Grand Canyon Education, Inc. Reports Fourth Quarter And Full Year 2017 Results
For the three months ended
- Net revenue increased 10.9% to
$271.4 million for the fourth quarter of 2017, compared to$244.7 million for the fourth quarter of 2016. - End-of-period enrollment increased 10.2% to 90,297 at
December 31, 2017 , from 81,908 atDecember 31, 2016 , as ground enrollment increased 9.2% to 18,842 atDecember 31, 2017 , from 17,262 atDecember 31, 2016 and online enrollment increased 10.5% to 71,455 atDecember 31, 2017 , from 64,646 atDecember 31 , 2016. - Operating income for the three months ended
December 31, 2017 was$91.3 million , an increase of 19.1% as compared to$76.7 million for the same period in 2016. The operating margin for the three months endedDecember 31, 2017 was 33.7%, compared to 31.3% for the same period in 2016. - The tax rate in the three months ended
December 31, 2017 was 25.5% compared to 37.2% in the same period in 2016. This decrease was primarily due to the revaluation of our deferred tax assets and liabilities as a result of the Tax Cuts and Jobs Act (the "Act") which was signed into law onDecember 22 , 2017. The Act reduces the corporate federal tax rate from a maximum of 35% to a flat 21% rate effectiveJanuary 1 , 2018. Therefore, the University's net deferred tax liability was required to be revalued as ofDecember 22, 2017 , resulting in the University recording a$10.7 million income tax benefit. Excluding the revaluation of the deferred tax assets and liabilities recorded in 2017, our effective income tax rate would have been 37.2% for the quarter. Additionally, the University continues to benefit from the adoption of the share-based compensation standard, which resulted in the recognition of excess tax benefits from share-based compensation awards that vested or settled in 2017 in the consolidated income statement. The inclusion of excess tax benefits and deficiencies as a component of our income tax expense will increase volatility within our provision for income taxes as the amount of excess tax benefits or deficiencies from share-based compensation awards are dependent on our stock price at the date the restricted awards vest, our stock price on the date an option is exercised, and the quantity of options exercised. - Net income increased 42.3% to
$68.3 million for the fourth quarter of 2017, compared to$48.0 million for the same period in 2016. - Diluted net income per share was
$1.41 for the fourth quarter of 2017, compared to$1.01 for the same period in 2016. - Adjusted EBITDA increased 16.5% to
$108.5 million for the fourth quarter of 2017, compared to$93.1 million for the same period in 2016.
For the year ended
- Net revenue increased 11.5% to
$974.1 million for the year endedDecember 31, 2017 , compared to$873.3 million for the same period in 2016. - Operating income for the year ended
December 31, 2017 was$282.8 million , an increase of 19.2% as compared to$237.2 million for the same period in 2016. The operating margin for the year endedDecember 31, 2017 was 29.0%, compared to 27.2% for the same period in 2016. Operating income and operating margin for the year endedDecember 31, 2017 , excluding contributions in lieu of state income taxes of$2.0 million , was$284.8 million and 29.2%, respectively. Operating income and operating margin for the year endedDecember 31, 2016 , excluding contributions in lieu of state income taxes of$4.0 million and lease termination costs of$3.5 million , was$244.7 million and 28.0%, respectively. - The tax rate for the year ended
December 31, 2017 was 28.3% compared to 37.1% in the same period in 2016. The lower effective tax rate is primarily due to the revaluation of our deferred tax assets and liabilities in the fourth quarter of 2017 as a result of the new tax law and our adoption of the share-based compensation standard in the first quarter of 2017. As a result of the Tax Cuts and Jobs Act (the "Act") which was signed into law onDecember 22, 2017 , the corporate federal tax rate was reduced from a maximum of 35% to a flat 21% rate effectiveJanuary 1 , 2018. The University's net deferred tax liability was revalued as ofDecember 22, 2017 , and the University recorded a$10.7 million income tax benefit related to the revaluation of its deferred tax assets and liabilities. Excluding the revaluation of the deferred tax assets and liabilities recorded in 2017, our effective income tax rate would have been 32.1% for