10-Q Filing

GRAND CANYON EDUCATION, INC. CIK: 1434588 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-007041`
Period End Date	20220331
Filing Date	20220504
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	lope-20220331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 34 Cash Flow Statement 60 Stockholders Equity 15 Comprehensive Income 8

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$600.94M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$201.93M	USD	Point-in-time
Investments	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	-	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Investments	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$62.40M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$102.01M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$70.06M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$1.27M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	53.64M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$8.77M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$14.02M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	53.83M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	33.28M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$380.36M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$681.04M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	37.72M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	15.91M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	20.55M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$136.12M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$136.68M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$57.65M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$55.67M	USD	Point-in-time
Amortizable intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$183.11M	USD	Point-in-time
Amortizable intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$185.22M	USD	Point-in-time
Goodwill	`Goodwill`	$160.77M	USD	Point-in-time
Goodwill	`Goodwill`	$160.77M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.80M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.94M	USD	Point-in-time
Total assets	`Assets`	$918.39M	USD	Point-in-time
Total assets	`Assets`	$1.22B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$24.31M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$29.64M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$31.99M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$32.71M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$30.70M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$27.59M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$20.69M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$5.89M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$10.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$12.17M	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$7.43M	USD	Point-in-time
Current portion of notes payable	`NotesPayableCurrent`	$7.51M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$132.71M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$97.94M	USD	Point-in-time
Deferred income taxes, noncurrent	`DeferredIncomeTaxLiabilitiesNet`	$27.34M	USD	Point-in-time
Deferred income taxes, noncurrent	`DeferredIncomeTaxLiabilitiesNet`	$25.96M	USD	Point-in-time
Other long-term liability	`OtherLiabilitiesNoncurrent`	$37.00K	USD	Point-in-time
Other long-term liability	`OtherLiabilitiesNoncurrent`	$30.00K	USD	Point-in-time
Notes payable, less current portion	`LongTermNotesPayable`	$53.76M	USD	Point-in-time
Notes payable, less current portion	`LongTermNotesPayable`	$51.87M	USD	Point-in-time
Total liabilities	`Liabilities`	$211.95M	USD	Point-in-time
Total liabilities	`Liabilities`	$177.70M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value, 10,000 shares authorized; 0 shares issued and outstanding at March 31, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value, 10,000 shares authorized; 0 shares issued and outstanding at March 31, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value, 100,000 shares authorized; 53,826 and 53,637 shares issued and 33,278 and 37,722 shares outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$536.00K	USD	Point-in-time
Common stock, $0.01 par value, 100,000 shares authorized; 53,826 and 53,637 shares issued and 33,278 and 37,722 shares outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$538.00K	USD	Point-in-time
Treasury stock, at cost, 20,548 and 15,915 shares of common stock at March 31, 2022 and December 31, 2021, respectively	`TreasuryStockValue`	$1.11B	USD	Point-in-time
Treasury stock, at cost, 20,548 and 15,915 shares of common stock at March 31, 2022 and December 31, 2021, respectively	`TreasuryStockValue`	$1.51B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$296.67M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$299.86M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-323.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.86B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.91B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.57B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$706.44M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.59B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.05B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$918.39M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.22B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Service revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$236.93M	USD	1 Quarter
Service revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$244.13M	USD	1 Quarter
Technology and academic services	`TechnologyAndAcademicServices`	$32.05M	USD	1 Quarter
Technology and academic services	`TechnologyAndAcademicServices`	$36.31M	USD	1 Quarter
Counseling services and support	`CounselingServicesAndSupport`	$67.51M	USD	1 Quarter
Counseling services and support	`CounselingServicesAndSupport`	$61.24M	USD	1 Quarter
Marketing and communication	`MarketingExpense`	$47.73M	USD	1 Quarter
Marketing and communication	`MarketingExpense`	$50.85M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.89M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.58M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$2.10M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$2.10M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$152.71M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$166.67M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$84.23M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$77.47M	USD	1 Quarter
Interest income on Secured Note	`InterestIncomeOnNoteReceivable`	$14.55M	USD	1 Quarter
Interest expense	`InterestExpense`	$799.00K	USD	1 Quarter
Investment interest and other	`InvestmentIncomeNonoperating`	$205.00K	USD	1 Quarter
Investment interest and other	`InvestmentIncomeNonoperating`	$121.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$98.10M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$77.67M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$19.98M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$19.59M	USD	1 Quarter
Net income	`NetIncomeLoss`	$58.08M	USD	1 Quarter
Net income	`NetIncomeLoss`	$78.11M	USD	1 Quarter
Basic income per share	`EarningsPerShareBasic`	$1.67	USD	1 Quarter
Basic income per share	`EarningsPerShareBasic`	$1.70	USD	1 Quarter
