Grand Canyon Education, Inc
(NASDAQ:LOPE)

Grand Canyon Education, Inc. provides education services to colleges and universities in the United States. The company's technology services include learning management system, internal administration, infrastructure, and support services; academic services comprises program and curriculum, faculty...

Website: http://www.gce.com

Founded: 2008

Full Time Employees: 3,400

Sector: Consumer Defensive

Industry: Education & Training Services

Education

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At a glance:

Bull Thesis:

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31

service revenue	308,760,000	308,119,000	261,142,000	247,499,000	289,310,000	292,573,000	238,291,000	227,463,000	274,675,000	278,284,000	221,913,000	210,577,000	250,125,000	258,700,000	208,720,000	199,753,000	244,133,000	251,376,000	206,767,000	201,487,000	236,934,000	238,289,000	198,384,000	185,768,000	221,655,000	213,247,000	193,289,000	174,820,000	197,287,000	177,548,000	155,454,000
yoy	6.72%	5.31%	9.59%	8.81%	5.33%	5.13%	7.38%	8.02%	9.82%	7.57%	6.32%	5.42%	2.45%	2.91%	0.94%	-0.86%	3.04%	5.49%	4.23%	8.46%	6.89%	11.74%	2.64%	6.26%	12.35%	20.11%	24.34%
qoq	0.21%	17.99%	5.51%	-14.45%	-1.12%	22.78%	4.76%	-17.19%	-1.30%	25.40%	5.38%	-15.81%	-3.31%	23.95%	4.49%	-18.18%	-2.88%	21.57%	2.62%	-14.96%	-0.57%	20.12%	6.79%	-16.19%	3.94%	10.33%	10.56%	-11.39%	11.12%	14.21%
costs and expenses:
technology and academic services	45,030,000	45,354,000	44,908,000	43,134,000	41,664,000	43,004,000	41,955,000	41,001,000	39,125,000	39,227,000	39,174,000	38,957,000	37,512,000	38,357,000	37,641,000	38,189,000	36,306,000	30,815,000	35,536,000	33,676,000	32,051,000	31,833,000	30,751,000	27,151,000	26,277,000	25,128,000	24,231,000	22,528,000	19,039,000	11,098,000	11,101,000
counseling services and support	91,857,000	88,400,000	84,405,000	83,023,000	86,822,000	85,327,000	77,166,000	78,107,000	82,884,000	82,754,000	73,824,000	72,392,000	73,349,000	72,540,000	67,235,000	66,025,000	67,513,000	64,799,000	62,209,000	60,932,000	61,239,000	58,505,000	58,214,000	57,596,000	60,219,000	59,957,000	56,249,000	54,299,000	53,093,000	51,989,000	51,116,000
marketing and communication	63,987,000	53,692,000	59,145,000	56,037,000	60,330,000	49,646,000	54,526,000	52,895,000	55,353,000	46,003,000	53,097,000	50,806,000	52,894,000	44,853,000	50,651,000	49,735,000	50,851,000	42,546,000	47,150,000	45,445,000	47,731,000	38,292,000	42,244,000	41,105,000	42,693,000	33,863,000	37,340,000	35,726,000	35,461,000	27,252,000	31,546,000
general and administrative	10,319,000	10,490,000	15,149,000	11,411,000	10,366,000	10,568,000	14,364,000	10,636,000	10,730,000	10,397,000	12,175,000	10,875,000	9,788,000	10,168,000	15,576,000	9,854,000	9,893,000	8,712,000	14,451,000	9,081,000	9,582,000	10,263,000	14,031,000	9,501,000	9,565,000	10,148,000	13,556,000	9,216,000	11,489,000	6,695,000	10,092,000	11,969,000	11,309,000	10,845,000	12,915,000	10,058,000	9,941,000	10,260,000	13,430,000	8,809,000	10,720,000	10,634,000	12,536,000	9,534,000	9,396,000	10,447,000	11,640,000	8,994,000	8,554,000	10,870,000	9,035,000	8,978,000	8,051,000	11,696,000	8,561,000	7,701,000	7,544,000			7,038,000	6,832,000	14,746,000	12,681,000	11,675,000	10,878,000	9,542,000	8,556,000	8,688,000	8,833,000
amortization of intangible assets	2,105,000	2,104,000	2,105,000	2,105,000	2,105,000	2,104,000	2,105,000	2,105,000	2,105,000	2,104,000	2,105,000	2,105,000	2,105,000	2,104,000	2,105,000	2,105,000	2,105,000	2,104,000	2,105,000	2,105,000	2,105,000	2,104,000	2,105,000	2,105,000	2,105,000	2,179,000	2,179,000	2,179,000	1,686,000
total costs and expenses	213,298,000	200,040,000	243,123,000	195,710,000	201,287,000	192,546,000	190,116,000	184,744,000	190,197,000	180,485,000	180,375,000	175,135,000	175,648,000	168,022,000	173,208,000	165,908,000	166,668,000	148,976,000	161,451,000	151,239,000	152,708,000	140,997,000	147,345,000	137,458,000	140,859,000	131,275,000	133,555,000	123,826,000	124,856,000	97,399,000	126,034,000	178,330,000	185,589,000	180,072,000	176,517,000	163,213,000	171,578,000	167,965,000	163,378,000	146,531,000	158,267,000	152,819,000	144,409,000	132,470,000	138,141,000	136,437,000	129,100,000	120,707,000	123,996,000	121,566,000	115,114,000	109,974,000	108,405,000	108,051,000	102,365,000	93,862,000	92,927,000			80,456,000	82,494,000	88,750,000	76,808,000	77,010,000	69,729,000	59,590,000	59,391,000	49,440,000	46,909,000
operating income	95,462,000	108,079,000	18,019,000	51,789,000	88,023,000	100,027,000	48,175,000	42,719,000	84,478,000	97,799,000	41,538,000	35,442,000	74,477,000	90,678,000	35,512,000	33,845,000	77,465,000	102,400,000	45,316,000	50,248,000	84,226,000	97,292,000	51,039,000	48,310,000	80,796,000	81,972,000	59,734,000	50,994,000	72,431,000	80,149,000	29,420,000	58,488,000	90,092,000	91,346,000	59,692,000	55,088,000	76,628,000	76,698,000	47,066,000	44,748,000	68,691,000	63,135,000	48,984,000	42,256,000	55,986,000	53,536,000	45,956,000	37,887,000	43,436,000	40,877,000	37,285,000	31,489,000	33,625,000	33,247,000	31,203,000	25,398,000	24,204,000			22,662,000	19,215,000	11,281,000	22,138,000	20,512,000	19,597,000	17,864,000	6,693,000	9,960,000	12,055,000
yoy	8.45%	8.05%	-62.60%	21.23%	4.20%	2.28%	15.98%	20.53%	13.43%	7.85%	16.97%	4.72%	-3.86%	-11.45%	-21.63%	-32.64%	-8.03%	5.25%	-11.21%	4.01%	4.25%	18.69%	-14.56%	-5.26%	11.55%	2.27%	103.04%	-12.81%	-19.60%	-12.26%	-50.71%	6.17%	17.57%	19.10%	26.83%	23.11%	11.55%	21.48%	-3.92%	5.90%	22.69%	17.93%	6.59%	11.53%	28.89%	30.97%	23.26%	20.32%	29.18%	22.95%	19.49%	23.98%	38.92%			12.07%	25.96%			10.48%	-1.95%	-36.85%	230.76%	105.94%	62.56%
qoq	-11.67%	499.81%	-65.21%	-41.16%	-12.00%	107.63%	12.77%	-49.43%	-13.62%	135.44%	17.20%	-52.41%	-17.87%	155.34%	4.93%	-56.31%	-24.35%	125.97%	-9.82%	-40.34%	-13.43%	90.62%	5.65%	-40.21%	-1.43%	37.23%	17.14%	-29.60%	-9.63%	172.43%	-49.70%	-35.08%	-1.37%	53.03%	8.36%	-28.11%	-0.09%	62.96%	5.18%	-34.86%	8.80%	28.89%	15.92%	-24.52%	4.58%	16.49%	21.30%	-12.78%	6.26%	9.63%	18.41%	-6.35%	1.14%	6.55%	22.86%	4.93%				17.94%	70.33%	-49.04%	7.93%	4.67%	9.70%	166.91%	-32.80%	-17.38%
operating margin %	30.92%	35.08%	6.90%	20.92%	30.43%	34.19%	20.22%	18.78%	30.76%	35.14%	18.72%	16.83%	29.78%	35.05%	17.01%	16.94%	31.73%	40.74%	21.92%	24.94%	35.55%	40.83%	25.73%	26.01%	36.45%	38.44%	30.90%	29.17%	36.71%	45.14%	18.93%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%		NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
investment interest and other	3,021,000	3,697,000	3,637,000	3,226,000	3,381,000	3,925,000	4,154,000	4,112,000	3,729,000	2,970,000	2,739,000	2,590,000	2,153,000	1,327,000	745,000	344,000	205,000	33,000	218,000	238,000	121,000	122,000	181,000	396,000	216,000	343,000	255,000	2,668,000	1,119,000	521,000	371,000
income before income taxes	98,483,000	111,776,000	21,656,000	55,015,000	91,404,000	103,952,000	52,329,000	46,829,000	88,205,000	100,763,000	44,276,000	38,025,000	76,611,000	92,008,000	36,257,000	34,184,000	77,670,000	108,872,000	59,824,000	64,496,000	98,097,000	111,421,000	65,187,000	62,356,000	94,176,000	94,244,000	73,322,000	65,237,000	84,699,000	93,794,000	42,481,000	59,998,000	90,727,000	91,576,000	60,570,000	55,332,000	76,050,000	76,400,000	44,431,000	44,883,000	70,410,000	62,030,000	48,872,000	42,237,000	55,868,000	53,497,000	45,423,000	37,728,000	43,050,000	40,372,000	38,259,000	31,112,000	35,152,000	33,006,000	31,065,000	25,346,000	24,007,000			22,659,000	19,140,000	11,111,000	21,995,000	20,387,000	19,314,000	17,666,000	6,460,000	9,661,000	11,496,000
income tax expense	23,135,000	25,044,000	5,382,000	13,469,000	19,786,000	22,073,000	10,862,000	11,951,000	20,195,000	20,054,000	8,537,000	9,052,000	17,047,000	20,981,000	6,249,000	8,622,000	19,592,000	23,759,000	12,166,000	15,035,000	19,985,000	24,666,000	13,141,000	15,346,000	22,791,000	17,575,000	15,171,000	14,125,000	11,456,000	18,263,000	8,720,000	13,960,000	17,046,000	23,320,000	21,266,000	15,485,000	20,138,000	28,421,000	15,187,000	17,257,000	26,745,000	23,916,000	15,530,000	16,461,000	21,689,000	20,404,000	16,407,000	14,659,000	16,762,000	14,215,000	15,714,000	12,048,000	14,207,000	12,097,000	12,594,000	9,748,000	9,538,000			9,401,000	7,842,000	3,540,000	9,077,000	7,991,000	7,834,000	6,571,000	2,969,000	3,846,000	4,593,000
net income	75,348,000	86,732,000	16,274,000	41,546,000	71,618,000	81,879,000	41,467,000	34,878,000	68,010,000	80,709,000	35,739,000	28,973,000	59,564,000	71,027,000	30,008,000	25,562,000	58,078,000	85,113,000	47,658,000	49,461,000	78,112,000	86,755,000	52,046,000	47,010,000	71,385,000	76,669,000	58,151,000	51,112,000	73,243,000	75,531,000	33,761,000	46,038,000	73,681,000	68,256,000	39,304,000	39,847,000	55,912,000	47,979,000	29,244,000	27,626,000	43,665,000	38,114,000	33,342,000	25,776,000	34,179,000	33,093,000	29,016,000	23,069,000	26,288,000	26,157,000	22,545,000	19,064,000	20,945,000	20,909,000	18,471,000	15,598,000	14,469,000			13,258,000	11,298,000	7,571,000	12,918,000	12,396,000	11,480,000	11,095,000	3,491,000	5,815,000	6,904,000
yoy	5.21%	5.93%	-60.75%	19.12%	5.31%	1.45%	16.03%	20.38%	14.18%	13.63%	19.10%	13.34%	2.56%	-16.55%	-37.03%	-48.32%	-25.65%	-1.89%	-8.43%	5.21%	9.42%	13.16%	-10.50%	-8.03%	-2.54%	1.51%	72.24%	11.02%	-0.59%	10.66%	-14.10%	15.54%	31.78%	42.26%	34.40%	44.24%	28.05%	25.88%	-12.29%	7.18%	27.75%	15.17%	14.91%	11.73%	30.02%	26.52%	28.70%	21.01%	25.51%	25.10%	22.06%	22.22%	44.76%			17.65%	28.07%			6.95%	-1.59%	-31.76%	270.04%	113.17%	66.28%
qoq	-13.13%	432.95%	-60.83%	-41.99%	-12.53%	97.46%	18.89%	-48.72%	-15.73%	125.83%	23.35%	-51.36%	-16.14%	136.69%	17.39%	-55.99%	-31.76%	78.59%	-3.65%	-36.68%	-9.96%	66.69%	10.71%	-34.15%	-6.89%	31.84%	13.77%	-30.22%	-3.03%	123.72%	-26.67%	-37.52%	7.95%	73.66%	-1.36%	-28.73%	16.53%	64.06%	5.86%	-36.73%	14.56%	14.31%	29.35%	-24.59%	3.28%	14.05%	25.78%	-12.25%	0.50%	16.02%	18.26%	-8.98%	0.17%	13.20%	18.42%	7.80%				17.35%	49.23%	-41.39%	4.21%	7.98%	3.47%	217.82%	-39.97%	-15.77%
net income margin %	24.40%	28.15%	6.23%	16.79%	24.75%	27.99%	17.40%	15.33%	24.76%	29.00%	16.10%	13.76%	23.81%	27.46%	14.38%	12.80%	23.79%	33.86%	23.05%	24.55%	32.97%	36.41%	26.23%	25.31%	32.21%	35.95%	30.09%	29.24%	37.13%	42.54%	21.72%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%		NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
earnings per share:
basic income per share	2.82	3.14	0.59	1.48	2.53	2.83	1.43	1.19	2.31	2.71	1.2	0.96	1.96	2.27	0.96	0.8	1.67	2.07	1.08	1.09	1.7	1.87	1.11	1	1.5	1.6	1.21	1.07	1.54	1.59	0.71	0.97	1.55	1.44	0.83	0.85	1.2	1.03	0.63	0.6	0.96	0.83	0.72	0.56	0.75	0.73	0.64	0.51	0.58	0.58	0.5	0.43	0.47				0.33				0.25				0.25				0.15
diluted income per share	2.8	3.11	0.58	1.48	2.52	2.82	1.42	1.19	2.29	2.7	1.19	0.96	1.94	2.26	0.96	0.8	1.66	2.06	1.08	1.09	1.69	1.85	1.11	1	1.49	1.59	1.2	1.06	1.52	1.56	0.7	0.95	1.52	1.42	0.81	0.83	1.16	1.01	0.62	0.59	0.93	0.81	0.7	0.55	0.72	0.7	0.62	0.49	0.56	0.56	0.49	0.42	0.46				0.32				0.25				0.25				0.15
basic weighted-average shares outstanding	26,744	27,862	27,740	27,996	28,277	29,104	29,003	29,285	29,459	29,991	29,776	30,183	30,461	32,131	31,302	31,800	34,806	43,835	44,212	45,490	46,084	46,880	46,808	46,893	47,455	47,814	47,920	47,851	47,699	47,608	47,682	47,604	47,432	47,140	47,316	47,151	46,748	46,083	46,231	46,004	45,622	45,975	46,063	46,012	45,789	45,538	45,651	45,598	45,205	44,731	44,963	44,681	44,242	44,332			44,371		44,631		45,590	45,722			45,674				45,474
