<SEC-DOCUMENT>0001558370-20-009135.txt : 20200804
<SEC-HEADER>0001558370-20-009135.hdr.sgml : 20200804
<ACCEPTANCE-DATETIME>20200804160712
ACCESSION NUMBER:		0001558370-20-009135
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20200804
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200804
DATE AS OF CHANGE:		20200804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Grand Canyon Education, Inc.
		CENTRAL INDEX KEY:			0001434588
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				203356009
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34211
		FILM NUMBER:		201073336

	BUSINESS ADDRESS:	
		STREET 1:		2600 W. CAMELBACK ROAD
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85017
		BUSINESS PHONE:		602-247-4400

	MAIL ADDRESS:	
		STREET 1:		2600 W. CAMELBACK ROAD
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85017
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>lope-20200804x8k.htm
<DESCRIPTION>8-K
<TEXT>
<XBRL>
<?xml version='1.0' encoding='UTF-8'?>

      <!-- iXBRL document created with: Toppan Merrill Bridge iXBRL 9.6.7401.38943 -->
      <!-- Based on: iXBRL 1.1 -->
      <!-- Created on: 8/4/2020 8:05:21 PM -->
      <!-- iXBRL Library version: 1.0.7401.38955 -->
      <!-- iXBRL Service Job ID: 9b1392c1-d599-4024-8f43-d05f4e4d50ef -->

  <html xmlns:dei="http://xbrl.sec.gov/dei/2019-01-31" xmlns="http://www.w3.org/1999/xhtml" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:lope="http://www.gcu.edu/20200804" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:xbrli="http://www.xbrl.org/2003/instance"><head><meta http-equiv="content-type" content="text/html" /><title></title></head><body><div style="margin-top:30pt;"></div><div style="display:none;"><ix:header><ix:hidden><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" name="dei:EntityCentralIndexKey" id="Tc_8vF3jvolOUOA6Si1iJDxEg_2_1">0001434588</ix:nonNumeric><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" name="dei:AmendmentFlag" id="Tc_LdMBFTn09kyeirauTpH0Ww_3_1">false</ix:nonNumeric></ix:hidden><ix:references><link:schemaRef xlink:href="lope-20200804.xsd" xlink:type="simple"></link:schemaRef></ix:references><ix:resources><xbrli:context id="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001434588</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2020-08-04</xbrli:startDate><xbrli:endDate>2020-08-04</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:1pt;padding-top:1pt;text-align:center;text-indent:0pt;border-bottom:1px solid #000000;border-top:3.0pt solid #000000;margin:0pt;"><span style="font-size:1pt;font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><span style="font-size:3pt;font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><a id="_c60083c6_774a_4229_9f17_925409849fb2"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-size:14pt;font-weight:bold;">UNITED STATES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-size:14pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Washington, D.C. 20549</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:18pt;text-align:center;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">FORM&#160;</b><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" name="dei:DocumentType" id="Narr_19SLEi8V00KG0dWp1QsJZA"><b style="font-weight:bold;">8-K</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">CURRENT REPORT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Pursuant to Section&#160;13 or 15(d)&#160;of the Securities Exchange Act of 1934</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Date of Report (Date of earliest event reported): </b><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate" id="Narr_Cm3tdg5tokW7uhM1BT_l_Q"><b style="font-weight:bold;">August 4, 2020</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:24pt;text-align:center;text-indent:0pt;margin:0pt;"><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" name="dei:EntityRegistrantName" id="Narr_DP9T2QVFXESxcwaZsbjfOg"><b style="font-weight:bold;">Grand Canyon Education,&#160;Inc.</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 10pt 0pt;">(Exact name of registrant as specified in its charter)</p><a id="_7fa0ebfc_0c79_4dbe_87e0_6617c5cbb49e"></a><a id="Tc_sUdez-Ea5UWBtquVsnSlZg_2_0"></a><a id="Tc_Fs-fyHX9Hk2mH_2k2P1PUA_2_2"></a><a id="Tc_N6JNpuxJ_Um4n_76gq9w3A_2_4"></a><a id="Tc_WL8lW2n0V0G3HCkl-YFk9g_3_0"></a><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:30.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:2.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:32.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:30.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode" id="Tc_tXNrVWYeAU2wsF_CFe3LKg_1_0"><b style="font-weight:bold;">Delaware</b></ix:nonNumeric></p></td><td style="vertical-align:top;width:2.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" name="dei:EntityFileNumber" id="Tc_pBzfA_kySEWIxQE-dFNIHQ_1_2"><b style="font-weight:bold;">001-34211</b></ix:nonNumeric></p></td><td style="vertical-align:top;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:top;width:32.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" name="dei:EntityTaxIdentificationNumber" id="Tc_7Dq5pvLVpUeBRAXQc4sdpw_1_4"><b style="font-weight:bold;">20-3356009</b></ix:nonNumeric></p></td></tr><tr><td style="vertical-align:top;width:30.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">(State or other Jurisdiction of</p></td><td style="vertical-align:top;width:2.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">(Commission File Number)</p></td><td style="vertical-align:top;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:32.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">(IRS Employer Identification No.)</p></td></tr><tr><td style="vertical-align:top;width:30.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">Incorporation)</p></td><td style="vertical-align:top;width:2.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:32.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;"><span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><a id="_9a323b27_c53c_42df_98ef_985e5341818d"></a><a id="Tc_EwnDBpfIJESkmc2Hn9331w_2_0"></a><a id="Tc_40nvwcdZpEioBNGu6FmipA_3_0"></a><a id="Tc_8UREodJDbESErA25HeYmTA_3_1"></a><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:49%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" name="dei:EntityAddressAddressLine1" id="Tc_FEY3TuHiqUmthwMcvgp5jA_1_0"><b style="font-weight:bold;">2600 W. Camelback Road</b></ix:nonNumeric></p></td><td style="vertical-align:top;width:49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" name="dei:EntityAddressCityOrTown" id="Narr_3U7rqWPLg0aCFPOVDccVNA"><b style="font-weight:bold;">Phoenix</b></ix:nonNumeric><b style="font-weight:bold;">, </b><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince" id="Narr_3559L3AM5EWwRGOJpADPxw"><b style="font-weight:bold;">Arizona</b></ix:nonNumeric></p></td><td style="vertical-align:top;width:49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" name="dei:EntityAddressPostalZipCode" id="Tc_KubOvdIQx0KtKq1cuprx9g_2_1"><b style="font-weight:bold;">85017</b></ix:nonNumeric></p></td></tr><tr><td style="vertical-align:top;width:51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">(Address of Principal Executive Offices)</p></td><td style="vertical-align:top;width:49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;">(Zip Code)</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 10pt 0pt;">Registrant&#8217;s telephone number, including area code: <b style="font-weight:bold;">(</b><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" name="dei:CityAreaCode" id="Narr_WDMQjRtf2UikRbEkHYRvyg"><b style="font-weight:bold;">602</b></ix:nonNumeric><b style="font-weight:bold;">) </b><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" name="dei:LocalPhoneNumber" id="Narr_SmpTn1aFo0qzvrLfS34QFA"><b style="font-weight:bold;">247-4400</b></ix:nonNumeric></p><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:55%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:100%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:100%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Former name or former address if changed since last report.)</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Check the appropriate box below if the Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" format="ixt-sec:boolballotbox" name="dei:WrittenCommunications" id="Narr_tKzF2US2BUadLQOhaLUOrA"><span style="font-family:'Segoe UI Symbol';">&#9744;</span></ix:nonNumeric> Written communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" format="ixt-sec:boolballotbox" name="dei:SolicitingMaterial" id="Narr_oD-ElzS8vkWxT4pQqtReug"><span style="font-family:'Segoe UI Symbol';">&#9744;</span></ix:nonNumeric> Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" format="ixt-sec:boolballotbox" name="dei:PreCommencementTenderOffer" id="Narr_nQN1LUcxZUe9WOy7GqQPKg"><span style="font-family:'Segoe UI Symbol';">&#9744;</span></ix:nonNumeric> Pre-commencement communications pursuant to Rule&#160;14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" format="ixt-sec:boolballotbox" name="dei:PreCommencementIssuerTenderOffer" id="Narr_uv1EQCGdjUu69Fv-QwVuOA"><span style="font-family:'Segoe UI Symbol';">&#9744;</span></ix:nonNumeric> Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Securities registered pursuant to Section 12(b) of the Act:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="text-decoration:underline;visibility:hidden;">&#8203;</span></p><a id="_2f4b5bca_6f5b_4b11_908f_f1dd216d9493"></a><a id="Tc_WBzTCbnB-U6UMmT73YYJDw_0_0"></a><a id="Tc_YN_925hMeEm4z3cRnIeBkQ_0_1"></a><a id="Tc_W19vrh3qWE-QwdGNelK4Ow_0_2"></a><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:bottom;width:35.24%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Title of each class</b></p></td><td style="vertical-align:bottom;width:27.82%;border-bottom:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Trading Symbol(s)</b></p></td><td style="vertical-align:bottom;width:36.93%;border-bottom:1.0pt solid #000000;border-right:1.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of each exchange on which registered</b></p></td></tr><tr><td style="vertical-align:top;width:35.24%;border-bottom:1.0pt solid #000000;border-left:1.0pt solid #000000;border-right:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" name="dei:Security12bTitle" id="Tc_2f8-pohHA0CSqB1pat4aEA_1_0">Common Stock</ix:nonNumeric></p></td><td style="vertical-align:top;width:27.82%;border-bottom:1.0pt solid #000000;border-right:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" name="dei:TradingSymbol" id="Tc_PuDwv5QeL0y-nLnRYQL6AQ_1_1">LOPE</ix:nonNumeric></p></td><td style="vertical-align:top;width:36.93%;border-bottom:1.0pt solid #000000;border-right:1.0pt solid #000000;margin:0pt;padding:0pt 4.9pt 0pt 4.9pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="Tc_89EfqxfZvkGFOBNQuNRB4Q_1_2">Nasdaq Global Select Market</ix:nonNumeric></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Emerging&#160;growth&#160;company&#160;&#160;<ix:nonNumeric contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="Narr_Pe6RRUWTOES_fsudX1gm_w"><span style="font-family:'Segoe UI Symbol';">&#9744;</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 3pt 0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act.&#160;<span style="font-family:'Segoe UI Symbol';">&#9744;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1pt;padding-bottom:1pt;padding-top:1pt;text-indent:36pt;border-bottom:3.0pt solid #000000;border-top:1px solid #000000;margin:0pt;"><span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:88.24%;border:0;margin:30pt 5.88% 30pt 5.88%;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Item&#160;2.02. <b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Results of Operations and Financial Condition</b>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On August 4, 2020, the Company reported its results for the second quarter of 2020. &#160;The press release dated August 4, 2020 is furnished as Exhibit&#160;99.1 to this report.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="color:#212529;font-weight:bold;">Item 8.01. </b><b style="color:#212529;font-weight:bold;text-decoration:underline;text-decoration-color:#212529;">Other Events</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="color:#212529;">On July 29, 2020, the Board of Directors of Grand Canyon Education, Inc. has increased the authorization under its existing stock repurchase program by $50.0 million to a total of $300.0 million of common stock. &#160;The expiration date on the repurchase authorization is December 31, 2021. &#160;Repurchases occur at the Company&#8217;s discretion. &#160;Repurchases may be made in the open market or in privately negotiated transactions, pursuant to the applicable Securities and Exchange Commission rules.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Item&#160;9.01. <b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Consolidated Financial Statements and Exhibits</b>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release dated August 4, 2020</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">104</span></span>Cover Page Interactive Date File (imbedded within the XBRL document)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:88.24%;border:0;margin:30pt 5.88% 30pt 5.88%;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">EXHIBIT&#160;INDEX</p><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:99.6%;"><tr style="height:1pt;"><td style="vertical-align:top;width:9.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:87.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:9.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;padding-left:7.2pt;text-align:justify;text-indent:-7.2pt;margin:0pt;"><b style="font-weight:bold;">Exhibit No.</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:top;width:87.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">Description</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:9.32%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:87.89%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:9.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-align:justify;text-indent:-7.2pt;margin:0pt;">99.1</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:87.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;"><a href="lope-20200804xex99d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:justify;">Press Release dated August 4, 2020</span></a></p></td></tr><tr><td style="vertical-align:top;width:9.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-align:justify;text-indent:-7.2pt;margin:0pt;">104</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:87.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;">Cover Page Interactive Date File (imbedded within the XBRL document)</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:88.24%;border:0;margin:30pt 5.88% 30pt 5.88%;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">SIGNATURES</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:49.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:3.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:47.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:49.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:50.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">GRAND&#160;CANYON&#160;EDUCATION,&#160;INC.</p></td></tr><tr><td style="vertical-align:top;width:49.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:47.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:49.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">Date:&#160;August 4, 2020</p></td><td style="vertical-align:top;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">By:</p></td><td style="vertical-align:top;width:47.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">/s/&#160;Daniel&#160;E.&#160;Bachus</p></td></tr><tr><td style="vertical-align:top;width:49.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:47.13%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">Daniel&#160;E.&#160;Bachus</p></td></tr><tr><td style="vertical-align:top;width:49.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:47.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">Chief&#160;Financial&#160;Officer</p></td></tr><tr><td style="vertical-align:top;width:49.