GRAND CANYON EDUCATION, INC. LOPE Cash Flow

Grand canyon education, inc. (LOPE)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows provided by operating activities:
Net income
257,317	259,175	258,037	233,647	228,573	229,011	221,736	227,279	221,088	203,319	183,042	172,982	160,761	148,514	138,649	142,747	140,897	131,411	126,390	122,064	119,357	111,466	104,530	98,059	94,054	88,711	83,463	79,389	75,923	69,447	63,862	58,259	55,534	50,546	41,472	39,346	33,207	35,206	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation
10,320	10,300	10,182	17,959	18,675	19,508	20,192	13,193	13,226	12,688	12,804	12,674	12,309	12,276	11,868	11,576	11,552	11,257	10,956	10,620	10,344	9,945	9,680	9,868	9,970	9,936	9,731	9,000	8,287	7,811	7,403	7,038	6,716	6,452	6,161	5,841	5,442	5,049	0	0	0
Excess tax benefits from share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,748	3,913	4,034	7,637	8,023	8,089	7,389	4,469	4,769	4,771	4,861	1,427	0	0	0	-	-	-	-	736	0	0	0
Amortization of notes payable issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	244	86	82	80	80	57	61	62	63	0	0	0
Provision for bad debts
-	-	-	-	-	8,669	13,796	19,317	19,092	18,478	19,178	18,506	18,502	18,639	18,020	17,171	17,172	16,620	15,622	15,396	15,218	15,045	15,851	17,473	18,751	19,897	19,401	19,626	18,831	18,012	19,953	23,958	28,452	34,364	37,131	37,225	43,771	38,511	0	0	0
Depreciation and amortization
19,271	18,696	17,711	16,767	26,140	35,673	45,544	55,343	54,908	54,228	53,406	51,294	48,483	45,683	43,059	40,533	37,988	35,675	33,415	31,860	30,698	29,473	28,253	27,296	26,415	25,437	24,741	23,900	22,842	21,923	20,764	19,372	18,240	17,034	15,611	14,625	13,273	12,108	0	0	0
Amortization of intangible assets
8,642	8,223	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss (gain) on note receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,646	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
503	1,670	3,917	-11,380	-10,580	-11,507	-22,524	-7,286	-6,955	-5,160	10,113	9,326	9,445	8,432	8,013	8,131	6,285	4,576	1,483	2,436	2,502	2,651	2,931	3,560	4,883	5,472	4,038	2,719	1,468	-518	8,457	17,215	20,771	20,794	13,633	5,181	-6,210	-6,013	0	0	0
Loss on transaction
-	-3,966	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on asset disposal
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Exit costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-64	-287	-351	-313	-768	0	0	0
Other, including fixed asset impairments
-140	335	-321	-798	-1,376	-2,101	-3,543	-4,687	-4,300	-3,883	-1,995	-3,057	-2,977	-1,161	0	0	0	-	-	-	-	-3,441	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-23	0	0	0
Prepaid royalty impairment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in assets and liabilities:
Restricted cash, cash equivalents and investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,936	10,463	7,041	3,472	9,086	1,777	1,154	8,404	-7,312	-3,026	-774	-151	0	0	0	-	-	-	-	-	-	-	-
Accounts receivable and interest receivable from university partners
2,963	-766	0	0	0	-	-	-	0	-	-	0	20,187	-	18,708	17,919	17,763	17,139	16,833	15,039	14,523	15,433	16,154	17,343	18,484	19,163	18,512	19,908	18,639	14,148	12,495	19,243	22,323	28,196	33,878	17,157	47,866	46,705	0	0	0
Prepaid expenses and other
1,181	-2,136	79	589	540	-1,553	-830	758	1,474	2,399	3,326	4,655	4,376	1,715	3,149	2,677	1,838	2,525	1,151	608	1,159	-81	1,779	1,131	4,290	7,316	5,103	4,197	2,885	1,920	4,252	6,877	7,143	6,158	5,853	3,556	4,000	5,536	0	0	0
Right-of-use assets and lease liabilities
1,297	833	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Due to/from related parties
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-89	-99	-96	-51	-23	43	87	-69	166	138	150	296	739	-379	-804	-9,244	-4,300	-509	-622	9,166	0	0	0
Accounts payable
5,765	-3,095	-883	-13,035	-19,772	-14,306	-10,567	5,713	4,899	5,378	2,970	-4,115	3,263	-4,793	-154	3,699	-1,847	5,002	1,908	-2,380	-911	-2,448	3,748	7,293	4,749	8,563	2,191	1,116	740	-630	436	-3,468	-1,851	3,155	-1,050	4,444	6,346	2,510	0	0	0