diluted weighted-average shares outstanding	26,869	28,024	27,897	28,134	28,469	29,271	29,164	29,415	29,639	30,147	29,912	30,287	30,638	32,237	31,387	31,877	34,901	43,958	44,298	45,582	46,300	47,165	47,095	47,151	47,764	48,266	48,337	48,313	48,274	48,414	48,422	48,411	48,397	48,235	48,292	48,192	48,070	47,121	47,175	46,990	46,860	47,281	47,320	47,263	47,201	47,006	47,051	46,990	46,841	46,131	46,424	45,929	45,449	45,251			45,151		45,105		46,089	46,396			46,325				45,821
reserve for litigation settlement		8,750,000	35,000,000
lease termination, impairment and other			2,411,000
interest expense								-2,000	-2,000	-6,000	-1,000	-7,000	-19,000	3,000		-5,000		-1,298,000	-741,000	-763,000	-799,000	-865,000	-918,000	-1,073,000	-1,546,000	-2,943,000	-2,875,000	-2,907,000	-2,586,000	-575,000	-558,000	-57,000	-346,000	-527,000	-567,000	-495,000	-580,000	-497,000	-344,000	-158,000	-329,000	-414,000	-313,000	-146,000	-375,000	-346,000	-576,000	-356,000	-523,000	-609,000	-528,000	-439,000	-668,000	-260,000	-154,000	-78,000	-207,000			-29,000	-107,000	-207,000	-176,000	-162,000	-344,000	-250,000	-276,000	-420,000	-667,000
interest income on secured note																		7,737,000	15,031,000	14,773,000	14,549,000	14,872,000	14,885,000	14,723,000	14,710,000	14,872,000	16,208,000	14,482,000	13,735,000	13,699,000	13,248,000
loss on transaction																												-122,000	4,088,000	770,000	15,610,000
university related revenue
net revenue																										213,247,000	193,289,000	174,820,000	197,287,000	177,548,000	155,454,000	236,818,000	275,681,000	271,418,000	236,209,000	218,301,000	248,206,000	244,663,000	210,444,000	191,279,000	226,958,000	215,954,000	193,393,000	174,726,000	194,127,000	189,973,000	175,056,000	158,594,000	167,432,000	162,443,000	152,399,000	141,463,000	142,030,000	141,298,000	133,568,000	119,260,000	117,131,000			103,118,000	101,709,000	100,031,000	98,946,000	97,522,000	89,326,000	77,454,000	66,084,000	59,400,000	58,964,000
university related expenses																														-405,000	6,569,000
instructional costs and services																																102,237,000	111,027,000	108,933,000	104,303,000	95,030,000	102,574,000	102,100,000	91,748,000	84,599,000	94,654,000	92,427,000	83,180,000	75,357,000	78,687,000	78,552,000	71,714,000	67,847,000	70,678,000	67,971,000	64,704,000	61,747,000	59,997,000	58,819,000	57,354,000	53,406,000	50,824,000			45,709,000	45,830,000	36,133,000	35,923,000	36,169,000	31,812,000	25,747,000	23,466,000	20,047,000	18,332,000
admissions advisory and related																																34,254,000	34,854,000	34,061,000	31,426,000	31,085,000	31,972,000
advertising																																27,602,000	25,715,000	23,678,000	25,523,000	24,776,000	24,631,000	21,000,000	23,896,000	22,149,000	21,107,000	18,419,000	19,360,000	18,419,000	20,031,000	16,854,000	16,491,000	15,751,000	16,712,000	11,486,750	15,498,000
marketing and promotional																																2,268,000	2,684,000	2,555,000	2,350,000	2,264,000	2,460,000	2,383,000	2,127,000	2,108,000	2,242,000	1,978,000	1,827,000	1,788,000	1,694,000	1,810,000	1,931,000	1,907,000	1,791,000	1,527,000	1,299,000	1,383,000	1,435,000
interest and other income																																1,567,000	981,000	546,500	1,445,000	739,000	2,000	12,500	-2,291,000	293,000	2,048,000	146,250	201,000	127,000	257,000	307,000	43,000	197,000	137,000	104,000	1,502,000	62,000
lease termination costs																																						160,000	3,363,000
admissions advisory and related, including 237 and 412 for the three months ended september 30, 2016 and 2015, respectively, and 803 and 1,406 for the nine months ended september 30, 2016 and 2015, respectively, to related parties																																						21,806,000	28,814,000
admissions advisory and related, including 272 and 489 for the three months ended june 30, 2016 and 2015, respectively, and 566 and 994 for the six months ended june 30, 2016 and 2015, respectively, to related parties																																								28,866,000
admissions advisory and related, including 294 and 505 to related parties for the three months ended march 31, 2016 and 2015, respectively																																									29,544,000
admissions advisory and related, including 412 and 762 for the three months ended september 30, 2015 and 2014, respectively, and 1,406 and 2,373 for the nine months ended september 30, 2015 and 2014, respectively, to related parties																																										20,802,750	27,506,000
admissions advisory and related, including 489 and 806 for the three months ended june 30, 2015 and 2014, respectively, and 994 and 1,611 for the six months ended june 30, 2015 and 2014, respectively, to related parties																																												27,372,000
admissions advisory and related, including 505 and 805 to related parties for the three months ended march 31, 2015 and 2014, respectively																																													28,333,000
admissions advisory and related, including 762 and 953 for the three months ended september 30, 2014 and 2013, respectively, and 2,373 and 2,574 for the nine months ended september 30, 2014 and 2013, respectively, to related parties																																														19,948,250	27,324,000
admissions advisory and related, including 806 and 867 for the three months ended june 30, 2014 and 2013, respectively, and 1,611 and 1,621 for the six months ended june 30, 2014 and 2013, respectively, to related parties																																																26,208,000
admissions advisory and related, including 805 and 753 to related parties for the three months ended march 31, 2014 and 2013, respectively																																																	26,261,000
admissions advisory and related, including 953 and 645 for the three months ended september 30, 2013 and 2012, respectively, and 2,574 and 1,666 for the nine months ended september 30, 2013 and 2012, respectively, to related parties																																																		17,729,250	24,578,000
admissions advisory and related, including 867 and 589 for the three months ended june 30, 2013 and 2012, respectively, and 1,621 and 1,021 for the six months ended june 30, 2013 and 2012, respectively, to related parties																																																				23,346,000
advertising, including 0 and 5 for the three months ended june 30, 2013 and 2012, respectively, and 0 and 20 for the six months ended june 30, 2013 and 2012, respectively, to related parties																																																				14,520,000
admissions advisory and related, including 753 and 432 to related parties for march 31, 2013 and 2012, respectively																																																					22,993,000
advertising, including 0 and 15 to related parties for march 31, 2013 and 2012, respectively																																																					15,929,000
interest income and other income																																																					2,195,000
selling and promotional, including 640 and 151 for the three months ended september 30, 2012 and 2011, respectively, and 1,681 and 612 for the nine months ended september 30, 2012 and 2011, respectively, to related parties																																																						25,941,000	36,450,000
lease termination fee
interest income																																																						19,000	16,000	26,000	10,000			26,000	32,000	37,000	33,000	37,000	61,000	52,000	43,000	121,000	108,000
net income per common share:
basic																																																						272.5	420	350				300		200	280	270		90	80	130
diluted																																																						267.5	410	350				290		197.5	280	270		90	80	130
shares used in computing net income per common share:
basic																																																						11,098,750	44,365,000	44,447,000				44,658,000		11,428,750	45,746,000	45,724,000		152,000	44,783,000	44,846,000
diluted																																																						11,305,000	45,339,000	45,169,000				45,018,000		11,603,250	46,351,000	46,557,000		181,000	45,099,000	45,051,000
selling and promotional, including 594 and 2 for the three months ended june 30, 2012 and 2011, respectively, and 1,041 and 403 for the six months ended june 30, 2012 and 2011, respectively, to related parties																																																								32,755,000
selling and promotional, including 447 and 401 to related parties for march 31, 2012 and 2011, respectively																																																									34,559,000
selling and promotional, including 2 and 2,628 for the three months ended june 30, 2011 and 2010, respectively, and 403 and 4,975 for the six months ended june 30, 2011 and 2010, respectively, to related parties																																																												27,709,000
exit costs																																																														26,000	27,000	116,000	89,000
selling and promotional, including 401 and 2,347 to related parties for march 31, 2011 and 2010, respectively																																																													29,832,000
selling and promotional, including 2,702 and 1,928 for the three months ended september 30, 2010 and 2009, respectively, and 7,694 and 5,319 for the nine months ended september 30, 2010 and 2009, respectively, to related parties																																																														20,988,750	28,103,000
estimated litigation loss																																																																			5,200,000
royalty to former owner																																																														74,000	74,000	74,000	74,000	74,000	74,000	74,000	74,000
selling and promotional, including 2,628 and 1,875 for the three months ended june 30, 2010 and 2009, respectively, and 4,975 and 3,391 for the six months ended june 30, 2010 and 2009, respectively, to related parties																																																																28,976,000
selling and promotional, including 2,347 and 1,516 to related parties for march 31, 2010 and 2009, respectively																																																																	26,876,000
selling and promotional, including 1,928 and 1,398 for the three months ended september 30, 2009 and 2008, respectively, and 5,319 and 4,323 for the nine months ended september 30, 2009 and 2008, respectively, to related parties																																																																		15,599,000	22,095,000
preferred dividends
net income available to common stockholders																																																																		4,052,250	3,491,000	5,815,000	6,904,000
selling and promotional, including 1,779 and 1,413 for the three months ended june 30, 2009 and 2008, respectively, and 3,391 and 2,925 for the six months ended june 30, 2009 and 2008, respectively, to related parties																																																																				20,631,000
selling and promotional, including 1,512 and 1,612 for the three months ended march 31, 2008 and 2009, respectively, to related parties																																																																					19,670,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31