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:47.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;margin:0pt;">(Principal&#160;Financial&#160;Officer)</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border:0;"></div></body></html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>lope-20200804xex99d1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.7.0.58--><!--Created on: 8/4/2020 08:05:15 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:8.24%;padding-right:8.24%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Exhibit 99.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">NEWS RELEASE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">FOR IMMEDIATE RELEASE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Investor Relations Contact:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Daniel E. Bachus</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Chief Financial Officer</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Grand Canyon Education, Inc.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">602-639-6648</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">Dan.bachus@gce.com</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">GRAND CANYON EDUCATION, INC. REPORTS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SECOND QUARTER 2020 RESULTS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">PHOENIX, AZ., August 4, 2020</b>&#8212;<b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Grand Canyon Education, Inc.</b><font style="white-space:pre-wrap;"> (NASDAQ: LOPE), (&#8220;GCE&#8221; or the &#8220;Company&#8221;), 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.  </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(more)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">1</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.24%;margin-right:8.24%;margin-top:30pt;page-break-after:always;width:83.53%;border-width:0;"><div style="max-width:100%;padding-left:8.24%;padding-right:8.24%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Grand Canyon Education, Inc. Reports Second Quarter 2020 Results</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Explanatory Note</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:22.3pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;"><font style="white-space:pre-wrap;">Grand Canyon Education, Inc., a Delaware corporation (&#8220;GCE&#8221; or the &#8220;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&#8217;s most significant university partner is Grand Canyon University (&#8220;GCU&#8221;), 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.  </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;"><font style="white-space:pre-wrap;">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 (&#8220;Orbis Education&#8221;), which we acquired on January 22, 2019 for $361.2 million, net of cash acquired (the &#8220;Acquisition&#8221;).  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&#8217;s demands.  </font><font style="white-space:pre-wrap;">Therefore, the results of operations for the six-month period ended June 30, 2019 include Orbis Education&#8217;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.  </font>As of June 30, 2020, the Company provides education services to 25 university partners, in 24 locations, in 20 states throughout the country.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">For the three months ended June 30, 2020:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;">Service revenue was $185.8 million for the second quarter of 2020 compared to $174.8 million for the second quarter of 2019.  </font><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">The 6.3% increase&#160;year over&#160;</font><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;">year in service fee revenue was primarily due to an increase in enrollments at our university partners between years partially offset by a decrease in revenue per student year over year.  The decrease in revenue per student is primarily due to the reduced Spring and Summer semester ancillary revenues at GCU resulting from COVID-19 and the fact that there were two less revenue producing days for GCU&#8217;s ground campus Spring semester in the second quarter of 2020 as compared to the same period in 2019.  </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;">End-of-period enrollment in the programs at our university partners for which we provide services increased 8.2% between June 30, 2020 and June 30, 2019 to 98,326 from 90,906.  This increase was due to partner enrollments in programs serviced by Orbis Education increasing to 3,720 at June 30, 2020, an increase of 12.2%, while enrollments at GCU grew to 94,606, an increase of 8.0%.  Our enrollment declines between March 31 and June 30 of each year as ground enrollment at GCU at June 30 of each year only includes traditional-aged students that are taking Summer school classes, which is a small percentage of GCU&#8217;s traditional-aged student body and professional studies students.  The Spring semester for GCU&#8217;s traditional-aged student body ends near the end of April each year. </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;">Operating income for the three months ended June 30, 2020 was $48.3 million, a decrease of $2.7 million as compared to $51.0 million for the same period in 2019.  The operating margin for the three months ended June 30, 2020 was 26.0%, compared to 29.2% for the same period in 2019. The decline in operating income between years is primarily due to the reduced ancillary revenues at GCU and the two less revenue producing days for GCU&#8217;s ground campus Spring semester.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;">The tax rate in the three months ended June 30, 2020 was 24.6% compared to 21.7% in the same period in 2019.  In the second quarter of 2020, the effective tax rate was impacted by higher state taxes and lower excess tax benefits of nil in the second quarter of 2020 as compared to $2.2 million in the same period in 2019 due to a lower stock price and lower stock option exercises in the second quarter of 2020.  </font><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;"> </font><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;">  </font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;">Net income decreased 8.0% to $47.0 million for the second quarter of 2020, compared to $51.1 million for the same period in 2019.  As adjusted net income was $48.6 million and $52.7 million for the second quarter of 2020 and 2019, respectively.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;">Diluted net income per share was $1.00 and $1.06 for the second quarter of 2020 and 2019, respectively.  As adjusted diluted net income per share was $1.03 and $1.09 for the second quarter of 2020 and 2019, respectively.   </font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">2</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.24%;margin-right:8.24%;margin-top:30pt;page-break-after:always;width:83.53%;border-width:0;"><div style="max-width:100%;padding-left:8.24%;padding-right:8.24%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Adjusted EBITDA decreased 3.1% to $58.7 million for the second quarter of 2020, compared to $60.6 million for the same period in 2019.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">For the six months ended June 30, 2020:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;">Service revenue was $407.4 million for the six months ended June 30, 2020 compared to $372.1 million for the same period in 2019.  </font><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">The 9.5% increase&#160;year over&#160;</font><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;">year in service fee revenue was primarily due to an increase in enrollments at our university partners and an increase in revenue per student year over year.  </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;">Operating income for the six months ended June 30, 2020 was $129.1 million, an increase of $5.7 million as compared to $123.4 million for the same period in 2019.  The operating margin for the six months ended June 30, 2020 was 31.7%, compared to 33.2% for the same period in 2019. </font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;">The tax rate in the six months ended June 30, 2020 was 24.4% compared to 17.1% in the same period in 2019.  </font><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">The lower effective tax rate in 2019 resulted from</font><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;"> an agreement with the Arizona Department of Revenue regarding previously filed refund claims related to income tax obligations for prior calendar years, which resulted in a favorable tax impact of $5.9 million recorded as a discrete tax item in the first quarter of 2019.  In the second quarter of 2020, the effective tax rate was impacted by higher state income taxes and lower excess tax benefits of $0.6 million in the first six month of 2020 as compared to $6.8 million in the same period in 2019.  The lower excess tax benefit is primarily due to a decrease in our stock price between years and lower stock option exercises. </font><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;">  </font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;">Net income decreased 4.8% to $118.4 million for the six months ended June 30, 2020, compared to $124.4 million for the same period in 2019.  As adjusted net income was $121.6 million and $126.3 million for the six months ended June 30, 2020 and 2019, respectively.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;">Diluted net income per share was $2.49 and $2.57 for the six months ended June 30, 2020 and 2019, respectively.  As adjusted diluted net income per share was $2.56 and $2.61 for the six months ended June 30, 2020 and 2019, respectively.   </font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Adjusted EBITDA increased 2.5% to $149.6 million for the six months ended June 30, 2020, compared to $146.0 million for the same period in 2019.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Balance Sheet and Cash Flow </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="white-space:pre-wrap;">Our unrestricted cash and cash equivalents and investments were $187.2 million at June 30, 2020.  Our credit facility had an available line of credit of $150.0 million as of June 30, 2020.  </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">GCE announced today that the Company&#8217;s Board of Directors has increased the authorization under its existing stock repurchase program by $50.0 million to a total of $300.0 million.&#160;&#160;The new authorization allows the Company to repurchase from time to time at management&#8217;s discretion the Company&#8217;s common stock during the period ending December 31, 2021, unless such period is extended or shortened by the Board of Directors.&#160;&#160;As of July 31, 2020, the Company had 47,281,676 million shares of common stock outstanding.&#160;&#160;The plan permits the Company to make purchases in the open market at prevailing market prices or in privately negotiated transactions in compliance with applicable securities laws and other legal requirements.&#160;&#160;The level of purchase activity is subject to market conditions and other investment opportunities.&#160;&#160;The plan does not obligate GCE to acquire any particular amount of common stock and may be suspended or discontinued at any time.&#160;&#160;The repurchase program may be funded using the Company&#8217;s available cash and revolving credit facility.&#160;&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;text-decoration:underline;text-decoration-color:#000000;">Arrangements with GCU</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">In conjunction with the Asset Purchase Agreement with GCU, we received a secured note&#160;as consideration for the transferred assets (the &#8220;Transferred Assets&#8221;) in the initial principal amount of $870,097 (the &#8220;Secured Note&#8221;). The Secured Note&#160;contains customary commercial credit terms, including affirmative and negative covenants applicable to GCU, and provides that the Secured Note&#160;bears interest at an annual rate of 6.0%, has a maturity date of June&#160;30, 2025, and is secured by </p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">3</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.24%;margin-right:8.24%;margin-top:30pt;page-break-after:always;width:83.53%;border-width:0;"><div style="max-width:100%;padding-left:8.24%;padding-right:8.24%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">all of the assets of GCU. The Secured Note&#160;<font style="white-space:pre-wrap;">provides for GCU to make interest only payments during the term, with all principal and accrued and unpaid interest due at maturity and also provides that we may loan additional amounts to GCU to fund approved capital expenditures during the first three years of the term.  As of June 30, 2020, the Company had loaned an additional $169,815 to GCU, net of repayments.  The additional amount loaned includes the $75.0 million that was borrowed by GCU in June 2020.  In practice, GCU pays for the service fees and its interest due on the secured note receivable for the month in arrears.  However, at the same time as the additional borrowing of $75.0 million, GCU paid its June 2020 estimated service fee and interest due on the secured note receivable of $50.0 million and $4.8 million, respectively, at the end of June 2020 thereby reducing the accounts receivable, net and interest receivable on secured note on our consolidated balance sheet at June 30, 2020.  GCU believes that its cash flows from operations are currently sufficient to fund all of its capital expenditures although it is possible that it will continue to borrow for short term cash flow needs.  The $75.0 million that was borrowed in June 2020 was repaid in July 2020 and GCU has returned to its practice of paying the service fee and interest due on the secured note receivable for the month in arrears.    GCU paid the June 2019 estimated service fee and interest due on the secured note receivable at the end of June 2019 so the impact on cash flows for the change in accounts receivable and interest receivable from university partners during the six months ended June 30, 2020 in comparison to the six months ended June 30, 2019 was not material. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Net cash provided by operating activities for the six months ended June 30, 2020 was $221.1&#160;million as compared to $189.3&#160;million for the six months ended June 30, 2019. The increase in cash generated from operating activities between the six&#160;months ended June 30, 2019 and the six&#160;<font style="white-space:pre-wrap;">months ended June 30, 2020 was primarily due to changes in other working capital balances partially offset by the decrease in net income between periods. We define working capital as the assets and liabilities, other than cash, generated through the Company&#8217;s primary operating activities.  Changes in these balances are included in the changes in assets and liabilities presented in the consolidated statement of cash flows. Our income taxes payable balances increased $41.0 million between periods, primarily due to the Treasury Department extending the due date of certain estimated tax payments due to COVID-19 from April 15, 2020 to July 15, 2020.    </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Net cash used in investing activities was $80.6&#160;<font style="white-space:pre-wrap;">million and $485.8 million for the six months ended June 30, 2020 and 2019, respectively. The net cash used in investing activities in the six months ended June 30, 2020 was capital expenditures of $12.2 million, partially offset by proceeds from the sale of investments of $6.8 million. Funding to GCU during the first six months of 2020 totaled $75.0 million.  