The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial statements and related notes that appear elsewhere in this report.

Forward-Looking Statements



This Quarterly Report on Form 10-Q, including Item 2, Management's Discussion
and Analysis of Financial Condition and Results of Operations, contains certain
"forward-looking statements" within the meaning of Section 27A of Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). 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, or forecasts as to our business, financial
and operational results, and future economic performance; and management's goals
and objectives and other similar expressions concerning matters that are not
historical facts. Words such as "may," "should," "could," "would," "predicts,"
"potential," "continue," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar expressions, the negative of these
expressions, as well as statements in future tense, identify forward-looking
statements.

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'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 occurrence of any event change or other circumstance that could give rise

to the termination of any of the 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 service 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;

? the ability of our university partners' students to obtain federal Title IV

funds, state financial aid, and private financing;

potential damage to our reputation or other adverse effects as a result of

? negative publicity in the media, in the industry or in connection with

governmental reports or investigations or otherwise, affecting us or other

companies in the education services sector;

risks associated with changes in applicable federal and state laws and

? regulations and accrediting commission standards, including pending rulemaking

by the Department of Education applicable to us directly or indirectly through

our university client;

competition from other education service companies in our geographic region and

? market sector, including competition for students, qualified executives and

other personnel;




 ? our expected tax payments and tax rate, including the effect of the Tax Cuts
   and Jobs Act of 2017;


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? our ability to hire and train new, and develop and train existing, employees;

? the pace of growth of our university partners' enrollment and its effect on the

pace of our own growth;

? fluctuations in our revenues due to seasonality;

? 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;

? risks associated with the competitive environment for marketing the programs of

our university partners;

? failure on our part to keep up with advances in technology that could enhance

the experience for our university partners' students;

the extent to which obligations under our credit agreement, including the need

? to comply with restrictive and financial covenants and to pay principal and

interest payments, limits our ability to conduct our operations or seek new

business opportunities;

? our ability to manage future growth effectively;

? the impact of any natural disasters or public health emergencies;

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; and

? general adverse economic conditions or other developments that affect the job

prospects of our university partners' students.




Additional factors that could cause actual results to differ from those
discussed in the forward-looking statements include, but are not limited to,
those described in this "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and in "Risk Factors" in Part I, Item 1A of
our Annual Report on Form 10-K (the "2019 Form 10-K") for the fiscal year ended
December 31, 2019, as updated in our subsequent reports filed with the
Securities and Exchange Commission ("SEC"), including any updates found in
Part II, Item 1A of this Quarterly Report on Form 10-Q or our other reports on
Form 10-Q. You should not put undue reliance on any forward-looking statements.
Forward-looking statements speak only as of the date the statements are made and
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. 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.

Explanatory Note



GCE 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's most significant university partner is GCU,
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.

In January 2019, GCE began providing education services to numerous university
partners across the United States, through our wholly owned subsidiary, Orbis
Education, which we acquired on January 22, 2019. See Note 2 -

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Acquisition to consolidated financial statements for a full description of the
Acquisition. 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 who enter the workforce and ease healthcare industry
demands. Orbis Education offers four primary academic programs with site
simulation and skill labs located near healthcare providers. Therefore, the
results of operations for the three months ended March 31, 2019 include Orbis
Education's financial results for the period from January 22, 2019 to March

31,
2019.

SIGNIFICANT DEVELOPMENTS

Impact of COVID-19


In March 2020, the World Health Organization declared the novel coronavirus
outbreak ("COVID-19") 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 most significant
university partner.




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'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 which are working adult students that attend class
one night a week on the Phoenix campus, and online students that attend class
fully online.




This outbreak, as well as measures taken to contain the spread of COVID-19, has
impacted GCU's students and its business in a number of ways. GCU's 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's historical
experience delivering online education services and the fact that all of its
students and faculty use the university'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 although the
university has seen an increase in Leave of Absence requests for professional
studies and online students that need to take a break due to the pandemic. In
addition, the following impacts from the COVID-19 pandemic, which began in late
March and have continued in our second fiscal quarter of 2020, have served to
reduce GCU's non-tuition revenue and, consequently, the service revenues we earn
under the master services agreement:

Traditional ground university students that elected to move off campus are

? receiving partial refunds for dormitory and meal payments related to the Spring

semester, which has reduced GCU's revenue and thus the service revenues earned


   by the Company in the last nine days of March and the month of April;

Ancillary businesses such as the hotel, golf course, and merchandise shops were

? closed in late March, which reduced and will continue to reduce GCU's revenues

and thus the service revenues earned by the Company until these businesses are


   reopened;

? Summer semester classes will be moved to an online environment and limited


   residential students are expected;




   GCU's doctoral students are required to attend two residencies on the

university'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. The

residencies that were scheduled for the last week of March through the end of

May have been cancelled and it is possible that the residencies scheduled


   during the rest of the Summer will be cancelled as well.


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The Company also has long-term services agreements with 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 majority of
Orbis Education's 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. We currently believe the Spring semester will be completed
without interruption and each university partner still plans to begin its Summer
semester. It is currently anticipated that some students that were scheduled to
start in the Summer semester will delay their start until the Fall semester
which will result in slightly lower enrollments and revenues in the Summer
semester.



As a result of the items mentioned above, we expect lower service revenues under
both the Master Services Agreement with GCU and under the Orbis Education's
services agreements for the second and third quarters of 2020, and 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.



The COVID-19 outbreak also presents operational challenges to the Company as
approximately 90% of our entire workforce is currently working remotely. 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.



It is not possible for us to completely predict the duration or magnitude of the
adverse results of the outbreak 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 commencing in
late August 2020, that will have a material impact on GCU's revenue and thus the
service revenue earned by the Company. The decision by a number of the Orbis
Education's university partners to cancel or postpone the Summer and/or Fall
semesters would have a material impact on the service revenue earned by the
Company.



We believe that the reduction in our net revenue and operating profit in the
first quarter of 2020 that resulted from the impacts of COVID-19 was $1.8
million. We further believe that the potential reduction in net revenue in the
second and third quarters of 2020 attributable to COVID-19, even assuming that
none of Orbis Education's university partners postpone or cancel the Summer
semester, will range from $9.0 million to $10.0 million and from $4.0 million to
$6.0 million, respectively, with a comparable reduction in operating profit
during each period.

Critical Accounting Policies and Use of Estimates



Our critical accounting policies are disclosed in the 2019 Form 10-K for the
fiscal year ended December 31, 2019. During the three months ended March 31,
2020, there have been no significant changes in our critical accounting
policies.

Results of Operations



The following table sets forth certain income statement data as a percentage of
net revenue for each of the periods indicated. Amortization of intangible assets
and the loss on transaction have been excluded from the table below:


                                      Three Months Ended
                                          March 31,
                                      2020          2019
Costs and expenses
Technology and academic services        11.9 %         9.4 %
Counseling services and support         27.2          26.9
Marketing and communication             19.3          18.2
General and administrative               4.3           5.8




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Three Months Ended March 31, 2020 Compared to Three Months Ended March 31, 2019



Service revenue. Our service revenue for the three months ended March 31, 2020
was $221.7 million, an increase of $24.4 million, or 12.4%, as compared to
service revenue of $197.3 million for the three months ended March 31, 2019. The
increase year over year in service revenue was primarily due to an increase in
university partner enrollments between years of 5.8% and an increase in revenue
per student year over year. Partner enrollments in programs serviced by Orbis
Education at March 31, 2020 was 3,999, an increase of 18.2% over 3,384
enrollments at March 31, 2019 and due to an increase in enrollments at GCU to
103,592, an increase of 5.4%. The increase in revenue per student is primarily
due to the following factors. The partnership agreements that were acquired as
part of the acquisition generally generate a higher revenue per student than our
agreement with GCU as these agreements generally have a higher percentage of
service revenue, the partners have higher tuition rates than GCU and the
majority of these students are studying in the Accelerated Bachelor of Science
in Nursing program so these students take on average more credits per semester.
Also, we generated slightly more Spring semester revenues in the first quarter
of 2020 as compared to the first quarter of 2019 due to the timing of the Orbis
Education acquisition on January 22, 2019, due to 2020 being a Leap Year and
thus providing an extra day of revenue in 2020 as compared to 2019, and because
our most significant university partner, GCU, had residential student enrollment
growth year over year of 10.0% and residential students generate higher revenue
per student than other GCU students due to ancillary revenues such as room and
board.

Technology and academic services. Our technology and academic services expenses
for the three months ended March 31, 2020 were $26.3 million, an increase of
$7.7 million, or 41.1%, as compared to technology and academic services expenses
of $18.6 million for the three months ended March 31, 2019. These increases were
primarily due to increases in employee compensation and related expenses
including share-based compensation, in occupancy and depreciation including
lease expenses, and in technology and academic supply costs of $6.3 million,
$1.2 million, and $0.2 million, respectively. These increases were primarily due
to increased headcount to support our 24 university partners, and their
increased enrollment growth, tenure-based salary adjustments, an increase in
benefit costs, the timing of the Orbis Education acquisition and the increased
number of sites between years. Our technology and academic services expenses as
a percentage of net revenue increased 2.5% to 11.9% for the three months ended
March 31, 2020, from 9.4% for the three months ended March 31, 2019 primarily
due to the Orbis Education university partnership agreements requiring a higher
level of technology and academic services than our agreement with GCU.

Counseling services and support. Our counseling services and support expenses
for the three months ended March 31, 2020 were $60.2 million, an increase of
$7.1 million, or 13.4%, as compared to counseling services and support expenses
of $53.1 million for the three months ended March 31, 2019. These increases were
primarily attributable to increases in employee compensation and related
expenses including share-based compensation, in depreciation, amortization and
occupancy costs of $7.0 million and $0.4 million, respectively. These increases
were partially offset by a slight decrease in other counseling services and
support related expenses of $0.3 million. The increases in employee compensation
and related expenses were primarily due to increased headcount to support our 24
university partners, and their increased enrollment growth, tenure-based salary
adjustments, an increase in benefit costs, the timing of the Orbis Education
acquisition and the increased number of sites between years. The decrease in
other counseling services is primarily the result of decreased travel costs to
service our 24 university partners. All non-essential travel ceased when the
COVID-19 national emergency was announced in mid-March. Our counseling services
and support expenses as a percentage of net revenue increased 0.3% to 27.2% for
the three months ended March 31, 2020, from 26.9% for the three months ended
March 31, 2019 primarily due to increased benefit costs as a percentage of
revenue between years and the timing of the Orbis Education acquisition.

Marketing and communication. Our marketing and communication expenses for the
three months ended March 31, 2020 were $42.7 million, an increase of $6.7
million, or 18.7%, as compared to marketing and communication expenses of $36.0
million for the three months ended March 31, 2019. This increase was primarily
attributable to the increased cost to market our university partners' programs
and due to the marketing of new university partners and new locations which
resulted in increased advertising of $6.5 million and increased employee
compensation expenses and related expenses including share-based compensation of
$0.2 million. Our marketing and communication expenses as a percentage of net
revenue increased by 1.1% to 19.3% for the three months ended March 31, 2020,
from 18.2% for the

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three months ended March 31, 2019 primarily due to the increase in the number of new university partners and locations opening between years.


General and administrative. Our general and administrative expenses for the
three months ended March 31, 2020 were $9.6 million, a decrease of $1.8 million,
or 16.1%, as compared to general and administrative expenses of $11.4 million
for the three months ended March 31, 2019. This decrease was primarily due to
decreases in professional fees of $2.1 million, partially offset by an increase
in occupancy and depreciation of $0.3 million. In the first quarter of 2019, our
professional fees were significantly higher due to a payment made to an outside
provider that assisted us in obtaining a state tax refund with a favorable
impact of $5.9 million in the first quarter of 2019. Our increases in occupancy
and depreciation are primarily related to the timing of the acquisition
resulting in higher costs such as the office space in Indianapolis, Indiana. Our
general and administrative expenses as a percentage of net revenue decreased by
1.5% to 4.3% for the three months ended March 31, 2020, from 5.8% for the
three months ended March 31, 2019 due to lower professional fees and our ability
to leverage our other general and administrative expenses across an increasing
revenue base.

Amortization of intangible assets. Amortization of intangible assets for the
three months ended March 31, 2020 was $2.1 million, an increase of $0.4 million
or 24.8% as compared to $1.7 million for the three months ended March 31, 2019.
This increase is related to the timing of the Acquisition date of Orbis
Education, which occurred on January 22, 2019. As a result of the acquisition,
certain identifiable intangible assets were created (primarily customer
relationships) that will be amortized over their expected lives.

Loss on transaction. The loss on transaction for the three months ended March
31, 2019 was $4.1 million due to transaction costs related to the Acquisition of
Orbis Education.

Interest income on Secured Note. Interest income on the secured note from GCU in
the initial principal amount of $870.1 million (the "Secured Note") for the
three months ended March 31, 2020 was $14.7 million, an increase of $1.0
million, or 7.1%, as compared to $13.7 million for the three months ended March
31, 2019. As a result of the transaction with GCU on July 1, 2018, the Company
recognizes interest income on its Secured Note with GCU, earning interest at 6%,
with monthly interest payments. The increase over the prior year was primarily
due to an increase in the average principal balance of the Secured Note between
periods due to net capital expenditure loans made to GCU under the Secured Note
during the past twelve months.

Interest expense. Interest expense was $1.5 million for the three months ended
March 31, 2020, a decrease of $1.1 million, as compared to interest expense of
$2.6 million for the three months ended March 31, 2019. The decrease in interest
expense was primarily due to a decline in the average credit facility
outstanding balance between periods due to the paydown of the credit facility
during the past twelve months.

Investment interest and other. Investment interest and other for the
three months ended March 31, 2020 was $.2 million, a decrease of $0.9 million,
as compared to $1.1 million in the three months ended March 31, 2019. This
decrease was primarily attributable to a decline in interest income on excess
cash as the average investment balance declined year over year and lower
interest rates. In addition, we recognized a decline in mark-to-market values on
our bond investments of $0.2 million during the first quarter of 2020.

Income tax expense. Income tax expense for the three months ended March 31, 2020
was $22.8 million, an increase of $11.3 million, or 98.9%, as compared to income
tax expense of $11.5 million for the three months ended March 31, 2019. This
increase was the result of an increase in our effective tax rate and an increase
in our taxable income between periods. Our effective tax rate was 24.2% during
the first quarter of 2020 compared to 13.5% during the first quarter of 2019.
The lower effective tax rate in 2019 resulted from 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. Additionally, the increase in the effective tax rate resulted from lower
excess tax benefits of $0.6 million in the first quarter of 2020 as compared to
$4.5 million in the same period in 2019 primarily due to a decrease in our stock
price between years. The inclusion of excess tax benefits and deficiencies as a
component of our income tax expense will increase volatility within our
provision for income taxes as the amount of excess tax benefits or deficiencies
from share-

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based compensation awards are dependent on our stock price at the date the
restricted awards vest, our stock price on the date an option is exercised, and
the quantity of options exercised. Our restricted stock vests in March each year
so the favorable benefit will primarily impact the first quarter each year.



Net income. Our net income for the three months ended March 31, 2020 was $71.4
million, a decrease of $1.8 million, or 2.5%, as compared to $73.2 million for
the three months ended March 31, 2019, due to the factors discussed above.

Seasonality



Our net revenue and operating results normally fluctuate as a result of seasonal
variations in our business, principally due to changes in our university
partners' enrollment. Our partners' enrollment varies as a result of new
enrollments, graduations, and student attrition. Revenues in the summer months
(May through August) are lower primarily due to the majority of GCU's
traditional ground university students not attending courses during the
summer months, which affects our results for our second and third fiscal
quarters. Since a significant amount of our costs are fixed, the lower revenue
resulting from the decreased summer enrollment has historically contributed to
lower operating margins during those periods. Partially offsetting this summer
effect has been the sequential quarterly increase in enrollments that has
occurred as a result of the traditional fall school start. This increase in
enrollments also has occurred in the first quarter, corresponding to
calendar year matriculation. Thus, we experience higher net revenue in the
fourth quarter due to its overlap with the semester encompassing the traditional
fall school start and in the first quarter due to its overlap with the first
semester of the calendar year. A portion of our expenses do not vary
proportionately with these fluctuations in service revenue, resulting in higher
operating income in the first and fourth quarters relative to other quarters. We
expect quarterly fluctuation in operating results to continue as a result of
these seasonal patterns.