assets:
current assets
cash and cash equivalents	96,145,000	111,762,000	97,284,000	192,278,000	144,509,000	324,623,000	263,584,000	241,317,000	196,208,000	146,475,000	56,871,000	142,925,000	105,040,000	120,409,000	39,887,000	139,401,000	201,933,000	600,941,000	61,002,000	69,448,000	225,829,000	245,769,000	166,950,000	172,532,000	132,493,000	122,272,000	119,709,000	65,801,000	88,467,000	120,346,000	44,879,000	221,632,000	242,846,000	153,474,000	180,142,000	66,282,000	88,541,000	45,976,000	75,143,000	44,554,000	48,793,000	23,036,000	78,177,000	50,710,000	86,156,000	65,238,000	56,482,000	20,214,000	39,129,000	55,824,000	106,816,000	90,801,000	127,739,000	105,111,000	69,644,000	50,760,000	56,700,000	21,189,000	18,999,000	14,652,000	30,243,000	33,637,000	50,471,000	43,420,000	97,883,000	62,571,000	73,670,000	24,742,000	68,275,000	35,152,000
investments	155,555,000	188,317,000	179,691,000	181,621,000	160,144,000			100,498,000	94,485,000	98,031,000	97,553,000	90,444,000	89,483,000	61,295,000	68,403,000	63,867,000	62,396,000			44,415,000	36,443,000	10,840,000	12,812,000	14,691,000	17,049,000	21,601,000	14,152,000	14,205,000	14,243,000	69,002,000	68,754,000	76,522,000	91,910,000	89,271,000	89,609,000	89,414,000	81,557,000	62,596,000	49,654,000	49,440,000	84,128,000	83,364,000	84,016,000	83,533,000	101,015,000	100,784,000	127,126,000	156,492,000	157,466,000	108,420,000	63,492,000	48,439,000	23,802,000
accounts receivable	113,251,000	84,278,000	122,041,000	27,699,000	115,696,000	82,948,000	116,388,000	29,454,000	111,710,000	78,811,000	104,475,000	24,682,000	102,571,000	77,413,000	101,170,000	25,727,000	102,006,000	70,063,000	95,165,000	19,888,000	91,790,000	62,189,000	89,212,000	20,553,000	77,390,000	48,939,000	83,377,000	13,660,000	74,653,000	46,830,000	65,120,000		9,469,000	10,908,000	12,243,000	10,933,000	9,026,000	9,999,000	10,362,000	9,080,000	7,454,000	8,298,000	9,500,000	8,158,000	6,689,000	7,605,000	8,289,000	8,515,000	7,384,000	7,217,000	7,986,000	8,645,000	7,651,000	7,951,000	8,875,000	8,363,000	7,843,000	11,815,000	16,333,000	32,120,000	32,369,000	33,334,000	32,722,000	42,636,000	13,890,000	13,802,000	15,577,000	10,612,000	10,509,000	9,442,000
income tax receivable	231,000	2,392,000	22,679,000	6,665,000		490,000	1,818,000	5,504,000	38,000	1,316,000	3,770,000	9,037,000	2,964,000	2,788,000	3,589,000	8,967,000		1,275,000	1,745,000	1,330,000	763,000	1,294,000	3,980,000	1,685,000	1,685,000	2,186,000	3,559,000	3,423,000	3,423,000	8,000	1,791,000	315,000	1,329,000		4,546,000	4,546,000	4,829,000		5,923,000	8,492,000	3,215,000
other current assets	14,793,000	13,430,000	12,299,000	14,218,000	16,087,000	11,915,000	11,585,000	13,052,000	16,512,000	12,889,000	12,069,000	12,461,000	15,828,000	11,368,000	10,184,000	11,890,000	14,020,000	8,766,000	10,635,000	11,989,000	14,484,000	8,639,000	13,953,000	13,145,000	14,696,000	8,035,000	11,255,000	11,328,000	12,337,000	6,963,000	8,607,000	8,748,000	16,994,000	24,589,000	24,702,000	22,156,000	23,627,000	21,880,000	21,713,000	17,806,000	20,026,000	20,863,000	21,152,000	18,539,000	20,240,000	19,428,000	19,511,000	17,208,000	17,879,000	19,116,000	17,913,000	14,539,000	13,847,000	12,667,000	13,302,000	12,275,000	11,990,000	11,081,000	9,104,000	5,619,000	4,578,000	4,834,000	4,802,000	4,864,000	4,269,000	3,785,000	2,623,000	2,330,000	2,660,000	2,629,000
total current assets	379,975,000	400,179,000	433,994,000	422,481,000	436,436,000	419,976,000	393,375,000	389,825,000	444,453,000	337,522,000	274,738,000	279,549,000	315,886,000	273,273,000	223,233,000	249,852,000	380,355,000	681,045,000	173,397,000	147,070,000	374,320,000	333,742,000	291,757,000	222,619,000	248,324,000	208,344,000	237,544,000	108,717,000	198,208,000	309,466,000	255,199,000	1,281,570,000	435,364,000	374,862,000	386,846,000	272,771,000	277,922,000	230,068,000	232,123,000	200,212,000	226,097,000	221,345,000	263,233,000	231,077,000	278,081,000	267,045,000	275,171,000	261,134,000	277,939,000	263,703,000	252,464,000	223,597,000	227,998,000	214,174,000	154,347,000	129,229,000	130,299,000	115,414,000	106,784,000	109,807,000	128,286,000	142,284,000	153,074,000	132,933,000	129,391,000	90,246,000	101,080,000	48,399,000	88,503,000	53,599,000
property and equipment	179,656,000	178,957,000	180,013,000	179,384,000	177,758,000	176,823,000	176,234,000	173,827,000	172,186,000	169,699,000	164,638,000	154,709,000	150,391,000	147,504,000	144,872,000	139,632,000	136,677,000	136,120,000	134,508,000	133,003,000	131,929,000	128,657,000	126,679,000	124,066,000	121,349,000	119,734,000	118,637,000	116,772,000	116,239,000	111,039,000	110,908,000	112,185,000	950,156,000	922,284,000	897,540,000	888,184,000	870,289,000	855,528,000	832,665,000	794,037,000	725,091,000	667,483,000	639,631,000	588,275,000	527,729,000	478,170,000	469,294,000	416,242,000	365,499,000	339,596,000	328,423,000	304,327,000	283,584,000	269,162,000	256,528,000	233,273,000	207,169,000	189,947,000	179,545,000	161,532,000	140,655,000	123,999,000	107,169,000	85,012,000	75,127,000	67,370,000	63,425,000	58,146,000	45,922,000	41,399,000
right-of-use assets	93,495,000	96,571,000	99,871,000	98,477,000	96,059,000	99,541,000	98,849,000	101,893,000	90,135,000	92,454,000	90,393,000	76,446,000	70,320,000	72,719,000	75,086,000	54,202,000	55,672,000	57,652,000	57,245,000	59,303,000	59,434,000	61,020,000	58,943,000	43,280,000	34,545,000	27,770,000	27,730,000	12,895,000	13,186,000
amortizable intangible assets	149,438,000	151,543,000	153,647,000	155,752,000	157,857,000	159,962,000	162,066,000	164,171,000	166,276,000	168,381,000	170,485,000	172,590,000	174,695,000	176,800,000	178,904,000	181,009,000	183,114,000	185,219,000	187,323,000	189,428,000	191,533,000	193,638,000	195,742,000	197,847,000	199,952,000	202,057,000	204,236,000	206,415,000	208,594,000
goodwill	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,766,000	160,871,000	160,871,000	151,228,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000	2,941,000
other assets	4,564,000	4,289,000	4,501,000	4,147,000	2,572,000	1,357,000	1,636,000	2,209,000	1,755,000	1,641,000	2,136,000	2,157,000	1,963,000	1,687,000	1,683,000	1,842,000	1,802,000	1,943,000	2,310,000	2,485,000	2,133,000	1,844,000	1,763,000	1,794,000	1,754,000	1,706,000	1,742,000	1,940,000	2,020,000	478,000	743,000	657,000	833,000	723,000	766,000	1,756,000	1,123,000	897,000	1,404,000	4,556,000	3,293,000	3,306,000	3,377,000	3,145,000	3,242,000	3,907,000	4,367,000	4,428,000	5,000,000	5,219,000	5,441,000	5,831,000	4,011,000	3,122,000	3,434,000	3,652,000	3,212,000	3,032,000	5,201,000	5,257,000	5,254,000	4,892,000	3,648,000	2,473,000	1,749,000	554,000	556,000	644,000	166,000	201,000
total assets	967,894,000	992,305,000	1,032,792,000	1,021,007,000	1,031,448,000	1,018,425,000	992,926,000	992,691,000	1,035,571,000	930,463,000	863,156,000	846,217,000	874,021,000	832,749,000	784,544,000	787,303,000	918,386,000	1,222,745,000	1,680,461,000	1,846,967,000	1,885,027,000	1,844,579,000	1,800,562,000	1,790,284,000	1,731,602,000	1,690,289,000	1,760,672,000	1,677,522,000	1,619,473,000	1,324,017,000	1,252,691,000	1,399,968,000	1,391,983,000	1,303,573,000	1,290,930,000	1,168,563,000	1,155,260,000	1,092,493,000	1,072,266,000	1,004,953,000	960,703,000	898,430,000	912,611,000	828,941,000	815,570,000	755,713,000	755,498,000	688,544,000	655,252,000	616,100,000	594,075,000	541,666,000	523,894,000	494,923,000	423,089,000	375,098,000	349,969,000	317,847,000	303,060,000	289,943,000	286,464,000	284,255,000	281,542,000	237,813,000	221,969,000	174,738,000	183,608,000	126,506,000	157,893,000	116,990,000
liabilities and stockholders’ equity:
current liabilities
accounts payable	29,258,000	24,347,000	19,284,000	24,353,000	24,077,000	26,721,000	28,081,000	22,466,000	29,827,000	17,676,000	23,696,000	22,842,000	21,801,000	20,006,000	18,829,000	18,139,000	29,638,000	24,306,000	40,667,000	22,452,000	17,224,000	16,583,000	15,337,000	19,901,000	19,222,000	14,835,000	20,742,000	18,273,000	13,295,000	14,274,000	16,996,000	35,444,000	36,100,000	29,139,000	27,523,000	22,489,000	24,114,000	24,824,000	28,851,000	39,284,000	38,019,000	34,149,000	41,482,000	36,410,000	34,316,000	22,715,000	32,925,000	33,290,000	27,967,000	24,231,000	22,934,000	16,326,000	20,353,000	14,174,000	25,197,000	19,784,000	24,660,000	18,523,000	22,277,000	27,480,000	27,072,000	15,693,000	21,659,000	12,053,000	9,317,000	8,762,000	10,512,000	9,753,000	7,547,000	5,770,000
accrued compensation and benefits	25,574,000	35,199,000	28,766,000	32,789,000	23,251,000	33,183,000	26,143,000	33,776,000	24,785,000	31,358,000	25,446,000	28,594,000	21,124,000	36,412,000	33,100,000	32,911,000	31,986,000	32,714,000	42,980,000	36,210,000	37,307,000	34,248,000	33,879,000	26,809,000	22,602,000	20,800,000	23,689,000	17,318,000	17,985,000	15,427,000	17,857,000	23,634,000	25,013,000	23,173,000	24,377,000	19,913,000	20,670,000	19,697,000	22,653,000	26,819,000	21,648,000	17,895,000	21,580,000	23,101,000	18,216,000	23,995,000	18,893,000	21,059,000	14,947,000	20,093,000	16,163,000	18,107,000	13,163,000	18,812,000	13,968,000	15,174,000	9,372,000	12,229,000	9,768,000	11,541,000	15,144,000	13,633,000	12,990,000
