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Grand Canyon Education, Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514289630 Filed on July 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $158.6M $141.5M
YoY Change 12.11% 18.62%
Cost Of Revenue $67.80M $61.70M
YoY Change 9.89% 15.54%
Gross Profit $90.70M $79.70M
YoY Change 13.8% 20.94%
Gross Profit Margin 57.19% 56.34%
Selling, General & Admin $10.90M $10.36M
YoY Change 5.21% 20.2%
% of Gross Profit 12.02% 13.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.100M $6.100M
YoY Change 16.39% 17.31%
% of Gross Profit 7.83% 7.65%
Operating Expenses $10.90M $10.36M
YoY Change 5.21% 20.2%
Operating Profit $37.89M $31.49M
YoY Change 20.32% 23.98%
Interest Expense $356.0K $439.0K
YoY Change -18.91% 462.82%
% of Operating Profit 0.94% 1.39%
Other Income/Expense, Net
YoY Change
Pretax Income $37.73M $31.11M
YoY Change 21.27% 22.75%
Income Tax $14.66M $12.05M
% Of Pretax Income 38.85% 38.72%
Net Earnings $23.07M $19.06M
YoY Change 21.01% 22.22%
Net Earnings / Revenue 14.55% 13.48%
Basic Earnings Per Share $0.51 $0.43
Diluted Earnings Per Share $0.49 $0.42
COMMON SHARES
Basic Shares Outstanding 45.60M shares 44.68M shares
Diluted Shares Outstanding 46.99M shares 45.93M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $176.7M $139.2M
YoY Change 26.94% 174.02%
Cash & Equivalents $20.21M $90.80M
Short-Term Investments $156.5M $48.40M
Other Short-Term Assets $17.21M $14.54M
YoY Change 18.36% -79.26%
Inventory
Prepaid Expenses
Receivables $8.515M $8.645M
Other Receivables $0.00 $2.600M
Total Short-Term Assets $261.1M $223.6M
YoY Change 16.79% 73.06%
LONG-TERM ASSETS
Property, Plant & Equipment $416.2M $304.3M
YoY Change 36.77% 30.44%
Goodwill $2.941M $2.941M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.428M $5.831M
YoY Change -24.06% -39.89%
Total Long-Term Assets $427.4M $318.1M
YoY Change 34.38% 29.35%
TOTAL ASSETS
Total Short-Term Assets $261.1M $223.6M
Total Long-Term Assets $427.4M $318.1M
Total Assets $688.5M $541.7M
YoY Change 27.12% 44.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.29M $16.33M
YoY Change 103.91% -17.55%
Accrued Expenses $15.60M $20.60M
YoY Change -24.25% -30.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.700M $6.700M
YoY Change 0.0% 252.63%
Total Short-Term Liabilities $179.9M $146.5M
YoY Change 22.79% 0.47%
LONG-TERM LIABILITIES
Long-Term Debt $83.60M $90.30M
YoY Change -7.42% 228.36%
Other Long-Term Liabilities $6.146M $6.569M
YoY Change -6.44%
Total Long-Term Liabilities $6.146M $6.569M
YoY Change -6.44% -76.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $179.9M $146.5M
Total Long-Term Liabilities $6.146M $6.569M
Total Liabilities $281.3M $253.1M
YoY Change 11.12% 43.41%
SHAREHOLDERS EQUITY
Retained Earnings $308.9M $210.8M
YoY Change 46.51%
Common Stock $497.0K $487.0K
YoY Change 2.05%
Preferred Stock
YoY Change
Treasury Stock (at cost) $53.77M $47.63M
YoY Change 12.9%
Treasury Stock Shares 2.786M shares
Shareholders Equity $407.3M $288.6M
YoY Change
Total Liabilities & Shareholders Equity $688.5M $541.7M
YoY Change 27.12% 44.41%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $23.07M $19.06M
YoY Change 21.01% 22.22%
Depreciation, Depletion And Amortization $7.100M $6.100M
YoY Change 16.39% 17.31%
Cash From Operating Activities $35.70M $12.30M
YoY Change 190.24% -57.29%
INVESTING ACTIVITIES
Capital Expenditures -$54.80M -$28.80M
YoY Change 90.28% -14.29%
Acquisitions
YoY Change
Other Investing Activities $900.0K -$24.50M
YoY Change -103.67% -12350.0%
Cash From Investing Activities -$53.80M -$53.30M
YoY Change 0.94% 59.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -900.0K 4.000M
YoY Change -122.5% -433.33%
NET CHANGE
Cash From Operating Activities 35.70M 12.30M
Cash From Investing Activities -53.80M -53.30M
Cash From Financing Activities -900.0K 4.000M
Net Change In Cash -19.00M -37.00M
YoY Change -48.65% 537.93%
FREE CASH FLOW
Cash From Operating Activities $35.70M $12.30M
Capital Expenditures -$54.80M -$28.80M
Free Cash Flow $90.50M $41.10M
YoY Change 120.19% -34.13%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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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us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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lope Shortfall Tax Expense From Share Based Compensation
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lope Notes Receivable Fixed Interest Rate
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lope Period For Write Off Inactive Student Accounts
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lope Date For Releasing Penalty Funds And Interest To University
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lope Note Receivable Interest Rate
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lope Expiration Date On Repurchase Authorizations
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10210000
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130000
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CY2013Q3 us-gaap Interest Income Other
InterestIncomeOther
1459000

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