Grand canyon education, inc. (LOPE)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash flows provided by operating activities:
Net income

259,175

229,011

203,319

148,514

131,411

111,466

88,711

69,447

50,546

35,206

27,304

Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation

10,300

19,508

12,688

12,276

11,257

9,945

9,936

7,811

6,452

5,049

3,419

Excess tax benefits from share-based compensation

-

-

-

-

-

7,637

4,469

1,427

-

736

247

Amortization of notes payable issuance costs

-

-

-

-

-

-

-

244

80

63

42

Provision for bad debts

-

8,669

18,478

18,639

16,620

15,045

19,897

18,012

34,364

38,511

14,016

Depreciation and amortization

18,696

35,673

54,228

45,683

35,675

29,473

25,437

21,923

17,034

12,108

7,960

Amortization of intangible assets

8,223

-

-

-

-

-

-

-

-

-

-

Loss (gain) on note receivable

-

-

-

-

-

-

3,646

-

-

-

-

Loss on asset disposal and fixed asset impairments

-

-

-

-

-

-

-

-1,106

-

-

-

Deferred income taxes

1,670

-11,507

-5,160

8,432

4,576

2,651

5,472

-518

20,794

-6,013

-2,523

Loss on transaction

-3,966

-12,605

-

-

-

-

-

-

-

-

-

Non-capitalizable system conversion costs

-

-

-

-

-

-

-

-

-

4,013

-

Exit costs

-

-

-

-

-

-

-

-

-64

-768

832

Litigation settlement

-

-

-

-

-

-

-

-

-

-

-5,200

Lease termination fees

-

-

-

-

-

-

-

-

782

-

-

Other, including fixed asset impairments

335

-2,101

-3,883

-1,161

-3,713

-3,441

-

-

-92

-23

14

Changes in assets and liabilities:
Restricted cash, cash equivalents and investments

-

-

-

-

-

3,472

8,404

-151

9,137

43,706

-

Accounts receivable and interest receivable from university partners

-766

51,480

-

-

17,139

15,433

19,163

14,148

28,196

46,705

18,376

Accounts receivable

-

7,784

19,848

20,598

-

-

-

-

-

-

-

Prepaid expenses and other

-2,136

-1,553

2,399

1,715

2,525

-81

7,316

1,920

6,158

5,536

1,283

Right-of-use assets and lease liabilities

833

-

-

-

-

-

-

-

-

-

-

Due to/from related parties

-

-

-

-

-

-51

-69

296

-9,244

9,166

-408

Accounts payable

-3,095

-14,306

5,378

-4,793

5,002

-2,448

8,563

-630

3,155

2,510

2,155

Accrued liabilities

5,078

-15,700

3,079

6,743

-5,500

2,991

-1,756

15,719

-3,300

5,013

9,313

Accrued litigation loss

-

-

-

-

-

-

-

-

-5,200

-

-

Income taxes receivable/payable

-1,044

-8,662

16,048

11,892

-4,965

16,378

-7,769

20,593

-3,599

-9,293

3,929

Deferred rent

-

-189

-369

-475

-1,211

-2,298

-204

503

4,143

790

906

Deferred revenue

-25

6,881

6,156

2,863

1,008

4,052

4,202

6,891

6,689

-3,021

7,419

Student deposits

-

-7,288

9,417

9,139

7,158

2,812

9,027

143

8,729

43,724

1,523

Net cash provided by operating activities

306,344

199,085

304,898

237,761

185,080

166,996

118,449

144,196

87,962

40,398

61,167

Cash flows used in investing activities:
Capital expenditures

22,391

94,527

113,586

178,292

204,718

168,646

78,948

97,653

80,545

62,627

60,265

Purchases of land and building improvements related to off-site development

260

330

10,368

60,727

13,583

-

14,542

7,223

-

-

-

Disposition

-

131,550

-

-

-

-

-

-

-

-

-

Funding to GCU at closing in excess of required capital

-

7,377

-

-

-

-

-

-

-

-

-

Repayment of excess funds by GCU

-

7,377

-

-

-

-

-

-

-

-

-

Investment in note receivable secured by real estate

-

-

-

-

-

-

-

27,000

-

-

-

Proceeds received from note receivable

-

-

-

501

-

-

29,187

-

-

-

-

Return of equity method investment

-

-

685

1,749

-

-

-

-

-

-

-

Acquisition, net of cash acquired

361,184

-

-

-

-

-

-

-

-

-

-

Funding to GCU for capital expenditures

169,819

29,996

-

-

-

-

-

-

-

-

-

Repayment by GCU for capital expenditures

100,000

-

-

-

-

-

-

-

-

-

-

Purchases of investments

9,384

46,948

94,054

49,157

48,122

114,919

168,953

-

-

-

-

Proceeds from sale or maturity of investments

57,163

65,116

65,259

69,925

65,542

122,555

60,533

-

-

487

-

Restricted funds held for derivative collateral and legal matter

-

-

-

-

-

-

-225

-330

-5,405

5,960

-1,844

Net cash used in investing activities

-405,875

-238,235

-152,064

-216,001

-200,881

-161,010

-172,498

-131,546

-75,140

-68,100

-58,421

Cash flows (used in) provided by financing activities:
Principal payments on notes payable

92,433

6,719

6,805

7,224

6,784

6,696

6,689

21,744

3,748

2,933

2,415

Proceeds from notes payable and line of credit

-

-

-

-

-

-

-

-

-

-

25,547

Debt issuance costs

2,385

-

-

194

-

-

-

428

91

-

317

Proceeds from notes payable

243,750

-

-

-

-

-

-

99,210

-

-

-

Net borrowings from revolving line of credit

-68,750

-

-25,000

25,000

-

-

-

-

-

-

-

Repurchase of common shares including shares withheld in lieu of income taxes

43,913

24,758

11,300

20,062

15,562

5,338

9,296

15,242

23,112

782

14,495

Net proceeds from issuance of common stock

-

-

-

-

-

-

-

-

-

-

14,880

Net proceeds from exercise of stock options

3,821

4,632

7,372

13,207

3,489

7,825

16,278

8,049

1,681

1,747

1,226

Excess tax benefits from share-based compensation

-

-

-

-

-

7,637

4,469

1,427

-

736

247

Net cash (used in) provided by financing activities

40,090

-26,845

-35,733

10,727

-18,857

3,428

4,762

71,272

-25,270

-1,232

24,673

Net increase (decrease) in cash and cash equivalents and restricted cash

-59,441

-65,995

117,101

32,487

-34,658

9,414

-49,287

83,922

-12,448

-28,934

27,419

Supplemental disclosure of cash flow information
Cash paid for interest

11,516

1,511

2,252

1,220

1,244

1,793

2,176

606

535

769

1,802

Cash paid for income taxes

59,903

78,195

69,606

66,206

75,587

48,835

59,892

32,810

13,463

37,703

16,307

Cash received for income tax refunds

-

-

-

-

-

385

728

7,938

5

-

-

Supplemental disclosure of non-cash investing and financing activities
Sale transaction to GCU through Secured Note financing

-

870,097

-

-

-

-

-

-

-

-

-

Purchases of equipment though capital lease obligations

-

-

-

-

1,156

-

-

-

-

-

-

Purchase of equipment through notes payable and capital lease obligations

-

-

-

-

-

-

-

-

801

957

2,116

Shortfall tax expense from share-based compensation

-

-

-

-

26

16

209

283

151

-

-

Tax benefit of Spirit warrant intangible

-

-

-

-

253

260

267

267

291

182

-

Settlement of capital lease obligation

-

-

-

-

-

-

-

-

-

-

30,020

Removal of Utah leasehold improvements

-

-

-

-

-

-

-

-

-

-

274

Purchases of property and equipment included in accounts payable

469

1,121

6,682

7,746

13,277

5,845

1,494

3,291

325

4,421

1,098

Reclassification of capitalized costs - adoption of ASC 606

-

9,015

-

-

-

-

-

-

-

-

-

Reclassification of deferred revenue - adoption of ASC 606

-

7,451

-

-

-

-

-

-

-

-

-

Lease adoption - recognition of right of use assets and lease liabilities

498

-

-

-

-

-

-

-

-

-

-

ROU Asset and Liability recognition

14,203

-

-

-

-

-

-

-

-

-

-

Reclassification of interest rate corridor due to expiration

1,100

-

-

-

-

-

-

-

-

-

-

Reclassification of tax effect within accumulated other comprehensive income

-

156

-

-

-

-

-

-

-

-

-