accrued liabilities	37,873,000	32,283,000	70,539,000	34,009,000	34,573,000	29,620,000	33,420,000	31,935,000	57,608,000	26,725,000	33,527,000	30,485,000	31,661,000	22,473,000	28,964,000	32,977,000	30,705,000	27,593,000	26,531,000	24,963,000	29,495,000	21,945,000	23,326,000	20,033,000	20,943,000	16,771,000	18,947,000	16,934,000	15,543,000	8,907,000	13,511,000	18,995,000	26,571,000	20,757,000	23,184,000	20,641,000	23,704,000	21,163,000	20,707,000	16,895,000	17,424,000	13,846,000	14,819,000	14,883,000	14,804,000	13,533,000	14,084,000	15,604,000	13,235,000	14,554,000	16,542,000	20,599,000	17,585,000	17,467,000	15,638,000	14,672,000	8,515,000	8,456,000	9,134,000	8,467,000	7,453,000	9,477,000	11,062,000	26,585,000	23,127,000	18,103,000	18,358,000	11,178,000	11,935,000	9,674,000
income taxes payable	20,792,000	3,355,000	144,000	112,000	24,076,000	8,559,000	129,000	94,000	26,300,000	10,250,000	91,000	75,000	26,568,000	12,167,000	37,000	32,000	20,694,000	5,895,000	50,000	54,000	21,180,000	5,405,000		38,281,000	25,249,000	6,576,000	3,396,000	45,000	23,500,000	5,442,000		46,000	30,234,000	16,182,000	10,750,000	3,636,000	19,531,000	2,734,000	19,000	50,000	17,913,000	29,000	612,000	220,000	15,544,000	4,906,000	7,799,000	6,163,000	5,037,000	7,000	989,000		9,215,000	8,704,000	11,282,000	7,636,000	6,091,000	536,000	1,068,000	425,000	1,223,000	829,000	1,608,000	4,815,000	8,253,000	2,261,000	386,000	67,000	4,123,000	172,000
deferred revenue	9,868,000		3,801,000	14,150,000	9,081,000		6,420,000	7,216,000	10,270,000		6,237,000	9,110,000	9,678,000		6,102,000	11,958,000	12,172,000	10,000	3,204,000	9,760,000	6,936,000		10,240,000	7,709,000	8,173,000	20,000	9,201,000	10,042,000	5,168,000				64,130,000	46,895,000	116,438,000	52,004,000	69,759,000	40,739,000	104,694,000	47,220,000	57,575,000	37,876,000	86,712,000	42,409,000	53,407,000	36,868,000	76,908,000	41,686,000	46,700,000	32,816,000	58,503,000	31,585,000	38,963,000	28,614,000	46,679,000	31,106,000	33,479,000	21,723,000	34,746,000	21,789,000	18,463,000	15,034,000	15,158,000
current portion of lease liability	15,054,000	14,568,000	14,204,000	13,577,000	13,146,000	12,883,000	12,358,000	11,980,000	11,336,000	11,024,000	10,518,000	9,339,000	8,818,000	8,648,000	8,555,000	7,699,000	7,514,000	7,426,000	7,495,000	7,423,000	7,525,000	7,393,000	6,737,000	4,709,000	3,751,000	3,084,000	2,709,000	2,232,000	2,089,000
total current liabilities	138,419,000	109,752,000	136,738,000	118,990,000	128,204,000	110,966,000	106,551,000	107,467,000	160,126,000	97,033,000	99,515,000	100,445,000	119,650,000	99,706,000	95,587,000	103,716,000	132,709,000	97,944,000	203,842,000	169,007,000	152,811,000	118,718,000	122,663,000	150,586,000	133,084,000	95,230,000	124,016,000	113,266,000	126,002,000	80,518,000	54,936,000	223,831,000	261,666,000	238,135,000	285,063,000	204,868,000	235,145,000	226,794,000	266,068,000	233,106,000	222,693,000	188,534,000	238,783,000	189,457,000	202,366,000	178,711,000	218,256,000	179,870,000	169,312,000	165,623,000	174,396,000	146,486,000	157,674,000	152,727,000	173,869,000	145,794,000	136,134,000	121,505,000	128,592,000	121,123,000	127,030,000	122,848,000	128,982,000	98,973,000	96,953,000	62,392,000	83,038,000	45,756,000	60,222,000	32,557,000
deferred income taxes, noncurrent	42,775,000	41,426,000	40,195,000	28,235,000	28,974,000	26,527,000	26,132,000	26,992,000	28,454,000	26,749,000	26,694,000	27,308,000	28,049,000	26,195,000	26,199,000	26,571,000	27,344,000	25,962,000	22,621,000	22,069,000	22,029,000	20,288,000	19,288,000	18,618,000	18,840,000	18,320,000	18,310,000	17,752,000	9,427,000	6,465,000	4,421,000	19,218,000	19,900,000		27,209,000	26,778,000	27,043,000		17,321,000	17,522,000	17,764,000		14,590,000	15,469,000	17,166,000		11,716,000	11,596,000	13,179,000		10,412,000	9,713,000	8,601,000		5,113,000	3,187,000	4,126,000
other long-term liability	1,384,000	1,439,000	1,494,000	1,550,000	1,398,000	1,444,000	1,492,000	1,538,000	1,583,000	410,000	416,000	423,000	429,000	436,000	442,000	24,000	30,000
lease liability, less current portion	89,126,000	92,755,000	96,324,000	94,256,000	92,168,000	95,635,000	94,614,000	97,499,000	85,961,000	88,257,000	86,001,000	72,616,000	66,643,000	68,793,000	70,760,000	50,354,000	51,866,000	53,755,000	53,179,000	55,101,000	55,058,000	56,611,000	54,706,000	40,483,000	32,171,000	25,519,000	25,440,000	10,809,000	11,177,000
total liabilities	271,704,000	245,372,000	274,751,000	243,031,000	250,744,000	234,572,000	228,789,000	233,496,000	276,124,000	212,449,000	212,626,000	200,792,000	214,771,000	195,130,000	192,988,000	180,665,000	211,949,000	177,698,000	279,685,000	304,284,000	296,349,000	270,250,000	279,579,000	300,897,000	283,594,000	246,856,000	378,842,000	349,715,000	346,600,000	110,420,000	114,333,000	299,668,000	340,971,000	317,622,000	375,209,000	296,349,000	328,737,000	318,807,000	355,477,000	324,670,000	316,498,000	288,179,000	332,974,000	285,614,000	302,381,000	279,481,000	316,008,000	281,251,000	274,357,000	271,256,000	279,758,000	253,116,000	265,430,000	260,864,000	205,861,000	176,452,000	168,099,000	154,554,000	156,388,000	147,284,000	151,151,000	147,595,000	154,437,000	124,506,000	122,833,000	88,710,000	110,119,000	72,541,000	92,267,000	63,400,000
commitments and contingencies
stockholders’ equity
preferred stock, 0.01 par value...
common stock, 0.01 par value...	543,000	542,000	542,000	542,000	542,000	541,000	541,000	541,000	541,000	540,000	540,000	540,000	540,000	538,000	538,000	538,000	538,000	536,000	536,000	536,000	536,000	533,000	532,000	532,000	532,000	531,000	530,000	530,000	529,000	527,000	526,000	526,000	525,000	523,000	522,000	522,000	519,000	515,000	513,000	511,000	505,000	503,000	502,000	502,000	502,000	497,000	497,000	497,000	496,000	489,000	488,000	487,000	482,000	471,000	469,000	468,000	461,000	460,000	459,000	459,000	458,000	458,000	458,000	457,000	457,000	457,000	456,000	446,000	455,000	455,000
treasury stock	-2,420,603,000	-2,291,610,000	-2,190,582,000	-2,150,693,000	-2,102,760,000	-2,024,370,000	-1,958,837,000	-1,918,810,000	-1,879,697,000	-1,849,693,000	-1,832,686,000	-1,798,619,000	-1,752,844,000	-1,711,423,000	-1,683,417,000	-1,635,223,000	-1,506,766,000	-1,107,211,000	-663,558,000	-461,052,000	-365,721,000	-303,379,000	-266,649,000	-243,382,000	-235,071,000	-169,365,000	-150,872,000	-143,919,000	-143,579,000	-125,452,000	-119,982,000	-113,757,000	-112,726,000	-100,694,000	-99,051,000	-99,051,000	-98,910,000	-89,394,000	-89,341,000	-88,559,000	-88,507,000	-69,332,000	-58,000,000	-58,000,000	-57,948,000	-53,770,000	-53,770,000	-53,770,000	-52,675,000	-48,432,000	-48,145,000	-47,627,000	-45,142,000	-39,136,000	-28,819,000	-25,872,000	-23,894,000	-23,894,000	-23,153,000	-23,151,000	-14,993,000	-782,000	-782,000
additional paid-in capital	353,971,000	350,374,000	347,146,000	343,852,000	340,365,000	336,736,000	333,366,000	329,990,000	325,994,000	322,512,000	319,266,000	315,930,000	312,677,000	309,310,000	306,152,000	303,029,000	299,858,000	296,670,000	293,859,000	281,103,000	281,163,000	282,467,000	279,147,000	276,330,000	273,650,000	270,923,000	268,279,000	265,396,000	261,071,000	256,806,000	251,828,000	241,169,000	237,056,000	232,670,000	228,928,000	224,735,000	218,667,000	212,559,000	203,503,000	195,316,000	186,828,000	177,167,000	173,301,000	170,194,000	165,734,000	158,549,000	154,636,000	151,528,000	146,945,000	132,904,000	128,366,000	124,578,000	111,556,000	102,133,000	95,938,000	92,914,000	89,800,000	85,720,000	83,821,000	81,261,000	78,962,000	77,449,000	75,607,000	73,880,000	71,898,000	70,100,000	68,670,000	52,469,000	69,935,000	64,808,000
accumulated other comprehensive gain	-185,000	511,000	551,000	165,000																																																289,000
retained earnings	2,762,464,000	2,687,116,000	2,600,384,000	2,584,110,000	2,542,564,000	2,470,946,000	2,389,067,000	2,347,600,000	2,312,722,000	2,244,712,000	2,164,003,000	2,128,264,000	2,099,291,000	2,039,727,000	1,968,700,000	1,938,692,000	1,913,130,000	1,855,052,000	1,769,939,000	1,722,281,000	1,672,820,000	1,594,708,000	1,507,953,000	1,455,907,000	1,408,897,000	1,341,344,000	1,264,675,000	1,206,524,000	1,155,412,000	1,082,169,000	1,006,638,000	972,877,000	926,683,000	854,176,000	785,920,000	746,616,000	706,769,000	650,916,000	602,937,000	573,693,000	546,067,000	502,402,000	464,288,000	430,946,000	405,170,000	370,991,000	337,898,000	308,882,000	285,813,000	259,525,000
total stockholders’ equity	696,190,000	746,933,000	758,041,000	777,976,000	780,704,000	783,853,000	764,137,000	759,195,000	759,447,000	718,014,000	650,530,000	645,425,000	659,250,000	637,619,000	591,556,000	606,638,000	706,437,000	1,045,047,000	1,400,776,000	1,542,683,000	1,588,678,000	1,574,329,000	1,520,983,000	1,489,387,000	1,448,008,000	1,443,433,000	1,381,830,000	1,327,807,000	1,272,873,000	1,213,597,000	1,138,358,000	1,100,300,000	1,051,012,000	985,951,000	915,721,000	872,214,000	826,523,000	773,686,000	716,789,000	680,283,000	644,205,000	610,251,000	579,637,000	543,327,000	513,189,000	476,232,000	439,490,000	407,293,000	380,895,000	344,844,000	314,317,000	288,550,000	258,464,000	234,059,000	217,228,000	198,646,000	181,870,000	163,293,000	146,672,000	142,659,000	135,313,000	136,660,000	127,105,000	113,307,000	99,136,000	86,028,000	73,489,000	53,965,000	65,626,000
