$LOPE
Grand Canyon Education, Inc.

2020 Q1 Form 10-Q Financial Statement

#000155837020005740 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $221.7M $197.3M
YoY Change 12.35% -28.44%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $52.26M $47.36M
YoY Change 10.33% 31.76%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.100M $6.100M
YoY Change 16.39% -56.12%
% of Gross Profit
Operating Expenses $52.26M $47.36M
YoY Change 10.33% 31.76%
Operating Profit $80.80M $72.43M
YoY Change 11.55% -19.6%
Interest Expense $1.546M $2.586M
YoY Change -40.22% 647.4%
% of Operating Profit 1.91% 3.57%
Other Income/Expense, Net
YoY Change
Pretax Income $94.18M $84.70M
YoY Change 11.19% -6.64%
Income Tax $22.79M $11.46M
% Of Pretax Income 24.2% 13.53%
Net Earnings $71.39M $73.24M
YoY Change -2.54% -0.59%
Net Earnings / Revenue 32.21% 37.13%
Basic Earnings Per Share $1.50 $1.54
Diluted Earnings Per Share $1.49 $1.52
COMMON SHARES
Basic Shares Outstanding 47.46M 47.70M
Diluted Shares Outstanding 47.76M 48.27M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $149.5M $102.7M
YoY Change 45.57% -69.32%
Cash & Equivalents $132.5M $88.77M
Short-Term Investments $17.00M $14.20M
Other Short-Term Assets $14.70M $12.60M
YoY Change 16.63% -25.86%
Inventory
Prepaid Expenses
Receivables $77.39M $74.70M
Other Receivables $6.700M $8.200M
Total Short-Term Assets $248.3M $198.2M
YoY Change 25.29% -54.47%
LONG-TERM ASSETS
Property, Plant & Equipment $121.3M $129.4M
YoY Change -6.22% -86.38%
Goodwill $160.8M
YoY Change
Intangibles $200.0M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.754M $2.000M
YoY Change -12.3% 140.1%
Total Long-Term Assets $1.483B $1.421B
YoY Change 4.36% 48.58%
TOTAL ASSETS
Total Short-Term Assets $248.3M $198.2M
Total Long-Term Assets $1.483B $1.421B
Total Assets $1.732B $1.620B
YoY Change 6.92% 16.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.22M $13.30M
YoY Change 44.53% -63.16%
Accrued Expenses $20.94M $35.60M
YoY Change -41.17% 33.98%
Deferred Revenue $8.173M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $33.10M $48.40M
YoY Change -31.61% 622.39%
Total Short-Term Liabilities $133.1M $126.0M
YoY Change 5.62% -51.85%
LONG-TERM LIABILITIES
Long-Term Debt $99.50M $200.0M
YoY Change -50.25% 243.05%
Other Long-Term Liabilities $11.00K $11.20M
YoY Change -99.9% 890.27%
Total Long-Term Liabilities $11.00K $211.2M
YoY Change -99.99% 18573.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $133.1M $126.0M
Total Long-Term Liabilities $11.00K $211.2M
Total Liabilities $283.6M $346.6M
YoY Change -18.18% 1.65%
SHAREHOLDERS EQUITY
Retained Earnings $1.409B
YoY Change
Common Stock $274.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $235.1M
YoY Change
Treasury Stock Shares $5.808M
Shareholders Equity $1.448B $1.273B
YoY Change
Total Liabilities & Shareholders Equity $1.732B $1.620B
YoY Change 6.92% 16.34%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $71.39M $73.24M
YoY Change -2.54% -0.59%
Depreciation, Depletion And Amortization $7.100M $6.100M
YoY Change 16.39% -56.12%
Cash From Operating Activities $85.72M $76.34M
YoY Change 12.29% -35.85%
INVESTING ACTIVITIES
Capital Expenditures -$6.100M -$34.60M
YoY Change -82.37% -1.98%
Acquisitions $361.2M
YoY Change
Other Investing Activities $4.300M -$306.2M
YoY Change -101.4% 9468.75%
Cash From Investing Activities -$1.878M -$340.9M
YoY Change -99.45% 785.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $65.71M $18.13M
YoY Change 262.48% 50.66%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -73.92M 171.3M
YoY Change -143.16% -1438.04%
NET CHANGE
Cash From Operating Activities 85.72M 76.34M
Cash From Investing Activities -1.878M -340.9M
Cash From Financing Activities -73.92M 171.3M
Net Change In Cash 9.921M -93.25M
YoY Change -110.64% -237.73%
FREE CASH FLOW
Cash From Operating Activities $85.72M $76.34M
Capital Expenditures -$6.100M -$34.60M
Free Cash Flow $91.82M $110.9M
YoY Change -17.23% -28.1%

