Grand Canyon Education, Inc. Reports Fourth Quarter 2012 Results

       Grand Canyon Education, Inc. Reports Fourth Quarter 2012 Results

PR Newswire

PHOENIX, Feb. 19, 2013

PHOENIX, Feb. 19, 2013 /PRNewswire/ -- Grand Canyon Education, Inc. (NASDAQ:
LOPE), a regionally accredited provider of online and campus-based
postsecondary education services, today announced financial results for the
quarter ended December 31, 2012.

For the three months ended December 31, 2012:

  o Net revenue increased 25.0% to $141.3 million for the fourth quarter of
    2012, compared to $113.0 million for the fourth quarter of 2011.
  o At December 31, 2012, our enrollment was approximately 52,300, an increase
    of 19.1% from our enrollment of approximately 43,900 at December 31,
    2011.  Ground enrollment increased 52.1% to approximately 7,600 from
    enrollment of approximately 5,000 at December 31, 2011.
  o Operating income for the fourth quarter of 2012 was $33.2 million, an
    increase of 42.6% as compared to $23.3 million for the same period in
    2011. The operating margin for the fourth quarter of 2012 was 23.5%,
    compared to 20.6% for the same period in 2011.  Excluding the
    contributions we made in lieu of state income taxes, operating income and
    operating margin for the fourth quarter of 2012 were $35.2 million and
    24.9%, respectively. Excluding the contributions we made in lieu of state
    income taxes, operating income and operating margin for the fourth quarter
    of 2011 were $24.3 million and 21.5%, respectively.
  o Adjusted EBITDA increased 41.5% to $43.6 million for the fourth quarter of
    2012, compared to $30.8 million for the same period in 2011.
  o The tax rate in the fourth quarter of 2012 was 36.7% compared to 33.1% in
    the fourth quarter of 2011.  The low effective tax rates in the fourth
    quarters of both 2012 and 2011 were primarily due to the University making
    contributions of $2.0 million in 2012 and $1.0 million in 2011 to school
    tuition organizations in lieu of state income taxes, which had the effect
    of increasing operating expenses and decreasing income tax expenses.
  o Net income increased 36.4% to $20.9 million for the fourth quarter of
    2012, compared to $15.3 million for the same period in 2011.
  o Diluted net income per share was $0.46 for the fourth quarter of 2012,
    compared to $0.34 for the same period in 2011.   

For the year ended December 31, 2012:

  o Net revenue increased 19.8% to $511.3 million for the year ended December
    31, 2012, compared to $426.7 million for the year ended December 31, 2011.
  o Operating income for the year ended December 31, 2012 was $114.1 million,
    an increase of 38.8% as compared to $82.2 million for the same period in
    2011. The operating margin for the year ended December 31, 2012 was 22.3%,
    compared to 19.3% for the same period in 2011.  Excluding the
    contributions we made in lieu of state income taxes, operating income and
    operating margin for the year ended December 31, 2012 were $116.1 million
    and 22.7%, respectively. Excluding the contributions we made in lieu of
    state income taxes, operating income and operating margin for the year
    ended December 31, 2011 were $83.2 million and 19.5%, respectively
  o Adjusted EBITDA increased 39.3% to $149.6 million for the year ended
    December 31, 2012, compared to $107.4 million for the same period in 2011.
  o The tax rate for the year ended December 31, 2012 was 38.8% compared to
    38.0% for the same period in 2011. 
  o Net income increased 37.4% to $69.4 million for the year ended December
    31, 2012, compared to $50.5 million for the same period in 2011.
  o Diluted net income per share was $1.53 for the year ended December 31,
    2012, compared to $1.12 for the same period in 2011.    

Balance Sheet and Cash Flow

As of December 31, 2012, the University had unrestricted cash and cash
equivalents of $105.1 million compared to $21.2 million at December 31, 2011
and restricted cash and cash equivalents at December 31, 2012 and December 31,
2011 of $56.2 million and $56.7 million, respectively.  