total liabilities and stockholders’ equity	967,894,000	992,305,000	1,032,792,000	1,021,007,000	1,031,448,000	1,018,425,000	992,926,000	992,691,000	1,035,571,000	930,463,000	863,156,000	846,217,000	874,021,000	832,749,000	784,544,000	787,303,000	918,386,000	1,222,745,000	1,680,461,000	1,846,967,000	1,885,027,000	1,844,579,000	1,800,562,000	1,790,284,000	1,731,602,000	1,690,289,000	1,760,672,000	1,677,522,000	1,619,473,000	1,324,017,000	1,252,691,000	1,399,968,000	1,391,983,000	1,303,573,000	1,290,930,000	1,168,563,000	1,155,260,000	1,092,493,000	1,072,266,000	1,004,953,000	960,703,000	898,430,000	912,611,000	828,941,000	815,570,000	755,713,000	755,498,000	688,544,000	655,252,000	616,100,000	594,075	541,666,000	523,894,000	494,923,000	423,089,000	375,098,000	349,969,000	317,847,000	303,060,000	289,943,000	286,464,000	284,255,000	281,542,000	237,813,000	221,969,000	174,738,000	183,608,000	126,506,000	157,893,000
accumulated other comprehensive loss					-7,000			-126,000	-113,000	-57,000	-593,000	-690,000	-414,000	-533,000	-417,000	-398,000	-323,000			-185,000	-120,000						-782,000	-724,000	-560,000	-453,000	-652,000	-515,000	-526,000	-724,000	-598,000	-608,000	-522,000	-910,000	-823,000	-678,000	-688,000	-489,000	-454,000	-315,000	-269,000								-191,000	-223,000	-265,000	-298,000	-333,000	-360,000	-498,000	-446,000	-392,000	-445,000	-587,000	-521,000	-314,000
insurance receivable									25,500,000
interest receivable on secured note																			4,850,000		5,011,000	5,011,000	4,850,000	13,000	5,011,000	5,011,000	5,192,000		4,785,000	4,650,000	4,381,000
secured note receivable																			964,912,000	1,154,912,000	964,912,000	964,912,000	964,912,000	1,039,912,000	964,912,000	969,912,000	1,009,912,000	1,069,912,000	929,998,000	900,093,000
current portion of notes payable																			82,915,000	68,145,000	33,144,000	33,144,000	33,144,000	33,144,000	33,144,000	33,144,000	45,332,000	48,422,000	48,422,000	36,468,000	6,572,000	6,572,000	6,670,000	6,691,000	6,680,000	6,665,000	6,651,000	31,636,000	18,633,000	31,630,000	6,628,000	6,625,000	6,723,000	6,620,000	6,618,000	6,616,000	6,613,000	6,611,000	6,609,000	6,607,000	6,605,000	6,603,000	6,601,000	6,601,000	1,760,000	1,769,000	1,739,000	1,739,000	1,760,000	1,841,000	1,957,000	2,026,000	2,104,000	2,100,000	2,121,000	2,105,000	2,101,000	2,108,000	447,000	357,000
other long term liability																		37,000	43,000	50,000	107,000	3,000	6,000	8,000	11,000	13,000	16,000
notes payable, less current portion																				58,057,000	66,344,000	74,630,000	82,916,000	91,202,000	99,488,000	107,774,000	211,060,000	207,888,000	199,994,000	23,437,000	54,976,000	56,619,000	58,274,000	59,925,000	61,596,000	63,270,000	64,943,000	66,616,000	68,276,000	69,935,000	71,594,000	73,252,000	75,759,000	76,565,000	78,221,000	79,877,000	81,532,000	83,187,000	84,840,000	86,493,000	88,137,000	89,806,000	91,449,000	93,100,000	18,681,000	19,124,000	19,468,000	19,901,000	20,329,000	20,769,000	21,432,000
restricted cash and cash equivalents																										300,000	300,000	300,000	300,000	61,667,000	61,667,000		72,816,000	94,534,000	75,604,000	79,440,000	70,342,000										58,801,000	53,233,000	50,834,000	64,368,000	49,800,000	51,541,000	49,680,000	55,964,000	57,027,000	54,482,000	50,454,000	56,115,000	47,177,000	45,390,000	49,740,000							6,230,000	3,946,000	2,197,000
prepaid royalties																																2,615,000	2,689,000	2,763,000	2,837,000	2,911,000	2,985,000	3,059,000	3,133,000	3,207,000	3,281,000	3,355,000	3,429,000	3,503,000	3,577,000	3,650,000	3,725,000	3,799,000	3,873,000	4,641,000	4,806,000	4,970,000	5,135,000	5,299,000	5,464,000	5,628,000	5,793,000	5,958,000	6,122,000	6,287,000	6,396,000	6,579,000	6,762,000	6,945,000	7,128,000	7,311,000	7,494,000	7,677,000	7,860,000	8,043,000
student deposits																																	72,948,000	95,298,000	76,111,000	79,520,000	70,716,000	85,881,000	70,168,000	70,865,000	63,137,000	76,742,000	65,978,000	64,895,000	58,949,000	69,584,000	60,472,000	54,867,000	54,211,000	66,772,000	52,077,000	52,721,000	51,277,000	57,745,000	58,930,000	55,248,000	51,903,000	57,602,000	48,483,000	46,778,000	46,882,000	48,873,000	52,823,000
other noncurrent liabilities																																	1,131,000	1,200,000	1,341,000	1,433,000	1,606,000	1,689,000	3,512,000	3,767,000	4,066,000	4,302,000	3,689,000	3,953,000	4,245,000	4,513,000	4,075,000	6,146,000	6,551,000	6,811,000	6,293,000	6,569,000	7,141,000	7,405,000	7,589,000	7,716,000	7,719,000	7,140,000	6,772,000	5,392,000	2,679,000	2,715,000
note receivable																															882,900,000
assets held for sale																																974,353,000
liabilities held for sale																																139,140,000
income taxes receivable																																		2,086,000				4,686,000				3,952,000				1,000	22,000			3,599,000	13,000	2,533,000			283,000		936,000	11,861,000	8,383,000	5,796,000	2,213,000	8,415,000					414,000	1,398,000	938,000	1,576,000
deferred income taxes, non-current																																		18,362,000				23,708,000				21,303,000				15,974,000				11,832,000				7,045,000				5,334,000
restricted cash, cash equivalents and investments																																						84,931,000	69,328,000	70,840,000	62,481,000	75,384,000	64,737,000	63,696,000	57,875,000	67,840,000																52,178,000	55,875,000	30,658,000	6,203,000	3,403,000
due to related parties																																						120,000	183,000	183,000	189,000	675,000	382,000	401,000	420,000	403,000	471,000	500,000	516,000	454,000	494,000	457,000	429,000	523,000	328,000	319,000	279,000	227,000	464,000	1,573,000	1,958,000	10,346,000	4,758,000	2,076,000	2,574,000	1,174,000	3,110,000	1,666,000	2,429,000	1,197,000
current portion of capital lease obligations																																							160,000	160,000	160,000	697,000	495,000	518,000	92,000	91,000	91,000	90,000	90,000	89,000	89,000	88,000	88,000	87,000	87,000	86,000	96,000	470,000	892,000	1,229,000	1,638,000	1,673,000	1,333,000	710,000	725,000	751,000	776,000	801,000	1,746,000	1,125,000
capital lease obligations, less current portion																																							300,000	340,000	381,000	788,000	153,000	170,000	383,000	406,000	429,000	452,000	475,000	497,000	520,000	542,000	565,000	587,000	609,000	631,000	652,000	674,000	695,000		10,000	151,000	334,000	502,000	692,000	868,000	1,041,000	1,212,000	30,332,000	29,384,000
deferred income taxes																																										6,448,000	5,651,000	6,441,000	6,106,000	6,149,000	4,940,000	5,472,000	5,247,000	5,159,000	6,444,000	7,099,000	5,279,000	5,481,000	5,216,000	3,349,000	2,376,000	3,353,000	6,788,000	6,230,000	9,143,000	9,886,000	9,204,000	11,355,000	7,146,000	6,685,000	4,952,000	3,087,000	2,175,000	2,603,000
accumulated other comprehensive income																																														-35,000	229,000	156,000	316,000	358,000	240,000															-144,000	-157,000	21,000	21,000	16,000
note receivable secured by real estate																																																						27,000,000
restricted cash																																																					225,000	225,000	375,000	375,000	555,000	555,000	555,000	555,000	445,000	760,000
accumulated earnings																																																			233,368,000	210,823,000	191,759,000	170,814,000	149,905,000	131,434,000	115,836,000	101,367,000	86,043,000	84,536,000	71,278,000	59,980,000	52,409,000	39,491,000	27,095,000	15,615,000	4,520,000	1,029,000
accrued litigation loss																																																													5,200,000	5,200,000
accrued exit costs																																																													40,000	64,000	287,000	351,000	353,000	832,000
notes payable, less current portion and other																																																														21,881,000	25,121,000	25,031,000	25,188,000	25,450,000	26,040,000	25,573,000	1,713,000	1,459,000
accrued estimated litigation loss																																																															5,200,000	5,200,000	5,200,000	5,200,000	5,200,000
deferred revenue and student deposits																																																																45,083,000	45,283,000	23,204,000	42,595,000	20,183,000	31,995,000	14,262,000
restricted cash and investments																																																																		360,000	360,000	483,000	483,000	3,403,000
restricted cash and cash equivalents and investments																																																																			3,844,000
accumulated deficit																																																																					-4,785,000	-11,689,000
due from related parties
deposit with former owner
liabilities, preferred stock and stockholders’ (deficit) equity:
royalty payable to former owner
line of credit
series a convertible preferred stock, 0.01 par value:
authorized — 9,700 and 0 shares at december 31, 2007 and 2008, respectively
issued and outstanding — 5,953 and 0 shares at december 31, 2007 and 2008, respectively
series b 12% convertible preferred stock, 0.01 par value:
authorized — 2,200 and 0 shares at december 31, 2007 and 2008, respectively
issued and outstanding — 0 shares at december 31, 2007 and 2008
series c convertible preferred stock, 0.01 par value:
authorized — 3,900 and 0 shares at december 31, 2007 and 2008, respectively
issued and outstanding — 3,829 and 0 shares at december 31, 2007 and 2008, respectively
stockholders’ (deficit) equity
total stockholders’ (deficit) equity																																																																						53,590,000
total liabilities, preferred stock and stockholders’ (deficit) equity																																																																						116,990,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31

