$LOPE
Grand Canyon Education, Inc.

2021 Q4 Form 10-K Financial Statement

#000155837022001269 Filed on February 16, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $251.4M $896.6M $238.3M
YoY Change 5.49% 6.22% 11.75%
Cost Of Revenue $95.61M $381.3M
YoY Change
Gross Profit $155.8M $515.3M
YoY Change
Gross Profit Margin 61.96% 57.48%
Selling, General & Admin $51.26M $224.7M $48.56M
YoY Change 5.57% 8.19% 10.32%
% of Gross Profit 32.91% 43.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.697M $21.44M $7.500M
YoY Change 2.63% 2.93% 5.63%
% of Gross Profit 4.94% 4.16%
Operating Expenses $53.36M $224.7M $48.56M
YoY Change 9.9% 8.19% 10.32%
Operating Profit $102.4M $282.2M $97.29M
YoY Change 5.25% 1.71% 18.69%
Interest Expense $6.472M $3.601M $865.0K
YoY Change 648.21% -18.2% -70.61%
% of Operating Profit 6.32% 1.28% 0.89%
Other Income/Expense, Net
YoY Change
Pretax Income $108.9M $331.3M $111.4M
YoY Change -2.29% -0.56% 18.23%
Income Tax $23.76M $70.95M $24.67M
% Of Pretax Income 21.82% 21.41% 22.14%
Net Earnings $85.11M $260.3M $86.76M
YoY Change -1.89% 1.22% 13.16%
Net Earnings / Revenue 33.86% 29.04% 36.41%
Basic Earnings Per Share $5.94 $1.87
Diluted Earnings Per Share $2.148M $5.92 $1.86
COMMON SHARES
Basic Shares Outstanding 40.07M 43.84M 46.37M
Diluted Shares Outstanding 43.96M 46.66M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $600.9M $600.9M $256.6M
YoY Change 134.19% 134.19% 78.32%
Cash & Equivalents $600.9M $600.9M $245.8M
Short-Term Investments $0.00 $0.00 $10.80M
Other Short-Term Assets $8.766M $8.766M $8.639M
YoY Change 1.47% 1.93% 7.52%
Inventory
Prepaid Expenses
Receivables $70.06M $70.06M $62.19M
Other Receivables $1.275M $1.275M $6.300M
Total Short-Term Assets $681.0M $681.0M $333.7M
YoY Change 104.06% 104.09% 60.19%
LONG-TERM ASSETS
Property, Plant & Equipment $136.1M $193.8M $128.7M
YoY Change 5.8% 2.15% 7.45%
Goodwill $160.8M $160.8M
YoY Change 0.0% 0.0%
Intangibles $185.2M $193.6M
YoY Change -4.35% -4.17%
Long-Term Investments
YoY Change
Other Assets $1.943M $1.943M $1.844M
YoY Change 5.37% 7.94% 8.09%
Total Long-Term Assets $541.7M $541.7M $1.511B
YoY Change -64.15% -64.15% 1.95%
TOTAL ASSETS
Total Short-Term Assets $681.0M $681.0M $333.7M
Total Long-Term Assets $541.7M $541.7M $1.511B
Total Assets $1.223B $1.223B $1.845B
YoY Change -33.71% -33.71% 9.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.31M $24.31M $16.58M
YoY Change 46.57% 46.42% 11.78%
Accrued Expenses $27.59M $67.73M $21.95M
YoY Change 25.74% 6.5% 30.85%
Deferred Revenue $10.00K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $33.10M
YoY Change -100.0% -100.0% 0.0%
Total Short-Term Liabilities $97.94M $97.94M $118.7M
YoY Change -17.5% -17.49% 24.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $74.60M
YoY Change -100.0% -100.0% -30.8%
Other Long-Term Liabilities $37.00K $53.79M $3.000K
YoY Change 1133.33% -4.96% -76.92%
Total Long-Term Liabilities $37.00K $53.79M $3.000K
YoY Change 1133.33% -59.0% -76.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $97.94M $97.94M $118.7M
Total Long-Term Liabilities $37.00K $53.79M $3.000K
Total Liabilities $177.7M $177.7M $270.3M
YoY Change -34.25% -34.26% 9.48%
SHAREHOLDERS EQUITY
Retained Earnings $1.855B $1.595B
YoY Change 16.33% 18.89%
Common Stock $297.2M $283.0M
YoY Change 5.02% 4.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.107B $303.4M
YoY Change 264.96% 79.13%
Treasury Stock Shares $15.92M $6.628M
Shareholders Equity $1.045B $1.045B $1.574B
YoY Change
Total Liabilities & Shareholders Equity $1.223B $1.223B $1.845B
YoY Change -33.71% -33.71% 9.13%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $85.11M $260.3M $86.76M
YoY Change -1.89% 1.22% 13.16%
Depreciation, Depletion And Amortization $7.697M $21.44M $7.500M
YoY Change 2.63% 2.93% 5.63%
Cash From Operating Activities $104.2M $313.1M $128.7M
YoY Change -19.02% 1.39% 15.74%
INVESTING ACTIVITIES
Capital Expenditures -$7.629M -$219.4M -$7.500M
YoY Change 1.72% 109.14% 2.74%
Acquisitions
YoY Change
Other Investing Activities $969.9M $1.170B $1.900M
YoY Change 50948.0% 1267.25% -94.15%
Cash From Investing Activities $962.3M $951.0M -$5.700M
YoY Change -16982.16% -5014.37% -122.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $803.8M
YoY Change 499.81%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -526.6M -908.9M -44.30M
YoY Change 1088.64% 446.64% -66.92%
NET CHANGE
Cash From Operating Activities 104.2M 313.1M 128.7M
Cash From Investing Activities 962.3M 951.0M -5.700M
Cash From Financing Activities -526.6M -908.9M -44.30M
Net Change In Cash 539.9M 355.2M 78.70M
YoY Change 586.07% 188.3% 3048.0%
FREE CASH FLOW
Cash From Operating Activities $104.2M $313.1M $128.7M
Capital Expenditures -$7.629M -$219.4M -$7.500M
Free Cash Flow $111.9M $532.5M $136.2M
YoY Change -17.88% 28.71% 14.94%

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CY2021 us-gaap Profit Loss
ProfitLoss
260344000
CY2020 us-gaap Profit Loss
ProfitLoss
257196000
CY2019 us-gaap Profit Loss
ProfitLoss
259175000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11526000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10663000
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10300000
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-5000000
CY2021 lope Depreciation And Amortization Excluding Intangible Assets
DepreciationAndAmortizationExcludingIntangibleAssets
21994000
CY2020 lope Depreciation And Amortization Excluding Intangible Assets
DepreciationAndAmortizationExcludingIntangibleAssets
21233000
CY2019 lope Depreciation And Amortization Excluding Intangible Assets
DepreciationAndAmortizationExcludingIntangibleAssets
18696000
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8419000
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8419000
CY2019 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8223000
CY2021 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
5674000
CY2020 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
3136000
CY2019 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
1670000
CY2019 lope Gain Loss On Transaction Net Of Costs And Asset Impairment
GainLossOnTransactionNetOfCostsAndAssetImpairment
-3966000
CY2021 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-677000
CY2020 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-571000
CY2019 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
335000
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2863000
CY2020 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
13250000
CY2019 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-766000
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
256000
CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
621000
CY2019 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-2136000
CY2021 lope Increase Decrease In Operating Lease Liabilities Recognized In Exchange For Right Of Use Assets
IncreaseDecreaseInOperatingLeaseLiabilitiesRecognizedInExchangeForRightOfUseAssets
545000
CY2020 lope Increase Decrease In Operating Lease Liabilities Recognized In Exchange For Right Of Use Assets
IncreaseDecreaseInOperatingLeaseLiabilitiesRecognizedInExchangeForRightOfUseAssets
2151000
CY2019 lope Increase Decrease In Operating Lease Liabilities Recognized In Exchange For Right Of Use Assets
IncreaseDecreaseInOperatingLeaseLiabilitiesRecognizedInExchangeForRightOfUseAssets
833000
CY2021 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
7392000
CY2020 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
1012000
CY2019 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-3095000
CY2021 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
4148000
CY2020 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
18612000
CY2019 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
5078000
CY2021 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
509000
CY2020 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-279000
CY2019 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1044000
CY2019 lope Increase Decrease In Contract With Customer Liability Student Deposits
IncreaseDecreaseInContractWithCustomerLiabilityStudentDeposits
-25000
CY2021 lope Increase Decrease In Contract With Customer Liability Excluding Student Deposits
IncreaseDecreaseInContractWithCustomerLiabilityExcludingStudentDeposits
10000
CY2020 lope Increase Decrease In Contract With Customer Liability Excluding Student Deposits
IncreaseDecreaseInContractWithCustomerLiabilityExcludingStudentDeposits
-20000
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
313119000
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
308823000
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
306344000
CY2021 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
28875000
CY2020 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
29418000
CY2019 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
22391000
CY2021 lope Payments To Develop Education Resources
PaymentsToDevelopEducationResources
515000
CY2020 lope Payments To Develop Education Resources
PaymentsToDevelopEducationResources
524000
CY2019 lope Payments To Develop Education Resources
PaymentsToDevelopEducationResources
260000
CY2019 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
361184000
CY2021 lope Payments To Fund Notes Receivable
PaymentsToFundNotesReceivable
190000000
CY2020 lope Payments To Fund Notes Receivable
PaymentsToFundNotesReceivable
75000000
CY2019 lope Payments To Fund Notes Receivable
PaymentsToFundNotesReceivable
169819000
CY2021 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
1159912000
CY2020 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
75000000
CY2019 us-gaap Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
100000000
CY2021 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
56335000
CY2019 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
9384000
CY2021 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
66792000
CY2020 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
10591000
CY2019 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
57163000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
950979000
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-19351000
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-405875000
CY2021 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
107774000
CY2020 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
33144000
CY2019 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
92433000
CY2019 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
2385000
CY2019 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
243750000
CY2019 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-68750000
CY2021 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
803832000
CY2020 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
134014000
CY2019 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
43913000
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2680000
CY2020 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
883000
CY2019 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3821000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-908926000
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-166275000
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
40090000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
355172000
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
123197000
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-59441000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
245769000
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
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
600941000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
245769000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
122572000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
3697000
CY2020 us-gaap Interest Paid Net
InterestPaidNet
4306000
CY2019 us-gaap Interest Paid Net
InterestPaidNet
11516000
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
61900000
CY2020 us-gaap Income Taxes Paid
IncomeTaxesPaid
68381000
CY2019 us-gaap Income Taxes Paid
IncomeTaxesPaid
59903000
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1536000
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1206000
CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
469000
CY2020 lope Financing Receivable Credit Loss Expense Reversal Net Of Tax
FinancingReceivableCreditLossExpenseReversalNetOfTax
3832000
CY2019 lope Gross Up Of Right Of Use Assets And Lease Liabilities Adoption Of Asu201602
GrossUpOfRightOfUseAssetsAndLeaseLiabilitiesAdoptionOfAsu201602
498000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3368000
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
33250000
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
14203000
CY2019 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
1100000
CY2021 us-gaap Nature Of Operations
NatureOfOperations
<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 that operates 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 off-site classroom and laboratory sites. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Prior to July 1, 2018, GCE owned and operated Grand Canyon University (the “University”). On July <span style="white-space:pre-wrap;">1, 2018, the Company sold the University to GCU. As a result of this transaction (the “Transaction”), GCE became an education services company focused on providing a full array of support services to institutions in the post-secondary education sector. GCE provides education services that include technology and academic services, counseling services and support, marketing and communication services, and for its largest university partner several back-office services such as accounting, reporting, tax, human resources, and procurement services. See Note 2 to our consolidated financial statements for a full description of the Transaction.</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 year ended December 31, 2019 include Orbis Education’s financial results for the period from January 22, 2019 to December 31, 2019. The Company financed a portion of the purchase price through a credit facility provided by a consortium of banks led by our existing bank group. See Note 3 to our consolidated financial statement for a full description of the Acquisition.</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;">Since the Acquisition, GCE, together with Orbis Education, has continued to add additional university partners. In the healthcare field, we work 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. In addition, we have begun providing certain services to a university partner to assist them in expanding their online graduate programs. As of December 31, 2021, GCE provides education services to </span>27 university partners across the Unites States<span style="white-space:pre-wrap;">. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">GCE was formed in Delaware in November 2003 as a limited liability company, under the name Significant Education, LLC, for the purchase of acquiring the assets of the University from a non-profit foundation on February 2, 2004. On August 24, 2005, the Company converted from a limited liability company to a corporation and changed its name to Significant Education, Inc. On May 9, 2008, the Company changed its name to Grand Canyon Education, Inc. The Company’s wholly owned subsidiaries were historically used to facilitate expansion of the university campus prior to the Transaction.</p>
CY2021Q4 lope Number Of University Service Partners
NumberOfUniversityServicePartners
27
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
213247000
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
778643000
CY2019Q4 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
213247000
CY2019 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
