – Baird Operator Hello, and thank you for standing by. Welcome to Grand Canyon Education Inc. Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer ...