$LOPE
Grand Canyon Education, Inc.

2024 Q3 Form 10-Q Financial Statement

#000155837024011082 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $238.3M $227.5M
YoY Change 7.38% 8.02%
Cost Of Revenue $119.1M $119.1M
YoY Change 5.42% 6.97%
Gross Profit $119.2M $108.4M
YoY Change 9.42% 9.2%
Gross Profit Margin 50.01% 47.64%
Selling, General & Admin $68.89M $63.53M
YoY Change 5.54% 3.0%
% of Gross Profit 57.81% 58.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.231M $9.033M
YoY Change 13.13% 20.33%
% of Gross Profit 7.75% 8.34%
Operating Expenses $68.89M $63.53M
YoY Change 5.54% -0.4%
Operating Profit $48.18M $42.72M
YoY Change 15.98% 20.53%
Interest Expense $4.154M $4.110M
YoY Change 415300.0% 59.12%
% of Operating Profit 8.62% 9.62%
Other Income/Expense, Net
YoY Change
Pretax Income $52.33M $46.83M
YoY Change 18.19% 23.15%
Income Tax $10.86M $11.95M
% Of Pretax Income 20.76% 25.52%
Net Earnings $41.47M $34.88M
YoY Change 16.03% 20.38%
Net Earnings / Revenue 17.4% 15.33%
Basic Earnings Per Share $1.43 $1.19
Diluted Earnings Per Share $1.42 $1.19
COMMON SHARES
Basic Shares Outstanding 29.46M 29.74M
Diluted Shares Outstanding 29.16M 29.42M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $263.6M $341.8M
YoY Change 70.69% 46.47%
Cash & Equivalents $263.6M $241.3M
Short-Term Investments $0.00 $100.5M
Other Short-Term Assets $11.59M $13.05M
YoY Change -4.01% 4.74%
Inventory
Prepaid Expenses
Receivables $116.4M $29.45M
Other Receivables $1.818M $5.504M
Total Short-Term Assets $393.4M $389.8M
YoY Change 43.18% 39.45%
LONG-TERM ASSETS
Property, Plant & Equipment $176.2M $173.8M
YoY Change 7.04% -24.8%
Goodwill $160.8M $160.8M
YoY Change 0.0% 0.0%
Intangibles $162.1M $164.2M
YoY Change -4.94% -4.88%
Long-Term Investments
YoY Change
Other Assets $1.636M $2.209M
YoY Change -23.41% 2.41%
Total Long-Term Assets $599.6M $602.9M
YoY Change 1.89% 6.39%
TOTAL ASSETS
Total Short-Term Assets $393.4M $389.8M
Total Long-Term Assets $599.6M $602.9M
Total Assets $992.9M $992.7M
YoY Change 15.03% 17.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.08M $22.47M
YoY Change 18.51% -1.65%
Accrued Expenses $33.42M $31.94M
YoY Change -0.32% -53.32%
Deferred Revenue $6.420M $7.216M
YoY Change 2.93% -20.79%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $106.6M $107.5M
YoY Change 7.07% 6.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.492M $1.538M
YoY Change 258.65% -97.89%
Total Long-Term Liabilities $1.492M $1.538M
YoY Change 258.65% -97.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $106.6M $107.5M
Total Long-Term Liabilities $1.492M $1.538M
Total Liabilities $228.8M $233.5M
YoY Change 7.6% 16.29%
SHAREHOLDERS EQUITY
Retained Earnings $2.389B $2.348B
YoY Change 10.4% 10.31%
Common Stock $333.9M $330.5M
YoY Change 4.41% 4.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $764.1M $759.2M
YoY Change
Total Liabilities & Shareholders Equity $992.9M $992.7M
YoY Change 15.03% 17.31%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $41.47M $34.88M
YoY Change 16.03% 20.38%
Depreciation, Depletion And Amortization $9.231M $9.033M
YoY Change 13.13% 20.33%
Cash From Operating Activities -$29.39M $98.56M
YoY Change -1.56% 4.71%
INVESTING ACTIVITIES
Capital Expenditures $9.625M $9.052M
YoY Change -43.07% -2.2%
Acquisitions
YoY Change
Other Investing Activities $100.9M -$5.677M
YoY Change -1913.32% 240.55%
Cash From Investing Activities $91.29M -$14.73M
YoY Change -506.2% 34.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -39.63M -38.72M
YoY Change 17.5% -14.55%
NET CHANGE
Cash From Operating Activities -29.39M 98.56M
Cash From Investing Activities 91.29M -14.73M
Cash From Financing Activities -39.63M -38.72M
Net Change In Cash 22.27M 45.11M
YoY Change -125.88% 19.07%
FREE CASH FLOW
Cash From Operating Activities -$29.39M $98.56M
Capital Expenditures $9.625M $9.052M
Free Cash Flow -$39.01M $89.51M
YoY Change -16.57% 5.46%

