$LOPE
Grand Canyon Education, Inc.

2022 Q4 Form 10-Q Financial Statement

#000155837022015501 Filed on October 27, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $258.7M $208.7M
YoY Change 2.91% 0.94%
Cost Of Revenue $110.9M $104.9M
YoY Change 15.98% 7.3%
Gross Profit $147.8M $103.8M
YoY Change -5.11% -4.75%
Gross Profit Margin 57.13% 49.75%
Selling, General & Admin $55.02M $66.23M
YoY Change 7.34% 7.51%
% of Gross Profit 37.23% 63.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.839M $7.776M
YoY Change 1.84% 1.18%
% of Gross Profit 5.3% 7.49%
Operating Expenses $57.12M $66.23M
YoY Change 7.05% 7.51%
Operating Profit $90.68M $35.51M
YoY Change -11.45% -21.63%
Interest Expense $1.330M $745.0K
YoY Change -79.45% 0.54%
% of Operating Profit 1.47% 2.1%
Other Income/Expense, Net
YoY Change
Pretax Income $92.01M $36.26M
YoY Change -15.49% -39.39%
Income Tax $20.98M $6.249M
% Of Pretax Income 22.8% 17.24%
Net Earnings $71.03M $30.01M
YoY Change -16.55% -37.03%
Net Earnings / Revenue 27.46% 14.38%
Basic Earnings Per Share $0.96
Diluted Earnings Per Share $2.31 $0.96
COMMON SHARES
Basic Shares Outstanding 31.15M 31.96M
Diluted Shares Outstanding 31.39M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $181.7M $108.3M
YoY Change -69.76% 77.52%
Cash & Equivalents $120.4M $39.89M
Short-Term Investments $61.30M $68.40M
Other Short-Term Assets $11.37M $10.18M
YoY Change 29.68% -4.24%
Inventory
Prepaid Expenses
Receivables $77.41M $101.2M
Other Receivables $2.788M $3.589M
Total Short-Term Assets $273.3M $223.2M
YoY Change -59.87% 28.74%
LONG-TERM ASSETS
Property, Plant & Equipment $147.5M $144.9M
YoY Change 8.36% 7.71%
Goodwill $160.8M $160.8M
YoY Change 0.0% 0.0%
Intangibles $176.8M $178.9M
YoY Change -4.55% -4.49%
Long-Term Investments
YoY Change
Other Assets $1.687M $1.683M
YoY Change -13.18% -27.14%
Total Long-Term Assets $559.5M $561.3M
YoY Change 3.28% -62.75%
TOTAL ASSETS
Total Short-Term Assets $273.3M $223.2M
Total Long-Term Assets $559.5M $561.3M
Total Assets $832.7M $784.5M
YoY Change -31.9% -53.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.01M $18.83M
YoY Change -17.69% -53.7%
Accrued Expenses $22.47M $28.96M
YoY Change -18.56% 9.17%
Deferred Revenue $6.102M
YoY Change 90.45%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $99.71M $95.59M
YoY Change 1.8% -53.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $436.0K $442.0K
YoY Change 1078.38% 927.91%
Total Long-Term Liabilities $436.0K $442.0K
YoY Change 1078.38% 927.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $99.71M $95.59M
Total Long-Term Liabilities $436.0K $442.0K
Total Liabilities $195.1M $193.0M
YoY Change 9.81% -31.0%
SHAREHOLDERS EQUITY
Retained Earnings $2.040B $1.969B
YoY Change 9.96% 11.23%
Common Stock $309.8M $306.7M
YoY Change 4.25% 4.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $637.6M $591.6M
YoY Change
Total Liabilities & Shareholders Equity $832.7M $784.5M
YoY Change -31.9% -53.31%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $71.03M $30.01M
YoY Change -16.55% -37.03%
Depreciation, Depletion And Amortization $7.839M $7.776M
YoY Change 1.84% 1.18%
Cash From Operating Activities $110.3M -$35.62M
YoY Change 5.88% 2383.89%
INVESTING ACTIVITIES
Capital Expenditures $9.034M -$11.34M
YoY Change -218.42% 97.89%
Acquisitions
YoY Change
Other Investing Activities $7.213M -$4.356M
YoY Change -99.26% -101.86%
Cash From Investing Activities -$1.821M -$15.70M
YoY Change -100.19% -106.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -28.01M -48.19M
YoY Change -94.68% -79.56%
NET CHANGE
Cash From Operating Activities 110.3M -35.62M
Cash From Investing Activities -1.821M -15.70M
Cash From Financing Activities -28.01M -48.19M
Net Change In Cash 80.52M -99.51M
YoY Change -85.09% 1078.24%
FREE CASH FLOW
Cash From Operating Activities $110.3M -$35.62M
Capital Expenditures $9.034M -$11.34M
Free Cash Flow $101.3M -$24.27M
YoY Change -9.42% -664.64%

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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 four<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;"><span style="white-space:pre-wrap;">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 (the “Acquisition”). 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 provided certain services to a university partner to assist them in expanding their online graduate programs. As of September 30, 2022, GCE provides education services to </span>27<span style="white-space:pre-wrap;"> university partners across the United States. </span></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;">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, 2022 and December 31, 2021 consist of investments rated BBB or higher by at least one rating agency. Additionally, the Company utilizes at least 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. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash balances, which are primarily invested in money market funds or on deposit at high credit quality financial institutions in the U.S. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. At September 30, 2022 and December 31, 2021, the Company had $38,851 and $600,130, respectively, in excess of the FDIC insured limit. The Company is also subject to credit risk for its accounts receivable balance. Our dependence on our most significant university partner, with 84.8% and 85.0% of total service revenue for the nine-month periods ended September 30, 2022 and 2021, 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>
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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>
CY2022Q3 us-gaap Available For Sale Securities Debt Securities Current
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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