$LOPE
Grand Canyon Education, Inc.

2013 Q3 Form 10-Q Financial Statement

#000119312513415966 Filed on October 29, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $152.4M $133.6M
YoY Change 14.1% 22.64%
Cost Of Revenue $64.70M $57.40M
YoY Change 12.72% 17.38%
Gross Profit $87.70M $76.20M
YoY Change 15.09% 27.0%
Gross Profit Margin 57.55% 57.05%
Selling, General & Admin $10.33M $9.760M
YoY Change 5.88% -74.58%
% of Gross Profit 11.78% 12.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.500M $5.600M
YoY Change 16.07% 30.23%
% of Gross Profit 7.41% 7.35%
Operating Expenses $10.33M $9.760M
YoY Change 5.88% -74.58%
Operating Profit $37.29M $31.20M
YoY Change 19.49% 51.02%
Interest Expense $528.0K $154.0K
YoY Change 242.86% -9.41%
% of Operating Profit 1.42% 0.49%
Other Income/Expense, Net
YoY Change
Pretax Income $38.26M $31.07M
YoY Change 23.16% 51.46%
Income Tax $15.71M $12.59M
% Of Pretax Income 41.07% 40.54%
Net Earnings $22.55M $18.47M
YoY Change 22.06% 43.54%
Net Earnings / Revenue 14.79% 13.83%
Basic Earnings Per Share $0.50 $0.42
Diluted Earnings Per Share $0.49 $0.41
COMMON SHARES
Basic Shares Outstanding 44.96M shares 44.37M shares
Diluted Shares Outstanding 46.42M shares 45.34M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $170.3M $69.60M
YoY Change 144.68% 266.32%
Cash & Equivalents $106.8M $69.64M
Short-Term Investments $63.50M
Other Short-Term Assets $17.91M $13.30M
YoY Change 34.66% -78.92%
Inventory
Prepaid Expenses
Receivables $7.986M $8.875M
Other Receivables $0.00 $300.0K
Total Short-Term Assets $252.5M $154.3M
YoY Change 63.57% 44.52%
LONG-TERM ASSETS
Property, Plant & Equipment $328.4M $256.5M
YoY Change 28.03% 42.91%
Goodwill $2.941M $2.941M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.441M $3.434M
YoY Change 58.44% -75.12%
Total Long-Term Assets $341.6M $268.7M
YoY Change 27.11% 36.9%
TOTAL ASSETS
Total Short-Term Assets $252.5M $154.3M
Total Long-Term Assets $341.6M $268.7M
Total Assets $594.1M $423.1M
YoY Change 40.41% 39.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.93M $25.20M
YoY Change -8.98% 12.99%
Accrued Expenses $16.54M $15.64M
YoY Change 5.78% -17.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.700M $1.800M
YoY Change 272.22% -33.33%
Total Short-Term Liabilities $174.4M $173.9M
YoY Change 0.3% 35.2%
LONG-TERM LIABILITIES
Long-Term Debt $88.70M $26.90M
YoY Change 229.74% -3.24%
Other Long-Term Liabilities $6.293M $7.589M
YoY Change -17.08%
Total Long-Term Liabilities $6.293M $7.589M
YoY Change -17.08% -72.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $174.4M $173.9M
Total Long-Term Liabilities $6.293M $7.589M
Total Liabilities $279.8M $205.9M
YoY Change 35.9% 31.62%
SHAREHOLDERS EQUITY
Retained Earnings $233.4M $149.9M
YoY Change 55.68%
Common Stock $488.0K $469.0K
YoY Change 4.05%
Preferred Stock
YoY Change
Treasury Stock (at cost) $48.15M $28.82M
YoY Change 67.06%
Treasury Stock Shares 2.810M shares 1.962M shares
Shareholders Equity $314.3M $217.2M
YoY Change
Total Liabilities & Shareholders Equity $594.1M $423.1M
YoY Change 40.41% 39.59%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $22.55M $18.47M
YoY Change 22.06% 43.54%
Depreciation, Depletion And Amortization $6.500M $5.600M
YoY Change 16.07% 30.23%
Cash From Operating Activities $57.80M $45.10M
YoY Change 28.16% 62.82%
INVESTING ACTIVITIES
Capital Expenditures -$25.50M -$23.90M
YoY Change 6.69% 3.02%
Acquisitions
YoY Change
Other Investing Activities -$15.10M $0.00
YoY Change
Cash From Investing Activities -$40.40M -$24.00M
YoY Change 68.33% 3.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.200M -2.300M
YoY Change -47.83% 2200.0%
NET CHANGE
Cash From Operating Activities 57.80M 45.10M
Cash From Investing Activities -40.40M -24.00M
Cash From Financing Activities -1.200M -2.300M
Net Change In Cash 16.20M 18.80M
YoY Change -13.83% 327.27%
FREE CASH FLOW
Cash From Operating Activities $57.80M $45.10M
Capital Expenditures -$25.50M -$23.90M
Free Cash Flow $83.30M $69.00M
YoY Change 20.72% 35.56%

