$LOPE
Grand Canyon Education, Inc.

2017 Q2 Form 10-Q Financial Statement

#000119312517244255 Filed on August 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q2
Revenue $218.3M
YoY Change 14.13%
Cost Of Revenue $95.00M
YoY Change 12.29%
Gross Profit $123.3M
YoY Change 15.56%
Gross Profit Margin 56.48%
Selling, General & Admin $12.32M
YoY Change 12.87%
% of Gross Profit 9.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.60M
YoY Change 27.1%
% of Gross Profit 11.03%
Operating Expenses $12.32M
YoY Change 12.87%
Operating Profit $55.09M
YoY Change 23.11%
Interest Expense $495.0K
YoY Change 213.29%
% of Operating Profit 0.9%
Other Income/Expense, Net
YoY Change
Pretax Income $55.33M
YoY Change 23.28%
Income Tax $15.49M
% Of Pretax Income 27.99%
Net Earnings $39.85M
YoY Change 44.24%
Net Earnings / Revenue 18.25%
Basic Earnings Per Share $0.85
Diluted Earnings Per Share $0.83
COMMON SHARES
Basic Shares Outstanding 47.15M shares
Diluted Shares Outstanding 48.19M shares

Balance Sheet

Concept 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $155.7M
YoY Change 65.64%
Cash & Equivalents $66.28M
Short-Term Investments $89.40M
Other Short-Term Assets $22.16M
YoY Change 24.43%
Inventory
Prepaid Expenses
Receivables $10.93M
Other Receivables $4.600M
Total Short-Term Assets $272.8M
YoY Change 36.24%
LONG-TERM ASSETS
Property, Plant & Equipment $888.2M
YoY Change 11.86%
Goodwill $2.941M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.756M
YoY Change -61.46%
Total Long-Term Assets $895.8M
YoY Change 11.31%
TOTAL ASSETS
Total Short-Term Assets $272.8M
Total Long-Term Assets $895.8M
Total Assets $1.169B
YoY Change 16.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.49M
YoY Change -42.75%
Accrued Expenses $20.64M
YoY Change 22.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $6.700M
YoY Change -78.93%
Total Short-Term Liabilities $204.9M
YoY Change -12.11%
LONG-TERM LIABILITIES
Long-Term Debt $63.30M
YoY Change -9.96%
Other Long-Term Liabilities $1.433M
YoY Change -61.96%
Total Long-Term Liabilities $1.433M
YoY Change -61.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $204.9M
Total Long-Term Liabilities $1.433M
Total Liabilities $296.3M
YoY Change -8.72%
SHAREHOLDERS EQUITY
Retained Earnings $746.6M
YoY Change 30.14%
Common Stock $225.3M
YoY Change 15.03%
Preferred Stock
YoY Change
Treasury Stock (at cost) $99.05M
YoY Change 11.85%
Treasury Stock Shares 4.115M shares
Shareholders Equity $872.2M
YoY Change
Total Liabilities & Shareholders Equity $1.169B
YoY Change 16.28%

Cashflow Statement

Concept 2017 Q2
OPERATING ACTIVITIES
Net Income $39.85M
YoY Change 44.24%
Depreciation, Depletion And Amortization $13.60M
YoY Change 27.1%
Cash From Operating Activities $24.00M
YoY Change -6.25%
INVESTING ACTIVITIES
Capital Expenditures -$30.30M
YoY Change -63.45%
Acquisitions
YoY Change
Other Investing Activities -$7.800M
YoY Change -122.48%
Cash From Investing Activities -$38.10M
YoY Change -20.95%
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
YoY Change -96.63%
NET CHANGE
Cash From Operating Activities 24.00M
Cash From Investing Activities -38.10M
Cash From Financing Activities 900.0K
Net Change In Cash -13.20M
YoY Change -421.95%
FREE CASH FLOW
Cash From Operating Activities $24.00M
Capital Expenditures -$30.30M
Free Cash Flow $54.30M
YoY Change -49.95%