the year. Additionally, the University benefited in 2017 from the adoption of the share-based compensation standard, which resulted in the recognition of excess tax benefits of$16.5 million from share-based compensation awards that vested or settled in 2017 in the consolidated income statement. The inclusion of excess tax benefits and deficiencies as a component of our income tax expense will increase volatility within our provision for income taxes as the amount of excess tax benefits or deficiencies from share-based compensation awards are dependent on our stock price at the date the restricted awards vest, our stock price on the date an option is exercised, and the quantity of options exercised. These decreases were slightly offset by a decrease in the contributions made in lieu of state income taxes to school sponsoring organizations. Our contributions decreased from$4.0 million in 2016 to$2.0 million in 2017. - Net income increased 36.9% to
$203.3 million for the year endedDecember 31, 2017 , compared to$148.5 million for the same period in 2016. - Diluted net income per share was
$4.22 for the year endedDecember 31, 2017 , compared to$3.15 for the same period in 2016. - Adjusted EBITDA increased 16.6% to
$354.6 million for the year endedDecember 31, 2017 , compared to$304.1 million for the same period in 2016.
Balance Sheet and Cash Flow
The University financed its operating activities and capital expenditures during the years ended
Net cash provided by operating activities for the years ended December 31, 2017 and 2016 was
Net cash used in investing activities was
Net cash used in financing activities was
2018 Outlook
Q1 2018: |
Net revenue of $274.0 million; Target Operating Margin 31.5%; Diluted EPS of $1.39 using 48.6 million diluted shares; student counts of 91,500 |
Q2 2018: |
Net revenue of $235.0 million; Target Operating Margin 23.2%; Diluted EPS of $0.85 using 48.6 million diluted shares; student counts of 80,900 |
Q3 2018: |
Net revenue of $254.0 million; Target Operating Margin 24.9%; Diluted EPS of $0.98 using 48.7 million diluted shares; student counts of 98,400 |
Q4 2018: |
Net revenue of $291.0 million; Target Operating Margin 33.0%; Diluted EPS of $1.47 using 48.9 million diluted shares; student counts of 97,100 |
Full Year 2018: |
Net revenue of $1,054.0 million; Target Operating Margin 28.5%; Diluted EPS of $4.69 using 48.7 million diluted shares |
Forward-Looking Statements
This news release contains "forward-looking statements" which include information relating to future events, future financial performance, strategies expectations, competitive environment, regulation, and availability of resources. These forward-looking statements include, without limitation, statements regarding: projections, predictions, expectations, estimates, and forecasts as to our business, financial and operating results, and future economic performance, as well as; and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions, as well as statements in future tense, identify forward-looking statements.
Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to: our announced intention to sell our academic and related operations and assets to a non-profit entity and become a services company; our failure to comply with the extensive regulatory framework applicable to our industry, including Title IV of the Higher Education Act and the regulations thereunder, state laws and regulatory requirements, and accrediting commission requirements; the ability of our students to obtain federal Title IV funds, state financial aid, and private financing; potential damage to our reputation or other adverse effects as a result of negative publicity in the media, in the industry or in connection with governmental reports or investigations or otherwise, affecting us or other companies in the for-profit post-secondary education sector; risks associated with changes in applicable federal and state laws and regulations and accrediting commission standards, including pending rulemaking by the
Forward-looking statements speak only as of the date the statements are made. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Conference Call
A replay of the call will be available approximately two hours following the conclusion of the call, at 855-859-2056 (domestic) or 404-537-3406 (international), passcode 1769938. It will also be archived at www.gcu.edu in the investor relations section for 60 days.
About
_________
GRAND CANYON EDUCATION, INC. |
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Consolidated Income Statements |
|||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||
Three Months Ended |
Year Ended |
||||||||||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||||||||||
(In thousands, except per share data) |
|||||||||||||||||||||||
Net revenue |
$271,418 |
$244,663 |
$974,134 |
$873,344 |
|||||||||||||||||||
Costs and expenses: |
|||||||||||||||||||||||
Instructional costs and services |
108,933 |
102,100 |
410,840 |
373,101 |
|||||||||||||||||||
Admissions advisory and related |
34,061 |
32,062 |
128,544 |
119,286 |
|||||||||||||||||||
Advertising |
23,678 |
21,000 |
98,608 |
88,152 |
|||||||||||||||||||
Marketing and promotional |
2,555 |
2,383 |
9,629 |
8,860 |
|||||||||||||||||||
General and administrative |
10,845 |
10,260 |
43,759 |
43,219 |
|||||||||||||||||||
Lease termination costs |
— |
160 |
— |
3,523 |
|||||||||||||||||||
Total costs and expenses |
180,072 |
167,965 |
691,380 |
636,141 |
|||||||||||||||||||
Operating income |
91,346 |
76,698 |
282,754 |
237,203 |
|||||||||||||||||||
Interest expense |
(527) |
(497) |
(2,169) |
(1,328) |
|||||||||||||||||||
Interest and other income |
757 |
199 |
2,943 |
249 |
|||||||||||||||||||
Income before income taxes |
91,576 |
76,400 |
283,528 |
236,124 |
|||||||||||||||||||
Income tax expense |
23,320 |
28,421 |
80,209 |
87,610 |
|||||||||||||||||||
Net income |
$ 68,256 |
$ 47,979 |
$ 203,319 |
$ 148,514 |
|||||||||||||||||||
Earnings per share: |
|||||||||||||||||||||||
Basic income per share |
$ 1.44 |
$ 1.03 |
$ 4.31 |
$ 3.22 |
|||||||||||||||||||
Diluted income per share |
$ 1.41 |
$ 1.01 |
$ 4.22 |
$ 3.15 |
|||||||||||||||||||
Basic weighted average shares outstanding |
47,342 |
46,470 |
47,140 |
46,083 |
|||||||||||||||||||
Diluted weighted average shares outstanding |
48,382 |
47,452 |
48,235 |
47,121 |
Adjusted EBITDA
Adjusted EBITDA, a non-GAAP financial measure, is defined as net income plus interest expense, less interest income and other gain (loss) recognized on investments, plus income tax expense, and plus depreciation and amortization (EBITDA), as adjusted for (i) the amortization of prepaid royalty payments recorded in conjunction with a settlement of a dispute with our former owner; (ii) contributions to
We believe Adjusted EBITDA allows us to compare our current operating results with corresponding historical periods and with the operational performance of other companies in our industry because it does not give effect to potential differences caused by variations in capital structures (affecting relative interest expense, including the impact of write-offs of deferred financing costs when companies refinance their indebtedness), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses), the book amortization of intangibles (affecting relative amortization expense), and other items that we do not consider reflective of underlying operating performance. We also present Adjusted EBITDA because we believe it is frequently used by securities analysts, investors, and other interested parties as a measure of performance.
In evaluating Adjusted EBITDA, investors should be aware that in the future we may incur expenses similar to the adjustments described above. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by expenses that are unusual, non-routine, or non-recurring. Adjusted EBITDA has limitations as an analytical tool in that, among other things it does not reflect:
- cash expenditures for capital expenditures or contractual commitments;
- changes in, or cash requirements for, our working capital requirements;
- interest expense, or the cash required to replace assets that are being depreciated or amortized; and
- the impact on our reported results of earnings or charges resulting from the items for which we make adjustments to our EBITDA, as described above and set forth in the table below.
In addition, other companies, including other companies in our industry, may calculate these measures differently than we do, limiting the usefulness of Adjusted EBITDA as a comparative measure. Because of these limitations, Adjusted EBITDA should not be considered as a substitute for net income, operating income, or any other performance measure derived in accordance with and reported under GAAP, or as an alternative to cash flow from operating activities or as a measure of our liquidity. We compensate for these limitations by relying primarily on our GAAP results and only use Adjusted EBITDA as a supplemental performance measure.
