$LOPE
Grand Canyon Education, Inc.

2020 Q3 Form 10-Q Financial Statement

#000155837020012860 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $198.4M $193.3M
YoY Change 2.64% 24.34%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $56.28M $50.90M
YoY Change 10.57% 22.23%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.600M $6.800M
YoY Change 11.76% 78.95%
% of Gross Profit
Operating Expenses $56.28M $50.90M
YoY Change 10.57% 22.23%
Operating Profit $51.04M $59.73M
YoY Change -14.56% 103.04%
Interest Expense $918.0K $2.875M
YoY Change -68.07% 415.23%
% of Operating Profit 1.8% 4.81%
Other Income/Expense, Net
YoY Change
Pretax Income $65.19M $73.32M
YoY Change -11.09% 72.6%
Income Tax $13.14M $15.17M
% Of Pretax Income 20.16% 20.69%
Net Earnings $52.05M $58.15M
YoY Change -10.5% 72.24%
Net Earnings / Revenue 26.23% 30.09%
Basic Earnings Per Share $1.11 $1.21
Diluted Earnings Per Share $1.11 $1.20
COMMON SHARES
Basic Shares Outstanding 46.81M 47.92M
Diluted Shares Outstanding 47.10M 48.34M

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $179.8M $133.9M
YoY Change 34.28% 17.87%
Cash & Equivalents $167.0M $119.7M
Short-Term Investments $12.80M $14.20M
Other Short-Term Assets $13.95M $11.26M
YoY Change 23.97% 30.77%
Inventory
Prepaid Expenses
Receivables $89.21M $83.38M
Other Receivables $8.800M $8.700M
Total Short-Term Assets $291.8M $237.5M
YoY Change 22.82% -6.92%
LONG-TERM ASSETS
Property, Plant & Equipment $126.7M $118.6M
YoY Change 6.78% 6.97%
Goodwill $160.8M $160.9M
YoY Change -0.07% 5369.94%
Intangibles $195.7M $204.2M
YoY Change -4.16%
Long-Term Investments
YoY Change
Other Assets $1.763M $1.742M
YoY Change 1.21% 134.45%
Total Long-Term Assets $1.509B $1.523B
YoY Change -0.94% 52.7%
TOTAL ASSETS
Total Short-Term Assets $291.8M $237.5M
Total Long-Term Assets $1.509B $1.523B
Total Assets $1.801B $1.761B
YoY Change 2.27% 40.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.34M $20.74M
YoY Change -26.06% 22.04%
Accrued Expenses $23.33M $18.95M
YoY Change 23.11% 40.23%
Deferred Revenue $10.24M $9.201M
YoY Change 11.29%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $33.10M $45.30M
YoY Change -26.93% 586.36%
Total Short-Term Liabilities $122.7M $124.0M
YoY Change -1.09% 125.75%
LONG-TERM LIABILITIES
Long-Term Debt $82.90M $211.1M
YoY Change -60.73% 283.82%
Other Long-Term Liabilities $6.000K $16.00K
YoY Change -62.5%
Total Long-Term Liabilities $6.000K $16.00K
YoY Change -62.5% -99.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $122.7M $124.0M
Total Long-Term Liabilities $6.000K $16.00K
Total Liabilities $279.6M $378.8M
YoY Change -26.2% 231.35%
SHAREHOLDERS EQUITY
Retained Earnings $1.508B $1.265B
YoY Change 19.24% 25.63%
Common Stock $279.7M $268.8M
YoY Change 4.04% 6.52%
Preferred Stock
YoY Change
Treasury Stock (at cost) $266.6M $150.9M
YoY Change 76.74% 25.75%
Treasury Stock Shares $6.186M $4.747M
Shareholders Equity $1.521B $1.382B
YoY Change
Total Liabilities & Shareholders Equity $1.801B $1.761B
YoY Change 2.27% 40.55%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $52.05M $58.15M
YoY Change -10.5% 72.24%
Depreciation, Depletion And Amortization $7.600M $6.800M
YoY Change 11.76% 78.95%
Cash From Operating Activities -$41.00M $5.800M
YoY Change -806.9% -85.75%
INVESTING ACTIVITIES
Capital Expenditures -$10.00M -$5.500M
YoY Change 81.82% -96.47%
Acquisitions
YoY Change
Other Investing Activities $76.90M $60.20M
YoY Change 27.74% 713.51%
Cash From Investing Activities $66.90M $54.70M
YoY Change 22.3% -136.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -31.50M -6.500M
YoY Change 384.62% -14.47%
NET CHANGE
Cash From Operating Activities -41.00M 5.800M
Cash From Investing Activities 66.90M 54.70M
Cash From Financing Activities -31.50M -6.500M
Net Change In Cash -5.600M 54.00M
YoY Change -110.37% -146.88%
FREE CASH FLOW
Cash From Operating Activities -$41.00M $5.800M
Capital Expenditures -$10.00M -$5.500M
Free Cash Flow -$31.00M $11.30M
YoY Change -374.34% -94.24%

Facts In Submission

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GRAND CANYON EDUCATION, INC.
dei Entity Incorporation State Country Code
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lope Gain Loss On Transaction Net Of Costs And Asset Impairment
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us-gaap Other Noncash Income Expense
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us-gaap Other Noncash Income Expense
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lope Increase Decrease In Operating Lease Liabilities Recognized In Exchange For Right Of Use Assets
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IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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IncreaseDecreaseInAccruedIncomeTaxesPayable
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lope Increase Decrease In Contract With Customer Liability Excluding Student Deposits
IncreaseDecreaseInContractWithCustomerLiabilityExcludingStudentDeposits
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lope Increase Decrease In Contract With Customer Liability Excluding Student Deposits
IncreaseDecreaseInContractWithCustomerLiabilityExcludingStudentDeposits
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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PaymentsToDevelopEducationResources
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lope Payments To Develop Education Resources
PaymentsToDevelopEducationResources
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us-gaap Repayments Of Debt And Capital Lease Obligations
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us-gaap Proceeds From Repayments Of Lines Of Credit
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Net Cash Provided By Used In Financing Activities
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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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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Income Taxes Paid
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IncomeTaxesPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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FinancingReceivableAllowanceForCreditLosses
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CY2020Q1 us-gaap Income Tax Effects Allocated Directly To Equity Cumulative Effect Of Change In Accounting Principle
IncomeTaxEffectsAllocatedDirectlyToEquityCumulativeEffectOfChangeInAccountingPrinciple
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lope Gross Up Of Right Of Use Assets And Lease Liabilities Adoption Of Asu201602
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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us-gaap Number Of Operating Segments
NumberOfOperatingSegments
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us-gaap Number Of Reporting Units
NumberOfReportingUnits
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us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1. Nature of Business</p><p style="font-family:'Times New Roman','Times','serif';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”), an Arizona non-profit corporation, a comprehensive regionally accredited university that offers graduate and undergraduate degree programs, emphases and certificates across </span>nine<span style="white-space:pre-wrap;"> colleges both online and on ground at its campus in Phoenix, Arizona. </span></p><p style="font-family:'Times New Roman','Times','serif';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”). Therefore, the results of operations for the nine months ended September 30, 2019 include Orbis Education’s financial results for the period from January 22, 2019 to September 30, 2019. See Note 2 to our consolidated financial statements for a full description of the Acquisition. </span> <span style="white-space:pre-wrap;">Together with Orbis Education, GCE 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 primarily by offering healthcare related academic programs at off-campus classroom and laboratory sites located near healthcare providers. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">As of September 30, 2020, GCE provides education services to 25<span style="white-space:pre-wrap;"> university partners across the United States. </span></p>
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2020Q3 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
5519000
us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<p style="font-family:'Times New Roman','Times','serif';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','Times','serif';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>25 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>
CY2020Q3 lope Number Of University Service Partners
NumberOfUniversityServicePartners
25
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47833000
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
287000
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
417000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
285000
CY2020Q3 lope Lessee Operating Lease Lease Not Yet Commenced Commitment Amount
LesseeOperatingLeaseLeaseNotYetCommencedCommitmentAmount
1396000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';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','Times','serif';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 September 30, 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, with 86.5% and 89.0% of total service revenue for the nine-month periods ended September 30, 2020 and 2019, respectively, subjects us to the risk that declines in our customer’s operations would result in a sustained reduction in service revenue and interest income on the Secured Note for the Company.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';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','Times','serif';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>
CY2020Q3 us-gaap Trading Securities Debt
TradingSecuritiesDebt
12812000
CY2019Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
21601000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46808000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
5000000
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
5000000
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0330
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
236783000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
216767000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
110104000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
97033000
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
126679000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
119734000
CY2020Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2020Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
14538000
CY2020Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
false
us-gaap Operating Lease Cost
OperatingLeaseCost
5244000
us-gaap Operating Lease Cost
OperatingLeaseCost
2681000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1951000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8819000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8443000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
7930000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
7402000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
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CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9301000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
61443000
CY2019Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
59850000
CY2019Q1 lope Cash Collateral Released On Repayment Of Debt
CashCollateralReleasedOnRepaymentOfDebt
61667000
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
CY2020Q3 us-gaap Share Price
SharePrice
79.94
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8047000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7740000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2012000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1935000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
6035000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
5805000

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