Accrued liabilities
10,245	5,078	3,096	-14,466	-22,560	-15,700	-12,297	4,030	7,363	3,079	2,326	-5,177	3,279	6,743	6,808	5,559	5,871	-5,500	3,420	1,326	4,884	2,991	387	-1,849	-2,644	-1,756	2,920	8,613	12,986	15,719	9,954	9,088	-5,585	-3,300	-5,144	-6,571	-524	5,013	0	0	0
Income taxes receivable/payable
3,487	-1,044	1,628	-3,109	-8,828	-8,662	-7,995	641	14,203	16,048	14,733	12,099	6,619	11,892	1,141	-2,916	3,454	-4,965	-3,195	-1,792	14,782	16,378	15,068	17,029	5,431	-7,769	-5,926	-6,270	5,941	20,593	18,517	13,127	6,292	-3,599	-8,722	-10,039	-8,879	-9,293	0	0	0
Deferred rent
-	-	-	-	-	-189	-287	-336	-313	-369	44	-162	-331	-475	-1,177	-1,186	-1,179	-1,211	-386	-2,193	-2,306	-2,298	-2,219	-423	-271	-204	-830	-625	-312	503	1,632	2,121	4,698	4,143	0	0	0	-	-	-	-
Deferred revenue
3,005	-25	9,156	9,997	-12,682	6,881	-62,662	1,771	1,822	6,156	11,744	4,784	12,184	2,863	17,982	4,811	4,168	1,008	9,804	723	6,707	4,052	18,405	10,101	7,737	4,202	11,824	479	5,484	6,891	11,933	9,239	14,261	6,689	6,682	-5,287	-19,005	-3,021	0	0	0
Student deposits
-	-	-	-	-	-7,288	11,899	8,490	2,232	9,417	5,943	8,655	7,579	9,139	4,190	5,970	4,188	7,158	5,506	10,028	4,738	2,812	8,395	2,146	2,934	9,027	-6,853	-2,527	-626	143	10,447	8,548	5,776	8,729	8,566	28,771	39,067	43,724	0	0	0
Net cash provided by operating activities
315,726	306,344	297,683	244,758	156,414	199,085	131,507	314,900	314,250	304,898	294,423	258,957	260,507	237,761	229,335	215,877	203,801	185,080	179,264	159,223	181,514	166,996	173,405	163,853	140,407	118,449	121,248	108,657	125,069	144,196	147,404	129,923	115,389	87,962	25,156	47,885	14,731	40,398	0	0	0
Cash flows used in investing activities:
Capital expenditures
23,890	22,391	19,223	25,017	63,766	94,527	128,464	142,261	127,204	113,586	96,312	113,168	150,240	178,292	202,079	213,987	210,287	204,718	187,652	192,979	185,644	168,646	160,997	122,953	91,458	78,948	83,202	85,207	95,481	97,653	92,649	92,723	82,753	80,545	84,547	78,548	65,704	62,627	0	0	0
Purchases of land and building improvements related to off-site development
-	-	-	-	-	-	-	-	-	10,368	29,003	45,332	60,907	60,727	45,976	32,795	19,776	13,583	0	0	0	-	-	-	-	14,542	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of intangible assets
0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds received from note receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	501	0	0	0	-	-	-	-	-	-	-	-	29,187	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition, net of cash acquired
-	361,184	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Funding to GCU for capital expenditures
-	169,819	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of investments
-	9,384	17,188	27,455	31,598	46,948	48,879	63,138	84,644	94,054	93,690	77,813	62,001	49,157	44,672	46,624	51,100	48,122	49,281	52,725	62,918	114,919	169,098	200,951	207,854	168,953	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale or maturity of investments
4,674	57,163	71,512	89,017	107,924	65,116	66,203	72,892	71,632	65,259	53,735	37,839	64,572	69,925	79,034	80,717	67,987	65,542	92,391	125,684	119,369	122,555	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	487	0	0	0
Return of equity method investment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restricted funds held for derivative collateral and legal matter
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5,405	-52,048	-26,831	276	5,960	0	0	0
Net cash used in investing activities
-66,901	-405,875	-453,616	-656,562	-540,562	-238,235	-255,709	-132,816	-142,001	-152,064	-164,585	-198,474	-208,576	-216,001	-211,443	-210,439	-210,926	-200,881	-154,025	-125,577	-130,718	-161,010	-227,879	-238,527	-237,993	-172,498	-161,831	-145,328	-125,435	-131,546	-93,287	-92,543	-80,101	-75,140	-32,499	-51,717	-65,980	-68,100	0	0	0
Cash flows (used in) provided by financing activities:
Principal payments on notes payable
40,869	92,433	73,602	75,327	64,853	6,719	6,779	6,838	6,823	6,805	6,799	6,793	6,789	7,224	7,194	7,241	7,241	6,784	6,792	6,724	6,700	6,696	6,686	6,699	6,689	6,689	24,996	23,781	22,587	21,744	2,664	3,155	3,883	3,748	3,580	3,310	2,900	2,933	0	0	0
Debt issuance costs
-	2,385	0	0	0	-	-	-	-	-	-	-	-	194	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from notes payable
-	243,750	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net borrowings from revolving line of credit
-	-68,750	0	0	0	-	-	-	-	-25,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase of common shares including shares withheld in lieu of income taxes
91,492	43,913	30,890	30,162	30,853	24,758	20,931	14,706	13,816	11,300	9,710	10,492	10,403	20,062	31,341	30,559	30,559	15,562	4,230	4,230	5,273	5,338	5,625	6,143	7,533	9,296	0	0	0	-	-	-	-	23,112	0	0	0	-	-	-	-
Net proceeds from exercise of stock options
2,262	3,821	6,273	6,272	5,344	4,632	2,712	3,245	5,169	7,372	9,946	12,130	12,870	13,207	10,634	7,761	5,213	3,489	3,730	3,891	4,170	7,825	8,428	8,840	15,809	16,278	18,526	18,695	11,597	8,049	4,543	4,504	3,979	1,681	1,831	1,395	1,258	1,747	0	0	0
Excess tax benefits from share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,748	3,913	4,034	7,637	8,023	8,089	7,389	4,469	4,769	4,771	4,861	1,427	0	0	0	-	-	-	-	736	0	0	0
Net cash (used in) provided by financing activities
-205,099	40,090	169,396	168,398	157,253	-26,845	-24,998	-18,299	-15,470	-35,733	-18,563	-30,155	-4,322	10,727	-19,438	-8,594	-35,597	-18,857	-3,544	-3,150	-3,769	3,428	4,140	4,087	8,976	4,762	77,755	76,712	71,405	71,272	-3,472	-1,272	-8,831	-25,270	-24,129	-24,936	-16,391	-1,232	0	0	0
Net increase (decrease) in cash and cash equivalents and restricted cash
43,726	-59,441	13,463	-155,531	-226,895	-65,995	-149,200	75,910	156,779	117,101	111,275	30,328	47,609	32,487	-1,546	-3,156	-42,722	-34,658	21,695	30,496	47,027	9,414	-50,334	-70,587	-88,610	-49,287	37,172	40,041	71,039	83,922	50,645	36,108	26,457	-12,448	-31,472	-28,768	-67,640	-28,934	0	0	0
Supplemental disclosure of cash flow information
Cash paid for interest
11,395	11,516	8,524	5,969	2,857	1,511	1,357	1,464	1,899	2,252	2,062	1,906	1,562	1,220	1,186	1,191	1,190	1,244	1,315	1,411	1,644	1,793	1,911	2,033	2,138	2,176	1,752	1,379	926	606	666	676	681	535	551	505	681	769	0	0	0
Cash paid for income taxes
59,733	59,903	54,820	69,075	78,240	78,195	93,354	82,122	69,543	69,606	60,793	57,748	64,929	66,206	72,005	75,777	70,502	75,587	74,020	73,936	55,263	48,835	45,007	41,681	49,698	59,892	57,303	55,521	42,315	32,810	20,288	12,055	14,305	13,463	20,965	30,435	36,324	37,703	0	0	0
Cash received for income tax refunds
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	728	999	317	418	7,938	0	0	0	-	-	-	-	-	-	-	-
Supplemental disclosure of non-cash investing and financing activities
Shortfall tax expense from share-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	-	272	265	267	26	20	20	18	16	17	18	144	209	289	363	340	283	0	0	0	-	-	-	-	-	-	-	-
Tax benefit of Spirit warrant intangible
-	-	-	-	-	-	-	-	-	-	-	-	-	-	253	251	251	253	255	259	260	260	261	263	265	267	269	267	275	267	296	298	280	291	216	50	-7	182	0	0	0
Purchases of property and equipment included in accounts payable
632	469	1,993	-12,326	-11,224	1,121	1,169	13,925	13,770	6,682	3,448	-4,934	-9,422	7,746	800	12,452	18,827	13,277	17,407	16,258	18,018	5,845	6,243	9,671	2,865	1,494	2,556	2,436	1,963	3,291	3,134	-3,578	89	325	1,668	10,983	11,409	4,421	0	0	0
Reclassification of capitalized costs - adoption of ASC 606
-	-	-	-	-	9,015	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reclassification of deferred revenue - adoption of ASC 606
-	-	-	-	-	7,451	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Lease adoption - recognition of right of use assets and lease liabilities
-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
ROU Asset and Liability recognition
0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-