The following table provides a reconciliation of net income to Adjusted EBITDA, which is a non-GAAP measure for the periods indicated:
Three Months Ended |
Year Ended |
|||
2017 |
2016 |
2017 |
2016 |
|
(Unaudited, in thousands) |
||||
Net income |
$ 68,256 |
$ 47,979 |
$ 203,319 |
$ 148,514 |
Plus: interest expense |
527 |
497 |
2,169 |
1,328 |
Less: interest income and other |
(757) |
(199) |
(2,943) |
(249) |
Plus: income tax expense |
23,320 |
28,421 |
80,209 |
87,610 |
Plus: depreciation and amortization |
13,687 |
12,865 |
53,932 |
45,387 |
EBITDA |
105,033 |
89,563 |
336,686 |
282,590 |
Plus: royalty to former owner |
74 |
74 |
296 |
296 |
Plus: fixed asset impairments |
12 |
84 |
2,590 |
250 |
Plus: contributions in lieu of state income taxes |
— |
— |
2,025 |
4,000 |
Plus: transaction expenses |
212 |
— |
212 |
1,136 |
Plus: estimated litigation and regulatory reserves |
33 |
— |
64 |
— |
Plus: lease termination costs |
— |
160 |
— |
3,523 |
Plus: share-based compensation |
3,126 |
3,242 |
12,688 |
12,276 |
Adjusted EBITDA |
$ 108,490 |
$ 93,123 |
$ 354,561 |
$ 304,071 |
GRAND CANYON EDUCATION, INC. |
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Consolidated Balance Sheets |
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ASSETS: |
December 31, |
December 31, |
||||||||||||||||||||||||||||||||||||
(In thousands, except par value) |
2017 |
2016 |
||||||||||||||||||||||||||||||||||||
Current assets |
(Unaudited) |
|||||||||||||||||||||||||||||||||||||
Cash and cash equivalents |
$ 153,474 |
$ 45,976 |
||||||||||||||||||||||||||||||||||||
Restricted cash and cash equivalents |
94,534 |
84,931 |
||||||||||||||||||||||||||||||||||||
Investments |
89,271 |
62,596 |
||||||||||||||||||||||||||||||||||||
Accounts receivable, net |
10,908 |
9,538 |
||||||||||||||||||||||||||||||||||||
Income tax receivable |
2,086 |
4,686 |
||||||||||||||||||||||||||||||||||||
Other current assets |
24,589 |
22,341 |
||||||||||||||||||||||||||||||||||||
Total current assets |
374,862 |
230,068 |
||||||||||||||||||||||||||||||||||||
Property and equipment, net |
922,284 |
855,528 |
||||||||||||||||||||||||||||||||||||
Prepaid royalties |
2,763 |
3,059 |
||||||||||||||||||||||||||||||||||||
Goodwill |
2,941 |
2,941 |
||||||||||||||||||||||||||||||||||||
Other assets |
723 |
897 |
||||||||||||||||||||||||||||||||||||
Total assets |
$ 1,303,573 |
$ 1,092,493 |
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LIABILITIES AND STOCKHOLDERS' EQUITY: |
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Current liabilities |
||||||||||||||||||||||||||||||||||||||
Accounts payable |
$ 29,139 |
$ 24,824 |
||||||||||||||||||||||||||||||||||||
Accrued compensation and benefits |
23,173 |
19,697 |
||||||||||||||||||||||||||||||||||||
Accrued liabilities |
20,757 |
21,283 |
||||||||||||||||||||||||||||||||||||
Income taxes payable |
16,182 |
2,734 |
||||||||||||||||||||||||||||||||||||
Student deposits |
95,298 |
85,881 |
||||||||||||||||||||||||||||||||||||
Deferred revenue |
46,895 |
40,739 |
||||||||||||||||||||||||||||||||||||
Current portion of notes payable |
6,691 |
31,636 |
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Total current liabilities |
238,135 |
226,794 |
||||||||||||||||||||||||||||||||||||
Other noncurrent liabilities |
1,200 |
1,689 |
||||||||||||||||||||||||||||||||||||
Deferred income taxes, noncurrent |
18,362 |
23,708 |
||||||||||||||||||||||||||||||||||||
Notes payable, less current portion |
59,925 |
66,616 |
||||||||||||||||||||||||||||||||||||
Total liabilities |
317,622 |
318,807 |
||||||||||||||||||||||||||||||||||||
Commitments and contingencies |