Facts In Submission

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dei Entity Registrant Name
EntityRegistrantName
GRAND CANYON EDUCATION, INC.
dei Amendment Flag
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dei Entity Filer Category
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Large Accelerated Filer
dei Document Fiscal Year Focus
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2013
dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2013-09-30
dei Entity Central Index Key
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0001434588
dei Current Fiscal Year End Date
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dei Document Fiscal Period Focus
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us-gaap Use Of Estimates
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<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 4%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> 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.</p> </div>
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PurchasesOfPropertyAndEquipmentIncludedInAccountsPayable
6901000
lope Average Days From Date Of Receipt In Which Funds Remain As Restricted Cash And Cash Equivalents
AverageDaysFromDateOfReceiptInWhichFundsRemainAsRestrictedCashAndCashEquivalents
60 to 90 days
lope Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-721000
lope Reduction In Revenue Due To Scholarships Offered To Students
ReductionInRevenueDueToScholarshipsOfferedToStudents
75668000
lope Notes Receivable Fixed Interest Rate
NotesReceivableFixedInterestRate
0.11 pure
lope Percent Of Financial Aid Earn By Student
PercentOfFinancialAidEarnByStudent
1.00 pure
lope Common Stock Acquired Shares
CommonStockAcquiredShares
333000 shares
lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
70917000
lope Interest Income And Other Gains
InterestIncomeAndOtherGains
3759000
lope Shortfall Tax Expense From Share Based Compensation
ShortfallTaxExpenseFromShareBasedCompensation
206000
lope Share Based Compensation Expense Net Of Tax
ShareBasedCompensationExpenseNetOfTax
4601000
lope Fixed Rate Of Interest On Loans
FixedRateOfInterestOnLoans
0.06 pure
lope Tax Benefit Of Spirit Warrant Intangible
TaxBenefitOfSpiritWarrantIntangible
201000
lope Period For Write Off Inactive Student Accounts
PeriodForWriteOffInactiveStudentAccounts
P150D
lope Instructional Costs And Services
InstructionalCostsAndServices
186448000
lope Notes Receivable Interest Rate
NotesReceivableInterestRate
0.05 pure
lope Purchase Of Land Related To Offsite Development
PurchaseOfLandRelatedToOffsiteDevelopment
11209000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.07
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 Earnings Per Share Basic
EarningsPerShareBasic
1.09
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
124734000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44395000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2009000 shares
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2671000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
48633000
us-gaap Income Taxes Paid
IncomeTaxesPaid
19615000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
336000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
95000
us-gaap Operating Income Loss
OperatingIncomeLoss
80805000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-202000
us-gaap Interest Paid
InterestPaid
446000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
80418000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
10552000
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
1772000
us-gaap Net Income Loss
NetIncomeLoss
48538000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2299000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4925000
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
912000
us-gaap Sales Revenue Net
SalesRevenueNet
369959000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
73619000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-180000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
1666000
us-gaap Costs And Expenses
CostsAndExpenses
289154000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
23806000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-2022000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2152000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
24956000
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 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 Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-74257000
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 Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
1328000
us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
101000
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
7654000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4339000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
48000
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
3047000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
336000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5748000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
5759000
us-gaap Advertising Expense
AdvertisingExpense
38015000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-962000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
31880000
lope Purchases Of Property And Equipment Included In Accounts Payable
PurchasesOfPropertyAndEquipmentIncludedInAccountsPayable
7636000
lope Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
612000
lope Reduction In Revenue Due To Scholarships Offered To Students
ReductionInRevenueDueToScholarshipsOfferedToStudents
65563000
lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
62702000
lope Interest Income And Other Gains
InterestIncomeAndOtherGains
52000
lope Shortfall Tax Expense From Share Based Compensation
ShortfallTaxExpenseFromShareBasedCompensation
200000
lope Share Based Compensation Expense Net Of Tax
ShareBasedCompensationExpenseNetOfTax
3449000
lope Tax Benefit Of Spirit Warrant Intangible
TaxBenefitOfSpiritWarrantIntangible
199000
lope Instructional Costs And Services
InstructionalCostsAndServices
161584000
lope Purchase Of Land Related To Offsite Development
PurchaseOfLandRelatedToOffsiteDevelopment
818000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
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 Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44365000 shares
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
18504000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
33000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
31203000
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 Net Income Loss
NetIncomeLoss
18471000
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
133568000
CY2012Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
645000
CY2012Q3 us-gaap Costs And Expenses
CostsAndExpenses
102365000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8561000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
26000
CY2012Q3 us-gaap Interest Expense
InterestExpense
154000
CY2012Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
1199000
CY2012Q3 us-gaap Advertising Expense
AdvertisingExpense
12909000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12594000
CY2012Q3 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
22342000
CY2012Q3 lope Interest Income And Other Gains
InterestIncomeAndOtherGains
16000
CY2012Q3 lope Instructional Costs And Services
InstructionalCostsAndServices
57354000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.49
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46424000 shares
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1461000 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.50
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44963000 shares
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
22496000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-75000
CY2013Q3 us-gaap Interest Income Other
InterestIncomeOther
1459000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
37285000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
38259000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
22545000
CY2013Q3 us-gaap Sales Revenue Net
SalesRevenueNet
152399000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
26000
CY2013Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
953000
CY2013Q3 us-gaap Costs And Expenses
CostsAndExpenses
115114000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9035000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
56000
CY2013Q3 us-gaap Interest Expense
InterestExpense
528000
CY2013Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
1299000
CY2013Q3 us-gaap Advertising Expense
AdvertisingExpense
15498000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15714000
CY2013Q3 lope Note Receivable Interest Rate
NoteReceivableInterestRate
0.11 pure
CY2013Q3 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
24578000
CY2013Q3 lope Interest Income And Other Gains
InterestIncomeAndOtherGains
1502000
CY2013Q3 lope Instructional Costs And Services
InstructionalCostsAndServices
64704000

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