$LOPE
Grand Canyon Education, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023007660 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $210.6M $250.1M
YoY Change 5.42% 2.45%
Cost Of Revenue $111.3M $110.9M
YoY Change 6.85% 6.78%
Gross Profit $99.23M $139.3M
YoY Change 3.86% -0.75%
Gross Profit Margin 47.12% 55.68%
Selling, General & Admin $61.68M $62.68M
YoY Change 3.51% 3.19%
% of Gross Profit 62.16% 45.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.507M $7.642M
YoY Change -2.92% -2.39%
% of Gross Profit 7.57% 5.49%
Operating Expenses $63.79M $62.68M
YoY Change 7.04% 3.19%
Operating Profit $35.44M $74.48M
YoY Change 4.72% -3.86%
Interest Expense $2.583M $19.00K
YoY Change 51560.0% -90.73%
% of Operating Profit 7.29% 0.03%
Other Income/Expense, Net
YoY Change
Pretax Income $38.03M $76.61M
YoY Change 11.24% -1.36%
Income Tax $9.052M $17.05M
% Of Pretax Income 23.81% 22.25%
Net Earnings $28.97M $59.56M
YoY Change 13.34% 2.56%
Net Earnings / Revenue 13.76% 23.81%
Basic Earnings Per Share $0.96 $1.96
Diluted Earnings Per Share $0.96 $1.94
COMMON SHARES
Basic Shares Outstanding 30.73M 31.04M
Diluted Shares Outstanding 30.29M 30.64M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $233.4M $194.5M
YoY Change 14.81% -26.41%
Cash & Equivalents $142.9M $105.0M
Short-Term Investments $90.44M $89.48M
Other Short-Term Assets $12.46M $15.83M
YoY Change 4.8% 12.9%
Inventory
Prepaid Expenses
Receivables $24.68M $102.6M
Other Receivables $9.037M $2.964M
Total Short-Term Assets $279.5M $315.9M
YoY Change 11.89% -16.95%
LONG-TERM ASSETS
Property, Plant & Equipment $231.2M $150.4M
YoY Change 65.55% 10.03%
Goodwill $160.8M $160.8M
YoY Change 0.0% 0.0%
Intangibles $172.6M $174.7M
YoY Change -4.65% -4.6%
Long-Term Investments
YoY Change
Other Assets $2.157M $1.963M
YoY Change 17.1% 8.93%
Total Long-Term Assets $566.7M $558.1M
YoY Change 5.44% 3.74%
TOTAL ASSETS
Total Short-Term Assets $279.5M $315.9M
Total Long-Term Assets $566.7M $558.1M
Total Assets $846.2M $874.0M
YoY Change 7.48% -4.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.84M $21.80M
YoY Change 25.93% -26.44%
Accrued Expenses $68.42M $31.66M
YoY Change 107.47% 3.11%
Deferred Revenue $9.110M $9.678M
YoY Change -23.82% -20.49%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $100.4M $119.7M
YoY Change -3.15% -9.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $73.04M $429.0K
YoY Change 304229.17% 1330.0%
Total Long-Term Liabilities $73.04M $429.0K
YoY Change 304229.17% 1330.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.4M $119.7M
Total Long-Term Liabilities $73.04M $429.0K
Total Liabilities $200.8M $214.8M
YoY Change 11.14% 1.33%
SHAREHOLDERS EQUITY
Retained Earnings $2.128B $2.099B
YoY Change 9.78% 9.73%
Common Stock $316.5M $313.2M
YoY Change 4.25% 4.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $645.4M $659.3M
YoY Change
Total Liabilities & Shareholders Equity $846.2M $874.0M
YoY Change 7.48% -4.83%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $28.97M $59.56M
YoY Change 13.34% 2.56%
Depreciation, Depletion And Amortization $7.507M $7.642M
YoY Change -2.92% -2.39%
Cash From Operating Activities $94.13M $63.00M
YoY Change 24.13% -10.33%
INVESTING ACTIVITIES
Capital Expenditures $9.256M $8.831M
YoY Change -210.57% -228.38%
Acquisitions
YoY Change
Other Investing Activities -$1.667M -$28.30M
YoY Change 8.74% -54.96%
Cash From Investing Activities -$10.92M -$37.13M
YoY Change 10.29% -46.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -45.32M -41.23M
YoY Change -64.72% -89.68%
NET CHANGE
Cash From Operating Activities 94.13M 63.00M
Cash From Investing Activities -10.92M -37.13M
Cash From Financing Activities -45.32M -41.23M
Net Change In Cash 37.88M -15.37M
YoY Change -160.58% -96.15%
FREE CASH FLOW
Cash From Operating Activities $94.13M $63.00M
Capital Expenditures $9.256M $8.831M
Free Cash Flow $84.87M $54.17M
YoY Change 0.8% -29.78%

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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Income Taxes Paid
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CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q1 lope Excise Tax Treasury Stock Repurchases
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CY2023Q1 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 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 March 31, 2023, GCE provides education services to </span>27<span style="white-space:pre-wrap;"> university partners across the United States. </span></p>
CY2023Q1 lope Number Of University Service Partners
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CY2023Q1 us-gaap Finite Lived Intangible Assets Net
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CY2023Q1 us-gaap Use Of Estimates
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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>
CY2023Q1 us-gaap Lessee Operating Lease Existence Of Option To Extend
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CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023Q1 lope Lessee Operating Lease Lease Not Yet Commenced Commitment Amount
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023Q1 lope Number Of Off Campus Classroom And Laboratory Sites
NumberOfOffCampusClassroomAndLaboratorySites
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CY2023Q1 us-gaap Number Of Reporting Units
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
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CY2023Q1 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;">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 at least one major rating agency at the time of purchase. All of the Company’s cash equivalents and investments as of March 31, 2023 and December 31, 2022 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 March 31, 2023 and December 31, 2022, the Company had $104,496 and $119,639, 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 88.5% and 87.6% of total service revenue for </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">the three-month periods ended March 31, 2023 and 2022, 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>
CY2023Q1 us-gaap Cash Uninsured Amount
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CY2022Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
119639000
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FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
8419000
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CY2023Q1 lope Optical Fiber Communication Lines Not Yet Commenced
OpticalFiberCommunicationLinesNotYetCommenced
192000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
89483000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
61295000
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
90027000
CY2023Q1 us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
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CY2023Q1 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
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CY2023Q1 us-gaap Available For Sale Securities Debt Securities
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CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
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CY2022Q1 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
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CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Remainder Of Fiscal Year Fair Value
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CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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CY2023Q1 lope Debt Securities Available For Sale Fair Value Maturity Allocated And Single Maturity Date Year Two
DebtSecuritiesAvailableForSaleFairValueMaturityAllocatedAndSingleMaturityDateYearTwo
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CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
177000
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
95000
CY2023Q1 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
153706000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
150391000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
147504000
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
210280000
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
35585000
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
174695000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y10M6D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0335
CY2023Q1 lope Number Of Financing Leases
NumberOfFinancingLeases
0
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
10867000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
10805000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
10193000
CY2023Q1 lope Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
35104000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10895000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
75461000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2023Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
842000
CY2022Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
798000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
2527000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
2392000

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