In December 2012, the University entered into a new credit agreement, which
refinanced our prior indebtedness, with multiple lenders.  This credit
facility increased our term loan to $100 million with a maturity date of
December 2019 and decreased the interest rate on the outstanding balance from
the BBA Libor Rate plus 200 basis points to the BBA Libor Rate plus 175 basis
points, with monthly principal and interest payments.  Additionally, this
facility provides a revolving line of credit in the amount of $50 million
through December 2017 to be utilized for working capital, capital
expenditures, share repurchases and other general corporate purposes. 
Indebtedness under the credit facility is secured by our assets and is
guaranteed by certain of our subsidiaries.  No amounts were drawn on the
revolver as of December 31, 2012.

The University generated $144.2 million in cash from operating activities for
the year ended December 31, 2012 compared to $88.0 million for the same period
in 2011. Cash provided by operating activities in 2012 and 2011 resulted from
our net income plus non-cash charges for provision for bad debts, depreciation
and amortization, share-based compensation and improvement in our working
capital. 

Net cash used in investing activities was $131.5 million and $75.1 million for
the years ended December 31, 2012 and 2011, respectively. Our cash used in
investing activities was primarily related to the purchase of property and
equipment, leasehold improvements, and the purchase of two real estate related
assets that we plan to develop and then sell to third parties during the next
six months.  Capital expenditures were $97.7 million and $80.5 million for the
years ended December 31, 2012 and 2011, respectively. In 2012, capital
expenditures primarily consisted of construction costs associated with two
additional dormitories, an Arts and Sciences classroom building, a remodel of
our student union, and a parking garage to support our increasing traditional
student enrollment as well as purchases of computer equipment, internal use
software projects and furniture and equipment to support our increasing
employee headcount.  Also, in 2012 we purchased an on campus dormitory that
was previously leased.  In 2011, capital expenditures completed consisted of a
140,000 square foot/5,000 seat basketball and entertainment arena, a student
activity center that contains a food court, a bowling alley, and other student
services, and a new dormitory, as well as campus improvements to support our
growing on-campus student population, purchases of computer equipment,
leasehold improvements, infrastructure licenses and software development
costs, and office furniture and fixtures to support our increasing employee
headcounts.  In 2011 expenditures were partially offset by a $5.4 million
decrease in restricted cash as a result of payment of the settlement amount
related to the qui tam legal matter in June 2011.

Net cash provided by financing activities was $71.3 million for the year ended
December 31, 2012.  Net cash used in financing activities was $25.3 million
for the year ended December 31, 2011. During 2012, we received $99.2 million
from our new credit facility and $8.0 million from the exercise of stock
options, which was partially offset by $21.7 million used for principal
payments on notes payable and capital lease obligations and $15.2 million to
repurchase our common stock.  During 2011, $23.1 million was used to
repurchase our common stock and principal payments on notes payable and
capital leases totaled $3.7 million.   

2013 Outlook by Quarter
                Net revenue between $136.5 million and $138.5 million; Target
Q1 2013:        Operating Margin 22.0%; Diluted EPS between $0.38 and $0.39
                using 45.5 million diluted shares; student counts between
                52,700 to 53,200
                Net revenue between $135.5 million and $137.5 million; Target
Q2 2013:        Operating Margin 22.5%; Diluted EPS between $0.39 and $0.40
                using 45.8 million diluted shares; student counts between
                48,900 to 49,500
                Net revenue between $145.0 million and $147.0 million; Target
Q3 2013:        Operating Margin 23.5%; Diluted EPS between $0.43 and $0.44
                using 46.0 million diluted shares; student counts between
                57,250 to 58,250
                Net revenue between $153.5 million and $156.0 million; Target
Q4 2013:        Operating Margin 24.5%; Diluted EPS between $0.48 and $0.49
                using 46.3 million diluted shares; student counts between
                56,750 to 57,750
                Net revenue between $570.5 million and $579.0 million; Target
Full Year 2013: Operating Margin 23.2%; Diluted EPS between $1.68 and $1.72
                using 45.9 million diluted shares

Forward-Looking Statements

This news release contains "forward-looking statements" which include
information relating to future events, future financial performance,
strategies expectations, competitive environment, regulation, and availability
of resources. These forward-looking statements include, without limitation,
statements regarding: projections, predictions, expectations, estimates, and
forecasts as to our business, financial and operating 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.

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 suggested by the forward-looking statements. Important factors
that could cause such differences include, but are not limited to: our failure
to comply with the extensive regulatory framework applicable to our industry,
including Title IV of the Higher Education Act and the regulations thereunder,
state laws and regulatory requirements, and accrediting commission
requirements;  the results of the ongoing program review being conducted by
the Department of Education of our compliance with Title IV program
requirements, and possible fines or other administrative sanctions resulting
therefrom; the ability of our students to obtain federal Title IV funds, state
financial aid, and private financing; risks associated with changes in
applicable federal and state laws and regulations and accrediting commission
standards, including pending rulemaking by the Department of Education;
potential damage to our reputation or other adverse effects as a result of
negative publicity in the media, in the industry or in connection with
governmental reports or investigations or otherwise, affecting us or other
companies in the for-profit postsecondary education sector; our ability to
properly manage risks and challenges associated with potential acquisitions
of, or investments in, new businesses, acquisitions of new properties, or the
expansion of our campus to new locations; our ability to hire and train new,
and develop and train existing, faculty and employees; the pace of growth of
our enrollment; our ability to convert prospective students to enrolled
students and to retain active students; our success in updating and expanding
the content of existing programs and developing new programs in a
cost-effective manner or on a timely basis; industry competition, including
competition for qualified executives and other personnel; risks associated
with the competitive environment for marketing our programs; failure on our
part to keep up with advances in technology that could enhance the online
experience for our students; the extent to which obligations under our loan
agreement, including the need to comply with restrictive and financial
covenants and to pay principal and interest payments, limits our ability to
conduct our operations or seek new business opportunities; our ability to
manage future growth effectively; general adverse economic conditions or other
developments that affect job prospects in our core disciplines; and other
factors discussed in reports on file with the Securities and Exchange
Commission.

Forward-looking statements speak only as of the date the statements are made.
You should not put undue reliance on any forward-looking statements. We assume
no obligation to update forward-looking statements to reflect actual results,
changes in assumptions, or changes in other factors affecting forward-looking
information, except to the extent required by applicable securities laws. If
we do update one or more forward-looking statements, no inference should be
drawn that we will make additional updates with respect to those or other
forward-looking statements.

Conference Call

Grand Canyon Education, Inc. will discuss its fourth quarter 2012 results and
2013 outlook during a conference call scheduled for today, February 19, 2013
at 4:30 p.m. Eastern time (ET). To participate in the live call, investors
should dial 877-815-5362 (domestic and Canada) or 706-679-7806
(international), passcode 4391398 at 4:25 p.m. (ET). The Webcast will be
available on the Grand Canyon Education, Inc. Web site at www.gcu.edu.

A replay of the call will be available approximately two hours following the
conclusion of the call through February 25, 2013, at 855-859-2056 (domestic)
or 404-537-3406 (international), passcode 4391398. It will also be archived at
www.gcu.edu in the investor relations section for 60 days.

About Grand Canyon Education, Inc.

Grand Canyon Education, Inc. is a regionally accredited provider of
postsecondary education services focused on offering graduate and
undergraduate degree programs in its core disciplines of education,
healthcare, business, and liberal arts. In addition to its online programs, it
offers programs on ground at its approximately 115 acre traditional campus in
Phoenix, Arizona and onsite at facilities we lease and at facilities owned by
third party employers. Approximately 52,300 students were enrolled as of
December 31, 2012. For more information about Grand Canyon Education, Inc.,
please visit http://www.gcu.edu.

____________

Grand Canyon Education, Inc. is regionally accredited by The Higher Learning
Commission of the North Central Association of Colleges and Schools (NCA),
http://www.ncahlc.org. Grand Canyon University, 3300 W. Camelback Road,
Phoenix, AZ 85017, www.gcu.edu.

