Business
Grand Canyon Education, Inc. Reports Fourth Quarter And Full Year 2019 Results
PHOENIX, Feb. 19, 2020 /PRNewswire/ -- Grand Canyon Education, Inc. (NASDAQ: LOPE), ("GCE" or the "Company"), is a publicly traded education services company
About this update from Grand Canyon Education, Inc.
[{"type":"text","content":"PHOENIX, Feb. 19, 2020 /PRNewswire/ -- 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-secondary education sector and has developed significant technological solutions, infrastructure and operational processes to provide superior services in these areas on a large scale. GCE today announced financial results for the quarter and the year ended December 31, 2019. \n\n \n \n\n \nExplanatory Note\nGrand Canyon Education, Inc., a Delaware corporation (\"GCE\" or the \"Company) is a publicly traded education services company dedicated to serving colleges and universities. GCE has developed significant technological solutions, infrastructure and operational processes to provide services to these institutions on a large scale. GCE's most significant university partner is Grand Canyon University (\"GCU\"), a comprehensive regionally accredited university that offers graduate and undergraduate degree programs, emphases and certificates across nine colleges both online and on ground at its campus in Phoenix, Arizona. As of December 31, 2019, GCE provided education services and support to more than 103,100 students enrolled in GCU's programs, emphases and certificates.\nIn January 2019, GCE began providing education services to numerous university partners across the United States through our wholly owned subsidiary, Orbis Education Services LLC (\"Orbis Education\"), which we acquired on January 22, 2019 for $361.2 million, net of cash acquired (the \"Acquisition\"). Orbis Education works in partnership with a growing number of top universities and healthcare networks across the country to develop high-quality, career-ready graduates in four primary academic programs to meet the healthcare industry's demands. Therefore, the results of operations for the three-month and year end periods ended December 31, 2019 include Orbis Education's financial results for the period from January 22, 2019 to December 31, 2019. As a result of the Acquisition, we incurred transaction costs of $4.0 million and amortization of intangible assets acquired of $8.2 million in the year ended December 31, 2019. As of December 31, 2019, Orbis Education provides education servic...