$LOPE
Grand Canyon Education, Inc.

2021 Q4 Form 10-Q Financial Statement

#000155837021014215 Filed on November 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $251.4M $206.8M $198.4M
YoY Change 5.49% 4.23% 2.64%
Cost Of Revenue $95.61M $97.75M
YoY Change
Gross Profit $155.8M $109.0M
YoY Change
Gross Profit Margin 61.96% 52.73%
Selling, General & Admin $51.26M $61.60M $56.28M
YoY Change 5.57% 9.46% 10.57%
% of Gross Profit 32.91% 56.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.697M $7.685M $7.600M
YoY Change 2.63% 1.12% 11.76%
% of Gross Profit 4.94% 7.05%
Operating Expenses $53.36M $61.60M $56.28M
YoY Change 9.9% 9.46% 10.57%
Operating Profit $102.4M $45.32M $51.04M
YoY Change 5.25% -11.21% -14.56%
Interest Expense $6.472M $741.0K $918.0K
YoY Change 648.21% -19.28% -68.07%
% of Operating Profit 6.32% 1.64% 1.8%
Other Income/Expense, Net
YoY Change
Pretax Income $108.9M $59.82M $65.19M
YoY Change -2.29% -8.23% -11.09%
Income Tax $23.76M $12.17M $13.14M
% Of Pretax Income 21.82% 20.34% 20.16%
Net Earnings $85.11M $47.66M $52.05M
YoY Change -1.89% -8.43% -10.5%
Net Earnings / Revenue 33.86% 23.05% 26.23%
Basic Earnings Per Share $1.08 $1.11
Diluted Earnings Per Share $2.148M $1.08 $1.11
COMMON SHARES
Basic Shares Outstanding 40.07M 44.21M 46.81M
Diluted Shares Outstanding 44.30M 47.10M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $600.9M $61.00M $179.8M
YoY Change 134.19% -66.07% 34.28%
Cash & Equivalents $600.9M $61.00M $167.0M
Short-Term Investments $0.00 $0.00 $12.80M
Other Short-Term Assets $8.766M $10.64M $13.95M
YoY Change 1.47% -23.78% 23.97%
Inventory
Prepaid Expenses
Receivables $70.06M $95.17M $89.21M
Other Receivables $1.275M $6.595M $8.800M
Total Short-Term Assets $681.0M $173.4M $291.8M
YoY Change 104.06% -40.57% 22.82%
LONG-TERM ASSETS
Property, Plant & Equipment $136.1M $134.5M $126.7M
YoY Change 5.8% 6.18% 6.78%
Goodwill $160.8M $160.8M $160.8M
YoY Change 0.0% 0.0% -0.07%
Intangibles $185.2M $187.3M $195.7M
YoY Change -4.35% -4.3% -4.16%
Long-Term Investments
YoY Change
Other Assets $1.943M $2.310M $1.763M
YoY Change 5.37% 31.03% 1.21%
Total Long-Term Assets $541.7M $1.507B $1.509B
YoY Change -64.15% -0.12% -0.94%
TOTAL ASSETS
Total Short-Term Assets $681.0M $173.4M $291.8M
Total Long-Term Assets $541.7M $1.507B $1.509B
Total Assets $1.223B $1.680B $1.801B
YoY Change -33.71% -6.67% 2.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.31M $40.67M $15.34M
YoY Change 46.57% 165.16% -26.06%
Accrued Expenses $27.59M $26.53M $23.33M
YoY Change 25.74% 13.74% 23.11%
Deferred Revenue $10.00K $3.204M $10.24M
YoY Change -68.71% 11.29%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $82.92M $33.10M
YoY Change -100.0% 150.5% -26.93%
Total Short-Term Liabilities $97.94M $203.8M $122.7M
YoY Change -17.5% 66.18% -1.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $82.90M
YoY Change -100.0% -100.0% -60.73%
Other Long-Term Liabilities $37.00K $43.00K $6.000K
YoY Change 1133.33% 616.67% -62.5%
Total Long-Term Liabilities $37.00K $43.00K $6.000K
YoY Change 1133.33% 616.67% -62.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $97.94M $203.8M $122.7M
Total Long-Term Liabilities $37.00K $43.00K $6.000K
Total Liabilities $177.7M $279.7M $279.6M
YoY Change -34.25% 0.04% -26.2%
SHAREHOLDERS EQUITY
Retained Earnings $1.855B $1.770B $1.508B
YoY Change 16.33% 17.37% 19.24%
Common Stock $297.2M $294.4M $279.7M
YoY Change 5.02% 5.26% 4.04%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.107B $663.6M $266.6M
YoY Change 264.96% 148.85% 76.74%
Treasury Stock Shares $15.92M $10.58M $6.186M
Shareholders Equity $1.045B $1.401B $1.521B
YoY Change
Total Liabilities & Shareholders Equity $1.223B $1.680B $1.801B
YoY Change -33.71% -6.67% 2.27%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $85.11M $47.66M $52.05M
YoY Change -1.89% -8.43% -10.5%
Depreciation, Depletion And Amortization $7.697M $7.685M $7.600M
YoY Change 2.63% 1.12% 11.76%
Cash From Operating Activities $104.2M -$1.434M -$41.00M
YoY Change -19.02% -96.5% -806.9%
INVESTING ACTIVITIES
Capital Expenditures -$7.629M -$5.733M -$10.00M
YoY Change 1.72% -42.67% 81.82%
Acquisitions
YoY Change
Other Investing Activities $969.9M $234.5M $76.90M
YoY Change 50948.0% 204.96% 27.74%
Cash From Investing Activities $962.3M $228.8M $66.90M
YoY Change -16982.16% 241.97% 22.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -526.6M -235.8M -31.50M
YoY Change 1088.64% 648.55% 384.62%
NET CHANGE
Cash From Operating Activities 104.2M -1.434M -41.00M
Cash From Investing Activities 962.3M 228.8M 66.90M
Cash From Financing Activities -526.6M -235.8M -31.50M
Net Change In Cash 539.9M -8.446M -5.600M
YoY Change 586.07% 50.82% -110.37%
FREE CASH FLOW
Cash From Operating Activities $104.2M -$1.434M -$41.00M
Capital Expenditures -$7.629M -$5.733M -$10.00M
Free Cash Flow $111.9M $4.299M -$31.00M
YoY Change -17.88% -113.87% -374.34%

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GRAND CANYON EDUCATION, INC.
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IncreaseDecreaseInAccruedLiabilities
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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 September 30, 2021, GCE provides education services to 27<span style="white-space:pre-wrap;"> university partners across the United States. </span></p>
CY2021Q3 lope Number Of University Service Partners
NumberOfUniversityServicePartners
27
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NumberOfReportingUnits
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CY2020Q4 us-gaap Notes Receivable Fair Value Disclosure
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CY2021Q3 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
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CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable
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UnbilledContractsReceivable
11604000
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UnbilledContractsReceivable
294000
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;"><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, </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">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>
CY2021Q3 lope Number Of University Service Partners
NumberOfUniversityServicePartners
27
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
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, 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>85.0% and 86.5% of total service revenue for the nine-month periods ended September 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>
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>
CY2020Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
10840000
us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
0
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44212000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46808000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45272000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47051000
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
86000
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
287000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
132000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
285000
CY2021Q3 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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CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
125204000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
112953000
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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PropertyPlantAndEquipmentNet
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FinancingReceivableAllowanceForCreditLosses
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CY2021Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
259712000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
241610000
CY2021Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
210280000
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
22957000
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
187323000
us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
false
us-gaap Operating Lease Cost
OperatingLeaseCost
7371000
us-gaap Operating Lease Cost
OperatingLeaseCost
5244000
CY2021Q3 lope Lessee Operating Lease Lease Not Yet Commenced Commitment Amount
LesseeOperatingLeaseLeaseNotYetCommencedCommitmentAmount
0
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y25D
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.031
lope Number Of Financing Leases
NumberOfFinancingLeases
0
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2255000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9296000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8851000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8359000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
8047000
CY2021Q3 lope Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
31727000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
68535000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7861000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
60674000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8715000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8047000
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
2179000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
6536000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
6035000
lope Senior Secured Note Stated Interest Rate
SeniorSecuredNoteStatedInterestRate
0.060

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