 

GRAND CANYON EDUCATION, INC.
Consolidated Income Statements
                               Three Months Ended        Year Ended

                               December 31,              December 31,
                               2012         2011         2012       2011
 (In thousands, except per     (Unaudited)
share amounts)
Net revenue                    $ 141,298    $ 113,005    $ 511,257  $ 426,741
Costs and expenses:
Instructional costs and        58,819       50,639       220,403    194,801
services
Selling and promotional,
including $647 and $259 for
the three months ended
December 31, 2012 and 2011,
respectively, and $2,328 and   37,536       31,166       141,300    119,955
$877 for the years ended
December 31, 2012 and 2011,
respectively, to related
parties
General and administrative     11,696       8,028        35,502     29,043
Lease termination costs        —            (140)        —          782
Total costs and expenses       108,051      89,693       397,205    344,581
Operating income               33,247       23,312       114,052    82,160
Interest expense               (260)        (414)        (699)      (720)
Interest income                19           10           71         88
Income before income taxes     33,006       22,908       113,424    81,528
Income tax expense             12,097       7,584        43,977     30,982
Net income                     $   20,909   $   15,324   $   69,447 $   50,546
Net income per common share:
Basic                          $       0.47 $       0.35 $          $      
                                                         1.57       1.13
Diluted                        $       0.46 $       0.34 $          $      
                                                         1.53       1.12
Shares used in computing net
income per common share:
Basic                          44,167       44,317       44,332     44,631
Diluted                        45,364       44,868       45,251     45,105

 

GRAND CANYON EDUCATION, INC.

Adjusted EBITDA

Adjusted EBITDA is defined as net income plus interest expense net of interest
income, plus income tax expense, and plus depreciation and amortization
(EBITDA), as adjusted for (i) the amortization of prepaid royalty payments
recorded in conjunction with a settlement of a dispute with our former owner;
(ii) contributions to Arizona school tuition organizations in lieu of the
payment of state income taxes, which we typically make in the fourth quarter
of a fiscal year; (iii) litigation and regulatory reserves, if any (iv) exit
costs, if any; (v) contract termination fees, if any; (vi) lease termination
costs, if any; and (vii) share-based compensation. We present Adjusted EBITDA
because we consider it to be an important supplemental measure of our
operating performance.  We also make certain compensation decisions based, in
part, on our operating performance, as measured by Adjusted EBITDA, and our
loan agreement requires us to comply with covenants that include performance
metrics substantially similar to Adjusted EBITDA.  All of the adjustments made
in our calculation of Adjusted EBITDA are adjustments to items that management
does not consider to be reflective of our core operating performance.
Management considers our core operating performance to be that which can be
affected by our managers in any particular period through their management of
the resources that affect our underlying revenue and profit generating
operations during that period.  Royalty expenses paid to our former owner,
contributions made to Arizona school tuition organizations in lieu of the
payment of state income taxes, estimated litigation and regulatory reserves,
exit costs, contract and lease termination fees, and share-based compensation
are not considered reflective of our core performance.

We believe Adjusted EBITDA allows us to compare our current operating results
with corresponding historical periods and with the operational performance of
other companies in our industry because it does not give effect to potential
differences caused by variations in capital structures (affecting relative
interest expense, including the impact of write-offs of deferred financing
costs when companies refinance their indebtedness), tax positions (such as the
impact on periods or companies of changes in effective tax rates or net
operating losses), the book amortization of intangibles (affecting relative
amortization expense), and other items that we do not consider reflective of
underlying operating performance.  We also present Adjusted EBITDA because we
believe it is frequently used by securities analysts, investors, and other
interested parties as a measure of performance.

In evaluating Adjusted EBITDA, investors should be aware that in the future we
may incur expenses similar to the adjustments described above.  Our
presentation of Adjusted EBITDA should not be construed as an inference that
our future results will be unaffected by expenses that are unusual,
non-routine, or non-recurring.  Adjusted EBITDA has limitations as an
analytical tool, and you should not consider it in isolation, or as a
substitute for net income, operating income, or any other performance measure
derived in accordance with and reported under GAAP or as an alternative to
cash flow from operating activities or as a measure of our liquidity.  Some of
these limitations are that it does not reflect:

  o cash expenditures for capital expenditures or contractual commitments;
  o changes in, or cash requirement for, our working capital requirements;
  o interest expense, or the cash required to replace assets that are being
    depreciated or amortized; and
  o the impact on our reported results of earnings or charges resulting from
    the items for which we make adjustments to our EBITDA, as described above
    and set forth in the table below.

