$LOPE
Grand Canyon Education, Inc.

2012 Q3 Form 10-Q Financial Statement

#000119312512446536 Filed on November 01, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q3
Revenue $133.6M $108.9M
YoY Change 22.64% 10.12%
Cost Of Revenue $57.40M $48.90M
YoY Change 17.38% 7.0%
Gross Profit $76.20M $60.00M
YoY Change 27.0% 12.78%
Gross Profit Margin 57.05% 55.09%
Selling, General & Admin $9.760M $38.39M
YoY Change -74.58% 10.64%
% of Gross Profit 12.81% 63.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.600M $4.300M
YoY Change 30.23% 30.3%
% of Gross Profit 7.35% 7.17%
Operating Expenses $9.760M $38.39M
YoY Change -74.58% 10.32%
Operating Profit $31.20M $20.66M
YoY Change 51.02% 12.29%
Interest Expense $154.0K $170.0K
YoY Change -9.41% -270.0%
% of Operating Profit 0.49% 0.82%
Other Income/Expense, Net
YoY Change
Pretax Income $31.07M $20.51M
YoY Change 51.46% 12.08%
Income Tax $12.59M $7.643M
% Of Pretax Income 40.54% 37.26%
Net Earnings $18.47M $12.87M
YoY Change 43.54% 20.26%
Net Earnings / Revenue 13.83% 11.82%
Basic Earnings Per Share $0.42 $0.29
Diluted Earnings Per Share $0.41 $0.29
COMMON SHARES
Basic Shares Outstanding 44.37M shares 44.30M shares
Diluted Shares Outstanding 45.34M shares 44.79M shares

Balance Sheet

Concept 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.60M $19.00M
YoY Change 266.32% -62.38%
Cash & Equivalents $69.64M $19.00M
Short-Term Investments
Other Short-Term Assets $13.30M $63.10M
YoY Change -78.92% -9.73%
Inventory
Prepaid Expenses
Receivables $8.875M $16.30M
Other Receivables $300.0K $8.400M
Total Short-Term Assets $154.3M $106.8M
YoY Change 44.52% -30.24%
LONG-TERM ASSETS
Property, Plant & Equipment $256.5M $179.5M
YoY Change 42.91% 67.44%
Goodwill $2.941M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.434M $13.80M
YoY Change -75.12% -25.0%
Total Long-Term Assets $268.7M $196.3M
YoY Change 36.9% 52.88%
TOTAL ASSETS
Total Short-Term Assets $154.3M $106.8M
Total Long-Term Assets $268.7M $196.3M
Total Assets $423.1M $303.1M
YoY Change 39.59% 7.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.20M $22.30M
YoY Change 12.99% 2.76%
Accrued Expenses $15.64M $18.90M
YoY Change -17.26% 14.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.800M $2.700M
YoY Change -33.33% -20.59%
Total Short-Term Liabilities $173.9M $128.6M
YoY Change 35.2% -0.31%
LONG-TERM LIABILITIES
Long-Term Debt $26.90M $27.80M
YoY Change -3.24% 9.02%
Other Long-Term Liabilities $7.589M
YoY Change
Total Long-Term Liabilities $7.589M $27.80M
YoY Change -72.7% 9.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $173.9M $128.6M
Total Long-Term Liabilities $7.589M $27.80M
Total Liabilities $205.9M $156.4M
YoY Change 31.62% 1.3%
SHAREHOLDERS EQUITY
Retained Earnings $149.9M
YoY Change
Common Stock $469.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $28.82M
YoY Change
Treasury Stock Shares 1.962M shares
Shareholders Equity $217.2M $146.7M
YoY Change
Total Liabilities & Shareholders Equity $423.1M $303.1M
YoY Change 39.59% 7.67%

Cashflow Statement

Concept 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $18.47M $12.87M
YoY Change 43.54% 20.26%
Depreciation, Depletion And Amortization $5.600M $4.300M
YoY Change 30.23% 30.3%
Cash From Operating Activities $45.10M $27.70M
YoY Change 62.82% -45.04%
INVESTING ACTIVITIES
Capital Expenditures -$23.90M -$23.20M
YoY Change 3.02% 34.88%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$24.00M -$23.20M
YoY Change 3.45% -45.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.300M -100.0K
YoY Change 2200.0% -88.89%
NET CHANGE
Cash From Operating Activities 45.10M 27.70M
Cash From Investing Activities -24.00M -23.20M
Cash From Financing Activities -2.300M -100.0K
Net Change In Cash 18.80M 4.400M
YoY Change 327.27% -38.03%
FREE CASH FLOW
Cash From Operating Activities $45.10M $27.70M
Capital Expenditures -$23.90M -$23.20M
Free Cash Flow $69.00M $50.90M
YoY Change 35.56% -24.7%

