Business
Grand Canyon Education, Inc. Reports Second Quarter 2020 Results
PHOENIX, Aug. 4, 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, Aug. 4, 2020 /PRNewswire/ -- Grand Canyon Education, Inc. (NASDAQ: LOPE), (\"GCE\" or the \"Company\"), is a publicly traded education services company that currently provides services to 25 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 ended June 30, 2020. \n\n \n \n \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. \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 six-month period ended June 30, 2019 include Orbis Education's financial results for the period from January 22, 2019 to June 30, 2019. As a result of the Acquisition, we incurred transaction costs of $4.0 million in the six months ended June 30, 2019 and amortization of intangible assets acquired of $4.2 million and $3.9 million in the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, the Company provides education services to 25 university partners, in 24 locations, in 20 states throughout the country.\nFor the three months ended...