Grand Canyon Education, Inc. (LOPE) Q2 2026 Earnings Call Transcript

Good day, and welcome to the Grand Canyon Education Second Quarter 2026 Earnings Conference Call.

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Dan Bachus, Chief Financial Officer. Please go ahead.

Joining me on today's call is our Chairman and CEO, Brian Mueller. Please note that many of our comments today will contain forward-looking statements that involve risks and uncertainties. Various factors could cause our actual results to be materially different from any future results expressed or implied by such statements. These factors are discussed in our SEC filings, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. We undertake no obligation to provide updates with regard to the forward-looking statements made during this call, and we recommend that all investors review these reports thoroughly before taking a financial position in GCE. And with that, I'll turn the call over to Brian.

Good afternoon, and thank you for joining Grand Canyon Education's second quarter 2026 conference call. There has been major disappointment from investors with regard to Grand Canyon Education's stock performance over the last 12 months. This is true in spite of the fact that GCE's financial performance continues to be remarkably consistent as it has been for 18 years. I'm going to start this call with the reason I believe this is happening. The following quote from a