Facts In Submission

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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
dei Entity Central Index Key
EntityCentralIndexKey
0001434588
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Trading Symbol
TradingSymbol
LOPE
dei Entity Registrant Name
EntityRegistrantName
GRAND CANYON EDUCATION, INC.
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false
dei Entity Filer Category
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Large Accelerated Filer
us-gaap Derivative Instruments Loss Recognized In Other Comprehensive Income Effective Portion
DerivativeInstrumentsLossRecognizedInOtherComprehensiveIncomeEffectivePortion
95000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
339000 shares
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4339000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-74257000
us-gaap Investment Income Interest
InvestmentIncomeInterest
52000
us-gaap Income Taxes Paid
IncomeTaxesPaid
19615000
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
1328000
us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
101000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44395000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
12.80
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
4339000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
122000 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y6M18D
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
1772000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
4925000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
24956000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
10552000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
80418000
us-gaap Derivative Inception Dates
DerivativeInceptionDates
2009-06-30
us-gaap Interest Paid
InterestPaid
446000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
72000
us-gaap Share Based Compensation
ShareBasedCompensation
5748000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
13492000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
15784000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
48455000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
298000 shares
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
103764000
us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
21181000
us-gaap Operating Income Loss
OperatingIncomeLoss
80805000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2299000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.09
us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
25000000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y11M9D
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-2022000
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2152000
us-gaap Net Income Loss
NetIncomeLoss
48538000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
shares
us-gaap Costs And Expenses
CostsAndExpenses
289154000
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
912000
us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
140000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.07
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-180000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
73619000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
1681000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-962000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
31880000
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
72000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4925000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
23806000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45220000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
825000 shares
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
48633000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2671000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
5748000
us-gaap Revenues
Revenues
369959000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
336000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
17.65
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-202000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5748000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2009000 shares
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
5759000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font></p> </div>
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
9046000
us-gaap Interest Expense
InterestExpense
439000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
22464000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
124734000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
95000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
336000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
48000
lope Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
612000
lope Average Days From Date Of Receipt In Which Funds Remain As Restricted Cash And Cash Equivalents
AverageDaysFromDateOfReceiptInWhichFundsRemainAsRestrictedCashAndCashEquivalents
60 to 90 days
lope Common Stock Acquired Shares
CommonStockAcquiredShares
1955000 shares
lope Debt Inception Dates
DebtInceptionDates
2009-04-01
lope Debt Maturity Dates
DebtMaturityDates
2016-03-01
lope Instructional Costs And Services
InstructionalCostsAndServices
161584000
lope Interest Expense On Derivatives Related To Credit Risk
InterestExpenseOnDerivativesRelatedToCreditRisk
3000
lope Percent Of Financial Aid Earn By Student
PercentOfFinancialAidEarnByStudent
1.00 pure
lope Purchases Of Property And Equipment Included In Accounts Payable
PurchasesOfPropertyAndEquipmentIncludedInAccountsPayable
7636000
lope Reduction In Revenue Due To Scholarships Offered To Students
ReductionInRevenueDueToScholarshipsOfferedToStudents
65563000
lope Share Based Compensation Expense Net Of Tax
ShareBasedCompensationExpenseNetOfTax
3449000
lope Shortfall Tax Expense From Share Based Compensation
ShortfallTaxExpenseFromShareBasedCompensation
200000
lope Tax Benefit Of Spirit Warrant Intangible
TaxBenefitOfSpiritWarrantIntangible
199000
lope Purchase Of Land Related To Future Development
PurchaseOfLandRelatedToFutureDevelopment
818000
CY2011Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
20000
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44302000 shares
CY2011Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
20511000
CY2011Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
31248000
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
20661000
CY2011Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
12868000
CY2011Q3 us-gaap Costs And Expenses
CostsAndExpenses
88248000
CY2011Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
CY2011Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
41000
CY2011Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7145000
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44787000 shares
CY2011Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
485000 shares
CY2011Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
12814000
CY2011Q3 us-gaap Revenues
Revenues
108909000
CY2011Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7643000
CY2011Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
151000
CY2011Q3 us-gaap Interest Expense
InterestExpense
170000
CY2011Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-54000
CY2011Q3 lope Lease Termination Fee
LeaseTerminationFee
922000
CY2011Q3 lope Instructional Costs And Services
InstructionalCostsAndServices
48933000
CY2012Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
16000
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44365000 shares
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
31065000
CY2012Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
36450000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
31203000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
18471000
CY2012Q3 us-gaap Costs And Expenses
CostsAndExpenses
102365000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
CY2012Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
26000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8561000
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45339000 shares
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
974000 shares
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
18504000
CY2012Q3 us-gaap Revenues
Revenues
133568000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12594000
CY2012Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
640000
CY2012Q3 us-gaap Interest Expense
InterestExpense
154000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
33000
CY2012Q3 lope Instructional Costs And Services
InstructionalCostsAndServices
57354000

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