Grand canyon education, inc. (LOPE)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
Net revenue

221,655

213,247

193,289

174,820

197,287

177,548

155,454

236,818

275,681

271,418

236,209

218,301

248,206

244,663

210,444

191,279

226,958

215,954

193,393

174,726

194,127

189,973

175,056

158,594

167,432

162,443

152,399

141,463

142,030

-

-

-

-

113,005

108,909

103,118

101,709

100,031

98,946

97,322

89,326

Costs and expenses:
Technology and academic services

26,277

25,128

24,231

22,528

18,625

11,098

11,101

10,678

10,697

10,739

10,494

10,220

10,381

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Counseling services and support

60,219

59,957

56,249

54,299

53,093

51,989

51,116

50,838

50,747

50,213

46,100

45,970

46,312

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Instructional costs and services

-

-

-

-

-

-

-

-

-

-

-

-

-

102,100

91,748

84,599

94,654

92,427

83,180

75,357

78,687

78,552

71,714

67,847

70,678

67,971

64,704

61,747

59,997

58,819

57,354

53,406

50,824

50,639

48,933

46,354

48,875

45,435

45,717

51,032

36,660

Admissions advisory and related

-

-

-

-

-

-

-

-

-

-

-

-

-

32,062

28,814

28,866

29,544

29,361

27,506

27,372

28,333

28,774

27,324

26,208

26,261

26,160

24,578

23,346

22,993

23,215

22,342

20,369

19,991

-

-

-

-

-

-

-

-

Advertising

-

-

-

-

-

-

-

-

-

-

-

-

-

21,000

23,896

22,149

21,107

18,419

19,360

18,419

20,031

16,854

16,491

15,751

16,712

15,038

15,498

14,520

15,929

13,008

12,909

11,467

13,639

-

-

-

-

-

-

-

-

Marketing and communication

42,693

33,863

37,340

35,726

35,967

27,252

31,546

30,095

28,527

26,227

28,130

27,426

27,309

2,383

2,127

2,108

2,242

1,978

1,827

1,788

1,694

1,810

1,931

1,907

1,791

1,527

1,299

1,383

1,435

-

-

-

-

-

-

-

-

-

-

-

-

Selling and promotional, including $2,328 in 2012; $877 in 2011; and $8,777 in 2010, to related parties