Facts In Submission

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GRAND CANYON EDUCATION, INC.
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AmortizationOfIntangibleAssets
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AmortizationOfIntangibleAssets
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DeferredIncomeTaxesAndTaxCredits
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DeferredIncomeTaxesAndTaxCredits
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OtherNoncashIncomeExpense
457000
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OtherNoncashIncomeExpense
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IncreaseDecreaseInAccountsReceivable
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IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1332000
lope Increase Decrease In Operating Lease Liabilities Recognized In Exchange For Right Of Use Assets
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lope Increase Decrease In Operating Lease Liabilities Recognized In Exchange For Right Of Use Assets
IncreaseDecreaseInOperatingLeaseLiabilitiesRecognizedInExchangeForRightOfUseAssets
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IncreaseDecreaseInAccountsPayableTrade
4986000
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
2323000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
8334000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-460000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
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us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
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lope Increase Decrease In Contract With Customer Liability Excluding Student Deposits
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7216000
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IncreaseDecreaseInContractWithCustomerLiabilityExcludingStudentDeposits
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
183526000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
157128000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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lope Payments To Develop Education Resources
PaymentsToDevelopEducationResources
170000
lope Payments To Develop Education Resources
PaymentsToDevelopEducationResources
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us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
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us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Payments For Repurchase Of Common Stock
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PaymentsForRepurchaseOfCommonStock
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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94842000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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InterestPaidNet
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InterestPaidNet
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IncomeTaxesPaid
44220000
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IncomeTaxesPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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lope Excise Tax Treasury Stock Repurchases
ExciseTaxTreasuryStockRepurchases
422000
lope Excise Tax Treasury Stock Repurchases
ExciseTaxTreasuryStockRepurchases
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us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 6pt 0pt;">1. Nature of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 6pt 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>ten colleges both online, on ground at its campus in Phoenix, Arizona and at six off-campus classroom and laboratory sites.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 6pt 0pt;"><span style="white-space:pre-wrap;">We also provide education services to numerous university partners across the United States. In the healthcare field, we work in partnership with a number of top universities and healthcare networks, 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 June 30, 2024, GCE provides education services to </span>22 university partners across the United States.</p>
CY2024Q2 lope Number Of University Service Partners
NumberOfUniversityServicePartners
22
CY2024Q1 us-gaap Insurance Settlements Receivable Current
InsuranceSettlementsReceivableCurrent
25500000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
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NumberOfReportingUnits
1
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0
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AllowanceForDoubtfulAccountsReceivable
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UnbilledContractsReceivable
10055000
CY2023Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
188000
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 6pt 0pt;">Concentration of Credit Risk </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 6pt 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 June 30, 2024 and December 31, 2023 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 June 30, 2024 and December 31, 2023, the Company had $240,317 and $145,474, 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 88.4% and 87.2% of total service revenue for the six-month periods ended June 30, 2024 and 2023, 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>
CY2024Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
240317000
CY2023Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
145474000
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 6pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 6pt 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>
CY2024Q2 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
100498000
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AvailableForSaleSecuritiesDebtSecuritiesCurrent
98031000
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AvailableForSaleDebtSecuritiesAmortizedCostBasis
100664000
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AvailableForSaleDebtSecuritiesGrossUnrealizedGain
120000
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286000
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AvailableForSaleSecuritiesDebtSecurities
100498000
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-69000
us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
-157000
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AvailableForSaleSecuritiesDebtMaturitiesRemainderOfFiscalYearFairValue
28643000
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47894000
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DebtSecuritiesAvailableForSaleFairValueMaturityAllocatedAndSingleMaturityDateYearTwo
12103000
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DebtSecuritiesAvailableForSaleFairValueMaturityAllocatedAndSingleMaturityDateYearThree
11858000
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AvailableForSaleSecuritiesDebtSecurities
100498000
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WeightedAverageNumberOfSharesOutstandingBasic
29285000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30183000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29372000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30321000
CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
130000
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
104000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
155000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
141000
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29415000
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30287000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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29527000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30462000
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
356795000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
340114000
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
182968000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
170415000
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
173827000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
169699000
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
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210280000
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46109000
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
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CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
4209000
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FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
8419000
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8419000
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8419000
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FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
126286000
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
164171000
us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
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us-gaap Operating Lease Cost
OperatingLeaseCost
8037000
us-gaap Operating Lease Cost
OperatingLeaseCost
6170000
lope Number Of Off Campus Classroom And Laboratory Sites
NumberOfOffCampusClassroomAndLaboratorySites
3
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P7Y11M4D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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us-gaap Operating Lease Payments
OperatingLeasePayments
7279000
us-gaap Operating Lease Payments
OperatingLeasePayments
5389000
lope Number Of Financing Leases
NumberOfFinancingLeases
0
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
7580000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
16557000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
16748000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
16067000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
15870000
CY2024Q2 lope Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
57191000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
130013000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
20534000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
109479000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7479000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6622000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1870000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1656000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
5609000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
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4966000
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
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CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
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CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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