781893000
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
76669000
CY2019 us-gaap Net Income Loss
NetIncomeLoss
259175000
CY2019Q4 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
76669000
CY2019 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
247930000
CY2021 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, including the collection of accounts receivables and reserves associated with uncertain tax positions. Actual results could differ from those estimates.</p>
CY2021Q4 us-gaap Investments
Investments
0
CY2021Q4 lope Number Of Stages Of Software Development Projects
NumberOfStagesOfSoftwareDevelopmentProjects
3
CY2021 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
CY2020Q4 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
964912000
CY2020Q4 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
1049458000
CY2021Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
14108000
CY2020Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
11318000
CY2021 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2021Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
3841000
CY2020Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
294000
CY2021 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 its accounts receivable and previously had recorded its 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 partner’s balance, considering their financial condition and credit history, and considering current and forecasted economic conditions. In the first quarter of 2020, the Company adopted ASU 2016-13, </span><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. In the fourth quarter of 2021, the Secured Note receivable was paid off and the credit loss reserve of </span>$5,000<span style="white-space:pre-wrap;"> was reversed. The Company will continue to actively monitor the impact of the COVID-19 pandemic as well as other factors on expected credit losses.</span></p>
CY2021Q4 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-5000000
CY2021 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 required 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 December <span style="white-space:pre-wrap;">31, 2021 and 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. Our cash balances are primarily invested in money market funds or on deposit at high credit quality financial institutions in the U.S. These deposits are typically in excess of insured limits. The Company is also subject to credit risk for its accounts receivable balance. The Company has not experienced any losses on accounts receivables since July 1, 2018, the date the Company transitioned to an education service company. To manage accounts receivable risk, the Company maintains an allowance for doubtful accounts, if needed. Our dependence on our largest university partner, with </span>85.9% and 86.8% of total service revenue for the years ended December 31, 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 for the Company.</p>
CY2020Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
10840000
CY2021 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
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CY2021Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
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CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2021 us-gaap Provision For Loan Losses Expensed
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CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
266446000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
241610000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
130326000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
112953000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
136120000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
128657000
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
21441000
CY2020 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
20830000
CY2019 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
18393000
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
210280000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
25061000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
185219000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
8419000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
8419000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
8419000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
8419000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
8419000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
143124000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
185219000
CY2021 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
false
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
9723000
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
7594000
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
4084000
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y11M12D
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0306
CY2021 lope Number Of Financing Leases
NumberOfFinancingLeases
0
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9085000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8931000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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