cash flows from operating activities:
net income	75,348,000	86,732,000	16,274,000	41,546,000	71,618,000	81,879,000	41,467,000	34,878,000	68,010,000	80,709,000	35,739,000	28,973,000	59,564,000	71,027,000	30,008,000	25,562,000	58,078,000	85,113,000	47,658,000	49,461,000	78,112,000	86,755,000	52,046,000	47,010,000	71,385,000	76,669,000	58,151,000	51,112,000	73,243,000	75,531,000	33,761,000	46,038,000	73,681,000	68,256,000	39,304,000	39,847,000	55,912,000	47,979,000	29,244,000	27,626,000	43,665,000	38,114,000	33,342,000	25,776,000	34,179,000	33,093,000	29,016,000	23,069,000	26,288,000	26,157,000	22,545,000	19,064,000	20,945,000	20,909,000	18,471,000	15,598,000	14,469,000	15,324,000	10,666,000	13,258,000	11,298,000	7,571,000	12,918,000	12,396,000	11,480,000	11,095,000	3,491,000	5,814,000	6,904,000
adjustments to reconcile net income to net cash from operating activities:
share-based compensation	3,598,000	3,228,000	3,294,000	3,487,000	3,630,000	3,370,000	3,376,000	3,996,000	3,483,000	3,246,000	3,336,000	3,253,000	3,369,000	3,158,000	3,123,000	3,171,000	3,190,000	2,811,000	2,756,000	2,940,000	3,019,000	-7,884,000	2,713,000	2,678,000	2,656,000	2,560,000	2,555,000	2,549,000	2,636,000	2,442,000	10,332,000	3,265,000	3,469,000	3,126,000	3,333,000	3,298,000	2,931,000	3,242,000	3,203,000	2,933,000	2,898,000	2,834,000	2,911,000	2,909,000	2,603,000	2,533,000	2,575,000	2,633,000	2,204,000	2,268,000	2,763,000	2,735,000	2,170,000	2,063,000	2,032,000	2,022,000	1,694,000	1,655,000	1,667,000	1,700,000	1,430,000	1,364,000	1,347,000	1,301,000	1,037,000	980,000	862,000	813,000	764,000
depreciation and amortization	8,343,000	8,160,000	8,063,000	7,809,000	7,451,000	7,428,000	7,126,000	6,928,000	6,653,000	6,560,000	6,055,000	5,402,000	5,537,000	5,735,000	5,671,000	5,628,000	5,724,000	5,593,000	5,580,000	5,395,000	5,426,000	5,394,000	5,539,000	5,311,000	4,989,000	4,875,000	4,756,000	4,651,000	4,414,000	3,890,000	3,812,000	14,024,000	13,947,000	13,761,000	13,611,000	13,589,000	13,267,000	12,939,000	11,499,000	10,778,000	10,467,000	10,315,000	8,973,000	8,233,000	8,154,000	8,055,000	7,418,000	7,071,000	6,929,000	6,835,000	6,461,000	6,190,000	5,951,000	6,139,000	5,620,000	5,132,000	5,032,000	4,980,000	4,228,000	4,000,000	3,826,000	3,557,000	3,242,000	2,648,000	2,661,000	2,178,000	2,396,000	1,754,000	1,632,000
amortization of intangible assets	2,105,000	2,104,000	2,105,000	2,105,000	2,105,000	2,104,000	2,105,000	2,105,000	2,105,000	2,104,000	2,105,000	2,105,000	2,105,000	2,104,000	2,105,000	2,105,000	2,105,000	2,104,000	2,105,000	2,105,000	2,105,000	2,104,000	2,105,000	2,105,000	2,105,000	2,179,000	2,179,000	2,179,000	1,686,000
deferred income taxes	1,566,000	1,242,000	11,840,000	-789,000	2,446,000	395,000	-826,000	-1,458,000	1,724,000	-115,000	-643,000	-656,000	1,816,000	33,000	-364,000	-748,000	1,480,000	3,341,000	496,000	61,000	1,776,000	1,000,000	670,000	-222,000	1,688,000	-203,000	500,000	-1,482,000	2,855,000	2,044,000	-14,797,000	-682,000	1,928,000	-8,973,000	441,000	-351,000	3,723,000	6,300,000	-346,000	-232,000	2,710,000	5,881,000	-228,000	-2,078,000	1,001,000	2,788,000	725,000	-2,012,000	1,150,000	3,068,000	1,354,000	-689,000	1,739,000	1,634,000	35,000	-1,940,000	-247,000	10,609,000	7,304,000	1,877,000	1,004,000			-5,947,000	-27,000	52,000	-1,279,000	-1,217,000	-79,000
other, including fixed asset disposals	-232,000	290,000	158,000	-395,000	-207,000		-286,000	-249,000	-208,000
changes in assets and liabilities:
accounts receivable	-28,973,000																													0	0	-4,226,000	-3,558,000	-4,253,000	-6,831,000	-5,354,000	-3,410,000	-5,464,000	-6,131,000	-5,069,000	-3,676,000	-4,006,000	-5,342,000	-4,913,000	-3,052,000	-3,526,000	-3,548,000	-4,397,000	-3,962,000	-4,247,000	-4,737,000	-5,538,000	-4,641,000	-3,596,000	-6,133,000	-4,269,000	-150,000	-1,943,000	-12,881,000	-7,349,000	-6,023,000	-7,625,000	3,840,000	-38,258,000	-4,862,000	-2,310,000	-8,309,000	-3,395,000	-4,362,000
other assets	-1,791,000	-974,000	1,514,000	-283,000	-4,449,000	-69,000	1,988,000	3,008,000	-3,757,000	-485,000	178,000	3,293,000	-4,625,000	-1,316,000	1,883,000	2,141,000	-5,312,000	2,195,000	1,524,000	2,191,000	-6,166,000	5,400,000	-787,000
right-of-use assets and lease liabilities	-67,000	95,000	197,000	101,000	278,000	503,000	537,000	424,000	335,000	701,000	617,000	368,000	419,000	493,000	378,000	143,000	179,000	100,000	208,000	72,000	165,000	484,000	588,000	535,000	544,000	414,000	272,000	67,000	80,000
accounts payable	4,022,000	5,026,000	-5,872,000	-582,000	-2,023,000	-1,046,000	5,724,000	-6,984,000	11,970,000	-7,003,000	1,571,000	370,000	1,953,000	1,874,000	517,000	-11,712,000	5,427,000	-16,095,000	16,834,000	5,682,000	971,000	1,062,000	-2,896,000	-1,111,000	3,957,000	-4,580,000	1,587,000	4,801,000	-4,903,000	-2,368,000	-10,565,000	-1,936,000	563,000	1,371,000	5,715,000	-2,750,000	1,042,000	-1,037,000	-1,370,000	4,628,000	-7,014,000	3,602,000	2,483,000	-918,000	-165,000	508,000	-1,805,000	551,000	-1,702,000	6,704,000	1,740,000	-1,993,000	2,112,000	332,000	665,000	-2,369,000	742,000	1,398,000	-3,239,000	-752,000	5,748,000	-2,807,000	2,255,000	1,150,000	1,912,000	-2,085,000	1,298,000	507,000	2,435,000
accrued liabilities	-5,177,000	2,122,000	-2,944,000	8,572,000	-5,558,000	2,505,000	-6,587,000	8,385,000	-51,000	-1,064,000	-450,000	5,834,000	-6,294,000	-3,185,000	-3,406,000	3,191,000	2,377,000	-9,210,000	8,331,000	-5,687,000	10,714,000	-1,015,000	10,361,000	3,294,000	5,972,000	-5,052,000	8,384,000	941,000	805,000																																-513,000			3,458,000	5,024,000	19,000	7,180,000	-532,000	2,261,000
income taxes receivable/payable	19,598,000	23,498,000	-15,982,000	-30,629,000	16,007,000	9,758,000	3,721,000	-31,672,000	17,328,000	12,613,000	5,283,000	-32,566,000	14,225,000	12,931,000	5,383,000	-29,629,000	16,074,000	6,315,000	-419,000	-21,692,000	16,305,000	8,091,000	-40,576,000	13,032,000	19,174,000	4,553,000	3,215,000	-23,455,000	14,643,000	7,225,000	-1,522,000	-29,174,000	14,809,000	7,892,000	7,114,000	-15,612,000	16,654,000	6,577,000	4,480,000	-21,092,000	21,927,000	-4,174,000	423,000	-14,722,000	13,508,000	-2,404,000	1,826,000	1,852,000	15,104,000	-3,714,000	3,787,000	-9,746,000	1,904,000	-1,871,000	3,443,000	2,465,000	16,556,000	-3,947,000	-1,947,000	-4,371,000	6,666,000					2,218,000	1,315,000
deferred revenue	9,868,000		-10,349,000	5,069,000	9,081,000		-796,000	-3,054,000	10,270,000		-2,873,000	-568,000	9,678,000	-6,102,000	-5,856,000	-214,000	12,162,000		-6,556,000	2,824,000	6,936,000		2,531,000	-464,000	8,153,000	-9,181,000	-840,000	4,873,000	5,123,000	0	1,000	-17,806,000	24,686,000	-69,543,000	64,434,000	-17,755,000	29,020,000	-63,955,000	57,474,000	-10,355,000	19,699,000	-48,836,000	44,303,000	-10,998,000	16,539,000	-40,040,000	35,222,000	-5,014,000	13,884,000	-25,687,000	26,918,000	-7,378,000	10,349,000	-18,065,000	15,573,000	-2,373,000	11,756,000	-13,023,000	12,957,000	3,326,000	3,429,000
net cash from operating activities	88,208,000	130,485,000	-48,633,000	124,008,000	67,631,000	135,817,000	-29,385,000	98,563,000	84,963,000	116,385,000	-29,851,000	94,129,000	62,999,000	110,349,000	-35,619,000	75,829,000	70,260,000	104,224,000	-1,434,000	120,502,000	89,827,000	128,740,000	-40,969,000	135,333,000	85,719,000	111,210,000	5,799,000	112,998,000	76,337,000	102,549,000	-47,126,000	24,654,000	119,008,000	34,971,000	136,267,000	24,004,000	109,656,000	3,835,000	100,427,000	17,706,000	96,318,000	4,890,000	87,343,000	13,478,000	68,189,000	10,254,000	67,302,000	35,769,000	53,671,000	16,663,000	57,750,000	12,323,000	31,713,000	19,462,000	45,159,000	34,396,000	45,179,000	31,608,000	29,465,000	12,613,000	23,413,000	3,570,000	50,407,000	-18,953,000	49,080,000	-5,644,000	39,829,000	-9,593,000	36,575,000
cash flows from investing activities:
capital expenditures	-8,129,000	-7,618,000	-9,664,000	-8,613,000	-8,948,000	-9,747,000	-9,568,000	-8,954,000	-8,979,000	-10,351,000	-16,587,000	-9,012,000	-8,587,000	-8,931,000	-11,165,000	-8,352,000	-6,784,000	-7,523,000	-5,595,000	-6,846,000	-8,911,000	-7,262,000	-9,927,000	-6,144,000	-6,085,000	-7,213,000	-5,522,000	-5,070,000	-4,586,000	-4,375,000	-11,316,000	-43,663,000	-35,173,000	-37,982,000	-25,113,000	-28,762,000	-21,729,000	-20,708,000	-41,969,000	-65,834,000	-49,781,000	-35,012,000	-57,803,000	-66,166,000	-45,737,000	-27,429,000	-59,204,000	-54,799,000	-27,214,000	-19,780,000	-21,160,000	-23,304,000	-14,704,000	-24,034,000	-23,165,000	-33,578,000	-16,876,000	-19,030,000	-23,239,000	-23,608,000	-14,668,000	-23,032,000	-17,240,000	-10,764,000	-11,591,000	-5,879,000	-7,770,000	-6,611,000	-4,500,000
free cash flows	80,079,000	122,867,000	-58,297,000	115,395,000	58,683,000	126,070,000	-38,953,000	89,609,000	75,984,000	106,034,000	-46,438,000	85,117,000	54,412,000	101,418,000	-46,784,000	67,477,000	63,476,000	96,701,000	-7,029,000	113,656,000	80,916,000	121,478,000	-50,896,000	129,189,000	79,634,000	103,997,000	277,000	107,928,000	71,751,000	98,174,000	-58,442,000	-19,009,000	83,835,000	-3,011,000	111,154,000	-4,758,000	87,927,000	-16,873,000	58,458,000	-48,128,000	46,537,000	-30,122,000	29,540,000	-52,688,000	22,452,000	-17,175,000	8,098,000	-19,030,000	26,457,000	-3,117,000	36,590,000	-10,981,000	17,009,000	-4,572,000	21,994,000	818,000	28,303,000	12,578,000	6,226,000	-10,995,000	8,745,000	-19,462,000	33,167,000	-29,717,000	37,489,000	-11,523,000	32,059,000	-16,204,000	32,075,000
additions of amortizable content	-15,000	-13,000	-19,000	-8,000	-20,000	-185,000	-57,000	-98,000	-72,000	-88,000	-321,000	-244,000	-244,000	-103,000	-180,000	-19,000	-95,000	-106,000	-138,000	-181,000	-90,000	-286,000	-91,000	-91,000	-56,000	-69,000	37,000	-71,000	-157,000
purchase of equity investment		0	0	0	-1,000,000
loss on equity investment	100,000	0	0
