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Grand Canyon Education, Inc.

2015 Q2 Form 10-Q Financial Statement

#000119312515284858 Filed on August 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $174.7M $158.6M
YoY Change 10.17% 12.11%
Cost Of Revenue $75.40M $67.80M
YoY Change 11.21% 9.89%
Gross Profit $99.40M $90.70M
YoY Change 9.59% 13.8%
Gross Profit Margin 56.89% 57.19%
Selling, General & Admin $11.32M $10.90M
YoY Change 3.86% 5.21%
% of Gross Profit 11.39% 12.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.200M $7.100M
YoY Change 15.49% 16.39%
% of Gross Profit 8.25% 7.83%
Operating Expenses $11.32M $10.90M
YoY Change 3.86% 5.21%
Operating Profit $42.26M $37.89M
YoY Change 11.53% 20.32%
Interest Expense $146.0K $356.0K
YoY Change -58.99% -18.91%
% of Operating Profit 0.35% 0.94%
Other Income/Expense, Net
YoY Change
Pretax Income $42.24M $37.73M
YoY Change 11.95% 21.27%
Income Tax $16.46M $14.66M
% Of Pretax Income 38.97% 38.85%
Net Earnings $25.78M $23.07M
YoY Change 11.73% 21.01%
Net Earnings / Revenue 14.75% 14.55%
Basic Earnings Per Share $0.56 $0.51
Diluted Earnings Per Share $0.55 $0.49
COMMON SHARES
Basic Shares Outstanding 46.01M shares 45.60M shares
Diluted Shares Outstanding 47.26M shares 46.99M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $134.2M $176.7M
YoY Change -24.05% 26.94%
Cash & Equivalents $50.71M $20.21M
Short-Term Investments $83.50M $156.5M
Other Short-Term Assets $18.54M $17.21M
YoY Change 7.73% 18.36%
Inventory
Prepaid Expenses
Receivables $8.158M $8.515M
Other Receivables $0.00 $0.00
Total Short-Term Assets $231.1M $261.1M
YoY Change -11.51% 16.79%
LONG-TERM ASSETS
Property, Plant & Equipment $588.3M $416.2M
YoY Change 41.33% 36.77%
Goodwill $2.941M $2.941M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.145M $4.428M
YoY Change -28.97% -24.06%
Total Long-Term Assets $597.9M $427.4M
YoY Change 39.88% 34.38%
TOTAL ASSETS
Total Short-Term Assets $231.1M $261.1M
Total Long-Term Assets $597.9M $427.4M
Total Assets $828.9M $688.5M
YoY Change 20.39% 27.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.41M $33.29M
YoY Change 9.37% 103.91%
Accrued Expenses $14.88M $15.60M
YoY Change -4.62% -24.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.100M $6.700M
YoY Change 5.97% 0.0%
Total Short-Term Liabilities $189.5M $179.9M
YoY Change 5.33% 22.79%
LONG-TERM LIABILITIES
Long-Term Debt $76.70M $83.60M
YoY Change -8.25% -7.42%
Other Long-Term Liabilities $3.953M $6.146M
YoY Change -35.68% -6.44%
Total Long-Term Liabilities $3.953M $6.146M
YoY Change -35.68% -6.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $189.5M $179.9M
Total Long-Term Liabilities $3.953M $6.146M
Total Liabilities $285.6M $281.3M
YoY Change 1.55% 11.12%
SHAREHOLDERS EQUITY
Retained Earnings $430.9M $308.9M
YoY Change 39.52% 46.51%
Common Stock $502.0K $497.0K
YoY Change 1.01% 2.05%
Preferred Stock
YoY Change
Treasury Stock (at cost) $58.00M $53.77M
YoY Change 7.87% 12.9%
Treasury Stock Shares 3.104M shares
Shareholders Equity $543.3M $407.3M
YoY Change
Total Liabilities & Shareholders Equity $828.9M $688.5M
YoY Change 20.39% 27.12%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $25.78M $23.07M
YoY Change 11.73% 21.01%
Depreciation, Depletion And Amortization $8.200M $7.100M
YoY Change 15.49% 16.39%
Cash From Operating Activities $13.50M $35.70M
YoY Change -62.18% 190.24%
INVESTING ACTIVITIES
Capital Expenditures -$66.20M -$54.80M
YoY Change 20.8% 90.28%
Acquisitions
YoY Change
Other Investing Activities $17.50M $900.0K
YoY Change 1844.44% -103.67%
Cash From Investing Activities -$48.70M -$53.80M
YoY Change -9.48% 0.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -200.0K -900.0K
YoY Change -77.78% -122.5%
NET CHANGE
Cash From Operating Activities 13.50M 35.70M
Cash From Investing Activities -48.70M -53.80M
Cash From Financing Activities -200.0K -900.0K
Net Change In Cash -35.40M -19.00M
YoY Change 86.32% -48.65%
FREE CASH FLOW
Cash From Operating Activities $13.50M $35.70M
Capital Expenditures -$66.20M -$54.80M
Free Cash Flow $79.70M $90.50M
YoY Change -11.93% 120.19%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>1. Nature of Business</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Grand Canyon Education, Inc. (together with its subsidiaries, the &#x201C;University&#x201D;, &#x201C;we&#x201D; or &#x201C;us&#x201D;) is a comprehensive regionally accredited university that offers over 160 graduate and undergraduate degree programs across eight colleges both online and on ground at our 200+ acre campus in Phoenix, Arizona, at leased facilities and at facilities owned by third party employers of our students. Our undergraduate programs are designed to be innovative and to meet the future needs of employers, while providing students with the needed critical thinking and effective communication skills developed through a Christian, liberal arts foundation. The University is accredited by The Higher Learning Commission. The University&#x2019;s wholly-owned subsidiaries are primarily used to facilitate expansion of the University campus.</p> </div>
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60 to 90 days
dei Document Type
DocumentType
10-Q
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1332000 shares
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Registrant Name
EntityRegistrantName
GRAND CANYON EDUCATION, INC.
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47233000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45901000 shares
dei Document Period End Date
DocumentPeriodEndDate
2015-06-30
us-gaap Use Of Estimates
UseOfEstimates
<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>
dei Trading Symbol
TradingSymbol
LOPE
us-gaap Receivable With Imputed Interest Effective Yield Interest Rate
ReceivableWithImputedInterestEffectiveYieldInterestRate
0.11 pure
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.31
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
3361000
us-gaap Net Income Loss
NetIncomeLoss
59955000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
2700000
us-gaap Sales Revenue Net
SalesRevenueNet
368853000
us-gaap Interest Paid
InterestPaid
534000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1373000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4230000
us-gaap Operating Income Loss
OperatingIncomeLoss
98242000
us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
384000
us-gaap Interest Income Other
InterestIncomeOther
2187000
us-gaap Income Taxes Paid
IncomeTaxesPaid
39986000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-175000
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
-4144000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
7965000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2205000
us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
3472000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
111903000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-105000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
59675000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
98105000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1248000
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
3374000
