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Grand Canyon Education, Inc.

2014 Q4 Form 10-K Financial Statement

#000119312516467102 Filed on February 17, 2016

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2014 Q2
Revenue $190.0M $175.1M $158.6M
YoY Change 16.95% 14.87% 12.11%
Cost Of Revenue $78.60M $71.70M $67.80M
YoY Change 15.59% 10.82% 9.89%
Gross Profit $111.4M $103.3M $90.70M
YoY Change 17.88% 17.79% 13.8%
Gross Profit Margin 58.64% 59.01% 57.19%
Selling, General & Admin $12.26M $13.57M $10.90M
YoY Change -1.13% 31.32% 5.21%
% of Gross Profit 11.0% 13.14% 12.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.100M $7.400M $7.100M
YoY Change 19.12% 13.85% 16.39%
% of Gross Profit 7.27% 7.16% 7.83%
Operating Expenses $12.26M $13.57M $10.90M
YoY Change -1.13% 31.32% 5.21%
Operating Profit $53.54M $45.96M $37.89M
YoY Change 30.97% 23.26% 20.32%
Interest Expense $346.0K $576.0K $356.0K
YoY Change -43.19% 9.09% -18.91%
% of Operating Profit 0.65% 1.25% 0.94%
Other Income/Expense, Net
YoY Change
Pretax Income $53.50M $45.42M $37.73M
YoY Change 32.51% 18.73% 21.27%
Income Tax $20.40M $16.41M $14.66M
% Of Pretax Income 38.14% 36.12% 38.85%
Net Earnings $33.09M $29.02M $23.07M
YoY Change 26.52% 28.7% 21.01%
Net Earnings / Revenue 17.42% 16.58% 14.55%
Basic Earnings Per Share $0.72 $0.64 $0.51
Diluted Earnings Per Share $0.70 $0.62 $0.49
COMMON SHARES
Basic Shares Outstanding 45.65M shares 45.65M shares 45.60M shares
Diluted Shares Outstanding 47.10M shares 47.05M shares 46.99M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $166.0M $183.6M $176.7M
YoY Change 1.1% 7.81% 26.94%
Cash & Equivalents $65.24M $56.48M $20.21M
Short-Term Investments $100.8M $127.1M $156.5M
Other Short-Term Assets $19.43M $19.51M $17.21M
YoY Change 1.63% 8.92% 18.36%
Inventory
Prepaid Expenses
Receivables $7.605M $8.289M $8.515M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $267.0M $275.2M $261.1M
YoY Change 1.27% 8.99% 16.79%
LONG-TERM ASSETS
Property, Plant & Equipment $478.2M $469.3M $416.2M
YoY Change 40.81% 42.89% 36.77%
Goodwill $2.941M $2.941M $2.941M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.907M $4.367M $4.428M
YoY Change -25.14% -19.74% -24.06%
Total Long-Term Assets $488.7M $480.3M $427.4M
YoY Change 38.67% 40.61% 34.38%
TOTAL ASSETS
Total Short-Term Assets $267.0M $275.2M $261.1M
Total Long-Term Assets $488.7M $480.3M $427.4M
Total Assets $755.7M $755.5M $688.5M
YoY Change 22.66% 27.17% 27.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.72M $32.93M $33.29M
YoY Change -6.26% 43.56% 103.91%
Accrued Expenses $13.53M $14.08M $15.60M
YoY Change -7.02% -14.86% -24.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.700M $6.700M $6.700M
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $178.7M $218.3M $179.9M
YoY Change 7.9% 25.15% 22.79%
LONG-TERM LIABILITIES
Long-Term Debt $80.30M $82.00M $83.60M
YoY Change -7.7% -7.55% -7.42%
Other Long-Term Liabilities $4.513M $4.075M $6.146M
YoY Change -33.74% -35.25% -6.44%
Total Long-Term Liabilities $4.513M $4.075M $6.146M
YoY Change -33.74% -35.25% -6.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $178.7M $218.3M $179.9M
Total Long-Term Liabilities $4.513M $4.075M $6.146M
Total Liabilities $279.5M $316.0M $281.3M
YoY Change 3.03% 12.96% 11.12%
SHAREHOLDERS EQUITY
Retained Earnings $371.0M $337.9M $308.9M
YoY Change 42.95% 44.79% 46.51%
Common Stock $159.0M $497.0K $497.0K
YoY Change 32424.74% 1.84% 2.05%
Preferred Stock
YoY Change
Treasury Stock (at cost) $53.77M $53.77M $53.77M
YoY Change 11.02% 11.68% 12.9%
Treasury Stock Shares 3.002M shares
Shareholders Equity $476.2M $439.5M $407.3M
YoY Change
Total Liabilities & Shareholders Equity $755.7M $755.5M $688.5M
YoY Change 22.66% 27.17% 27.12%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2014 Q2
OPERATING ACTIVITIES
Net Income $33.09M $29.02M $23.07M
YoY Change 26.52% 28.7% 21.01%
Depreciation, Depletion And Amortization $8.100M $7.400M $7.100M
YoY Change 19.12% 13.85% 16.39%
Cash From Operating Activities $10.30M $67.30M $35.70M
YoY Change -37.95% 16.44% 190.24%
INVESTING ACTIVITIES
Capital Expenditures -$27.40M -$59.20M -$54.80M
YoY Change 18.61% 132.16% 90.28%
Acquisitions
YoY Change
Other Investing Activities $26.30M $29.40M $900.0K
YoY Change -158.71% -294.7% -103.67%
Cash From Investing Activities -$1.100M -$29.80M -$53.80M
YoY Change -98.38% -26.24% 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 -400.0K -1.200M -900.0K
YoY Change -233.33% 0.0% -122.5%
NET CHANGE
Cash From Operating Activities 10.30M 67.30M 35.70M
Cash From Investing Activities -1.100M -29.80M -53.80M
Cash From Financing Activities -400.0K -1.200M -900.0K
Net Change In Cash 8.800M 36.30M -19.00M
YoY Change -117.22% 124.07% -48.65%
FREE CASH FLOW
Cash From Operating Activities $10.30M $67.30M $35.70M
Capital Expenditures -$27.40M -$59.20M -$54.80M
Free Cash Flow $37.70M $126.5M $90.50M
YoY Change -5.04% 51.86% 120.19%

