secwatch.observer — SEC 8-K summary
======================================

Issuer:     Grand Canyon Education, Inc. (LOPE)
CIK:        0001434588
Form:       8-K
Filed at:   2021-10-28T23:59:59+00:00
Accession:  0001558370-21-013722
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

GCU refinancing $500M note; Q3 net income down 8.4%, EPS $1.08
--------------------------------------------------------------

- GCU to repay $500M of Secured Note; Modification replaces first-priority lien with trust obligation at 6%, due 2025.
- Q3 service revenue $206.8M (+4.2% YoY); operating income fell to $45.3M from $51.0M (margin 21.9% vs 25.7%).
- Net income $47.7M ($1.08 diluted EPS) vs $52.0M ($1.11); adjusted EPS $1.11 vs $1.14.
- Partner enrollments 118,832 (+0.9% YoY); off-campus classroom enrollments up 12.1% to 5,652.
- Company to repay and terminate GCE credit agreement; plans to use balance for share repurchases.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1434588/000155837021013722/0001558370-21-013722-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1434588/000155837021013722/lope-20211028x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-21-013722

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer