10-Q Filing

GRAND CANYON EDUCATION, INC. CIK: 1434588 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-007660`
Period End Date	20230331
Filing Date	20230502
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	lope-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 33 Cash Flow Statement 58 Stockholders Equity 18 Comprehensive Income 8

Balance Sheet 81 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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$120.41M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$105.04M	USD	Point-in-time
Investments	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$89.48M	USD	Point-in-time
Investments	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$61.30M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$77.41M	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`	$102.57M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$2.79M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$2.96M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	53.97M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$11.37M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	53.83M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$15.83M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$315.89M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	30.82M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$273.27M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	31.06M	shares	Point-in-time
Treasury stock, common shares	`TreasuryStockCommonShares`	23.14M	shares	Point-in-time
Treasury stock, common shares	`TreasuryStockCommonShares`	22.77M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$150.39M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$147.50M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$70.32M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$72.72M	USD	Point-in-time
Amortizable intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$174.69M	USD	Point-in-time
Amortizable intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$176.80M	USD	Point-in-time
Goodwill	`Goodwill`	$160.77M	USD	Point-in-time
Goodwill	`Goodwill`	$160.77M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.96M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.69M	USD	Point-in-time
Total assets	`Assets`	$874.02M	USD	Point-in-time
Total assets	`Assets`	$832.75M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$20.01M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$21.80M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$36.41M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$21.12M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$22.47M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$31.66M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$26.57M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$12.17M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$9.68M	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$8.82M	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$8.65M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$119.65M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$99.71M	USD	Point-in-time
Deferred income taxes, noncurrent	`DeferredIncomeTaxLiabilitiesNet`	$26.20M	USD	Point-in-time
Deferred income taxes, noncurrent	`DeferredIncomeTaxLiabilitiesNet`	$28.05M	USD	Point-in-time
Other long-term liability	`OtherLiabilitiesNoncurrent`	$429.00K	USD	Point-in-time
Other long-term liability	`OtherLiabilitiesNoncurrent`	$436.00K	USD	Point-in-time
Lease liability, less current portion	`OperatingLeaseLiabilityNoncurrent`	$68.79M	USD	Point-in-time
Lease liability, less current portion	`OperatingLeaseLiabilityNoncurrent`	$66.64M	USD	Point-in-time
Total liabilities	`Liabilities`	$195.13M	USD	Point-in-time
Total liabilities	`Liabilities`	$214.77M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.01 par value, 100,000 shares authorized; 53,966 and 53,830 shares issued and 30,823 and 31,058 shares outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$540.00K	USD	Point-in-time
Common stock, $0.01 par value, 100,000 shares authorized; 53,966 and 53,830 shares issued and 30,823 and 31,058 shares outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$538.00K	USD	Point-in-time
Treasury stock, at cost, 23,143 and 22,772 shares of common stock at March 31, 2023 and December 31, 2022, respectively	`TreasuryStockCommonValue`	$1.75B	USD	Point-in-time
Treasury stock, at cost, 23,143 and 22,772 shares of common stock at March 31, 2023 and December 31, 2022, respectively	`TreasuryStockCommonValue`	$1.71B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$309.31M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$312.68M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-533.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-414.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.04B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$2.10B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$706.44M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.05B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$659.25M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$637.62M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$832.75M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$874.02M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Service revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$244.13M	USD	1 Quarter
Service revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$250.12M	USD	1 Quarter
Technology and academic services	`TechnologyAndAcademicServices`	$37.51M	USD	1 Quarter
Technology and academic services	`TechnologyAndAcademicServices`	$36.31M	USD	1 Quarter
Counseling services and support	`CounselingServicesAndSupport`	$73.35M	USD	1 Quarter
Counseling services and support	`CounselingServicesAndSupport`	$67.51M	USD	1 Quarter
Marketing and communication	`MarketingExpense`	$52.89M	USD	1 Quarter
Marketing and communication	`MarketingExpense`	$50.85M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.79M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$9.89M	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`	$166.67M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$175.65M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$74.48M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$77.47M	USD	1 Quarter
Interest expense	`InterestExpense`	$19.00K	USD	1 Quarter
Investment interest and other	`InvestmentIncomeNonoperating`	$205.00K	USD	1 Quarter
Investment interest and other	`InvestmentIncomeNonoperating`	$2.15M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$76.61M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$77.67M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$17.05M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$19.59M	USD	1 Quarter
Net income	`NetIncomeLoss`	$59.56M	USD	1 Quarter
Net income	`NetIncomeLoss`	$58.08M	USD	1 Quarter
Basic income per share	`EarningsPerShareBasic`	$1.67	USD	1 Quarter
Basic income per share	`EarningsPerShareBasic`	$1.96	USD	1 Quarter
Diluted income per share	`EarningsPerShareDiluted`	$1.94	USD	1 Quarter
Diluted income per share	`EarningsPerShareDiluted`	$1.66	USD	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	30.46M	shares	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	34.81M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	30.64M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	34.90M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$58.08M	USD	1 Quarter
Net income	`ProfitLoss`	$59.56M	USD	1 Quarter
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$3.37M	USD	1 Quarter
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$3.19M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortizationExcludingIntangibleAssets`	$5.54M	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`	$1.82M	USD	1 Quarter
Other, including fixed asset impairments	`OtherNoncashIncomeExpense`	$-410.00K	USD	1 Quarter
Other, including fixed asset impairments	`OtherNoncashIncomeExpense`	$-719.00K	USD	1 Quarter
Accounts receivable from university partners	`IncreaseDecreaseInAccountsReceivable`	$31.94M	USD	1 Quarter
Accounts receivable from university partners	`IncreaseDecreaseInAccountsReceivable`	$25.16M	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.62M	USD	1 Quarter
Other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.31M	USD	1 Quarter
Right-of-use assets and lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilitiesRecognizedInExchangeForRightOfUseAssets`	$419.00K	USD	1 Quarter
Right-of-use assets and lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilitiesRecognizedInExchangeForRightOfUseAssets`	$179.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$1.95M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$5.43M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-6.29M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$2.38M	USD	1 Quarter
Income taxes receivable/payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$16.07M	USD	1 Quarter
Income taxes receivable/payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$14.22M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiabilityExcludingStudentDeposits`	$12.16M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiabilityExcludingStudentDeposits`	$9.68M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$70.26M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$63.00M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$8.59M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$6.78M	USD	1 Quarter
Additions of amortizable content	`PaymentsToDevelopEducationResources`	$244.00K	USD	1 Quarter
Additions of amortizable content	`PaymentsToDevelopEducationResources`	$95.00K	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireMarketableSecurities`	$52.56M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireMarketableSecurities`	$62.83M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$24.25M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-69.71M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-37.13M	USD	1 Quarter
Repurchase of common shares and shares withheld in lieu of income taxes	`PaymentsForRepurchaseOfCommonStock`	$41.23M	USD	1 Quarter
Repurchase of common shares and shares withheld in lieu of income taxes	`PaymentsForRepurchaseOfCommonStock`	$399.56M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-399.56M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-41.23M	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`	$-15.37M	USD	1 Quarter
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$105.04M	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`	$120.41M	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, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$105.04M	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`	$120.41M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$600.94M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$19.00K	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`	$973.00K	USD	1 Quarter
Purchases of property and equipment included in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$1.44M	USD	1 Quarter
ROU Asset and Liability recognition	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$1.98M	USD	1 Quarter
Excise tax on treasury stock repurchases	`ExciseTaxTreasuryStockRepurchases`	$187.00K	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$706.44M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$1.05B	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$659.25M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$637.62M	USD	Point-in-time
Beginning Balance, treasury shares	`TreasuryStockCommonShares`	23.14M	shares	Point-in-time
Beginning Balance, treasury shares	`TreasuryStockCommonShares`	22.77M	shares	Point-in-time
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$57.76M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$59.68M	USD	1 Quarter
Common stock purchased for treasury	`TreasuryStockValueAcquiredCostMethod`	$394.93M	USD	1 Quarter
Common stock purchased for treasury	`TreasuryStockValueAcquiredCostMethod`	$35.09M	USD	1 Quarter
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-1.44M	USD	1 Quarter
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-2.96M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$706.44M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$1.05B	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$659.25M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$637.62M	USD	Point-in-time
Ending Balance, treasury shares	`TreasuryStockCommonShares`	23.14M	shares	Point-in-time
Ending Balance, treasury shares	`TreasuryStockCommonShares`	22.77M	shares	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`	$59.56M	USD	1 Quarter
Unrealized gains (losses) on available for sale securities, taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$37.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$58.08M	USD	1 Quarter
Unrealized gains (losses) on available-for-sale securities, net of taxes of $37 and $99 for the three months ended March 31, 2023 and 2022, respectively	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$119.00K	USD	1 Quarter
Unrealized gains (losses) on available-for-sale securities, net of taxes of $37 and $99 for the three months ended March 31, 2023 and 2022, respectively	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-323.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$57.76M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$59.68M	USD	1 Quarter

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