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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>1. Nature of Business</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Grand Canyon Education, Inc. (together with its subsidiaries, the &#x201C;University&#x201D;) was formed in Delaware in November 2003 as a limited liability company, under the name Significant Education, LLC, for the purpose of acquiring the assets of Grand Canyon University from a non-profit foundation on February&#xA0;2, 2004. On August&#xA0;24, 2005, the University converted from a limited liability company to a corporation and changed its name to Significant Education, Inc. On May&#xA0;9, 2008, the University changed its name to Grand Canyon Education, Inc.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The University is a comprehensive regionally accredited university that offers approximately 200 graduate and undergraduate degree programs and certificates across eight colleges both online and on ground at our 200+ acre campus in Phoenix, Arizona, and at facilities we lease and at facilities owned by third party employers. 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. We offer master and doctoral degrees in contemporary fields that are designed to provide students with the capacity for transformational leadership in their chosen industry, emphasizing the immediate relevance of theory, application, and evaluation to promote personal and organizational change. 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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CY2015 us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b><i>Concentration of Credit Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The University believes the credit risk related to cash equivalents and investments is limited due to its adherence to an investment policy that required investments to have a minimum BB rating, depending on the type of security, by one major rating agency at the time of purchase. All of the University&#x2019;s cash equivalents and investments as of December&#xA0;31, 2015 and 2014 consist of investments rated BB or higher by at least one rating agency. Additionally, the University utilizes more than one financial institution to conduct initial and ongoing credit analysis on its investment portfolio to monitor and lower the potential impact of market risk associated with its cash equivalents and investment portfolio.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> A majority of the University&#x2019;s revenues are derived from tuition financed under the Title IV programs of the Higher Education Act of 1965, as amended (the &#x201C;Higher Education Act&#x201D;). The financial aid and assistance programs are subject to political and budgetary considerations and are subject to extensive and complex regulations. The University&#x2019;s administration of these programs is periodically reviewed by various regulatory agencies. Any regulatory violation could be the basis for the initiation of potentially adverse actions including a suspension, limitation, or termination proceeding, which could have a material adverse effect on the University.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Students obtain access to federal student financial aid through a Department of Education prescribed application and eligibility certification process. Student financial aid funds are generally made available to students at prescribed intervals throughout their predetermined expected length of study. Students typically apply the funds received from the federal financial aid programs first to pay their tuition and fees. Any remaining funds are distributed directly to the student.</p> </div>
CY2015 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.012 pure
CY2015 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.033 pure
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2015 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1306000 shares
CY2015 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2015 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2017-12-31
CY2015 dei Entity Registrant Name
EntityRegistrantName
GRAND CANYON EDUCATION, INC.
CY2015 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47281000 shares
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45975000 shares
CY2015 dei Document Period End Date
DocumentPeriodEndDate
2015-12-31
CY2015 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 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>
CY2015 dei Trading Symbol
TradingSymbol
LOPE
CY2015 us-gaap Receivable With Imputed Interest Effective Yield Interest Rate
ReceivableWithImputedInterestEffectiveYieldInterestRate
0.11 pure
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2.86
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StockRepurchasedDuringPeriodShares
288000 shares
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.371 pure
CY2015 lope Purchase Of Land Related To Offsite Development
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13583000
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11279000
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-159000
CY2015 us-gaap Income Tax Expense Benefit
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77596000
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7287000
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4473000
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557000
CY2015 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1008000
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IncreaseDecreaseInDueToRelatedPartiesCurrent
272000
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4000
CY2015 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
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3636000
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OtherIncome
958000
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NetIncomeLoss
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-958000
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StockIssuedDuringPeriodValueStockOptionsExercised
3489000
CY2015 us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
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7228000
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15562000
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2187000
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IncomeTaxesPaid
75587000
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OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-372000
CY2015 us-gaap Increase Decrease In Restricted Cash For Operating Activities
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1800000
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3863000
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204718000
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714000
