Grand Canyon Education, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Grand Canyon Education, Inc. has submitted its 2023 Form 10-K, detailing financial performance and share-based compensation.</b>

AI Summary

Grand Canyon Education, Inc. (LOPE) filed a Annual Report (10-K) with the SEC on February 13, 2024. Grand Canyon Education, Inc. filed its annual report on Form 10-K for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 2600 W. Camelback Road, Phoenix, AZ 85017. The filing includes data related to common stock, treasury stock, retained earnings, and additional paid-in capital for multiple fiscal years. Information regarding share-based payment arrangements, including restricted stock and employee stock options, is also detailed.

Why It Matters

For investors and stakeholders tracking Grand Canyon Education, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Grand Canyon Education's financial position and operational activities for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The detailed breakdown of equity accounts and share-based compensation plans offers insights into the company's capital structure and its approach to employee incentives and shareholder value.

Risk Assessment

Risk Level: low — Grand Canyon Education, Inc. shows low risk based on this filing. The filing is a standard 10-K annual report, which is a routine disclosure for publicly traded companies and does not inherently contain new or unexpected negative information.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to understand Grand Canyon Education's performance and strategic direction for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-02-13 — Filing Date (Date filed)

Key Players & Entities

• Grand Canyon Education, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-13 (date) — Filing date
• Phoenix, AZ (location) — Business address city and state
• 85017 (location) — Business address zip code
• LOPE (ticker) — Ticker symbol

FAQ

Industry Context

Grand Canyon Education, Inc. operates within the educational services sector, providing higher education programs.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Analyze the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Examine the details of equity transactions, including common stock, treasury stock, and additional paid-in capital.
3. Review disclosures related to share-based compensation plans and their impact on the company's financial statements.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-02-13: Filing Date — Date the 10-K was officially filed with the SEC

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis; no prior filing data is available for comparison.

Key Financial Figures

• $300 million — er 31, 2023. We have invested more than $300 million in the last 15 years in technology whic

Filing Documents

• lope-20231231x10k.htm (10-K) — 1967KB
• lope-20231231xex21d0.htm (EX-21.0) — 14KB
• lope-20231231xex23d1.htm (EX-23.1) — 3KB
• lope-20231231xex31d1.htm (EX-31.1) — 9KB
• lope-20231231xex31d2.htm (EX-31.2) — 9KB
• lope-20231231xex32d1.htm (EX-32.1) — 5KB
• lope-20231231xex32d2.htm (EX-32.2) — 5KB
• lope-20231231xex97d1.htm (EX-97.1) — 30KB
• lope-20231231x10k005.jpg (GRAPHIC) — 74KB
• lope-20231231x10k008.jpg (GRAPHIC) — 22KB
• 0001558370-24-001060.txt (&nbsp;) — 7767KB
• lope-20231231.xsd (EX-101.SCH) — 42KB
• lope-20231231_cal.xml (EX-101.CAL) — 73KB
• lope-20231231_def.xml (EX-101.DEF) — 167KB
• lope-20231231_lab.xml (EX-101.LAB) — 427KB
• lope-20231231_pre.xml (EX-101.PRE) — 345KB
• lope-20231231x10k_htm.xml (XML) — 1114KB

Business

Item 1. Business 5

Risk Factors

Item 1A. Risk Factors 32

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 51

Cybersecurity

Item 1C. Cybersecurity 51

Properties

Item 2. Properties 53

Legal Proceedings

Item 3. Legal Proceedings 53

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 53 PART II 54

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 54

[Reserved]

Item 6. [Reserved] 56

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 57

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 64

Consolidated Financial Statements and Supplementary Data

Item 8. Consolidated Financial Statements and Supplementary Data 65

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 91

Controls and Procedures

Item 9A. Controls and Procedures 91

Other Information

Item 9B. Other Information 95 PART III 95

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 95

Executive Compensation

Item 11. Executive Compensation 96

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 96

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 96

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 96 PART IV 96

Exhibits and Consolidated Financial Statement Schedules

Item 15. Exhibits and Consolidated Financial Statement Schedules 96 Exhibit Index 97

SIGNATURES

SIGNATURES 101 2 Table of Contents Special Note Regarding Forward-Looking Statements This Annual Report on Form 10-K, including Item 1, Business ; Item 1A, Risk Factors ; and Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations , contains certain "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements include, without limitation, statements regarding: proposed new programs; statements as to whether regulatory developments or other matters may or may not have a material adverse effect on our financial position, results of operations, or liquidity; statements concerning projections, predictions, expectations, estimates, or forecasts as to our business, financial and operational results, and future economic performance; and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions, as well as statements in future tense, identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or s

Business

Item 1. Business Overview Grand Canyon Education, Inc., a Delaware corporation ("GCE") 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"), an Arizona non-profit corporation that operates a comprehensive regionally accredited university that offers graduate and undergraduate degree programs, emphases and certificates across ten colleges both online and on ground at its campus in Phoenix, Arizona and at six off-campus classroom and laboratory sites. As of December 31, 2023, GCE provided education services and support to approximately 121,000 students with more than 117,000 students enrolled in GCU's programs, emphases and certificates. In 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 in 2019 (the "Acquisition"). In the healthcare field, we wo rk in partnership with universities and healthcare networks across the country, offering healthcare-related academic programs at off-campus classroom and laboratory sites located near healthcare providers and developing high-quality, career-ready graduates who enter the workforce ready to meet the demands of the healthcare industry. In addition, we have provided certain services to a university partner to assist them in expanding their online graduate programs. As of December 31, 2023, GCE provides education services to 25 university partners across the United States . We seek to add additional university partners and to roll out additional programs with both our existing partners and with new partners. We may engage with both new and existing university partners to offer healthcare