$LOPE
Grand Canyon Education, Inc.

2013 Q2 Form 10-Q Financial Statement

#000119312513310188 Filed on July 30, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $141.5M $119.3M
YoY Change 18.62% 15.65%
Cost Of Revenue $61.70M $53.40M
YoY Change 15.54% 15.09%
Gross Profit $79.70M $65.90M
YoY Change 20.94% 16.02%
Gross Profit Margin 56.34% 55.26%
Selling, General & Admin $10.36M $8.620M
YoY Change 20.2% -75.19%
% of Gross Profit 13.0% 13.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.100M $5.200M
YoY Change 17.31% 30.0%
% of Gross Profit 7.65% 7.89%
Operating Expenses $10.36M $8.620M
YoY Change 20.2% -75.19%
Operating Profit $31.49M $25.40M
YoY Change 23.98% 15.36%
Interest Expense $439.0K $78.00K
YoY Change 462.82%
% of Operating Profit 1.39% 0.31%
Other Income/Expense, Net
YoY Change
Pretax Income $31.11M $25.35M
YoY Change 22.75% 15.14%
Income Tax $12.05M $9.748M
% Of Pretax Income 38.72% 38.46%
Net Earnings $19.06M $15.60M
YoY Change 22.22% 21.17%
Net Earnings / Revenue 13.48% 13.08%
Basic Earnings Per Share $0.43 $0.35
Diluted Earnings Per Share $0.42 $0.35
COMMON SHARES
Basic Shares Outstanding 44.68M shares 44.45M shares
Diluted Shares Outstanding 45.93M shares 45.17M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $139.2M $50.80M
YoY Change 174.02% 245.58%
Cash & Equivalents $90.80M $50.76M
Short-Term Investments $48.40M
Other Short-Term Assets $14.54M $70.10M
YoY Change -79.26% 8.01%
Inventory
Prepaid Expenses
Receivables $8.645M $8.400M
Other Receivables $2.600M $0.00
Total Short-Term Assets $223.6M $129.2M
YoY Change 73.06% 31.3%
LONG-TERM ASSETS
Property, Plant & Equipment $304.3M $233.3M
YoY Change 30.44% 44.46%
Goodwill $2.941M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.831M $9.700M
YoY Change -39.89% -38.22%
Total Long-Term Assets $318.1M $245.9M
YoY Change 29.35% 36.46%
TOTAL ASSETS
Total Short-Term Assets $223.6M $129.2M
Total Long-Term Assets $318.1M $245.9M
Total Assets $541.7M $375.1M
YoY Change 44.41% 34.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.33M $19.80M
YoY Change -17.55% -28.0%
Accrued Expenses $20.60M $29.80M
YoY Change -30.88% 49.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.700M $1.900M
YoY Change 252.63% -38.71%
Total Short-Term Liabilities $146.5M $145.8M
YoY Change 0.47% 20.4%
LONG-TERM LIABILITIES
Long-Term Debt $90.30M $27.50M
YoY Change 228.36% 4.96%
Other Long-Term Liabilities $6.569M
YoY Change
Total Long-Term Liabilities $6.569M $27.50M
YoY Change -76.11% 4.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $146.5M $145.8M
Total Long-Term Liabilities $6.569M $27.50M
Total Liabilities $253.1M $176.5M
YoY Change 43.41% 19.82%
SHAREHOLDERS EQUITY
Retained Earnings $210.8M
YoY Change
Common Stock $487.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $47.63M
YoY Change
Treasury Stock Shares 2.786M shares
Shareholders Equity $288.6M $198.6M
YoY Change
Total Liabilities & Shareholders Equity $541.7M $375.1M
YoY Change 44.41% 34.64%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $19.06M $15.60M
YoY Change 22.22% 21.17%
Depreciation, Depletion And Amortization $6.100M $5.200M
YoY Change 17.31% 30.0%
Cash From Operating Activities $12.30M $28.80M
YoY Change -57.29% 102.82%
INVESTING ACTIVITIES
Capital Expenditures -$28.80M -$33.60M
YoY Change -14.29% 42.37%
Acquisitions
YoY Change
Other Investing Activities -$24.50M $200.0K
YoY Change -12350.0% -92.31%
Cash From Investing Activities -$53.30M -$33.40M
YoY Change 59.58% 59.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.000M -1.200M
YoY Change -433.33% -86.36%
NET CHANGE
Cash From Operating Activities 12.30M 28.80M
Cash From Investing Activities -53.30M -33.40M
Cash From Financing Activities 4.000M -1.200M
Net Change In Cash -37.00M -5.800M
YoY Change 537.93% -62.82%
FREE CASH FLOW
Cash From Operating Activities $12.30M $28.80M
Capital Expenditures -$28.80M -$33.60M
Free Cash Flow $41.10M $62.40M
YoY Change -34.13% 65.08%

Facts In Submission

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dei Trading Symbol
TradingSymbol
LOPE
dei Entity Registrant Name
EntityRegistrantName
GRAND CANYON EDUCATION, INC.
dei Amendment Flag
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dei Entity Filer Category
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dei Document Fiscal Year Focus
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2013
dei Document Type
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10-Q
dei Document Period End Date
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dei Entity Central Index Key
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<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>
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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IncomeTaxExpenseBenefit
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lope Purchases Of Property And Equipment Included In Accounts Payable
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lope Interest Income And Other Gains
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lope Advertising Related Party Transactions
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lope Purchase Of Land Related To Future Development
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lope Shortfall Tax Expense From Share Based Compensation
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205000
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2943000
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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
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32000
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IncomeTaxExpenseBenefit
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lope Purchases Of Property And Equipment Included In Accounts Payable
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IncreaseDecreaseInAccountsPayableTrade
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75000000
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45169000 shares
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722000 shares
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15633000
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OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
35000
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25398000
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25346000
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26000
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0
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61747000

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