$LOPE
Grand Canyon Education, Inc.

2021 Q2 Form 10-Q Financial Statement

#000155837021010560 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $201.5M $185.8M
YoY Change 8.46% 6.26%
Cost Of Revenue $94.61M
YoY Change
Gross Profit $106.9M
YoY Change
Gross Profit Margin 53.05%
Selling, General & Admin $54.53M $50.61M
YoY Change 7.75% 12.6%
% of Gross Profit 51.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.531M $7.400M
YoY Change 1.77% 7.25%
% of Gross Profit 7.05%
Operating Expenses $54.53M $50.61M
YoY Change 7.75% 12.6%
Operating Profit $50.25M $48.31M
YoY Change 4.01% -5.26%
Interest Expense $763.0K $1.073M
YoY Change -28.89% -63.09%
% of Operating Profit 1.52% 2.22%
Other Income/Expense, Net
YoY Change
Pretax Income $64.50M $62.36M
YoY Change 3.43% -4.42%
Income Tax $15.04M $15.35M
% Of Pretax Income 23.31% 24.61%
Net Earnings $49.46M $47.01M
YoY Change 5.21% -8.03%
Net Earnings / Revenue 24.55% 25.31%
Basic Earnings Per Share $1.09 $1.00
Diluted Earnings Per Share $1.09 $1.00
COMMON SHARES
Basic Shares Outstanding 45.49M 46.89M
Diluted Shares Outstanding 45.58M 47.15M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $113.9M $172.5M
YoY Change -33.99% 115.63%
Cash & Equivalents $69.45M $172.5M
Short-Term Investments $44.42M
Other Short-Term Assets $11.99M $13.15M
YoY Change -8.79% 16.04%
Inventory
Prepaid Expenses
Receivables $19.89M $20.55M
Other Receivables $1.330M $1.700M
Total Short-Term Assets $147.1M $222.6M
YoY Change -33.94% 104.77%
LONG-TERM ASSETS
Property, Plant & Equipment $133.0M $124.1M
YoY Change 7.2% 6.25%
Goodwill $160.8M $160.8M
YoY Change 0.0% -0.07%
Intangibles $189.4M $197.8M
YoY Change -4.26% -4.15%
Long-Term Investments
YoY Change
Other Assets $2.485M $1.794M
YoY Change 38.52% -7.53%
Total Long-Term Assets $1.700B $1.568B
YoY Change 8.43% -0.07%
TOTAL ASSETS
Total Short-Term Assets $147.1M $222.6M
Total Long-Term Assets $1.700B $1.568B
Total Assets $1.847B $1.790B
YoY Change 3.17% 6.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.45M $19.90M
YoY Change 12.82% 8.91%
Accrued Expenses $24.96M $20.03M
YoY Change 24.61% 18.3%
Deferred Revenue $9.760M $7.709M
YoY Change 26.61% -23.23%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $68.15M $33.10M
YoY Change 105.88% -31.61%
Total Short-Term Liabilities $169.0M $150.6M
YoY Change 12.23% 32.95%
LONG-TERM LIABILITIES
Long-Term Debt $58.06M $91.20M
YoY Change -36.34% -56.13%
Other Long-Term Liabilities $50.00K $8.000K
YoY Change 525.0% -99.93%
Total Long-Term Liabilities $50.00K $8.000K
YoY Change 525.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $169.0M $150.6M
Total Long-Term Liabilities $50.00K $8.000K
Total Liabilities $304.3M $300.9M
YoY Change 1.13% -13.96%
SHAREHOLDERS EQUITY
Retained Earnings $1.722B $1.456B
YoY Change 18.3% 20.67%
Common Stock $281.6M $276.9M
YoY Change 1.73% 4.11%
Preferred Stock
YoY Change
Treasury Stock (at cost) $461.1M $243.4M
YoY Change 89.44% 69.11%
Treasury Stock Shares $8.241M $5.919M
Shareholders Equity $1.543B $1.489B
YoY Change
Total Liabilities & Shareholders Equity $1.847B $1.790B
YoY Change 3.17% 6.72%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $49.46M $47.01M
YoY Change 5.21% -8.03%
Depreciation, Depletion And Amortization $7.531M $7.400M
YoY Change 1.77% 7.25%
Cash From Operating Activities $120.5M $135.4M
YoY Change -10.98% 19.82%
INVESTING ACTIVITIES
Capital Expenditures -$197.0M -$81.30M
YoY Change 142.35% -43.97%
Acquisitions
YoY Change
Other Investing Activities -$8.257M $2.500M
YoY Change -430.28% 2400.0%
Cash From Investing Activities -$205.3M -$78.70M
YoY Change 160.84% -45.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -71.66M -16.60M
YoY Change 331.72% -280.43%
NET CHANGE
Cash From Operating Activities 120.5M 135.4M
Cash From Investing Activities -205.3M -78.70M
Cash From Financing Activities -71.66M -16.60M
Net Change In Cash -156.4M 40.10M
YoY Change -490.08% -276.65%
FREE CASH FLOW
Cash From Operating Activities $120.5M $135.4M
Capital Expenditures -$197.0M -$81.30M
Free Cash Flow $317.6M $216.7M
YoY Change 46.54% -16.04%

Facts In Submission

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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 colleges both online, on ground at its campus in Phoenix, Arizona and at two<span style="white-space:pre-wrap;"> off-campus classroom and laboratory sites. </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”). In the healthcare field, GCE, together with Orbis Education, works in partnership with a growing number of top universities and healthcare networks across the country, offering healthcare-related academic programs at off-campus classroom and laboratory sites located near healthcare providers and developing high-quality, career-ready graduates who enter the workforce ready to meet the demands of the healthcare industry.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">As of June 30, 2021, GCE provides education services to 27<span style="white-space:pre-wrap;"> university partners across the United States. </span></p>
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us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
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<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 its 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>27 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 statements. The Company will continue to actively monitor the impact of the COVID-19 pandemic on expected credit losses.</span></p>
CY2021Q2 lope Number Of University Service Partners
NumberOfUniversityServicePartners
27
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us-gaap Concentration Risk Credit Risk
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<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 June 30, 2021 and December <span style="white-space:pre-wrap;">31, 2020 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 and its Secured Note. 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. The Company monitors the credit risk exposure of the counterparty of the Secured Note to determine whether an adjustment to allowance for credit loss is necessary. A significant deterioration in the financial viability of our counterparty and corresponding decline in the fair value of the collateralized assets could impact the collectability risk of the Secured Note. Our dependence on our most significant university partner, which is also the counterparty to the Secured Note, with </span>85.7% and 87.0% of total service revenue for the six-month periods ended June 30, 2021 and 2020, 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>
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<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>
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us-gaap Operating Lease Cost
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PropertyPlantAndEquipmentGross
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CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
8047000
CY2021Q2 lope Lessee Operating Lease Liability To Be Paid After Year Four
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CY2021Q2 us-gaap Operating Lease Liability
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us-gaap Allocated Share Based Compensation Expense Net Of Tax
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