||||||||||||||||||||||||||||||||||||||
Stockholders' equity |
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Preferred stock, $0.01 par value, 10,000 shares authorized; 0 shares issued and outstanding at December 31, 2017 and December 31, 2016 |
— |
— |
||||||||||||||||||||||||||||||||||||
Common stock, $0.01 par value, 100,000 shares authorized; 52,277 and 51,509 shares issued and 48,125 and 47,559 shares outstanding at December 31, 2017 and December 31, 2016, respectively |
523 |
515 |
||||||||||||||||||||||||||||||||||||
Treasury stock, at cost, 4,152 and 3,950 shares of common stock at December 31, 2017 and December 31, 2016, respectively |
(100,694) |
(89,394) |
||||||||||||||||||||||||||||||||||||
Additional paid-in capital |
232,670 |
212,559 |
||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss |
(724) |
(910) |
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Retained earnings |
854,176 |
650,916 |
||||||||||||||||||||||||||||||||||||
Total stockholders' equity |
985,951 |
773,686 |
||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity |
$ 1,303,573 |
$ 1,092,493 |
GRAND CANYON EDUCATION, INC. |
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Consolidated Statements of Cash Flows |
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(Unaudited) |
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Year Ended December 31, |
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(In thousands) |
2017 |
2016 |
|||||||||||||||||||||||||||||||||||||||||||
Cash flows provided by operating activities: |
|||||||||||||||||||||||||||||||||||||||||||||
Net income |
$ 203,319 |
$ 148,514 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation |
12,688 |
12,276 |
|||||||||||||||||||||||||||||||||||||||||||
Provision for bad debts |
18,478 |
18,639 |
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Depreciation and amortization |
54,228 |
45,683 |
|||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes |
(5,160) |
8,432 |
|||||||||||||||||||||||||||||||||||||||||||
Other, including fixed asset impairments |
3,883 |
1,161 |
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Changes in assets and liabilities: |
|||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable |
(19,848) |
(20,598) |
|||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses and other |
(2,399) |
(1,715) |
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Accounts payable |
5,378 |
(4,793) |
|||||||||||||||||||||||||||||||||||||||||||
Accrued liabilities |
3,079 |
6,743 |
|||||||||||||||||||||||||||||||||||||||||||
Income taxes receivable/payable |
16,048 |
11,892 |
|||||||||||||||||||||||||||||||||||||||||||
Deferred rent |
(369) |
(475) |
|||||||||||||||||||||||||||||||||||||||||||
Deferred revenue |
6,156 |
2,863 |
|||||||||||||||||||||||||||||||||||||||||||
Student deposits |
9,417 |
9,139 |
|||||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities |
304,898 |
237,761 |
|||||||||||||||||||||||||||||||||||||||||||
Cash flows used in investing activities: |
|||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures |
(113,586) |
(178,292) |
|||||||||||||||||||||||||||||||||||||||||||
Purchases of land, building and golf course improvements related to off-site development |
(10,368) |
(60,727) |
|||||||||||||||||||||||||||||||||||||||||||
Proceeds received from note receivable |
— |
501 |
|||||||||||||||||||||||||||||||||||||||||||
Return of equity method investment |
685 |
1,749 |
|||||||||||||||||||||||||||||||||||||||||||
Purchases of investments |
(94,054) |
(49,157) |
|||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale or maturity of investments |