During the six months ended June 30, 2019, we paid $361.2 million, net of cash acquired, to acquire Orbis Education on January 22, 2019. Funding to GCU during the first six months of 2019 totaled $169.8 million. Proceeds from investments, net of purchases of short-term investments, was $55.1 million for the six months ended June 30, 2019. Capital expenditures were $9.7&#160;million for the six&#160;</font><font style="white-space:pre-wrap;">months ended June 30, 2019. During the six-month period for 2020 and 2019, capital expenditures primarily consisted of leasehold improvements and equipment for new university partner locations, as well as purchases of computer equipment, other internal use software projects and furniture and equipment to support our increasing employee headcount.    The increase in capital expenditures between periods is primarily due to the increase in the number of Orbis Education location openings.  Orbis Education invests approximately $1.5 million in leasehold improvements and equipment for each location.   Orbis Education plans to open seven new locations in the Fall of 2020 and another four new locations in the Spring of 2021 as compared to the five locations it opened in the Fall of 2019 and no new locations opened in the Spring of 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="white-space:pre-wrap;">Net cash used in financing activities was $90.5 million for the six months ended June 30, 2020.  Net cash provided by financing activities was $180.5 million for the six months ended June 30, 2019.  During the six months ended June 30, 2020, $5.0 million was used to purchase common shares withheld in lieu of income taxes resulting from the vesting of restricted share awards and $69.0 million was used to purchase treasury stock in accordance with the Company&#8217;s share repurchase program.  Principal payments on notes payable and capital leases totaled $16.6 million.  During the six months ended June 30, 2019, $270.0 million of proceeds was drawn on the credit facility, and the term loan balance of the prior credit agreement of $59.9 million was repaid along with $12.1 million of principal payments on the new credit facility. In addition, $2.4 million of debt issuance costs were incurred on the new credit facility and $8.1 million was used to purchase common shares withheld in lieu of income taxes resulting from the vesting of restricted share awards and $10.4 million was used to purchase treasury stock in accordance with the Company&#8217;s share repurchase program.  Proceeds from the exercise of stock options of $3.4 million were received in the six months ended June 30, 2019. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(more)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">4</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.24%;margin-right:8.24%;margin-top:30pt;page-break-after:always;width:83.53%;border-width:0;"><div style="max-width:100%;padding-left:8.24%;padding-right:8.24%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Grand Canyon Education, Inc. Reports Second Quarter 2020 Results</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNIFICANT DEVELOPMENTS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Impact of COVID-19</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="color:#231f20;white-space:pre-wrap;">In March 2020, the World Health Organization declared the novel coronavirus outbreak (&#8220;COVID-19&#8221;) a global pandemic. This contagious outbreak, which has continued to spread, and the related adverse public health developments, including orders to shelter-in-place, travel restrictions and mandated non-essential business closures, have adversely affected workforces, organizations, customers, economies and financial markets globally, leading to an economic downturn and increased market volatility. It has also disrupted the normal operations of many businesses, including ours, and our university partners.  Due to the economic disruption caused by the COVID-19 pandemic, the National Bureau of Economic Research announced in June 2020 that the United States entered into a recession in February 2020.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="color:#231f20;">&#160;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"></font><font style="color:#231f20;white-space:pre-wrap;">The Company has a long-term master services agreement pursuant to which the Company provides education services to its most significant university partner, GCU, in return for 60% of GCU&#8217;s tuition and fee revenues, which includes fee revenues from room, board, and other ancillary businesses including a student-run golf course and hotel.   GCU has three types of students, traditional ground university students attending class on its campus in Phoenix, Arizona and of which approximately 70% live on campus in university owned residence halls, professional studies students who are working adult students that attend class one night a week on the Phoenix campus, and online students that attend class fully online.  </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#231f20;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="color:#231f20;white-space:pre-wrap;">This outbreak, as well as measures taken to contain the spread of COVID-19, has impacted GCU&#8217;s students and its business in a number of ways.  Beginning in March 2020, GCU&#8217;s programs for its professional studies students and its traditional ground university students were immediately converted to an online learning environment and residential students were strongly encouraged to move off campus.   Given the Company&#8217;s historical experience delivering online education services and the fact that all of GCU&#8217;s students and faculty use the university&#8217;s online learning management system for at least some of the coursework, the transition thus far has been seamless and thus, the university has not incurred a significant decrease in tuition revenue or significant increase in costs associated with this transition.  In addition, the following impacts from the COVID-19 pandemic have served to reduce GCU&#8217;s non-tuition revenue during its Spring and Summer semesters and, consequently, the service revenues we earn under the master services agreement:   </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#231f20;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#231f20;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Traditional ground university students who elected to move off campus near the end of the Spring semester received partial refunds for dormitory and meal payments, which reduced GCU&#8217;s revenue and thus the service revenues earned by the Company in the last nine days of March and the month of April;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#231f20;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Ancillary businesses operated by GCU such as its hotel and merchandise shops were closed in late March, which reduced and will continue to reduce GCU&#8217;s revenues and thus the service revenues earned by the Company until these businesses are reopened;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#231f20;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Summer semester classes were moved to an online environment and limited residential students remained on campus during the Summer semester;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#231f20;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="color:#231f20;font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#231f20;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;">GCU&#8217;s doctoral students are required to attend two residencies on the university&#8217;s campus and at its hotel in Phoenix, Arizona as part of their dissertation.   On an annual basis approximately 3,000 learners attend the week-long residency, most of whom have historically attended in the Summer.  Most of the residencies that were scheduled for the last week of March through the end of July were cancelled and it is likely that most of the residencies through the end of the calendar year will also be cancelled.      </font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#231f20;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">On July 17, 2020, GCU announced its plans for the traditional campus Fall semester. Those plans include moving back the start of instruction for the Fall semester from August 24, 2020 to September 7, 2020, beginning the semester with online instruction for all students, providing for residential students to move in during the week of September 21, 2020, beginning face-to-face instruction on September 28, 2020, eliminating some holiday breaks, and adding an additional week of instruction in December. The change in the start date for GCU&#8217;s ground traditional students will have the effect of moving tuition revenue for all GCU traditional students, and certain ancillary revenue for residential students, from the 3rd quarter of </p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">5</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.24%;margin-right:8.24%;margin-top:30pt;page-break-after:always;width:83.53%;border-width:0;"><div style="max-width:100%;padding-left:8.24%;padding-right:8.24%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2020 to the 4th quarter of 2020, and the change in the move-in date for GCU&#8217;s residential students will reduce Fall semester room and board revenue for the university by three weeks.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="white-space:pre-wrap;">Although the complete financial impact of COVID-19 on GCU&#8217;s Fall semester enrollment will not be known until it begins the Fall semester, it is currently anticipated that GCU&#8217;s ground traditional enrollment will be higher than initially anticipated but that the number of students living on campus in the Fall semester will be less as a significant number of students have informed the university that they plan to take all of their Fall semester courses online and remain at home given COVID-19 health concerns.  The changes described above at GCU will impact the Company&#8217;s service revenue under its Master Services Agreement with GCU.  </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#231f20;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="color:#231f20;">The Company also has long-term services agreements with </font><font style="white-space:pre-wrap;">numerous university partners across the United States through its wholly owned subsidiary, Orbis Education.  Orbis Education offers four primary academic programs with site simulation and skill labs located near healthcare providers.  The </font><font style="white-space:pre-wrap;">majority of Orbis Education university partners&#8217; students are studying in the Accelerated Bachelor of Science in Nursing program which is offered in a 12-16 month format in three or four academic semesters.  The Spring semester was completed without interruption and each university partner is in its Summer semester.   Some students who were scheduled to start their program in the Summer semester delayed their start until the Fall semester which resulted in slightly lower enrollments and revenues in the Summer semester.   </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="white-space:pre-wrap;">Although the complete financial impact of COVID-19 on our other university partners&#8217; Fall semester enrollment will not be known until they begin the Fall semester, it is currently anticipated that all university partners will begin their Fall semesters on schedule and that new student starts in the Fall semester will meet or exceed our initial estimates.  However, we expect total Fall enrollment to be less than initially anticipated; while additional students would like to start the program in the Fall semester, in most cases the university partner or hospital partner are not comfortable increasing the Fall cohort size to make up for the students that deferred their start from the Summer semester to the Fall semester primarily due to concerns around the availability of clinical rotations.    </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="color:#231f20;white-space:pre-wrap;">As a result of the items mentioned above, we expect lower service revenue for the third quarter of 2020 under both the Master Services Agreement with GCU and under the Orbis Education&#8217;s services agreements with our other university partners.  In addition, due to the limited operating expenses that we incur to deliver those services, we expect there to be a direct reduction in our operating profit and operating margins. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="color:#231f20;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="color:#212529;white-space:pre-wrap;">The COVID-19 outbreak also presents operational challenges to the Company as approximately 90% of our entire workforce is currently working remotely and is expected to continue doing so for the foreseeable future.  This degree of remote working could increase risks in the areas of internal control, cyber security and the use of remote technology, which could result in interruptions or disruptions in normal operational processes.  </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="color:#212529;">It is not possible for us to completely predict the duration or magnitude </font><font style="color:#231f20;white-space:pre-wrap;">of the adverse results of the COVID-19 pandemic and its effects on our business, results of operations or financial condition at this time, but such effects may be material in future quarters.  If GCU is not able to fully open its campus to its traditional residential students for the Fall academic semester, now commencing in late September 2020, that will have a material impact on GCU&#8217;s revenue and thus the service revenue earned by the Company.  Any</font><font style="white-space:pre-wrap;"> decision by a number of the Orbis Education&#8217;s university partners to cancel or postpone the Fall semester would also have a material impact on the service revenue earned by the Company.  </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="color:#231f20;white-space:pre-wrap;">We estimate that the shift in net revenue from the third quarter to the fourth quarter as a result of the shift in the start date of the GCU Fall semester is $9.9 million lower revenue in the third quarter and $9.9 million higher revenue in the fourth quarter.  We estimate that the potential reduction in net revenue attributable to COVID-19, even assuming that all of our university partners including GCU starts and completes their Fall semesters as planned, will be approximately $20 million in the second half of 2020, $13.1 million in the third quarter and $6.9 million in the fourth quarter with a comparable reduction in operating profit during each period.  </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><a name="_Hlk46412907"></a><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="color:#231f20;white-space:pre-wrap;">We estimate that our revenues and operating profit for the first and second quarter of 2020 were lower than expectations by $1.8 million and $7.5 million, respectively, due to all of the closures on the GCU university campus (described above), which resulted in lower room and board and other ancillary revenues at  GCU, and due to the deferral of some student starts from the Summer semester to the Fall semester at Orbis partner institutions.  These occurred as a result of the COVID-19 pandemic.  </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="color:#231f20;white-space:pre-wrap;">  </font><font style="color:#231f20;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="color:#231f20;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">6</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.24%;margin-right:8.24%;margin-top:30pt;page-break-after:always;width:83.53%;border-width:0;"><div style="max-width:100%;padding-left:8.24%;padding-right:8.24%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><font style="color:#231f20;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">2020 Outlook</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:-9.765625E-4%;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr><td style="vertical-align:top;width:22.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Q3 2020:</b></p></td><td style="vertical-align:bottom;width:77.