$LOPE
Grand Canyon Education, Inc.

2017 Q3 Form 10-Q Financial Statement

#000119312517329402 Filed on November 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q3
Revenue $236.2M
YoY Change 12.24%
Cost Of Revenue $104.3M
YoY Change 13.74%
Gross Profit $131.9M
YoY Change 11.12%
Gross Profit Margin 55.84%
Selling, General & Admin $36.47M
YoY Change 134.45%
% of Gross Profit 27.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.60M
YoY Change 18.26%
% of Gross Profit 10.31%
Operating Expenses $36.47M
YoY Change 134.45%
Operating Profit $59.69M
YoY Change 26.83%
Interest Expense $567.0K
YoY Change 64.83%
% of Operating Profit 0.95%
Other Income/Expense, Net
YoY Change
Pretax Income $60.57M
YoY Change 36.32%
Income Tax $21.27M
% Of Pretax Income 35.11%
Net Earnings $39.30M
YoY Change 34.4%
Net Earnings / Revenue 16.64%
Basic Earnings Per Share $0.83
Diluted Earnings Per Share $0.81
COMMON SHARES
Basic Shares Outstanding 47.32M shares
Diluted Shares Outstanding 48.29M shares

Balance Sheet

Concept 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $269.8M
YoY Change 116.19%
Cash & Equivalents $180.1M
Short-Term Investments $89.60M
Other Short-Term Assets $24.70M
YoY Change 13.77%
Inventory
Prepaid Expenses
Receivables $12.24M
Other Receivables $4.600M
Total Short-Term Assets $386.8M
YoY Change 66.66%
LONG-TERM ASSETS
Property, Plant & Equipment $897.5M
YoY Change 7.79%
Goodwill $2.941M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $766.0K
YoY Change -45.44%
Total Long-Term Assets $904.1M
YoY Change 7.61%
TOTAL ASSETS
Total Short-Term Assets $386.8M
Total Long-Term Assets $904.1M
Total Assets $1.291B
YoY Change 20.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.52M
YoY Change -4.6%
Accrued Expenses $23.18M
YoY Change 11.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $6.700M
YoY Change -64.36%
Total Short-Term Liabilities $285.1M
YoY Change 7.14%
LONG-TERM LIABILITIES
Long-Term Debt $61.60M
YoY Change -10.2%
Other Long-Term Liabilities $1.341M
YoY Change -61.82%
Total Long-Term Liabilities $1.341M
YoY Change -61.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $285.1M
Total Long-Term Liabilities $1.341M
Total Liabilities $375.2M
YoY Change 5.55%
SHAREHOLDERS EQUITY
Retained Earnings $785.9M
YoY Change 30.35%
Common Stock $229.5M
YoY Change 12.47%
Preferred Stock
YoY Change
Treasury Stock (at cost) $99.05M
YoY Change 10.87%
Treasury Stock Shares 4.118M shares
Shareholders Equity $915.7M
YoY Change
Total Liabilities & Shareholders Equity $1.291B
YoY Change 20.39%

