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Grand Canyon Education, Inc.

2018 Q3 Form 10-Q Financial Statement

#000119312518322557 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q4 2017 Q3
Revenue $155.5M $271.4M $236.2M
YoY Change -34.19% 10.94% 12.24%
Cost Of Revenue $108.9M $104.3M
YoY Change 6.66% 13.74%
Gross Profit $162.5M $131.9M
YoY Change 13.96% 11.12%
Gross Profit Margin 59.87% 55.84%
Selling, General & Admin $41.64M $13.40M $36.47M
YoY Change 14.16% 5.99% 134.45%
% of Gross Profit 8.25% 27.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.800M $13.70M $13.60M
YoY Change -72.06% 5.38% 18.26%
% of Gross Profit 8.43% 10.31%
Operating Expenses $41.64M $13.40M $36.47M
YoY Change 14.16% 5.99% 134.45%
Operating Profit $29.42M $91.35M $59.69M
YoY Change -50.71% 19.1% 26.83%
Interest Expense $558.0K $527.0K $567.0K
YoY Change -1.59% 6.04% 64.83%
% of Operating Profit 1.9% 0.58% 0.95%
Other Income/Expense, Net
YoY Change
Pretax Income $42.48M $91.58M $60.57M
YoY Change -29.86% 19.86% 36.32%
Income Tax $8.720M $23.32M $21.27M
% Of Pretax Income 20.53% 25.47% 35.11%
Net Earnings $33.76M $68.26M $39.30M
YoY Change -14.1% 42.26% 34.4%
Net Earnings / Revenue 21.72% 25.15% 16.64%
Basic Earnings Per Share $0.71 $1.44 $0.83
Diluted Earnings Per Share $0.70 $1.41 $0.81
COMMON SHARES
Basic Shares Outstanding 47.68M 47.34M shares 47.32M shares
Diluted Shares Outstanding 48.42M 48.38M shares 48.29M shares

Balance Sheet

Concept 2018 Q3 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $113.6M $242.7M $269.8M
YoY Change -57.89% 123.48% 116.19%
Cash & Equivalents $44.88M $153.5M $180.1M
Short-Term Investments $68.80M $89.30M $89.60M
Other Short-Term Assets $8.607M $24.59M $24.70M
YoY Change -65.16% 10.06% 13.77%
Inventory
Prepaid Expenses
Receivables $65.12M $10.91M $12.24M
Other Receivables $6.200M $2.100M $4.600M
Total Short-Term Assets $255.2M $374.9M $386.8M
YoY Change -34.03% 62.94% 66.66%
LONG-TERM ASSETS
Property, Plant & Equipment $110.9M $922.3M $897.5M
YoY Change -87.64% 7.8% 7.79%
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 $743.0K $723.0K $766.0K
YoY Change -3.0% -19.4% -45.44%
Total Long-Term Assets $997.5M $928.7M $904.1M
YoY Change 10.33% 7.69% 7.61%
TOTAL ASSETS
Total Short-Term Assets $255.2M $374.9M $386.8M
Total Long-Term Assets $997.5M $928.7M $904.1M
Total Assets $1.253B $1.304B $1.291B
YoY Change -2.96% 19.32% 20.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.00M $29.14M $27.52M
YoY Change -38.25% 17.38% -4.6%
Accrued Expenses $13.51M $20.76M $23.18M
YoY Change -41.72% -2.47% 11.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.600M $6.700M $6.700M
YoY Change -1.49% -78.8% -64.36%
Total Short-Term Liabilities $54.94M $238.1M $285.1M
YoY Change -80.73% 5.0% 7.14%
LONG-TERM LIABILITIES
Long-Term Debt $55.00M $59.90M $61.60M
YoY Change -10.71% -10.06% -10.2%
Other Long-Term Liabilities $0.00 $1.200M $1.341M
YoY Change -100.0% -28.95% -61.82%
Total Long-Term Liabilities $55.00M $1.200M $1.341M
YoY Change 4001.42% -28.95% -61.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.94M $238.1M $285.1M
Total Long-Term Liabilities $55.00M $1.200M $1.341M
Total Liabilities $114.3M $317.6M $375.2M
YoY Change -69.53% -0.37% 5.55%
SHAREHOLDERS EQUITY
Retained Earnings $1.007B $854.2M $785.9M
YoY Change 28.08% 31.23% 30.35%
Common Stock $252.4M $233.2M $229.5M
YoY Change 9.98% 9.44% 12.47%
Preferred Stock
YoY Change
Treasury Stock (at cost) $120.0M $100.7M $99.05M
YoY Change 21.13% 12.64% 10.87%
Treasury Stock Shares 4.436M shares 4.152M shares 4.118M shares
Shareholders Equity $1.138B $986.0M $915.7M
YoY Change
Total Liabilities & Shareholders Equity $1.253B $1.304B $1.291B
YoY Change -2.96% 19.32% 20.39%

Cashflow Statement

Concept 2018 Q3 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $33.76M $68.26M $39.30M
YoY Change -14.1% 42.26% 34.4%
Depreciation, Depletion And Amortization $3.800M $13.70M $13.60M
YoY Change -72.06% 5.38% 18.26%
Cash From Operating Activities $40.70M $35.00M $136.2M
YoY Change -70.12% 600.0% 35.12%
INVESTING ACTIVITIES
Capital Expenditures -$155.6M -$38.20M -$25.90M
YoY Change 500.77% -3.29% -56.18%
Acquisitions
YoY Change
Other Investing Activities $7.400M -$1.800M $500.0K
YoY Change 1380.0% -86.15% -350.0%
Cash From Investing Activities -$148.3M -$40.00M -$25.40M
YoY Change 483.86% -23.81% -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 -7.600M -2.700M -800.0K
YoY Change 850.0% -111.07% -93.55%
NET CHANGE
Cash From Operating Activities 40.70M 35.00M 136.2M
Cash From Investing Activities -148.3M -40.00M -25.40M
Cash From Financing Activities -7.600M -2.700M -800.0K
Net Change In Cash -115.2M -7.700M 110.0M
YoY Change -204.73% -66.67% 278.01%
FREE CASH FLOW
Cash From Operating Activities $40.70M $35.00M $136.2M
Capital Expenditures -$155.6M -$38.20M -$25.90M
Free Cash Flow $196.3M $73.20M $162.1M
YoY Change 21.1% 64.49% 1.38%

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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GRAND CANYON EDUCATION, INC.
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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: 400; 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: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; 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;Company&#x201D; or &#x201C;GCE&#x201D;) is a publicly traded education services company. GCE provides a full array of support services in the post-secondary education sector and has developed significant technological solutions, infrastructure and operational processes to provide service in these areas on a large scale. GCE currently provides services to Grand Canyon University, an Arizona&#xA0;<font style="WHITE-SPACE: nowrap">non-profit</font>&#xA0;corporation (&#x201C;GCU&#x201D;), its client, that include technology and academic services, counseling services and support, marketing and communication services, and several back office services such as accounting, reporting, tax, human resources, and procurement services. On July&#xA0;1, 2018 the Company consummated a transaction that impacted the nature of our business. See Note 2 to our consolidated financial statements for a full description of this transaction. The Company&#x2019;s wholly-owned subsidiaries were historically used to facilitate expansion of the university campus prior to the transaction.</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: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> GCU owns and operates a comprehensive regionally accredited university (the &#x201C;University&#x201D;) that offers over 230 graduate and undergraduate degree programs, emphases and certificates across nine colleges both online and on ground at its over 262 acre campus in Phoenix, Arizona, at leased facilities and at facilities owned by third party employers.</p> </div>
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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