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Net revenue of $197.5 million; As Adjusted Operating Margin 26.3%; As Adjusted Diluted EPS of $1.11 using 47.2 million diluted shares</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:22.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Q4 2020:</b></p></td><td style="vertical-align:bottom;width:77.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Net revenue of $237.5 million; As Adjusted Operating Margin 40.1%; As Adjusted Diluted EPS of $1.80 using 47.2 million diluted shares</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:22.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Full Year 2020:</b></p></td><td style="vertical-align:bottom;width:77.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Net revenue of $842.4 million; As Adjusted Operating Margin 33.3%; As Adjusted Diluted EPS of $5.47 using 47.3 million diluted shares</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Forward-Looking Statements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:11pt;text-indent:18pt;margin:0pt;"><font style="white-space:pre-wrap;">This news release contains &#8220;forward-looking statements&#8221; 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: proposed new programs; whether regulatory developments or other matters may or may not have a material adverse effect on our financial position, results of operations, or liquidity; projections, predictions, expectations, estimates, and forecasts as to our business, financial and operating results, and future economic performance; and management&#8217;s goals and objectives and other similar expressions concerning matters that are not historical facts.  Words such as &#8220;may,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;would,&#8221; &#8220;predicts,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;future,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;estimates&#8221; and similar expressions, the negative of these expressions, as well as statements in future tense, identify forward-looking statements.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:11pt;text-indent:18pt;margin:0pt;"><font style="white-space:pre-wrap;">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&#8217;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: the harm to our business, results of operations, and financial condition, and harm to our most significant university partner in connection with the COVID-19 outbreak: the occurrence of any event, change or other circumstance that could give rise to the termination of any of our key university partner agreements; our ability to properly manage risks and challenges associated with strategic initiatives, including potential acquisitions or divestitures of, or investments in, new businesses, acquisitions of new properties and new university partners, and expansion of services provided to our existing university partners; our failure to comply with the extensive regulatory framework applicable to us either directly as a third party education services provider or indirectly through our university partners, including Title IV of the Higher Education Act and the regulations thereunder, state laws and regulatory requirements, and accrediting commission requirements; competition from other education services companies in our geographic region and market sector, including competition for students, qualified executives and other personnel; the pace of growth of our university partners&#8217; enrollment and its effect on the pace of our own growth; our ability to, on behalf of our university partners, convert prospective students to enrolled students and to retain active students to graduation; 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 for our university partners; the impact of any natural disasters or public health emergencies; and other factors discussed in reports on file with the Securities and Exchange Commission, including as set forth in Part I, Item 1A of our Annual Report on Form 10-K for period ended December 31, 2019, as updated in our subsequent reports filed with the Securities and Exchange Commission on Form 10Q or Form 8-K.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:11pt;text-align:justify;text-indent:18pt;margin:0pt;">Forward-looking statements speak only as of the date the statements are made. &#160;You should not put undue reliance on any forward-looking statements. &#160;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. &#160;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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(more)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">7</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.24%;margin-right:8.24%;margin-top:30pt;page-break-after:always;width:83.53%;border-width:0;"><div style="max-width:100%;padding-left:8.24%;padding-right:8.24%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Grand Canyon Education, Inc. Reports Second Quarter 2020 Results</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Conference Call</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><font style="white-space:pre-wrap;">Grand Canyon Education, Inc. will discuss its second quarter 2020 results and 2020 outlook during a conference call scheduled for today, August 4, 2020 at 4:30 p.m. Eastern time (ET).  To participate in the live call, investors should dial 877-577-1769 (domestic and Canada) or 706-679-7806 (international), passcode 4536675 at 4:25 p.m. (ET). The Webcast will be available on the Grand Canyon Education, Inc. website at www.gce.com.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><font style="white-space:pre-wrap;">A replay of the call will be available approximately two hours following the conclusion of the call, at 855-859-2056 (domestic) or 404-537-3406 (international), passcode 4536675.  It will also be archived at www.gce.com in the investor relations section for 60 days.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">About Grand Canyon Education, Inc.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 5pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><font style="white-space:pre-wrap;">Grand Canyon Education, Inc. (&#8220;GCE&#8221;), incorporated in 2008, is a publicly traded education services company that currently provides services to 25 university partners.  GCE is uniquely positioned in the education services industry in that its leadership has 30 years of proven expertise in providing 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 provides services that support students, faculty and staff of partner institutions such as marketing, strategic enrollment management, counseling services, financial services, technology, technical support, compliance, human resources, classroom operations, content development, faculty recruitment and training, among others.  For more information about GCE visit the Company&#39;s website at www.gce.com.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">Grand Canyon Education, Inc., 2600 W. Camelback Road, Phoenix, AZ 85017, <b style="font-weight:bold;">www.gce.com</b>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">###</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.24%;margin-right:8.24%;margin-top:30pt;page-break-after:always;width:83.53%;border-width:0;"><div style="max-width:100%;padding-left:8.24%;padding-right:8.24%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Grand Canyon Education, Inc. Reports Second Quarter 2020 Results</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">GRAND CANYON EDUCATION, INC.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Consolidated Income Statements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Unaudited)</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:18.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Three Months Ended </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:18.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Six Months Ended </b></p></td></tr><tr><td style="vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:18.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">June&#160;30,&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:18.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">June&#160;30,&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:8.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:8.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:8.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:8.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr><td style="vertical-align:bottom;width:59.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">(In thousands, except per share data)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-weight:bold;">&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-weight:bold;">&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-weight:bold;">&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><b style="font-weight:bold;">&#160;&#160;</b></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Service revenue</b></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 185,768</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 174,820</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 407,423</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 372,107</font></p></td></tr><tr><td style="vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Costs and expenses:</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Technology and academic services</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 27,151</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 22,528</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 53,428</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 41,153</font></p></td></tr><tr><td style="vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Counseling services and support</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 57,596</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 54,299</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 117,815</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 107,392</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Marketing and communication</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 41,105</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 35,726</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 83,798</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 71,693</font></p></td></tr><tr><td style="vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">General and administrative</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 9,501</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 9,216</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 19,066</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 20,613</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Amortization of intangible assets</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,105</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,179</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 4,210</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 3,865</font></p></td></tr><tr><td style="vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Loss on transaction</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (122)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 3,966</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total costs and expenses</b></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 137,458</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 123,826</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 278,317</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 248,682</font></p></td></tr><tr><td style="vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Operating income</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 48,310</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 50,994</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 129,106</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 123,425</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Interest income on Secured Note</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 14,723</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 14,482</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 29,433</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 28,217</font></p></td></tr><tr><td style="vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Interest expense</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (1,073)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (2,907)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (2,619)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (5,493)</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Investment interest and other</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 396</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,668</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 612</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 3,787</font></p></td></tr><tr><td style="vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Income before income taxes</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 62,356</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 65,237</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 156,532</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 149,936</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Income tax expense</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 15,346</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 14,125</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 38,137</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 25,581</font></p></td></tr><tr><td style="vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Net income </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 47,010</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 51,112</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 118,395</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 124,355</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Earnings per share:</b></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;"><b style="font-weight:bold;">Basic income per share</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1.00</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1.07</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2.51</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2.60</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;"><b style="font-weight:bold;">Diluted income per share</b></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1.00</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1.06</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2.49</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2.57</font></p></td></tr><tr><td style="vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;"><b style="font-weight:bold;">Basic weighted average shares outstanding</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 46,893</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 47,851</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 47,174</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 47,788</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:59.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;"><b style="font-weight:bold;">Diluted weighted average shares outstanding</b></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 47,151</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 48,313</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 47,457</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 48,307</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">9</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.24%;margin-right:8.24%;margin-top:30pt;page-break-after:always;width:83.53%;border-width:0;"><div style="max-width:100%;padding-left:8.24%;padding-right:8.24%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Grand Canyon Education, Inc. Reports Second Quarter 2020 Results</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">GRAND CANYON EDUCATION, INC.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Consolidated Balance Sheets</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"> <font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:9.