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
25023000
us-gaap Available For Sale Securities Change In Net Unrealized Holding Gain Loss Net Of Tax
AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax
182000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-872000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
38150000
us-gaap Marketing Expense
MarketingExpense
3482000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
5541000
us-gaap Increase Decrease In Due To Related Parties Current
IncreaseDecreaseInDueToRelatedPartiesCurrent
-2000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
3880000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-94652000
us-gaap Costs And Expenses
CostsAndExpenses
270611000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1543000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
994000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-14528000
us-gaap Interest Expense
InterestExpense
521000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
3307000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
422000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2700000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5512000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-1083000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-113000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
18930000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1214000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
42274000
us-gaap Advertising Expense
AdvertisingExpense
38450000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
3361000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-67000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
16387000
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
0
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-1077000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
7412000
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-4689000
lope Period For Write Off Inactive Student Accounts
PeriodForWriteOffInactiveStudentAccounts
P150D
lope Real Estate Property Description
RealEstatePropertyDescription
200+ acre campus
lope Number Of Degree Programs Offered
NumberOfDegreeProgramsOffered
160 Degrees
lope Notes Receivable Interest Rate
NotesReceivableInterestRate
0.05 pure
lope Number Of Colleges
NumberOfColleges
8 Colleges
lope Date For Releasing Penalty Funds And Interest To University
DateForReleasingPenaltyFundsAndInterestToUniversity
2013-10-28
lope Assets Acquired By Capital Lease
AssetsAcquiredByCapitalLease
257000
lope Period Of Base Interest Rate
PeriodOfBaseInterestRate
P30D
lope Tax Benefit Of Spirit Warrant Intangible
TaxBenefitOfSpiritWarrantIntangible
129000
lope Instructional Costs And Services
InstructionalCostsAndServices
154044000
lope Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-560000
lope Expiration Date On Repurchase Authorizations
ExpirationDateOnRepurchaseAuthorizations
2016-09-30
lope Shortfall Tax Expense From Share Based Compensation
ShortfallTaxExpenseFromShareBasedCompensation
18000
lope Fixed Rate Of Interest On Loans
FixedRateOfInterestOnLoans
0.06 pure
lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
55705000
lope Reduction In Revenue Due To Scholarships Offered To Students
ReductionInRevenueDueToScholarshipsOfferedToStudents
76947000
lope Purchases Of Property And Equipment Included In Accounts Payable
PurchasesOfPropertyAndEquipmentIncludedInAccountsPayable
20623000
CY2013 us-gaap Interest Income Other
InterestIncomeOther
1459000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.49
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1392000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46990000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45598000 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.51
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
23069000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
158594000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
37887000
CY2014Q2 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
197000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-148000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-12000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
22909000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
37728000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14659000
CY2014Q2 us-gaap Marketing Expense
MarketingExpense
1907000
CY2014Q2 us-gaap Interest Expense
InterestExpense
356000
CY2014Q2 us-gaap Costs And Expenses
CostsAndExpenses
120707000
CY2014Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
806000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-95000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8994000
CY2014Q2 us-gaap Advertising Expense
AdvertisingExpense
15751000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-8000
CY2014Q2 lope Instructional Costs And Services
InstructionalCostsAndServices
67847000
CY2014Q2 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
26208000
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.55
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1251000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47263000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46012000 shares
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.56
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
25776000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
174726000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
42256000
CY2015Q2 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
127000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
64000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-110000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
25730000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
42237000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16461000
CY2015Q2 us-gaap Marketing Expense
MarketingExpense
1788000
CY2015Q2 us-gaap Interest Expense
InterestExpense
146000
CY2015Q2 us-gaap Costs And Expenses
CostsAndExpenses
132470000
CY2015Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
489000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
40000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
9534000
CY2015Q2 us-gaap Advertising Expense
AdvertisingExpense
18419000
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-70000
CY2015Q2 lope Instructional Costs And Services
InstructionalCostsAndServices
75357000
CY2015Q2 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
27372000

Files In Submission

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0001193125-15-284858-index-headers.html Edgar Link pending
0001193125-15-284858-index.html Edgar Link pending
0001193125-15-284858.txt Edgar Link pending
0001193125-15-284858-xbrl.zip Edgar Link pending
d61267d10q.htm Edgar Link pending
d61267dex311.htm Edgar Link pending
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d61267dex322.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
lope-20150630.xml Edgar Link completed
lope-20150630.xsd Edgar Link pending
lope-20150630_cal.xml Edgar Link unprocessable
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