Liquidity and Capital Resources

Liquidity. Our unrestricted cash and cash equivalents and investments were $149.5 million at March 31, 2020. Our credit facility had an available line of credit of $150.0 million as of March 31, 2020.


Based on our current level of operations and anticipated growth, we believe that
our cash flow from operations and other sources of liquidity, including cash and
cash equivalents and our revolving line of credit, will provide adequate funds
for ongoing operations, planned capital expenditures, and working capital
requirements for at least the next 24 months.

Share Repurchase Program



Our Board of Directors has authorized the Company to repurchase up to an
aggregate of $250.0 million of our common stock, from time to time, depending on
market conditions and other considerations. The current expiration date on the
repurchase authorization by our Board of Directors is December 31, 2020.
Repurchases occur at the Company's discretion and the Company may modify,
suspend or discontinue the repurchase authorization at any time.

Under our share repurchase authorization, we may purchase shares in the open
market or in privately negotiated transactions, pursuant to the applicable
Securities and Exchange Commission rules. The amount and timing of future share
repurchases, if any, will be made as market and business conditions warrant.

During the three months ended March 31, 2020, 786,503 shares of common stock
were repurchased by the Company. At March 31, 2020, there remains $66.6 million
available under our share repurchase authorization. Subsequent to March 31,
2020, the Company repurchased 100,000 shares of common stock at an aggregate
cost of $7.3 million.



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Cash Flows

Operating Activities. Net cash provided by operating activities for the three
months ended March 31, 2020 was $85.7 million as compared to $76.3 million for
the three months ended March 31, 2019. The increase in cash generated from
operating activities between the three months ended March 31, 2019 and the
three months ended March 31, 2020 was primarily due to changes in other working
capital balances. As an education services company, we generally receive
our service fees from our university partners in arrears.

Investing Activities. Net cash used in investing activities was $1.9 million and
$340.9 million for the three months ended March 31, 2020 and 2019, respectively.
The net cash used in investing activities in the three months ended March 31,
2020 was capital expenditures of $6.1 million, partially offset by proceeds from
the sale of investments of $4.3 million. During the three months ended March 31,
2019, we paid $361.2 million, net of cash acquired, to acquire Orbis Education
on January 22, 2019. Funding to GCU for capital expenditures during the first
three months of 2019 totaled $29.9 million. Proceeds from investments, net of
purchases of short-term investments, was $55.0 million for the three months
ended March 31, 2019. Capital expenditures were $4.6 million for the
three months ended March 31, 2019. During the three-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.

Financing Activities. Net cash used in financing activities was $73.9 million
for the three months ended March 31, 2020. Net cash provided by financing
activities was $171.3 million for the three months ended March 31, 2019. During
the three months ended March 31, 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 $60.7 million was used to purchase treasury stock in accordance
with the Company's share repurchase program. Principal payments on notes payable
and capital leases totaled $8.3 million, partially offset by proceeds from the
exercise of stock options of $0.1 million. During the three months ended March
31, 2019, $250.0 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 $2.4 million of debt issuance costs. $8.1 million was used to
purchase common shares withheld in lieu of income taxes resulting from the
vesting of restricted share awards and $10.0 million was used to purchase
treasury stock in accordance with the Company's share repurchase program.
Proceeds from the exercise of stock options of $1.6 million were received in the
three months ended March 31, 2019.

Contractual Obligations


The following table sets forth, as of March 31, 2020, the aggregate amounts of
GCE's significant contractual obligations and commitments with definitive
payment terms due in each of the periods presented (in millions). Less than one
year amounts represent payments due from April 1, 2020 through December 31,

2020.


                                                                        Payments Due by Period
                                                        Less than                                    More than
                                             Total       1 Year        2-3 Years      4-5 Years       5 Years
Long term notes payable                     $ 132.6    $      24.9    $      66.3    $      41.4    $         -
Lease liabilities                              35.9            2.5            8.5            7.4           17.5
Purchase obligations(1)                         6.2            1.7            4.3            0.2              -
Total contractual obligations               $ 174.7    $      29.1    $      79.1    $      49.0    $      17.5

(1) The purchase obligation amounts include expected spending by period under

contracts for GCE that were in effect at March 31, 2020.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have had or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.



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