In addition, other companies, including other companies in our industry, may
calculate these measures differently than we do, limiting the usefulness of
Adjusted EBITDA as a comparative measure.  Because of these limitations,
Adjusted EBITDA should not be considered as a substitute for net income,
operating income, or any other performance measure derived in accordance with
GAAP, or as an alternative to cash flow from operating activities or as a
measure of our liquidity. We compensate for these limitations by relying
primarily on our GAAP results and using Adjusted EBITDA only supplementally.  

The following table provides a reconciliation of net income to Adjusted
EBITDA, which is a non-GAAP measure for the periods indicated:

                           Three Months Ended        Year Ended

                           December 31,              December 31,
                           2012         2011         2012         2011
                           (Unaudited, in thousands) (Unaudited, in thousands)
Net income                 $  20,909    $  15,324    $  69,447    $  50,546
Plus: interest expense net 241          404          628          632
of interest income
Plus: income tax expense   12,097       7,584        43,977       30,982
Plus: depreciation and     6,065        4,906        21,627       16,738
amortization
EBITDA                     39,312       28,218       135,679      98,898
Plus: royalty to former    74           74           296          296
owner
Plus: contributions made
in lieu of state income    2,000        1,000        2,000        1,000
taxes
Plus: lease termination    —            (140)        —            782
costs
Plus: estimated litigation 147          —            3,807        —
and regulatory reserves
Plus: share-based          2,063        1,655        7,811        6,452
compensation
Adjusted EBITDA            $  43,596    $  30,807    $ 149,593    $ 107,428

 

 

GRAND CANYON EDUCATION, INC.
Consolidated Balance Sheets
                                                   December 31,  December 31,
(In thousands, except par value)                   2012          2011
ASSETS:
Current assets
Cash and cash equivalents                          $    105,111  $      21,189
Restricted cash and cash equivalents               55,964        56,115
Accounts receivable, net of allowance for doubtful
accounts of $8,657 and                             7,951         11,815
       $11,706 at December 31, 2012 and 2011,
respectively
Note receivable secured by real estate             27,000        —
Income taxes receivable                            —             11,861
Deferred income taxes                              5,481         3,353
Other current assets                               12,667        11,081
Total current assets                               214,174       115,414
Property and equipment, net                        269,162       189,947
Restricted cash                                    225           555
Prepaid royalties                                  5,299         5,958
Goodwill                                           2,941         2,941
Other assets                                       3,122         3,032
Total assets                                       $    494,923  $    317,847
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities
Accounts payable                                   $      14,174 $      18,523
Accrued compensation and benefits                  18,812        12,229
Accrued liabilities                                17,467        8,456
Income taxes payable                               8,704         536
Student deposits                                   57,745        57,602
Deferred revenue                                   28,614        21,723
Due to related parties                             523           227
Current portion of capital lease obligations       87            470
Current portion of notes payable                   6,601         1,739
Total current liabilities                          152,727       121,505
Capital lease obligations, less current portion    587           674
Other noncurrent liabilities                       7,405         7,140
Deferred income taxes, noncurrent                  7,045         5,334
Notes payable, less current portion                93,100        19,901
Total liabilities                                  260,864       154,554
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.01 par value, 10,000 shares
authorized; 0 shares issued                        —             —

   and outstanding at December 31, 2012 and 2011
Common stock, $0.01 par value, 100,000 shares
authorized; 47,136 and

   45,955 shares issued and 44,716 and 44,298      471           460
shares outstanding at

   December 31, 2012 and 2011, respectively
Treasury stock, at cost, 2,420 and 1,657 shares of
common stock at                                    (39,136)      (23,894)

   December 31, 2012 and 2011, respectively
Additional paid-in capital                         102,133       85,720
Accumulated other comprehensive loss               (223)         (360)
Accumulated earnings                               170,814       101,367
Total stockholders' equity                         234,059       163,293
Total liabilities and stockholders' equity         $    494,923  $    317,847

 

 