65,259 |
69,925 |
|||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities |
(152,064) |
(216,001) |
|||||||||||||||||||||||||||||||||||||||||||
Cash flows (used in) provided by financing activities: |
|||||||||||||||||||||||||||||||||||||||||||||
Principal payments on notes payable and capital lease obligations |
(6,805) |
(7,224) |
|||||||||||||||||||||||||||||||||||||||||||
Debt issuance costs |
— |
(194) |
|||||||||||||||||||||||||||||||||||||||||||
Net borrowings from revolving line of credit |
(25,000) |
25,000 |
|||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares including shares withheld in lieu of income taxes |
(11,300) |
(20,062) |
|||||||||||||||||||||||||||||||||||||||||||
Net proceeds from exercise of stock options |
7,372 |
13,207 |
|||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities |
(35,733) |
10,727 |
|||||||||||||||||||||||||||||||||||||||||||
Net increase in cash and cash equivalents and restricted cash |
117,101 |
32,487 |
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Cash and cash equivalents and restricted cash, beginning of period |
130,907 |
98,420 |
|||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash, end of period |
$ 248,008 |
$ 130,907 |
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Supplemental disclosure of cash flow information |
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Cash paid for interest |
$ 2,252 |
$ 1,220 |
|||||||||||||||||||||||||||||||||||||||||||
Cash paid for income taxes |
$ 69,606 |
$ 66,206 |
|||||||||||||||||||||||||||||||||||||||||||
Supplemental disclosure of non-cash investing and financing activities |
|||||||||||||||||||||||||||||||||||||||||||||
Purchases of property and equipment included in accounts payable |
$ 6,682 |
$ 7,746 |
|||||||||||||||||||||||||||||||||||||||||||
Tax benefit of Spirit warrant intangible |
$ — |
$ 253 |
|||||||||||||||||||||||||||||||||||||||||||
Shortfall tax expense from share-based compensation |
$ — |
$ 260 |
The following is a summary of our student enrollment at
2017(1) |
2016(1) |
|||||
# of Students |
% of Total |
# of Students |
% of Total |
|||
Graduate degrees(2) |
37,339 |
41.4% |
33,215 |
40.6% |
||
Undergraduate degree |
52,958 |
58.6% |
48,693 |
59.4% |
||
Total |
90,297 |
100.0% |
81,908 |
100.0% |
||
2017(1) |
2016(1) |
|||||
# of Students |
% of Total |
# of Students |
% of Total |
|||
Online(3) |
71,455 |
79.1% |
64,646 |
78.9% |
||
Ground(4) |
18,842 |
20.9% |
17,262 |
21.1% |
||
Total |
90,297 |
100.0% |
81,908 |
100.0% |
(1) |
Enrollment at December 31, 2017 and 2016 represents individual students who attended a course during the last two months of the calendar quarter. Includes 886 and 847 students pursuing non-degree certificates at December 31, 2017 and 2016, respectively. |
(2) |
Includes 7,703 and 7,084 students pursuing doctoral degrees at December 31, 2017 and 2016, respectively. |
(3) |
As of December 31, 2017 and 2016, 50.5% and 49.5%, respectively, of our working adult students (online and professional studies students) were pursuing graduate or doctoral degrees. |
(4) |
Includes both our traditional on-campus ground students, as well as our professional studies students. |
View original content:http://www.prnewswire.com/news-releases/grand-canyon-education-inc-reports-fourth-quarter-and-full-year-2017-results-300602257.html
SOURCE
Investor Relations Contact: Dan Bachus, Chief Financial Officer, Grand Canyon Education, Inc., 602-639-6648, Dan.bachus@gcu.edu, Media Contact: Bob Romantic, Grand Canyon Education, Inc., 602-639-7611, Bob.romantic@gcu.edu