purchases of investments	-23,512,000	-17,008,000	-33,049,000	-31,746,000	-159,920,000	0	0	-29,213,000	-19,381,000	-25,391,000	345,000	-21,251,000	-52,556,000	-39,453,000	-40,735,000	-28,527,000	-62,834,000	0	-5,112,000	-19,886,000	-31,337,000					-7,689,000	77,000	0	-1,772,000	-15,493,000	-10,190,000	-4,143,000	-17,122,000	-17,424,000	-24,449,000	-25,649,000	-26,532,000	-14,560,000	-8,572,000	-12,337,000	-13,688,000	-12,575,000	-10,524,000	-14,313,000	-10,710,000	-13,734,000	-13,968,000	-24,506,000	-62,711,000	-67,913,000	-45,821,000	-31,409,000	-23,810,000																-11,000
proceeds from sale or maturity of investments	55,637,000	8,660,000	35,865,000			0	100,911,000	23,536,000	23,172,000	25,888,000	-5,910,000	19,584,000	24,253,000	46,666,000	36,379,000			0	49,626,000	11,647,000	5,519,000	1,938,000	1,854,000	2,536,000	4,263,000	206,000	60,000	145,000	56,752,000	14,555,000	17,565,000	19,052,000	13,944,000	15,642,000	24,254,000	17,792,000	7,571,000	4,118,000	8,358,000	44,525,000	12,924,000	13,227,000	10,041,000	31,795,000	10,479,000	40,076,000	43,334,000	25,480,000	13,665,000	22,985,000	30,768,000											0	0	0	487,000
net cash from investing activities	24,081,000	-15,979,000	-6,867,000	-28,860,000	-169,888,000	-9,932,000	91,286,000	-14,729,000	-5,260,000	-9,942,000	-22,473,000	-10,923,000	-37,134,000	-1,821,000	-15,701,000	-9,904,000	-69,713,000	962,283,000	228,781,000	-205,266,000	-34,819,000	-5,610,000	66,836,000	-78,699,000	-1,878,000	25,235,000	54,652,000	-144,910,000	-340,852,000	-22,506,000	-148,294,000	-28,910,000	-38,525,000	-39,980,000	-25,401,000	-38,095,000	-48,588,000	-50,001,000	-59,290,000	-50,697,000	-56,013,000	-47,943,000	-58,286,000	-48,684,000	-45,968,000	-1,087,000	-29,838,000	-53,825,000	-76,260,000	-67,956,000	-40,486,000	-53,291,000	-10,765,000	-57,289,000	-23,983,000	-39,059,000	-11,215,000	-27,968,000	-25,026,000	-19,368,000	-11,915,000	-20,095,000	-42,457,000	-35,219,000	-14,035,000	-5,438,000	-5,259,000	-44,400,000	-3,324,000
cash flows from financing activities:
repurchase of common shares and shares withheld in lieu of income taxes	-127,906,000	-100,028,000	-39,494,000	-47,379,000	-77,857,000	-64,846,000	-39,634,000	-38,725,000	-29,970,000	-16,839,000	-33,730,000	-45,321,000	-41,234,000	-28,006,000	-48,194,000	-128,457,000	-399,555,000
net cash from financing activities	-127,906,000	-100,028,000	-39,494,000	-47,379,000	-77,857,000	-64,846,000	-39,634,000	-38,725,000	-29,970,000	-16,839,000	-33,730,000	-45,321,000	-41,234,000	-28,006,000	-48,194,000	-128,457,000	-399,555,000	-526,568,000	-235,793,000	-71,617,000	-74,948,000	-44,311,000	-31,449,000	-16,595,000	-73,920,000	-133,882,000	-6,543,000	9,246,000	171,269,000	-4,576,000	-7,541,000	-1,899,000	-12,829,000	-2,729,000	-842,000	930,000	-33,092,000	16,999,000	-10,548,000	28,752,000	-14,548,000	-12,088,000	-1,590,000	-240,000	-1,303,000	-411,000	-1,196,000	-859,000	5,894,000	301,000	-1,249,000	4,030,000	1,680,000	73,294,000	-2,292,000	-1,277,000	1,547,000	-1,450,000	-92,000	-8,836,000	-14,892,000	-309,000	-899,000	-291,000	267,000	-17,000	14,358,000	10,460,000	-128,000
net decrease in cash and cash equivalents and restricted cash	-15,617,000												-15,369,000		-99,514,000	-62,532,000	-399,008,000										53,908,000
cash and cash equivalents and restricted cash, beginning of period	111,762,000	0	0	0	324,623,000	0	0	0	146,475,000	0	0	0	120,409,000	0	0	0	600,941,000	0	0	0	245,769,000	0	0	0	122,572,000	0	0	0	182,013,000	0	0	0	248,008,000		0	0	130,907,000
cash and cash equivalents and restricted cash, end of period	96,145,000	14,478,000	-94,994,000	47,769,000	144,509,000	61,039,000	22,267,000	45,109,000	196,208,000	89,604,000	-86,054,000	37,885,000	105,040,000	80,522,000	-99,514,000	-62,532,000	201,933,000	539,939,000	-8,446,000	-156,381,000	225,829,000	78,819,000	-5,582,000	40,039,000	132,493,000	2,563,000	53,908,000	-22,666,000	88,767,000	75,467,000	-115,086,000	-94,030,000	315,662,000		110,024,000	-13,161,000	158,883,000
supplemental disclosure of cash flow information
cash paid for interest						0	0	2,000	2,000	6,000	1,000	7,000	19,000	-3,000	0			1,298,000	741,000	763,000	895,000	770,000	917,000	1,073,000	1,546,000	3,765,000	2,914,000	3,170,000	1,667,000	773,000	359,000	58,000	321,000		466,000	493,000	674,000		310,000	149,000	332,000		315,000	148,000	386,000		411,000	381,000	535,000		533,000	486,000	573,000		160,000	33,000	253,000		170,000	38,000	107,000		124,000	214,000	195,000		270,000	603,000	673,000
cash paid for income taxes	370,000	148,000	9,272,000	44,143,000	333,000	13,841,000	7,200,000	43,925,000	295,000	11,372,000	5,194,000	42,230,000	230,000	7,455,000	2,277,000	38,535,000	306,000	13,492,000	11,276,000	36,902,000	230,000	14,267,000	52,264,000	1,600,000	250,000	14,117,000	10,672,000	34,694,000	420,000	9,034,000	24,927,000	43,859,000	375,000		13,695,000	31,280,000	438,000		10,650,000	38,461,000	1,715,000		14,422,000	33,186,000	6,800,000		14,338,000	14,513,000	372,000		11,012,000	22,530,000	10,566,000		9,230,000	9,324,000	1,061,000		997,000	11,574,000	219,000		10,467,000	17,463,000	1,598,000		2,578,000	9,264,000	138,000
supplemental disclosure of non-cash investing and financing activities
purchases of property and equipment included in accounts payable	1,724,000	37,000	-504,000	858,000	444,000	-539,000	-109,000	-378,000	2,091,000	982,000	-717,000	671,000	973,000	-696,000	173,000	212,000	1,442,000	-266,000	1,380,000	-454,000	876,000	184,000	-1,667,000	1,790,000	899,000	-1,327,000	882,000	178,000	736,000	197,000	-13,437,000	1,280,000	13,081,000	245,000	-681,000	1,125,000	5,993,000	-2,989,000	-9,063,000	-3,363,000	23,161,000	-9,935,000	2,589,000	3,012,000	17,611,000	-5,805,000	1,440,000	4,772,000	5,438,000		4,868,000	-2,034,000	4,067,000		4,748,000	-2,507,000	5,395,000		-1,964,000	1,160,000	5,631,000		7,351,000	1,586,000	-1,357,000			383,000	658,000
excise tax on treasury stock repurchases	1,087,000	1,000,000	395,000	554,000	533,000	687,000	393,000	388,000	34,000	168,000	337,000	454,000	187,000
lease termination, impairment and other		0
accounts receivable from university partners		37,763,000	-94,342,000	87,997,000	-32,748,000	33,440,000	-86,934,000	82,256,000	-32,899,000	25,664,000	-79,793,000	77,889,000	-25,158,000																-24,722,000
net increase in cash and cash equivalents and restricted cash		14,478,000	-94,994,000	47,769,000	-180,114,000	61,039,000	22,267,000	45,109,000	49,733,000									539,939,000	-8,446,000	-156,381,000	-19,940,000	78,819,000	-5,582,000	40,039,000	9,921,000				-93,246,000	75,467,000	-115,086,000	-94,030,000	67,654,000	-7,738,000	110,024,000	-13,161,000	27,976,000
rou asset and liability recognition						692,000	-3,044,000			2,061,000	13,947,000			-2,367,000	16,931,000	-1,477,000	1,980,000	-407,000	2,058,000	131,000	1,586,000	2,077,000	15,663,000	8,735,000	6,775,000
reserve for litigation settlement
other, including impairment and fixed asset disposals
insurance receivable for litigation settlement to be paid by insurance									25,500,000
reversal of credit loss reserve
funding to gcu																		0	0			0	0
repayment by gcu																		969,912,000				0
principal payments on notes payable																		-82,915,000	-8,287,000	-8,286,000	-8,286,000	-8,286,000	-8,286,000	-8,286,000	-8,286,000	-20,474,000	82,000	-12,191,000	-59,850,000
net proceeds from exercise of stock options																		0	0	0	2,680,000	705,000	104,000	2,000	72,000	85,000	328,000	1,777,000	1,631,000	2,537,000	327,000	849,000	919,000	617,000	860,000	2,773,000	3,122,000	3,191,000	3,044,000	3,513,000	3,459,000	618,000	171,000	965,000	1,735,000	859,000	332,000	1,244,000	5,390,000	1,462,000	744,000	8,213,000	5,859,000	3,710,000	913,000	1,115,000	2,311,000	204,000	874,000	590,000	13,000	354,000	438,000	453,000	502,000	530,000	449,000	0	247,000
other, including fixed asset impairments											-976,000	432,000	410,000	-160,000	382,000	-88,000	719,000	199,000	176,000	237,000	65,000	227,000	233,000	-178,000	289,000	34,000	-84,000	-99,000	-186,000									244,000	2,599,000				1,226,000
accounts receivable and interest receivable from university partners														23,757,000	-75,443,000	76,279,000	-31,943,000	29,952,000	-80,127,000	76,913,000	-29,601,000	26,862,000	-73,496,000	61,835,000	-28,451,000	34,619,000	-74,909,000
allowance for credit losses of 5,000, net of taxes of 1,168 from adoption of asu 2016-13																						0	0	0	3,832,000
net borrowings from revolving line of credit																										-95,000,000	0	20,000,000	6,250,000					0	0	0	-25,000,000
loss on transaction
student deposits																														0	0	15,062,000	-22,350,000	19,187,000	-3,409,000	8,804,000	-15,165,000	15,713,000	-697,000	7,728,000	-13,605,000	10,764,000	1,083,000	5,946,000	-10,635,000	9,112,000	5,605,000	656,000	-12,561,000	14,695,000	-644,000	1,444,000	-6,468,000	-1,185,000	3,682,000	3,345,000	-5,699,000	9,119,000	1,705,000	-104,000	-1,991,000
deferred rent																														0	0	-153,000	-36,000	-98,000	-49,000	-130,000	-92,000	315,000	-255,000	-299,000	-236,000	-387,000	-264,000	-292,000	-268,000	438,000	-2,071,000	-405,000	-260,000	517,000	-275,000	-253,000	-193,000	-109,000	-70,000	60,000	622,000	1,020,000	419,000
acquisition, net of cash acquired																										0	0	0	-361,184,000
debt issuance costs																										0	0	0	-2,385,000									0	0	0	-194,000																		0
proceeds from notes payable																										0	0	0	243,750,000
repurchase of common shares including shares withheld in lieu of income taxes																		-443,653,000	-192,506,000	-98,331,000	-69,342,000	-36,730,000	-23,267,000	-8,311,000	-65,706,000	-18,493,000	-6,953,000	-340,000	-18,127,000	-5,470,000	-6,225,000	-1,031,000	-12,032,000	-1,643,000	0	-141,000	-9,516,000	-53,000	-782,000	-52,000	-19,175,000	-11,332,000	0	-52,000	-4,178,000		0	-1,095,000	-4,243,000		-518,000	-2,485,000	-6,006,000
lease adoption - recognition of right of use assets and lease liabilities
reclassification of interest rate corridor due to expiration