GRAND CANYON EDUCATION, INC.
Consolidated Statements of Cash Flows
                                                    Year Ended December 31,
(In thousands)                                      2012          2011
Cash flows provided by operating activities:
Net income                                          $  69,447     $  50,546
Adjustments to reconcile net income to net cash
provided by operating activities:
Share-based compensation                            7,811         6,452
Excess tax benefits from share-based compensation   (1,427)       —
Amortization of debt issuance costs                 244           80
Provision for bad debts                             18,012        34,364
Depreciation and amortization                       21,923        17,034
Loss on asset disposal                              1,106         —
Lease termination costs                             —             782
Exit costs                                          —             (64)
Deferred income taxes                               (518)         20,794
Other                                               —             92
Changes in assets and liabilities:
Restricted cash and cash equivalents                151           (9,137)
Accounts receivable                                 (14,148)      (28,196)
Prepaid expenses and other                          (1,920)       (6,158)
Due to/from related parties                         296           (9,244)
Accounts payable                                    (630)         3,155
Accrued liabilities and employee related            15,719        (3,300)
liabilities
Accrued litigation loss                             —             (5,200)
Income taxes receivable/payable                     20,593        (3,599)
Deferred rent                                       503           4,143
Deferred revenue                                    6,891         6,689
Student deposits                                    143           8,729
Net cash provided by operating activities           144,196       87,962
Cash flows used in investing activities:
Capital expenditures                                (97,653)      (80,545)
Purchase of land and building related to future     (7,223)       —
development
Investment in note receivable secured by real       (27,000)      —
estate
Restricted funds held for derivative collateral and 330           5,405
legal matter
Net cash used in investing activities               (131,546)     (75,140)
Cash flows provided by (used in) financing
activities:
Principal payments on notes payable and capital     (21,744)      (3,748)
lease obligations
Proceeds from notes payable                         99,210        —
Notes payable modification costs                    (428)         (91)
Repurchase of common shares                         (15,242)      (23,112)
Excess tax benefits from share-based compensation   1,427         —
Net proceeds from exercise of stock options         8,049         1,681
Net cash provided by (used in) financing activities 71,272        (25,270)
Net increase (decrease) in cash and cash            83,922        (12,448)
equivalents
Cash and cash equivalents, beginning of period      21,189        33,637
Cash and cash equivalents, end of period            $ 105,111     $  21,189
Supplemental disclosure of cash flow information
Cash paid for interest                              $        606  $        535
Cash paid for income taxes                          $   32,810    $   13,463
Supplemental disclosure of non-cash investing and
financing activities
Purchases of property and equipment included in     $     3,291   $        325
accounts payable
Purchases of equipment through capital lease        $           — $        801
obligations
Tax benefit of Spirit warrant intangible            $        267  $        291
Shortfall tax expense from share-based compensation $        283  $        151

 

The following is a summary of our student enrollment at December 31, 2012 and
2011 (which included fewer than 700 students pursuing non-degree certificates
in each period) by degree type and by instructional delivery method:

                         December 31,
                           2012^(1)                  2011^(1)
                            # of Students % of Total # of Students  % of Total
Graduate degrees^(2)       19,395         37.1%      17,175         39.1%
Undergraduate              32,897         62.9%      26,742         60.9%
degree       
Total                      52,292         100.0%     43,917         100.0%
                         December 31,
                           2012^(1)                  2011^(1)
                             # of         % of Total # of Students  % of Total
                           Students  
Online^(3)                 44,690         85.5%      38,918         88.6%
Ground^(3) (4)             7,602          14.5%      4,999          11.4%
Total                      52,292         100.0%     43,917         100.0%

     Enrollment at December 31, 2012 and 2011 represents individual students
^(1) who attended a course during the last two months of the calendar
     quarter. 
^(2) Includes 3,065 and 1,924 students pursuing doctoral degrees at December
     31, 2012 and 2011, respectively.
^(3) As of December 31, 2012 and 2011, 41.9% and 42.8%, respectively, of our
     online and professional studies students are pursuing graduate degrees.
^(4) Includes both our traditional on-campus ground students, as well as our
     professional studies students.

 

SOURCE Grand Canyon Education, Inc.

Website: http://gcu.edu
Contact: Investor Relations: Dan Bachus, Chief Financial Officer, Grand Canyon
Education, Inc., +1-602-639-6648, Dan.bachus@gcu.edu; or Media: Bill Jenkins,
Grand Canyon Education, Inc., +1-602-639-6678, William.jenkins@gcu.edu