Cashflow Statement

Concept 2017 Q3
OPERATING ACTIVITIES
Net Income $39.30M
YoY Change 34.4%
Depreciation, Depletion And Amortization $13.60M
YoY Change 18.26%
Cash From Operating Activities $136.2M
YoY Change 35.12%
INVESTING ACTIVITIES
Capital Expenditures -$25.90M
YoY Change -56.18%
Acquisitions
YoY Change
Other Investing Activities $500.0K
YoY Change -350.0%
Cash From Investing Activities -$25.40M
YoY Change -57.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -800.0K
YoY Change -93.55%
NET CHANGE
Cash From Operating Activities 136.2M
Cash From Investing Activities -25.40M
Cash From Financing Activities -800.0K
Net Change In Cash 110.0M
YoY Change 278.01%
FREE CASH FLOW
Cash From Operating Activities $136.2M
Capital Expenditures -$25.90M
Free Cash Flow $162.1M
YoY Change 1.38%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b>1. Nature of Business</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> 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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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> 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 Earnings Per Share Basic
EarningsPerShareBasic
2.19
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
7370000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
159724000
us-gaap Income Taxes Paid
IncomeTaxesPaid
50826000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
66818000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
5315000
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-6574000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
14876000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
11127000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
59189000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-3756000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2173000
us-gaap Interest Expense
InterestExpense
831000
us-gaap Interest Paid
InterestPaid
791000
us-gaap Marketing Expense
MarketingExpense
6477000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-163500000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
213265000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-3714000
us-gaap Net Income Loss
NetIncomeLoss
100535000
us-gaap Operating Income Loss
OperatingIncomeLoss
160505000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-6000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
203000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-328000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
5000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-917000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
194000
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
32097000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
20009000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
157584000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
65807000
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
10016000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
12000000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
12812000
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
5527000
us-gaap Sales Revenue Net
SalesRevenueNet
628681000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47009000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1056000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45953000 shares
lope Shortfall Tax Expense From Share Based Compensation
ShortfallTaxExpenseFromShareBasedCompensation
264000
lope Reduction In Revenue Due To Scholarships Offered To Students
ReductionInRevenueDueToScholarshipsOfferedToStudents
123112000
lope Purchase Of Land Related To Offsite Development
PurchaseOfLandRelatedToOffsiteDevelopment
41876000
lope Lease Termination Costs
LeaseTerminationCosts
3363000
lope Cash Restricted Cash And Cash Equivalents Period Increase Decrease
CashRestrictedCashAndCashEquivalentsPeriodIncreaseDecrease
46051000
lope Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-790000
lope Instructional Costs And Services
InstructionalCostsAndServices
271001000
lope Tax Benefit Of Spirit Warrant Intangible
TaxBenefitOfSpiritWarrantIntangible
190000
lope Purchases Of Property And Equipment Included In Accounts Payable
PurchasesOfPropertyAndEquipmentIncludedInAccountsPayable
10735000
lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
87224000
lope Interest And Other Income Expense Nonoperating
InterestAndOtherIncomeExpenseNonoperating
50000
CY2016Q3 us-gaap Advertising Expense
AdvertisingExpense
23896000
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
29098000
CY2016Q3 us-gaap Costs And Expenses
CostsAndExpenses
163378000
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.62
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EarningsPerShareBasic
0.63
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
13430000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
44431000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15187000
CY2016Q3 us-gaap Interest Expense
InterestExpense
344000
CY2016Q3 us-gaap Marketing Expense
MarketingExpense
2127000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
29244000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
47066000
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-142000
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
2000
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-4000
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
88000
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
210444000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47175000 shares
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
944000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46231000 shares
CY2016Q3 lope Lease Termination Costs
LeaseTerminationCosts
3363000
CY2016Q3 lope Instructional Costs And Services
InstructionalCostsAndServices
91748000
CY2016Q3 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
28814000
CY2016Q3 lope Interest And Other Income Expense Nonoperating
InterestAndOtherIncomeExpenseNonoperating
-2291000
CY2017Q3 us-gaap Advertising Expense
AdvertisingExpense
25523000
CY2017Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
39314000
CY2017Q3 us-gaap Costs And Expenses
CostsAndExpenses
176517000
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.81
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.83
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
12915000
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
60570000
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21266000
CY2017Q3 us-gaap Interest Expense
InterestExpense
567000
CY2017Q3 us-gaap Marketing Expense
MarketingExpense
2350000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
39304000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
59692000
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
40000
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
20000
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-30000
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
25000
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
236209000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48292000 shares
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
976000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47316000 shares
CY2017Q3 lope Instructional Costs And Services
InstructionalCostsAndServices
104303000
CY2017Q3 lope Admissions Advisory And Related Expenses
AdmissionsAdvisoryAndRelatedExpenses
31426000
CY2017Q3 lope Interest And Other Income Expense Nonoperating
InterestAndOtherIncomeExpenseNonoperating
1445000

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