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">As of June&#160;30,&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">As of December 31,</b></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">(In thousands, except par value)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:9.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">ASSETS:</b></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Unaudited)</b></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Current assets</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">&#160;&#160;</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">Cash and cash equivalents</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 172,532</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 122,272</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">Restricted cash and cash equivalents</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 300</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">Investments</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 14,691</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 21,601</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">Accounts receivable, net</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 20,553</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 48,939</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">Interest receivable on Secured Note</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 13</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 5,011</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">Income taxes receivable</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,685</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,186</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">Other current assets</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 13,145</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 8,035</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total current assets</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 222,619</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 208,344</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Property and equipment, net</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 124,066</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 119,734</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Right-of-use assets</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 43,280</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 27,770</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Secured Note receivable, net</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,039,912</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 969,912</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Amortizable intangible assets, net</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 197,847</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 202,057</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Goodwill</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 160,766</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 160,766</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Other assets</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,794</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,706</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Total assets</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,790,284</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,690,289</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">LIABILITIES AND STOCKHOLDERS&#8217; EQUITY:</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">&#160;&#160;</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Current liabilities</b></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">&#160;&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">&#160;&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">Accounts payable</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 19,901</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 14,835</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">Accrued compensation and benefits</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 26,809</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 20,800</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">Accrued liabilities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 20,033</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 16,771</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">Income taxes payable</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 38,281</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 6,576</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">Deferred revenue</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 7,709</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 20</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">Current portion of lease liability</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 4,709</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 3,084</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">Current portion of notes payable</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 33,144</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 33,144</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total current liabilities</b></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 150,586</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 95,230</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Deferred income taxes, non-current</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 18,618</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 18,320</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Other noncurrent liabilities</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 8</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 13</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Lease liability, long-term</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 40,483</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 25,519</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Notes payable, less current portion</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 91,202</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 107,774</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total liabilities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 300,897</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 246,856</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Commitments and contingencies</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">&#160;&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">&#160;&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Stockholders&#8217; equity</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">&#160;&#160;</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Preferred stock, $0.01 par value, 10,000 shares authorized; 0 shares issued and outstanding at June 30, 2020 and December 31, 2019</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Common stock, $0.01 par value, 100,000 shares authorized; 53,225 and 53,054 shares issued and 47,306 and 48,105 shares outstanding at June 30, 2020 and December&#160;31, 2019, respectively</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 532</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 531</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Treasury stock, at cost, 5,919 and 4,949 shares of common stock at June 30, 2020 and December&#160;31, 2019, respectively</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (243,382)</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (169,365)</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Additional paid-in capital</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 276,330</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 270,923</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Retained earnings</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,455,907</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,341,344</font></p></td></tr><tr><td style="vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total stockholders&#8217; equity</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.99%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,489,387</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,443,433</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:73.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total liabilities and stockholders&#8217; equity</b></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.99%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,790,284</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.57%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.37%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,690,289</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">10</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.24%;margin-right:8.24%;margin-top:30pt;page-break-after:always;width:83.53%;border-width:0;"><div style="max-width:100%;padding-left:8.24%;padding-right:8.24%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Grand Canyon Education, Inc. Reports Second Quarter 2020 Results</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">GRAND CANYON EDUCATION, INC.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Consolidated Statements of Cash Flows</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Unaudited)</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:21.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Six Months Ended </b></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:21.93%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">June&#160;30,&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">(In thousands)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:9.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:9.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Cash flows provided by operating activities:</b></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Net income</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 118,395</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 124,355</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Adjustments to reconcile net income to net cash provided by operating activities:</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">&#160;&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Share-based compensation</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 5,334</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 5,185</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Depreciation and amortization</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 10,300</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 9,065</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Amortization of intangible assets</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 4,210</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 3,865</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Deferred income taxes</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,466</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,373</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Loss on transaction</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 3,966</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Other, including fixed asset impairments </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 111</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (285)</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Changes in assets and liabilities:</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">&#160;&#160;</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 12pt;">Accounts receivable and interest receivable from university partners</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 33,384</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 41,056</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 12pt;">Other assets</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (5,234)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (2,220)</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 12pt;">Right-of-use assets and lease liabilities </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,079</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 147</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 12pt;">Accounts payable</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,846</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (102)</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 12pt;">Accrued liabilities</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 9,266</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,746</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 12pt;">Income taxes receivable/payable</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 32,206</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (8,812)</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 12pt;">Deferred revenue</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 7,689</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 9,996</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Net cash provided by operating activities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 221,052</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 189,335</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Cash flows used in investing activities:</b></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">&#160;&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">&#160;&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Capital expenditures</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (12,229)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (9,656)</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Additions of amortizable content</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (228)</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Acquisition, net of cash acquired</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (147)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (361,184)</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Funding to GCU</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (75,000)</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (169,819)</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Purchases of investments</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (1,772)</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Proceeds from sale or maturity of investments</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 6,799</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 56,897</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Net cash used in investing activities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (80,577)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (485,762)</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Cash flows (used in) provided by financing activities:</b></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">&#160;&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">&#160;&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Principal payments on notes payable </p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (16,572)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (72,041)</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Debt issuance costs</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (2,385)</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Proceeds from notes payable</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 243,750</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Net borrowings from revolving line of credit</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 26,250</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Repurchase of common shares including shares withheld in lieu of income taxes</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (74,017)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (18,467)</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Net proceeds from exercise of stock options </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 74</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 