Diluted income per share	`EarningsPerShareDiluted`	$1.66	USD	1 Quarter
Diluted income per share	`EarningsPerShareDiluted`	$1.69	USD	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	46.08M	shares	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	34.81M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	34.90M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	46.30M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$58.08M	USD	1 Quarter
Net income	`ProfitLoss`	$78.11M	USD	1 Quarter
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$3.19M	USD	1 Quarter
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$3.02M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationExcludingIntangibleAssets`	$5.43M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationExcludingIntangibleAssets`	$5.72M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$2.10M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$2.10M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$1.48M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$1.78M	USD	1 Quarter
Other, including fixed asset impairments	`OtherNoncashIncomeExpense`	$-65.00K	USD	1 Quarter
Other, including fixed asset impairments	`OtherNoncashIncomeExpense`	$-719.00K	USD	1 Quarter
Accounts receivable and interest receivable from university partners	`IncreaseDecreaseInAccountsReceivable`	$31.94M	USD	1 Quarter
Accounts receivable and interest receivable from university partners	`IncreaseDecreaseInAccountsReceivable`	$29.60M	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.31M	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$6.17M	USD	1 Quarter
Right-of-use assets and lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilitiesRecognizedInExchangeForRightOfUseAssets`	$165.00K	USD	1 Quarter
Right-of-use assets and lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilitiesRecognizedInExchangeForRightOfUseAssets`	$179.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$971.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$5.43M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$2.38M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$10.71M	USD	1 Quarter
Income taxes receivable/payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$16.07M	USD	1 Quarter
Income taxes receivable/payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$16.30M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiabilityExcludingStudentDeposits`	$12.16M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiabilityExcludingStudentDeposits`	$6.94M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$89.83M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$70.26M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$8.91M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$6.78M	USD	1 Quarter
Additions of amortizable content	`PaymentsToDevelopEducationResources`	$90.00K	USD	1 Quarter
Additions of amortizable content	`PaymentsToDevelopEducationResources`	$95.00K	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireMarketableSecurities`	$31.34M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireMarketableSecurities`	$62.83M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$5.52M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-69.71M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-34.82M	USD	1 Quarter
Principal payments on notes payable	`RepaymentsOfDebtAndCapitalLeaseObligations`	$8.29M	USD	1 Quarter
Repurchase of common shares including shares withheld in lieu of income taxes	`PaymentsForRepurchaseOfCommonStock`	$69.34M	USD	1 Quarter
Repurchase of common shares including shares withheld in lieu of income taxes	`PaymentsForRepurchaseOfCommonStock`	$399.56M	USD	1 Quarter
Net proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$2.68M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-74.95M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-399.56M	USD	1 Quarter
Net decrease in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-399.01M	USD	1 Quarter
Net decrease in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-19.94M	USD	1 Quarter
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$245.77M	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$600.94M	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$201.93M	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$225.83M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$245.77M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$600.94M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$201.93M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$225.83M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$895.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$230.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	$306.00K	USD	1 Quarter
Purchases of property and equipment included in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$1.44M	USD	1 Quarter
Purchases of property and equipment included in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$876.00K	USD	1 Quarter
ROU Asset and Liability recognition	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$1.59M	USD	1 Quarter
ROU Asset and Liability recognition	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$1.98M	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$1.57B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$706.44M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$1.59B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$1.05B	USD	Point-in-time
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$77.99M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$57.76M	USD	1 Quarter
Common stock purchased for treasury	`TreasuryStockValueAcquiredCostMethod`	$63.35M	USD	1 Quarter
Common stock purchased for treasury	`TreasuryStockValueAcquiredCostMethod`	$394.93M	USD	1 Quarter
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-1.44M	USD	1 Quarter
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-2.98M	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$2.68M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$1.57B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$706.44M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$1.59B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$1.05B	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Unrealized gains (losses) on available for sale securities, taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$-99.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$58.08M	USD	1 Quarter
Net income	`NetIncomeLoss`	$78.11M	USD	1 Quarter
Unrealized gains (losses) on available for sale securities, taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$-35.00K	USD	1 Quarter
Unrealized losses on available-for-sale securities, net of taxes of $99 and $35 for the three months ended March 31, 2022 and 2021, respectively	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-323.00K	USD	1 Quarter
Unrealized losses on available-for-sale securities, net of taxes of $99 and $35 for the three months ended March 31, 2022 and 2021, respectively	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-120.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$77.99M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$57.76M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.