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

31,166

31,248

27,709

29,832

28,538

28,103

28,976

26,876

General and administrative

9,565

10,148

13,556

9,216

11,397

6,695

10,092

5,762

7,419

5,975

8,343

5,806

7,033

10,260

13,430

8,809

10,720

10,634

12,536

9,534

9,396

10,447

11,640

8,994

8,554

10,870

9,035

8,978

8,051

11,696

8,561

7,701

7,544

8,028

7,145

7,038

6,832

7,733

6,608

6,176

6,104

Amortization of intangible assets

2,105

2,179

2,179

2,179

1,686

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

University related expenses

-

-

-

-

-

-405

6,569

79,517

87,649

86,356

83,450

73,791

80,543

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on transaction

-

0

0

-122

4,088

770

15,610

1,440

550

562

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Lease termination costs

-

-

-

-

-

-

-

-

-

-

-

-

-

160

3,363

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-140

922

0

0

-

-

-

-

Contract termination fees to related party

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

9,233

-

-

-

Exit costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

26

27

116

89

Total costs and expenses

140,859

131,275

133,555

123,826

124,856

97,399

126,034

178,330

185,589

180,072

176,517

163,213

171,578

167,965

163,378

146,531

158,267

152,819

144,409

132,470

138,141

136,437

129,100

120,707

123,996

121,566

115,114

109,974

108,405

108,051

102,365

93,862

92,927

89,693

88,248

81,101

85,539

90,965

80,455

86,300

69,729

Operating income

80,796

81,972

59,734

50,994

72,431

80,149

29,420

58,488

90,092

91,346

59,692

55,088

76,628

76,698

47,066

44,748

68,691

63,135

48,984

42,256

55,986

53,536

45,956

37,887

43,436

40,877

37,285

31,489

33,625

33,247

31,203

25,398

24,204

23,312

20,661

22,017

16,170

9,066

18,491

11,022

19,597

Interest income on Secured Note

14,710

14,872

16,208

14,482

13,735

13,699

13,248

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest expense

1,546

2,943

2,875

2,907

2,586

575

558

57

346

527

567

495

580

497

344

158

329

414

313

146

375

346

576

356

523

609

528

439

668

-

-

-

-

-

-

-

-

-

-

-

-

Interest and other income

216

343

255

2,668

1,119

521

371

1,567

981

757

1,445

739

2

199

-2,291

293

2,048

-691

201

127

257

307

43

197

137

104

1,502

62

2,195

-

-

-

-

-

-

-

-

-

-

-

-

Income before income taxes

94,176

94,244

73,322

65,237

84,699

93,794

42,481

59,998

90,727

91,576

60,570

55,332

76,050

76,400

44,431

44,883

70,410

62,030

48,872

42,237

55,868

53,497

45,423

37,728

43,050

40,372

38,259

31,112

35,152

33,006

31,065

25,346

24,007

22,908

20,511

22,014

16,095

8,896

18,348

10,897

19,314

Income tax expense

22,791

17,575

15,171

14,125

11,456

18,263

8,720

13,960

17,046

23,320

21,266

15,485

20,138

28,421

15,187

17,257

26,745

23,916

15,530

16,461

21,689

20,404

16,407

14,659

16,762

14,215

15,714

12,048

14,207

12,097

12,594

9,748

9,538

7,584

7,643

9,141

6,614

2,646

7,606

4,163

7,834

Net income

71,385

76,669

58,151

51,112

73,243

75,531

33,761

46,038

73,681

68,256

39,304

39,847

55,912

47,979

29,244

27,626

43,665

38,114

33,342

25,776

34,179

33,093

29,016

23,069

26,288

26,157

22,545

19,064

20,945

20,909

18,471

15,598

14,469

15,324

12,868

12,873

9,481

6,250

10,742

6,734

11,480

Earnings per share:
Basic income per share

1.50

1.61

1.21

1.07

1.54

1.58

0.71

0.97

1.55

1.44

0.83

0.85

1.20

1.03

0.63

0.60

0.96

0.83

0.72

0.56

0.75

0.72

0.64

0.51

0.58

0.58

0.50

0.43

0.47

0.47

0.42

0.35

0.33

0.35

0.29

0.29

0.21

0.14

0.23

0.15

0.25

Diluted income per share

1.49

1.59

1.20

1.06

1.52

1.56

0.70

0.95

1.52

1.41

0.81

0.83

1.16

1.01

0.62

0.59

0.93

0.81

0.70

0.55

0.72

0.70

0.62

0.49

0.56

0.56

0.49

0.42

0.46

0.46

0.41

0.35

0.32

0.34

0.29

0.29

0.21

0.13

0.23

0.14

0.25

Basic weighted average shares outstanding

47,455

47,758

47,920

47,851

47,699

47,708

47,682

47,604

47,432

47,342

47,316

47,151

46,748

46,470

46,231

46,004

45,622

46,035

46,063

46,012

45,789

45,652

45,651

45,598

45,205

45,026

44,963

44,681

44,242

44,167

44,365

44,447

44,371

44,317

44,302

44,658

45,590

45,743

45,746

45,724

45,674

Diluted weighted average shares outstanding

47,764

48,112

48,337

48,313

48,274

48,422

48,422

48,411

48,397

48,382

48,292

48,192

48,070

47,452

47,175

46,990

46,860

47,337

47,320

47,263

47,201

47,097

47,051

46,990

46,841

46,712

46,424

45,929

45,449

45,364

45,339

45,169

45,151

44,868

44,787

45,018

46,089

46,346

46,351

46,557

46,325

Service [Member]
Net revenue

-

213,247

193,289

174,820

-

177,548

155,454

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

University Related Revenue [Member]
Net revenue

-

-

-

-

-

0

0

236,818

275,681

271,418

236,209

218,301

248,206

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-