balance at december 31, 2017
cumulative effect from the adoption of accounting pronouncements, net of taxes of 390
comprehensive income
adoption impact – asu 2018-02
common stock purchased for treasury
restricted shares forfeited
exercise of stock options
balance at december 31, 2018
balance at december 31, 2019
cumulative effect from the adoption of accounting pronouncements, net of taxes of 1,168
balance at december 31, 2020
provision for bad debts																														0	0	3,672,000	4,997,000	5,127,000	5,521,000	3,447,000	4,383,000	5,827,000	4,849,000	3,443,000	4,520,000	5,208,000	4,000,000	3,444,000	3,968,000	4,210,000	3,774,000	3,266,000	3,795,000	5,016,000	5,396,000	4,544,000	4,941,000	4,520,000	5,621,000	3,749,000	4,122,000	6,461,000	13,317,000	7,598,000	6,988,000	7,013,000	6,074,000	5,499,000	4,774,000	4,085,000	3,344,000	3,292,000	3,295,000
purchases of land and building improvements related to off-site development																														0	0	-156,000	-174,000
disposition
funding to gcu at closing in excess of required capital																														0
repayment of excess funds by gcu																														0
sale transaction to gcu through secured note financing																														0
reclassification of capitalized costs - adoption of asc 606
reclassification of deferred revenue – adoption of asc 606																														0	0	0	7,451,000
reclassification of tax effect within accumulated other comprehensive income																														0	0
prepaid expenses and other																									-6,742,000	4,323,000	33,000	1,205,000	-3,425,000	2,108,000	-477,000	1,254,000	-1,332,000	617,000	-1,603,000	699,000	-2,112,000	-2,300,000	-3,394,000	3,317,000	404,000	-802,000	-2,922,000	1,656,000	-283,000	398,000	-2,379,000	1,105,000	957,000	-1,462,000	-1,731,000	-2,054,000	-2,069,000	751,000	-825,000	-742,000	-1,104,000	-1,581,000	-3,450,000	-1,075,000	-52,000	-1,168,000	-668,000	-1,255,000	-1,655,000	-1,204,000	494,000
funding to gcu for capital expenditures																										0	0	-139,914,000	-29,905,000	-17,193,000
loss on transaction, net of costs and asset impairment																										0	0	-122,000	4,088,000	0
repayment by gcu for capital expenditures																										40,000,000
return of equity method investment																																		0				0	0	0	1,749,000
reclassification of capitalized costs – adoption of asc 606																														0	0	0	9,015,000
lease adoption - gross up of right of use assets and lease liabilities																										0	0	0	498,000
rou asset and liability gross up
reclassification of restricted cash to assets held for sale
accounts receivable from gcu																														18,021,000
proceeds received from note receivable																																						0	0	0	501,000									0	0	0	29,187,000
principal payments on notes payable and capital lease obligations																														-1,643,000	-1,643,000	-1,717,000	-1,716,000	-1,703,000	-1,702,000	-1,702,000	-1,698,000	11,303,000	-14,696,000	-1,698,000	-2,133,000	-1,667,000	-1,743,000	-1,698,000	-1,676,000	-1,675,000	-1,675,000	-1,674,000	-1,672,000	-1,665,000	-1,688,000	-1,664,000	-1,672,000	-19,972,000	-473,000	-470,000	-829,000	-892,000	-964,000	-1,198,000	-694,000	-724,000	-694,000	-788,000	-727,000	-722,000	-717,000	-592,000	-384,000
other																															393,000	479,000	539,000		1,537,000	92,000	122,000				-1,694,000								121,000													90,000	-8,000	-20,000	-39,000	0	0	0	-14,000
accrued liabilities and employee related liabilities																															-11,168,000	-5,163,000	7,665,000		7,149,000	-3,820,000	3,381,000		-354,000	4,642,000	7,331,000		-1,603,000	4,948,000	-4,526,000		-3,697,000	8,506,000	-6,419,000		-5,933,000	7,711,000	-5,531,000		-240,000	12,084,000	-2,798,000		-1,106,000
disposition, net of cash
purchases of land, building and golf course improvements related to off-site development																																		-216,000	-778,000	-1,476,000	-7,898,000	-18,851,000	-17,107,000	-17,051,000	-7,718,000
cash and cash equivalents and restricted cash, beginning of year
cash and cash equivalents and restricted cash, end of year
cash paid during the year for interest
cash paid during the year for income taxes
purchases of equipment though capital lease obligations
shortfall tax expense from share-based compensation																																						-4,000	7,000	5,000	252,000	8,000	0	7,000	11,000	2,000	0	5,000	9,000	3,000	1,000	131,000	74,000		75,000	108,000	17,000		70,000
tax benefit of spirit warrant intangible																																						63,000	63,000	64,000	63,000	63,000	61,000	64,000	65,000	65,000	65,000	65,000	65,000	66,000	67,000	67,000	67,000		65,000	75,000	59,000		67,000	57,000	70,000		-99,000	0	259,000		-43,000	-3,793,000	4,107,000
excess tax benefits from share-based compensation																																						-2,558,000	-1,886,000	-1,989,000	-3,495,000	-293,000	18,000	-545,000	-2,816,000	-405,000	-147,000	-666,000	-6,419,000	-791,000	-213,000	34,000	-3,499,000	-1,091,000	-215,000	-56,000	-65,000					-61,000	-139,000	-44,000	-492,000	-183,000	-55,000	0	-9,000
restricted cash, cash equivalents and investments																																						-15,603,000	1,512,000	-8,359,000	12,903,000	-10,647,000	-1,041,000	-5,821,000	9,965,000
due to/from related parties																																						-63,000	0	-6,000	-486,000	293,000	-19,000	-19,000	17,000	-68,000	-29,000	-16,000	62,000	-40,000	37,000	28,000	-94,000	195,000	9,000	40,000	52,000	638,000	-1,109,000	-385,000	-8,388,000	5,588,000	2,682,000	-498,000	1,400,000	-1,936,000	1,444,000	-763,000	1,232,000
net increase in cash and cash equivalents																																						-29,167,000	30,589,000	-4,239,000	25,757,000	-55,141,000			20,918,000	8,756,000			-16,695,000	-50,992,000	16,015,000	-36,938,000	22,628,000	35,467,000	18,884,000	-5,940,000	35,511,000				-3,394,000	-16,834,000			35,312,000	-11,099,000			33,123,000
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
cash received for income tax refunds																																										2,000				21,000	362,000	0	2,000	13,000	711,000	2,000	2,000
proceeds from draw on revolving line of credit																																							0
cash and cash equivalents, beginning of period																																							0	0	23,036,000		0	0	65,238,000		0	0	55,824,000		0	0	105,111,000		0	0	21,189,000		0	0	33,637,000		0	0	62,571,000		0	0	35,152,000
cash and cash equivalents, end of period																																							30,589,000	-4,239,000	48,793,000		27,467,000	-35,446,000	86,156,000		36,268,000	-18,915,000	39,129,000		16,015,000	-36,938,000	127,739,000		18,884,000	-5,940,000	56,700,000		4,347,000	-15,591,000	30,243,000		7,051,000	-54,463,000	97,883,000		48,928,000	-43,533,000	68,275,000
purchases of equipment through capital lease obligations
loss on note receivable
loss on asset disposal and fixed asset impairments
prepaid royalty impairment																																														0	0	0	966,000
restricted funds held for derivative collateral and legal matter																																																						150,000	0
purchases of equipment through capital lease and note payable obligations
net decrease in cash and cash equivalents																																																											4,347,000
amortization of notes payable issuance costs
gain on note receivable
purchase of land and building related to off-site development
investment in note receivable secured by real estate
notes payable modification costs
repurchase of common shares including share withheld in lieu of income taxes
gain on proceeds received from note receivable																																																			-1,459,000	0	-2,187,000
other including fixed asset impairments																																															385,000
restricted cash and cash equivalents																																															-5,568,000	-2,399,000	13,534,000	-14,653,000	1,741,000	-1,776,000	6,284,000	1,063,000	-2,545,000
restricted funds held for derivative collateral																																																			0
purchase of land and building related to offsite development
loss on asset disposal																																																						904,000	20,000	0	182,000
exit costs																																																										0	0	-40,000	-24,000	-223,000	-64,000	-2,000	-479,000
lease termination fees
accrued litigation loss
purchase of equipment through notes payable and capital lease obligations																																																																			0
purchases of property and equipment included in accounts payable and deferred rent
amortization of debt issuance costs																																																							16,000	17,000	15,000		12,000	15,000	15,000		16,000	16,000	16,000
purchase of land and building related to future development																																																				-5,498,000	-1,438,000	-6,405,000
non-capitalizable system conversion costs																																																														0	0
repurchase of common shares																																																						-10,317,000	-2,947,000				-2,000								0
litigation settlement																																																											0
lease termination fee
change in restricted cash and cash equivalents																																																									5,661,000	-8,938,000	-1,787,000	4,240,000	2,753,000	2,937,000	-25,217,000	-24,455,000	-2,931,000	441,000	2,511,000	-2,295,000	1,187,000
litigation loss
proceeds from notes payable and line of credit
notes payable issuance costs
repurchase of outstanding shares
net proceeds from issuance of common stock																																																																		-8,000
purchase of treasury stock																																																													-14,211,000
prepaid royalties to former owner
royalty payable to former owner
deposit with former owner
repayment on line of credit
repurchase of institute warrant
repayment of institute note payable
proceeds from related party payable on preferred stock
payment of special distribution
proceeds from exercise of warrant
estimated litigation loss																																																																		0
deferred income tax benefit
accrued compensation, benefits and liabilities
income taxes payable																																																															-3,264,000	-3,210,000	6,251,000				4,598,000
deferred revenue and student deposits																																																															22,898,000	-200,000	22,079,000	-19,391,000	22,412,000	-11,812,000	17,733,000
purchase of campus land and buildings																																																																		0	0
proceeds from debt																																																																			0
repurchase of common shares and treasury stock
purchase of equipment through capital lease obligations																																																																					2,116,000
settlement of capital lease obligation																																																																			0
net proceeds from issuance of preferred stock
dividends on preferred stock
repurchase of institute note payable
amount paid related to initial public offering
deferred tax on repurchase of institute warrant
value assigned to blanchard shares
assumption of future obligations under gift annuities
accretion of dividends on series c convertible preferred stock
prepaid expenses and other assets																																																																					185,000
proceeds from line of credit and other debt obligations
redemptions of preferred stock
issuance of series b and series c convertible preferred stock for notes receivable
receipt of marketable securities for series b convertible preferred stock
issuance of series c convertible preferred stock for settlement of balances owed
conversion of series a and series c convertible preferred stock

Grand Canyon Education, Inc(NASDAQ:LOPE)

Grand Canyon Education, Inc
(NASDAQ:LOPE)