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130957000
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209007000
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6989000
CY2015 us-gaap Repayments Of Debt And Capital Lease Obligations
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6784000
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PaymentsToAcquireAvailableForSaleSecurities
48122000
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5030000
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1575000
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6754000
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-5772000
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5002000
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230000
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-4965000
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65542000
CY2015 us-gaap Advertising Expense
AdvertisingExpense
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63481000
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CurrentIncomeTaxExpenseBenefit
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3636000
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50000
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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18069000
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35675000
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1962000
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4576000
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16620000
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7158000
CY2015 lope Period For Write Off Inactive Student Accounts
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P150D
CY2015 lope Real Estate Property Description
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200+ acre campus
CY2015 lope Number Of Degree Programs Offered
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200 Degrees
CY2015 lope Minimum Eligible Age To Participate In Plan
MinimumEligibleAgeToParticipateInPlan
P21Y
CY2015 lope Notes Receivable Interest Rate
NotesReceivableInterestRate
0.05 pure
CY2015 lope Number Of Colleges
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8 Colleges
CY2015 lope Ninety By Ten Revenue Test
NinetyByTenRevenueTest
0.748 pure
CY2015 lope Period Of Base Interest Rate
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P30D
CY2015 lope Capital Lease Interest Rate Stated Percentage Rate Range Maximum
CapitalLeaseInterestRateStatedPercentageRateRangeMaximum
0.022 pure
CY2015 lope Tax Benefit Of Spirit Warrant Intangible
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253000
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329651000
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-1211000
CY2015 lope Capitalized Interest Rate On Borrowing To Finance Improvement
CapitalizedInterestRateOnBorrowingToFinanceImprovement
0.019 pure
CY2015 lope Fair Value Of Shares Issued Of License Agreement
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3394000
CY2015 lope Expiration Date On Repurchase Authorizations
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2016-09-30
CY2015 lope Shortfall Tax Expense From Share Based Compensation
ShortfallTaxExpenseFromShareBasedCompensation
26000
CY2015 lope Discount Rate To Determine Present Value Of Cash Flow
DiscountRateToDeterminePresentValueOfCashFlow
0.35 pure
CY2015 lope Fixed Rate Of Interest On Loans
FixedRateOfInterestOnLoans
0.06 pure
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346000
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CY2015 lope Reduction In Revenue Due To Scholarships Offered To Students
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CY2015 lope Depreciation And Amortization Including Assets Under Capital Lease
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34821000
CY2015 lope Purchases Of Property And Equipment Included In Accounts Payable
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13277000
CY2015 lope Purchase Of Equipment Through Capital Lease Obligations
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1156000
CY2015 lope Date For Releasing Late Payment Liquidated Damage Funds And Interest To University
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2013-10-28
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CY2012 us-gaap Line Of Credit Facility Expiration Date1
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2019-12-31
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8554000
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GeneralAndAdministrativeExpense
11640000
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16491000
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71714000
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27324000
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43000
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0.70
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47320000 shares
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0.72
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48872000
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15530000
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313000
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GeneralAndAdministrativeExpense
12536000
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19360000
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83180000
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27506000
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InterestAndOtherIncomeExpenseNonoperating
201000
CY2015Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.81
CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47337000 shares
CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46035000 shares
CY2015Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.83
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
38114000
CY2015Q4 us-gaap Sales Revenue Net
SalesRevenueNet
215954000
CY2015Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
63135000
CY2015Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
62030000
CY2015Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23916000
CY2015Q4 us-gaap Marketing Expense
MarketingExpense
1978000
CY2015Q4 us-gaap Interest Expense
InterestExpense
414000
CY2015Q4 us-gaap Costs And Expenses
CostsAndExpenses
152819000
CY2015Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10634000
CY2015Q4 us-gaap Advertising Expense
AdvertisingExpense
18419000
CY2015Q4 lope Instructional Costs And Services
InstructionalCostsAndServices
92427000
CY2015Q4 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
29361000
CY2015Q4 lope Interest And Other Income Expense Nonoperating
InterestAndOtherIncomeExpenseNonoperating
-691000

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