3,408</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Net cash (used in) provided by financing activities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (90,515)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 180,515</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Net increase (decrease) in cash and cash equivalents and restricted cash </b></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 49,960</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (115,912)</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Cash and cash equivalents and restricted cash, beginning of period</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 122,572</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 182,013</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Cash and cash equivalents and restricted cash, end of period</b></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 172,532</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 66,101</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Supplemental disclosure of cash flow information</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">&#160;&#160;</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Cash paid for interest</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,619</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 4,837</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Cash paid for income taxes</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,850</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 35,114</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Supplemental disclosure of non-cash investing and financing activities</b></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">&#160;&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;">&#160;&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Purchases of property and equipment included in accounts payable</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,689</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 914</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Allowance for credit losses of $5,000, net of taxes of $1,168 from adoption of ASU 2016-13</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 3,832</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td></tr><tr><td style="vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Lease adoption - recognition of right-of-use assets and lease liabilities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 498</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:75.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">ROU Asset and Liability recognition</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 15,510</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:8.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">11</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.24%;margin-right:8.24%;margin-top:30pt;page-break-after:always;width:83.53%;border-width:0;"><div style="max-width:100%;padding-left:8.24%;padding-right:8.24%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Grand Canyon Education, Inc. Reports Second Quarter 2020 Results</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">GRAND CANYON EDUCATION, INC.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Adjusted EBITDA &#160;(Non-GAAP Financial Measure)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><font style="white-space:pre-wrap;">Adjusted EBITDA is defined as net income plus interest expense, less interest income and other gain (loss) recognized on investments, plus income tax expense, and plus depreciation and amortization (EBITDA), as adjusted for (i)  contributions to private Arizona school tuition organizations in lieu of the payment of state income taxes; (ii) loss on transaction; (iii) share-based compensation, and (iv) unusual charges or gains, such as litigation and regulatory reserves, impairment charges and asset write-offs, and exit or lease termination costs.  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 and does not consider the items for which we make adjustments (as listed above) to be reflective of our core performance.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><font style="white-space:pre-wrap;">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.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:14.4pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><font style="white-space:pre-wrap;">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 in that, among other things it does not reflect:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">cash expenditures for capital expenditures or contractual commitments;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">changes in, or cash requirements for, our working capital requirements;</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">interest expense, or the cash required to replace assets that are being depreciated or amortized; and</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">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.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:13.5pt;margin:0pt;"><font style="white-space:pre-wrap;">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 and reported under 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 only use Adjusted EBITDA as a supplemental performance measure.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">12</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.24%;margin-right:8.24%;margin-top:30pt;page-break-after:always;width:83.53%;border-width:0;"><div style="max-width:100%;padding-left:8.24%;padding-right:8.24%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The following table provides a reconciliation of net income to Adjusted EBITDA, which is a non-GAAP measure for the periods indicated:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:-9.765625E-4%;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:60.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:60.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;"> </b><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:17.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Three Months Ended </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:18.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Six Months Ended </b></p></td></tr><tr><td style="vertical-align:bottom;width:60.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:17.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">June&#160;30,&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:18.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">June&#160;30,&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:60.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;"> </b><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:8.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:8.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:8.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:8.5%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:0pt;visibility:hidden;"><td colspan="13" style="padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:60.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:17.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Unaudited,&#160;in&#160;thousands)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:17.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Unaudited, in thousands)</b></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:60.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Net income</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 47,010</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 51,112</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 118,395</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 124,355</font></p></td></tr><tr><td style="vertical-align:bottom;width:60.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Plus: interest expense</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1,073</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,907</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,619</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 5,493</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:60.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Less: interest income on Secured Note</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (14,723)</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (14,482)</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (29,433)</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (28,217)</font></p></td></tr><tr><td style="vertical-align:bottom;width:60.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Less: investment interest and other</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (396)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (2,668)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (612)</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (3,787)</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:60.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Plus: income tax expense</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 15,346</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 14,125</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 38,137</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 25,581</font></p></td></tr><tr><td style="vertical-align:bottom;width:60.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Plus: amortization of intangible assets</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,105</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,179</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 4,210</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 3,865</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:60.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Plus: depreciation and amortization</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.17%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 5,311</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.17%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 4,651</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 10,300</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 9,065</font></p></td></tr><tr><td style="vertical-align:bottom;width:60.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">EBITDA</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.17%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 55,726</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.17%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 57,824</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 143,616</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 136,355</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:60.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Plus: loss on transaction </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (122)</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 3,966</font></p></td></tr><tr><td style="vertical-align:bottom;width:60.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Plus: estimated litigation reserves</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 304</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 327</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 609</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 473</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:60.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Plus: share-based compensation</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.17%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,678</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.17%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,549</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 5,334</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 5,185</font></p></td></tr><tr><td style="vertical-align:bottom;width:60.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Adjusted EBITDA</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.17%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 58,708</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.17%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 60,578</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 149,559</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.53%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 145,979</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Non-GAAP Net Income and Non-GAAP Diluted Income Per Share</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><font style="white-space:pre-wrap;">The Company believes the presentation of non-GAAP net income and non-GAAP diluted income per share information that excludes amortization of intangible assets, loss on transaction expenses and favorable discrete income tax amounts recorded in the first quarter of 2019 allows investors to develop a more meaningful understanding of the Company&#8217;s performance over time.  Accordingly, for the six-month periods ended June 30, 2020 and 2019, the table below provides reconciliations of these non-GAAP items to GAAP net income and GAAP diluted income per share, respectively:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:-9.765625E-4%;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:60.87%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:60.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:16.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Three Months Ended </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:17.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Six Months Ended </b></p></td></tr><tr><td style="vertical-align:bottom;width:60.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:16.98%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">June&#160;30,&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:17.78%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">June&#160;30,&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:60.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:7.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:7.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:8.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:8.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr style="height:0pt;visibility:hidden;"><td colspan="13" style="padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:60.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td colspan="11" style="vertical-align:bottom;white-space:nowrap;width:37.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Unaudited, in thousands except per share data)</b></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:60.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">GAAP Net income</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:6.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 47,010</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:6.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 51,112</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 118,395</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 124,355</font></p></td></tr><tr><td style="vertical-align:bottom;width:60.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Amortization of intangible assets</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,105</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2,179</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 4,210</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 3,865</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:60.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Loss on transaction</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:6.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:6.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (122)</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 3,966</font></p></td></tr><tr><td style="vertical-align:bottom;width:60.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Less favorable tax effect for discrete item related to prior year tax obligations(1)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> -</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> -</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (4,286)</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:60.