Grand Canyon Education, Inc.

Filing receipts

“Revenue per student decreased slightly between years primarily due to contract modifications with some of our university partners in which our revenue share percentage was reduced in exchange for us no longer reimbursing these partners for certain faculty costs which had the effect of reducing revenue per student and a slight decline year over year in revenue per student for online students due to the continued mix shift to students that have a slightly lower net tuition rate and a slight decline year over year in ground students which generate a higher revenue per student than online students.”

“This increase was primarily due to the increased technology costs and curriculum cost reimbursements, partially offset by our ability to leverage our technology and academic service expenses across an increasing revenue base.”

“Liquidity and Capital Resources ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, ​ As of December 31, (In thousands) ​ 2026 ​ 2025 Cash, cash equivalents and investments ​ $ 251,700 ​ $ 300,079 Overview Our liquidity position, as measured by cash and cash equivalents and investments decreased by $48.4 million between December 31, 2025 and March 31, 2026, which was largely attributable to cash expended for share repurchases and capital expenditures exceeding our cash provided by operations during the three months ended March 31, 2026.”