Facts In Submission

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<div> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>1. Nature of Business</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Grand Canyon Education, Inc. (together with its subsidiaries, the &#x201C;University&#x201D;) is a comprehensive regionally accredited university that offers over 220 graduate and undergraduate degree programs, emphases and certificates across nine colleges both online and on ground at our over 270 acre campus in Phoenix, Arizona, at leased facilities 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-oriented, liberal arts foundation. We offer master&#x2019;s 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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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
8720000
us-gaap Net Income Loss
NetIncomeLoss
71291000
us-gaap Operating Income Loss
OperatingIncomeLoss
113439000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
136000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
201000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-325000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
83000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1682000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
194000
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
23525000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
19227000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
115615000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
57449000
us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
1749000
us-gaap Proceeds From Sale Of Notes Receivable
ProceedsFromSaleOfNotesReceivable
501000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6972000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
25000000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
7963000
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
3831000
us-gaap Sales Revenue Net
SalesRevenueNet
418237000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46925000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1112000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45813000 shares
lope Shortfall Tax Expense From Share Based Compensation
ShortfallTaxExpenseFromShareBasedCompensation
257000
lope Reduction In Revenue Due To Scholarships Offered To Students
ReductionInRevenueDueToScholarshipsOfferedToStudents
85308000
lope Purchase Of Land Related To Offsite Development
PurchaseOfLandRelatedToOffsiteDevelopment
24769000
lope Cash Restricted Cash And Cash Equivalents Period Increase Decrease
CashRestrictedCashAndCashEquivalentsPeriodIncreaseDecrease
16974000
lope Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-535000
lope Instructional Costs And Services
InstructionalCostsAndServices
179253000
lope Tax Benefit Of Spirit Warrant Intangible
TaxBenefitOfSpiritWarrantIntangible
127000
lope Purchases Of Property And Equipment Included In Accounts Payable
PurchasesOfPropertyAndEquipmentIncludedInAccountsPayable
19798000
lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
58410000
lope Interest And Other Income Expense Nonoperating
InterestAndOtherIncomeExpenseNonoperating
2341000
CY2016Q2 us-gaap Advertising Expense
AdvertisingExpense
22149000
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ComprehensiveIncomeNetOfTax
27636000
CY2016Q2 us-gaap Costs And Expenses
CostsAndExpenses
146531000
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.59
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.60
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8809000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
44883000
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17257000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
44748000
CY2016Q2 us-gaap Interest Expense
InterestExpense
158000
CY2016Q2 us-gaap Marketing Expense
MarketingExpense
2108000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
27626000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
97000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
53000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-87000
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
59000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
191279000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46990000 shares
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
986000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46004000 shares
CY2016Q2 lope Instructional Costs And Services
InstructionalCostsAndServices
84599000
CY2016Q2 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
28866000
CY2016Q2 lope Interest And Other Income Expense Nonoperating
InterestAndOtherIncomeExpenseNonoperating
293000
CY2017Q2 us-gaap Advertising Expense
AdvertisingExpense
24776000
CY2017Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
39761000
CY2017Q2 us-gaap Costs And Expenses
CostsAndExpenses
163213000
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.83
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.85
CY2017Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10058000
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
55332000
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15485000
CY2017Q2 us-gaap Interest Expense
InterestExpense
495000
CY2017Q2 us-gaap Marketing Expense
MarketingExpense
2264000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
39847000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
55088000
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-17000
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
42000
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-69000
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
10000
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
218301000
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48192000 shares
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1041000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47151000 shares
CY2017Q2 lope Instructional Costs And Services
InstructionalCostsAndServices
95030000
CY2017Q2 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
31085000
CY2017Q2 lope Interest And Other Income Expense Nonoperating
InterestAndOtherIncomeExpenseNonoperating
739000

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