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Income tax effects of adjustments excluding discrete tax item impact (1)</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:6.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (518)</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:6.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (445)</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (1,027)</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (1,648)</font></p></td></tr><tr><td style="vertical-align:bottom;width:60.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">As Adjusted, Non-GAAP Net income</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.66%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 48,597</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.69%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 52,724</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 121,578</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 126,252</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:60.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:6.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:6.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:60.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">GAAP Diluted income per share</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1.00</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1.06</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2.49</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2.57</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:60.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Amortization of intangible assets (2)</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:6.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 0.03</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:6.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 0.03</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 0.07</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 0.06</font></p></td></tr><tr><td style="vertical-align:bottom;width:60.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Loss on transaction (3)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> -</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> -</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 0.06</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:60.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Less favorable tax effect for discrete item related to prior year tax obligations(1)</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:6.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> -</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:6.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="white-space:pre-wrap;"> (0.08)</font></p></td></tr><tr><td style="vertical-align:bottom;width:60.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">As Adjusted, Non-GAAP Diluted income per share</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.66%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1.03</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.69%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 1.09</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2.56</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.97%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.56%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 2.61</font></p></td></tr></table></div><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><hr noshade="true" color="#000000" size="1" width="25.0%" style="background-color:#000000;color:#000000;height:1pt;position:relative;top:0.6em;border:none;margin:0pt;" align="left"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;white-space:pre-wrap;">The income tax effects of adjustments are based on the effective income tax rate applicable to adjusted (non-GAAP) results, excluding the discrete item related to prior year tax obligations recorded in the six months ended June 30, 2019.  </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">The amortization of acquired intangible assets per diluted share is net of an income tax benefit of $0.01 and $0.01 for the three months ended June 30, 2020 and 2019, respectively, and net of an income tax benefit of $0.02 and $0.02 for the six months ended June 30, 2020 and 2019, respectively.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">The loss on transaction per diluted share is net of an income tax benefit of nil for the three months ended June 30 2019, and net of an income tax benefit of $0.02 for the six months ended June 30, 2019.</font></td></tr></table><div style="margin-top:10pt;"></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">13</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:8.24%;margin-right:8.24%;margin-top:30pt;page-break-after:avoid;width:83.53%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>3
<FILENAME>lope-20200804.xsd
<DESCRIPTION>EX-101.SCH
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created with Toppan Merrill Bridge  9.6.7401.38943 -->
<!--Based on XBRL 2.1-->
<!--Created on: 8/4/2020 8:05:24 PM-->
<!--Modified on: 8/4/2020 8:05:24 PM-->
<xsd:schema targetNamespace="http://www.gcu.edu/20200804" attributeFormDefault="unqualified" elementFormDefault="qualified" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:invest="http://xbrl.sec.gov/invest/2013-01-31" xmlns:dei="http://xbrl.sec.gov/dei/2019-01-31" xmlns:us-gaap="http://fasb.org/us-gaap/2019-01-31" xmlns:srt-types="http://fasb.org/srt-types/2019-01-31" xmlns:us-roles="http://fasb.org/us-roles/2019-01-31" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:currency="http://xbrl.sec.gov/currency/2017-01-31" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:naics="http://xbrl.sec.gov/naics/2017-01-31" xmlns:srt-roles="http://fasb.org/srt-roles/2019-01-31" xmlns:country="http://xbrl.sec.gov/country/2017-01-31" xmlns:utr="http://www.xbrl.org/2009/utr" xmlns:srt="http://fasb.org/srt/2019-01-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:exch="http://xbrl.sec.gov/exch/2019-01-31" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:sic="http://xbrl.sec.gov/sic/2011-01-31" xmlns:us-types="http://fasb.org/us-types/2019-01-31" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:stpr="http://xbrl.sec.gov/stpr/2018-01-31" xmlns:attributeFormDefault="unqualified" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:lope="http://www.gcu.edu/20200804">
  <xsd:annotation>
    <xsd:appinfo>
      <link:roleType roleURI="http://www.gcu.edu/role/DocumentDocumentAndEntityInformation" id="DocumentDocumentAndEntityInformation">
        <link:definition>00090 - Document - Document and Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:linkbaseRef xlink:type="simple" xlink:href="lope-20200804_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
      <link:linkbaseRef xlink:type="simple" xlink:href="lope-20200804_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" />
    </xsd:appinfo>
  </xsd:annotation>
  <xsd:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
  <xsd:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />
  <xsd:import namespace="http://xbrl.sec.gov/dei/2019-01-31" schemaLocation="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd" />
  <xsd:element name="DocumentAndEntityInformationAbstract" id="lope_DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" nillable="true" xbrli:periodType="duration" />
</xsd:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>4
<FILENAME>lope-20200804_lab.xml
<DESCRIPTION>EX-101.LAB
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created with Toppan Merrill Bridge  9.6.7401.38943 -->
<!--Based on XBRL 2.1-->
<!--Created on: 8/4/2020 8:05:24 PM-->
<!--Modified on: 8/4/2020 8:05:24 PM-->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xlink="http://www.w3.org/1999/xlink">
  <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <loc xlink:type="locator" xlink:href="lope-20200804.xsd#lope_DocumentAndEntityInformationAbstract" xlink:label="lope_DocumentAndEntityInformationAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="lope_DocumentAndEntityInformationAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lope_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Document and Entity Information [Abstract]</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Document Type</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Document Period End Date</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity File Number</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Registrant Name</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Incorporation, State or Country Code</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Tax Identification Number</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Address, Address Line One</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Address, State or Province</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Address, City or Town</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Address, Postal Zip Code</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">City Area Code</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Local Phone Number</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Written Communications</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Soliciting Material</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pre-commencement Tender Offer</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pre-commencement Issuer Tender Offer</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Title of 12(b) Security</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trading Symbol</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Security Exchange Name</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Emerging Growth Company</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Central Index Key</label>
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amendment Flag</label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>lope-20200804_pre.xml
<DESCRIPTION>EX-101.PRE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created with Toppan Merrill Bridge  9.6.7401.38943 -->
<!--Based on XBRL 2.1-->
<!--Created on: 8/4/2020 8:05:24 PM-->
<!--Modified on: 8/4/2020 8:05:24 PM-->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink">
  <roleRef xlink:type="simple" xlink:href="lope-20200804.xsd#DocumentDocumentAndEntityInformation" roleURI="http://www.gcu.edu/role/DocumentDocumentAndEntityInformation" xmlns="http://www.xbrl.org/2003/linkbase" />
  <presentationLink xlink:role="http://www.gcu.edu/role/DocumentDocumentAndEntityInformation" xlink:type="extended" xlink:title="00090 - Document - Document and Entity Information" xmlns="http://www.xbrl.org/2003/linkbase">
    <loc xlink:type="locator" xlink:href="lope-20200804.xsd#lope_DocumentAndEntityInformationAbstract" xlink:label="lope_DocumentAndEntityInformationAbstract" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType_637321683247933739" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentType_637321683247933739" order="1" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate_637321683247943745" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentPeriodEndDate_637321683247943745" order="2" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber_637321683247943745" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityFileNumber_637321683247943745" order="3" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName_637321683247943745" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityRegistrantName_637321683247943745" order="4" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode_637321683247943745" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityIncorporationStateCountryCode_637321683247943745" order="5" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber_637321683247943745" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityTaxIdentificationNumber_637321683247943745" order="6" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1_637321683247943745" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityAddressAddressLine1_637321683247943745" order="7" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince_637321683247943745" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityAddressStateOrProvince_637321683247943745" order="8" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown_637321683247943745" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityAddressCityOrTown_637321683247943745" order="9" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode_637321683247943745" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityAddressPostalZipCode_637321683247943745" order="10" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode_637321683247943745" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_CityAreaCode_637321683247943745" order="11" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber_637321683247943745" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_LocalPhoneNumber_637321683247943745" order="12" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications_637321683247943745" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_WrittenCommunications_637321683247943745" order="13" use="optional" priority="2" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial_637321683247953725" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_SolicitingMaterial_637321683247953725" order="14" use="optional" priority="2" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer_637321683247953725" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_PreCommencementTenderOffer_637321683247953725" order="15" use="optional" priority="2" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer_637321683247953725" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_PreCommencementIssuerTenderOffer_637321683247953725" order="16" use="optional" priority="2" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle_637321683247953725" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_Security12bTitle_637321683247953725" order="17" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol_637321683247953725" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_TradingSymbol_637321683247953725" order="18" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName_637321683247953725" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_SecurityExchangeName_637321683247953725" order="19" use="optional" priority="1" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany_637321683247953725" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityEmergingGrowthCompany_637321683247953725" order="20" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey_637321683247953725" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_EntityCentralIndexKey_637321683247953725" order="21" use="optional" />
    <loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag_637321683247953725" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="lope_DocumentAndEntityInformationAbstract" xlink:to="dei_AmendmentFlag_637321683247953725" order="22" use="optional" />
  </presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>6
<FILENAME>lope-20200804x8k_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2019-01-31"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="lope-20200804.xsd" xlink:type="simple"/>
    <context id="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001434588</identifier>
        </entity>
        <period>
            <startDate>2020-08-04</startDate>
            <endDate>2020-08-04</endDate>
        </period>
    </context>
    <dei:EntityCentralIndexKey
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Tc_8vF3jvolOUOA6Si1iJDxEg_2_1">0001434588</dei:EntityCentralIndexKey>
    <dei:AmendmentFlag
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Tc_LdMBFTn09kyeirauTpH0Ww_3_1">false</dei:AmendmentFlag>
    <dei:DocumentType
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Narr_19SLEi8V00KG0dWp1QsJZA">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Narr_Cm3tdg5tokW7uhM1BT_l_Q">2020-08-04</dei:DocumentPeriodEndDate>
    <dei:EntityRegistrantName
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Narr_DP9T2QVFXESxcwaZsbjfOg">Grand Canyon Education,&#160;Inc.</dei:EntityRegistrantName>