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CY2019Q1 lope Payments To Develop Education Resources
PaymentsToDevelopEducationResources
157000
CY2019Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
361184000
CY2019Q1 lope Loans For Funding Of Capital Expenditure
LoansForFundingOfCapitalExpenditure
29905000
CY2019Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
1772000
CY2020Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
4263000
CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
56752000
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1878000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-340852000
CY2020Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
8286000
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Allowance for Credit Losses</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">The Company records our accounts receivable and Secured note receivable at the net amount expected to be collected. Our accounts receivable are derived through education services provided to university partners. Our Secured note receivable was derived through the sale of university related assets to our most significant university partner, GCU. The Company maintains an allowance for credit losses resulting from our university partners not making payments. The Company determines the adequacy of the allowance by periodically evaluating each university partners balance, considering their financial condition and credit history, and considering current and forecasted economic conditions. Since our transition to an education services company on July 1, 2018, and continued growth to </span>24 university partners, the Company has no credit losses with any of our university partners. In the first quarter of 2020, the Company adopted ASU 2016-13, <i style="font-style:italic;">Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments </i><span style="white-space:pre-wrap;">using a modified retrospective approach. This model requires consideration of a broader range of reasonable and supportable information and requires the Company to estimate expected credit losses including a measure of the expected risk of credit loss even if that risk is remote over the lifetime of the asset. Upon adoption, the Company recorded a reserve of </span>$5,000<span style="white-space:pre-wrap;"> on its long-term Secured note receivable. The cumulative effect for the Company upon adoption of this new standard was </span>$3,832, net of taxes of $1,168<span style="white-space:pre-wrap;">. Bad debt expense is recorded as a technology and academic services expense in the consolidated income statement. The Company will continue to actively monitor the impact of the COVID-19 pandemic on expected credit losses.</span></p>
CY2020Q1 lope Number Of University Service Partners
NumberOfUniversityServicePartners
24
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2020Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q1 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
CY2019Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
59850000
CY2019Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
2385000
CY2019Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
243750000
CY2019Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
6250000
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
65706000
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
18127000
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
72000
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1631000
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-73920000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
171269000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
9921000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-93246000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
122572000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
182013000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
132493000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
88767000
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
1546000
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
1667000
CY2020Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
250000
CY2019Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
420000
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
899000
CY2019Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
736000
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
5000000
CY2020Q1 us-gaap Income Tax Effects Allocated Directly To Equity Cumulative Effect Of Change In Accounting Principle
IncomeTaxEffectsAllocatedDirectlyToEquityCumulativeEffectOfChangeInAccountingPrinciple
1168000
CY2020Q1 us-gaap Cumulative Effect Of New Accounting Principle In Period Of Adoption
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
-3832000
CY2019Q1 lope Gross Up Of Right Of Use Assets And Lease Liabilities Adoption Of Asu201602
GrossUpOfRightOfUseAssetsAndLeaseLiabilitiesAdoptionOfAsu201602
498000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6775000
CY2020Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1. Nature of Business</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Grand Canyon Education, <span style="white-space:pre-wrap;">Inc. (together with its subsidiaries, the “Company” or “GCE”) is a publicly traded education services company dedicated to serving colleges and universities. GCE has developed significant technological solutions, infrastructure and operational processes to provide services to these institutions on a large scale. GCE’s most significant university partner is Grand Canyon University (“GCU”), a comprehensive regionally accredited university that offers graduate and undergraduate degree programs, emphases and certificates across nine colleges both online and on ground at its campus in Phoenix, Arizona. </span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">In January 2019, GCE began providing education services to numerous university partners across the United States, through our wholly owned subsidiary, Orbis Education, which we acquired, by merger on January 22, 2019 for $361,184<span style="white-space:pre-wrap;">, net of cash acquired (the “Acquisition”). Orbis Education works in partnership with a growing number of top universities and healthcare networks across the country to develop high-quality, career-ready graduates who enter the workforce and ease healthcare industry demands. Orbis Education offers four primary academic programs with site simulation and skill labs located near healthcare providers. Therefore, the results of operations for the three months ended March 31, 2019 include Orbis Education’s financial results for the period from January 22, 2019 to March 31, 2019. See Note 2 to our consolidated financial statements for a full description of the Acquisition. </span> </p>
CY2020Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
400000
CY2020Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company believes the credit risk related to cash equivalents and investments is limited due to its adherence to an investment policy that requires investments to have a minimum BBB rating, depending on the type of security, by one major rating agency at the time of purchase. All of the Company’s cash equivalents and investments as of March 31, 2020 and December 31, 2019 consist of investments rated BBB or higher by at least one rating agency. Additionally, the Company 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. The Company is also subject to credit risk for its accounts receivable balance. The Company has not experienced any losses on receivables since July 1, 2018, the date the Company transitioned to an educational service provider. To manage accounts receivable risk, the Company maintains an allowance for doubtful accounts, if needed. Our dependence on our most significant university partner subjects us to the risk that declines in our customer’s operations would result in a sustained reduction in revenues and interest income on the Secured Note for the Company.</p>
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">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>
CY2019Q1 lope Cash Collateral Released On Repayment Of Debt
CashCollateralReleasedOnRepaymentOfDebt
61667000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2636000
CY2020Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
664000
CY2020Q1 us-gaap Trading Securities Debt
TradingSecuritiesDebt
17049000
CY2019Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
21601000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47455000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47699000
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
309000
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
575000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47764000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48274000
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
5000000
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
5000000
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
222511000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
216767000
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
101162000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
97033000
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
121349000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
119734000
CY2020Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
210280000
CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10328000
CY2020Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
199952000
CY2020Q1 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
false
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1441000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
865000
CY2020Q1 lope Lessee Operating Lease Lease Not Yet Commenced Commitment Amount
LesseeOperatingLeaseLeaseNotYetCommencedCommitmentAmount
20206000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y7M17D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0416
CY2020Q1 lope Number Of Financing Leases
NumberOfFinancingLeases
0
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3605000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5502000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5370000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4769000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4348000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
19395000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
42989000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7067000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
35922000
CY2019Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
59850000
CY2019Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
659000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1992000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1977000
CY2019Q1 us-gaap Income Tax Examination Liability Refund Adjustment From Settlement With Taxing Authority
IncomeTaxExaminationLiabilityRefundAdjustmentFromSettlementWithTaxingAuthority
7500000
CY2019Q1 us-gaap Income Tax Reconciliation Tax Settlements
IncomeTaxReconciliationTaxSettlements
-5925000
CY2020Q1 us-gaap Share Price
SharePrice
76.29
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2656000

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