    <dei:EntityIncorporationStateCountryCode
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Tc_tXNrVWYeAU2wsF_CFe3LKg_1_0">DE</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Tc_pBzfA_kySEWIxQE-dFNIHQ_1_2">001-34211</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Tc_7Dq5pvLVpUeBRAXQc4sdpw_1_4">20-3356009</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Tc_FEY3TuHiqUmthwMcvgp5jA_1_0">2600 W. Camelback Road</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Narr_3U7rqWPLg0aCFPOVDccVNA">Phoenix</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Narr_3559L3AM5EWwRGOJpADPxw">AZ</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Tc_KubOvdIQx0KtKq1cuprx9g_2_1">85017</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Narr_WDMQjRtf2UikRbEkHYRvyg">602</dei:CityAreaCode>
    <dei:LocalPhoneNumber
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Narr_SmpTn1aFo0qzvrLfS34QFA">247-4400</dei:LocalPhoneNumber>
    <dei:WrittenCommunications
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Narr_tKzF2US2BUadLQOhaLUOrA">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Narr_oD-ElzS8vkWxT4pQqtReug">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Narr_nQN1LUcxZUe9WOy7GqQPKg">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Narr_uv1EQCGdjUu69Fv-QwVuOA">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Tc_2f8-pohHA0CSqB1pat4aEA_1_0">Common Stock</dei:Security12bTitle>
    <dei:TradingSymbol
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Tc_PuDwv5QeL0y-nLnRYQL6AQ_1_1">LOPE</dei:TradingSymbol>
    <dei:SecurityExchangeName
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Tc_89EfqxfZvkGFOBNQuNRB4Q_1_2">NASDAQ</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany
      contextRef="Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg"
      id="Narr_Pe6RRUWTOES_fsudX1gm_w">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.20.2</span><table class="report" border="0" cellspacing="2" id="idm140411297443976">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Aug. 04, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_lope_DocumentAndEntityInformationAbstract', window );"><strong>Document and Entity Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Aug.  04,  2020<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-34211<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Grand Canyon Education,&#160;Inc.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">20-3356009<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">2600 W. Camelback Road<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">AZ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Phoenix<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">85017<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">602<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">247-4400<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">LOPE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001434588<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_lope_DocumentAndEntityInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">lope_DocumentAndEntityInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>lope_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>8
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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MW&,EC'%BM/XU@LD/['X 4$L#!!0    ( .6 !%$<.&7J/P$  #P"   /
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MDWM)J'7N0;#W\!J-'<V/'[?\ 5!+ P04    " #E@ 11)!Z;HJT   #X 0
M&@   'AL+U]R96QS+W=O<FMB;V]K+GAM;"YR96QSM9$]#H,P#(6O$N4 -5"I
M0P5,75@K+A %\R,2$L6N"K<OA0&0.G1ALIXM?^_)3I]H%'=NH+;S)$9K!LID
MR^SO *1;M(HNSN,P3VH7K.)9A@:\TKUJ$)(HND'8,V2>[IFBG#S^0W1UW6E\
M./VR./ /,+Q=Z*E%9"E*%1KD3,)HMC;!4N++3):BJ#(9BBJ6<%H@XLD@;6E6
M?;!/3K3G>1<W]T6NS>,)KM\,<'AT_@%02P,$%     @ Y8 $4660>9(9 0
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M<',O87!P+GAM;%!+ 0(4 Q0    ( .6 !%%&JQWO[@   "L"   1
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M96QS+RYR96QS4$L! A0#%     @ Y8 $41PX9>H_ 0  / (   \
M     ( !6@\  'AL+W=O<FMB;V]K+GAM;%!+ 0(4 Q0    ( .6 !%$D'INB
MK0   /@!   :              "  <80  !X;"]?<F5L<R]W;W)K8F]O:RYX
M;6PN<F5L<U!+ 0(4 Q0    ( .6 !%%ED'F2&0$  ,\#   3
M  "  :L1  !;0V]N=&5N=%]4>7!E<UTN>&UL4$L%!@     )  D /@(  /42
$      $!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>9
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>10
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.20.2</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>1</ContextCount>
  <ElementCount>95</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>0</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>0</UnitCount>
  <MyReports>
    <Report instance="lope-20200804x8k.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>00090 - Document - Document and Entity Information</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.gcu.edu/role/DocumentDocumentAndEntityInformation</Role>
      <ShortName>Document and Entity Information</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="8-K" original="lope-20200804x8k.htm">lope-20200804x8k.htm</File>
    <File>lope-20200804.xsd</File>
    <File>lope-20200804_lab.xml</File>
    <File>lope-20200804_pre.xml</File>
    <File>lope-20200804xex99d1.htm</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy>http://xbrl.sec.gov/dei/2019-01-31</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>13
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "instance": {
  "lope-20200804x8k.htm": {
   "axisCustom": 0,
   "axisStandard": 0,
   "contextCount": 1,
   "dts": {
    "inline": {
     "local": [
      "lope-20200804x8k.htm"
     ]
    },
    "labelLink": {
     "local": [
      "lope-20200804_lab.xml"
     ],
     "remote": [
      "https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "lope-20200804_pre.xml"
     ]
    },
    "referenceLink": {
     "remote": [
      "https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml"
     ]
    },
    "schema": {
     "local": [
      "lope-20200804.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd",
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd",
      "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd",
      "http://www.xbrl.org/2006/ref-2006-02-27.xsd"
     ]
    }
   },
   "elementCount": 23,
   "entityCount": 1,
   "hidden": {
    "http://xbrl.sec.gov/dei/2019-01-31": 2,
    "total": 2
   },
   "keyCustom": 0,
   "keyStandard": 95,
   "memberCustom": 0,
   "memberStandard": 0,
   "nsprefix": "lope",
   "nsuri": "http://www.gcu.edu/20200804",
   "report": {
    "R1": {
     "firstAnchor": {
      "ancestors": [
       "p",
       "div",
       "div",
       "body",
       "html"
      ],
      "baseRef": "lope-20200804x8k.htm",
      "contextRef": "Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "document",
     "isDefault": "true",
     "longName": "00090 - Document - Document and Entity Information",
     "role": "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation",
     "shortName": "Document and Entity Information",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "p",
       "div",
       "div",
       "body",
       "html"
      ],
      "baseRef": "lope-20200804x8k.htm",
      "contextRef": "Duration_8_4_2020_To_8_4_2020_StKjvcYbSEuc0oyPACCHFg",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    }
   },
   "segmentCount": 0,
   "tag": {
    "dei_AmendmentFlag": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.",
        "label": "Amendment Flag"
       }
      }
     },
     "localname": "AmendmentFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_CityAreaCode": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Area code of city",
        "label": "City Area Code"
       }
      }
     },
     "localname": "CityAreaCode",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_DocumentPeriodEndDate": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.",
        "label": "Document Period End Date"
       }
      }
     },
     "localname": "DocumentPeriodEndDate",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentType": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.",
        "label": "Document Type"
       }
      }
     },
     "localname": "DocumentType",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "submissionTypeItemType"
    },
    "dei_EntityAddressAddressLine1": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name",
        "label": "Entity Address, Address Line One"
       }
      }
     },
     "localname": "EntityAddressAddressLine1",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCityOrTown": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Name of the City or Town",
        "label": "Entity Address, City or Town"
       }
      }
     },
     "localname": "EntityAddressCityOrTown",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressPostalZipCode": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Code for the postal or zip code",
        "label": "Entity Address, Postal Zip Code"
       }
      }
     },
     "localname": "EntityAddressPostalZipCode",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressStateOrProvince": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Name of the state or province.",
        "label": "Entity Address, State or Province"
       }
      }
     },
     "localname": "EntityAddressStateOrProvince",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "stateOrProvinceItemType"
    },
    "dei_EntityCentralIndexKey": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.",
        "label": "Entity Central Index Key"
       }
      }
     },
     "localname": "EntityCentralIndexKey",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "centralIndexKeyItemType"
    },
    "dei_EntityEmergingGrowthCompany": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicate if registrant meets the emerging growth company criteria.",
        "label": "Entity Emerging Growth Company"
       }
      }
     },
     "localname": "EntityEmergingGrowthCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityFileNumber": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.",
        "label": "Entity File Number"
       }
      }
     },
     "localname": "EntityFileNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "fileNumberItemType"
    },
    "dei_EntityIncorporationStateCountryCode": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Two-character EDGAR code representing the state or country of incorporation.",
        "label": "Entity Incorporation, State or Country Code"
       }
      }
     },
     "localname": "EntityIncorporationStateCountryCode",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "edgarStateCountryItemType"
    },
    "dei_EntityRegistrantName": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.",
        "label": "Entity Registrant Name"
       }
      }
     },
     "localname": "EntityRegistrantName",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityTaxIdentificationNumber": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.",
        "label": "Entity Tax Identification Number"
       }
      }
     },
     "localname": "EntityTaxIdentificationNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "employerIdItemType"
    },
    "dei_LocalPhoneNumber": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Local phone number for entity.",
        "label": "Local Phone Number"
       }
      }
     },
     "localname": "LocalPhoneNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "auth_ref": [
      "r2"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.",
        "label": "Pre-commencement Issuer Tender Offer"
       }
      }
     },
     "localname": "PreCommencementIssuerTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_PreCommencementTenderOffer": {
     "auth_ref": [
      "r3"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.",
        "label": "Pre-commencement Tender Offer"
       }
      }
     },
     "localname": "PreCommencementTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_Security12bTitle": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Title of a 12(b) registered security.",
        "label": "Title of 12(b) Security"
       }
      }
     },
     "localname": "Security12bTitle",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "securityTitleItemType"
    },
    "dei_SecurityExchangeName": {
     "auth_ref": [
      "r1"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Name of the Exchange on which a security is registered.",
        "label": "Security Exchange Name"
       }
      }
     },
     "localname": "SecurityExchangeName",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "edgarExchangeCodeItemType"
    },
    "dei_SolicitingMaterial": {
     "auth_ref": [
      "r4"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.",
        "label": "Soliciting Material"
       }
      }
     },
     "localname": "SolicitingMaterial",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_TradingSymbol": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Trading symbol of an instrument as listed on an exchange.",
        "label": "Trading Symbol"
       }
      }
     },
     "localname": "TradingSymbol",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "tradingSymbolItemType"
    },
    "dei_WrittenCommunications": {
     "auth_ref": [
      "r6"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.",
        "label": "Written Communications"
       }
      }
     },
     "localname": "WrittenCommunications",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://www.gcu.edu/role/DocumentDocumentAndEntityInformation"
     ],
     "xbrltype": "booleanItemType"
    },
    "lope_DocumentAndEntityInformationAbstract": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "label": "Document and Entity Information [Abstract]"
       }
      }
     },
     "localname": "DocumentAndEntityInformationAbstract",
     "nsuri": "http://www.gcu.edu/20200804",
     "xbrltype": "stringItemType"
    }
   },
   "unitCount": 0
  }
 },
 "std_ref": {
  "r0": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b"
  },
  "r1": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r2": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r3": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r4": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14a",
   "Subsection": "12"
  },
  "r5": {
   "Name": "Regulation 12B",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r6": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "425"
  }
 },
 "version": "2.1"
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>14
<FILENAME>0001558370-20-009135-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001558370-20-009135-xbrl.zip
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M/MN5A;3$R3E)[JD"T2[*:R%#74%D:14J]@X[M6J[7$*M=J%=;AVDU->DX2/
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M/RXUR=.=,;"D= ]=!(X1Q72&X^3U//GFU[A]NJJ0V)7M#["+3@/7\'2#1K;
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M;AL^6,LNXZ=NH<5BC%_H4AW98K,ZE+0 GQM-DQ@0I!-8># I=!/0NGQD]F0
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M/PWM* X3)TY"QI\"-XO-@F_",&$,D9B0'#,.$1 '[UP:8P3W@U47@4T'T_(
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MN=XPE ^=AL%\%1RP"H7WP#0OD/V+A_!=@T?DT* CWF P:,=/4#CXD>UP,#C
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MUN,W90*8EKF<"F!:_2SS=5M]GW("B-!/D="?S@FPVEUQ&@Y^ZPU>24_/S0V
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M9_Z18M#:"V*9]\%]U7[D3F2-N.SH,-+AE/&::[(86KY:WVWN8SZ,2!7M4[S
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MM7KK^Z;5LT8;#U.D E*=TI)U37F!K2@[Z(..;<RN9]RNDRA)38CER,Q(''S
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MF5#1@C J3$)B N[CG!?O@/_GI?E^.5*!%73;W28QJ6L SKWM)6*[5Q22=$-
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M:?<ZJ24EC4:^#^-@\@C_S.*Y]]?_"U!+ 0(4 Q0    ( .: !%'0@M2QK@,
M ,(,   1              "  0    !L;W!E+3(P,C P.# T+GAS9%!+ 0(4
M Q0    ( .: !%&BK8&1B@4  -4\   5              "  =T#  !L;W!E
M+3(P,C P.# T7VQA8BYX;6Q02P$"% ,4    " #F@ 11(V&;KHD$   U*0
M%0              @ &:"0  ;&]P92TR,#(P,#@P-%]P<F4N>&UL4$L! A0#
M%     @ YH $4>M+C/"M%   'Y@  !0              ( !5@X  &QO<&4M
M,C R,# X,#1X.&LN:'1M4$L! A0#%     @ YH $4=#CK"T%9   TH@& !@
M             ( !-2,  &QO<&4M,C R,# X,#1X97@Y.60Q+FAT;5!+!08
1    !0 % $T!  !PAP     !

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
