UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 29, 2015
Grand Canyon Education, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-34211 | 20-3356009 | ||
| (State or other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
| 3300 W. Camelback Road Phoenix, Arizona |
85017 | |||
| (Address of Principal Executive Offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (602) 639-7500
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On April 29, 2015, Grand Canyon Education, Inc. (the “University”) reported its results for the first quarter of 2015. The press release dated April 29, 2015 is furnished as Exhibit 99.1 to this report.
Item 9.01. Consolidated Financial Statements and Exhibits.
| 99.1 | Press Release dated April 29, 2015 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| GRAND CANYON EDUCATION, INC. | ||||||
| Date: April 29, 2015 | By: | /s/ Daniel E. Bachus | ||||
| Daniel E. Bachus | ||||||
| Chief Financial Officer | ||||||
| (Principal Financial and Principal Accounting Officer) | ||||||
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99.1 | Press Release dated April 29, 2015 | |
Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
Investor Relations Contact:
Dan Bachus
Chief Financial Officer
Grand Canyon Education, Inc.
602-639-6648
Media Contact:
Bob Romantic
Grand Canyon Education, Inc.
602-639-7611
GRAND CANYON EDUCATION, INC. REPORTS
FIRST QUARTER 2015 RESULTS
ARIZONA, April 29, 2015—Grand Canyon Education, Inc. (NASDAQ: LOPE), a comprehensive regionally accredited university that offers over 160 graduate and undergraduate degree programs across eight colleges both online and on ground at our 200+ acre campus in Phoenix, Arizona, today announced financial results for the quarter ended March 31, 2015.
(more)
Grand Canyon Education, Inc. Reports First Quarter 2015 Results
For the three months ended March 31, 2015:
| • | Net revenue increased 15.9% to $194.1 million for the first quarter of 2015, compared to $167.4 million for the first quarter of 2014. |
| • | End-of-period enrollment increased 12.9% to 69,552 at March 31, 2015, from 61,601 at March 31, 2014, as ground enrollment increased 25.3% to 12,102 at March 31, 2015, from 9,657 at March 31, 2014 and online enrollment increased 10.6% to 57,450 at March 31, 2015, from 51,944 at March 31, 2014. |
| • | Operating income for the first quarter of 2015 was $56.0 million, an increase of 28.9% as compared to $43.4 million for the same period in 2014. The operating margin for the first quarter of 2015 was 28.8%, compared to 25.9% for the same period in 2014. |
| • | Adjusted EBITDA increased 24.7% to $66.9 million for the first quarter of 2015, compared to $53.7 million for the same period in 2014. |
| • | The tax rate in the first quarter of 2015 was 38.8% compared to 38.9% in the first quarter of 2014. |
| • | Net income increased 30.0% to $34.2 million for the first quarter of 2015, compared to $26.3 million for the same period in 2014. |
| • | Diluted net income per share was $0.72 for the first quarter of 2015, compared to $0.56 for the same period in 2014. |
Balance Sheet and Cash Flow
The University financed its operating activities and capital expenditures during the three months ended March 31, 2015 and 2014 primarily through cash provided by operating activities. Our unrestricted cash, cash equivalents and investments were $187.2 million and $166.0 million at March 31, 2015 and December 31, 2014, respectively. Our restricted cash, cash equivalents and investments at March 31, 2015 and December 31, 2014 were $57.9 million and $67.8 million, respectively.
The University generated $68.2 million in cash from operating activities for the three months ended March 31, 2015 compared to $53.7 million for the three months ended March 31, 2014. The increase in cash generated from operating activities between the three months ended March 31, 2014 and the three months ended March 31, 2015 is primarily due to increased net income and the timing of income tax related payments, deferred revenue and changes in our working capital.
Net cash used in investing activities was $46.0 million and $76.3 million for the three months ended March 31, 2015 and 2014, respectively. Our cash used in investing activities was primarily related to the purchase of short-term investments and capital expenditures. Purchases of short-term investments net of proceeds of these investments was $0.2 million and $49.0 million during the three months ended March 31, 2015 and 2014, respectively. Capital expenditures were $45.7 million and $27.2 million for the three months ended March 31, 2015 and 2014, respectively. In 2015, capital expenditures primarily consisted of ground campus building projects such as the construction of four additional dormitories, an additional classroom building for our College of Science, Engineering and Technology and a new parking structure to support our growing traditional student enrollment as well as purchases of computer equipment, other internal use software projects and furniture and equipment to support our increasing employee headcount. In 2014, capital expenditures primarily consisted of ground campus building projects such as the construction of an additional classroom building, additional residence halls, and the expansion of our arena to support our growing traditional student enrollment as well as purchases of computer equipment, other internal use software projects and furniture and equipment to support our increasing employee headcount.
Net cash used in financing activities was $1.3 million for the three months ended March 31, 2015. Net cash provided by financing activities was $5.9 million for the three months ended March 31, 2014. During the three-month period for 2015, proceeds from the exercise of stock options of $1.7 million and excess tax benefits from share-based compensation of $2.8 million were offset by $4.2 million used to purchase common shares withheld in lieu of income taxes resulting from restricted share awards and principal payments on notes payable and capital leases totaling $1.7 million. During the three-month period for 2014, proceeds from the exercise of stock options of $5.4 million and excess tax benefits from share-based compensation of $6.4 million were partially offset by $3.6 million used to purchase common shares withheld in lieu of income taxes resulting from restricted share awards, and $0.6 million used to purchased treasury stock in accordance with the University’s share repurchase program and principal payments on notes payable and capital leases totaling $1.7 million.
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Grand Canyon Education, Inc. Reports First Quarter 2015 Results
2015 Outlook by Quarter
| Q2 2015: | Net revenue of $172.8 million; Target Operating Margin 23.5%; Diluted EPS of $0.52 using 47.7 million diluted shares; student counts of 62,500 | |
| Q3 2015: | Net revenue of $193.3 million; Target Operating Margin 26.6%; Diluted EPS of $0.65 using 47.9 million diluted shares; student counts of 75,600 | |
| Q4 2015: | Net revenue of $211.9 million; Target Operating Margin 28.9%; Diluted EPS of $0.77 using 48.1 million diluted shares; student counts of 75,200 | |
| Full Year 2015: | Net revenue of $772.1 million; Target Operating Margin 27.1%; Diluted EPS of $2.66 using 47.7 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; 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 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; risks associated with changes in applicable federal and state laws and regulations and accrediting commission standards, including pending rulemaking by the Department of Education; 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 postsecondary education sector; our ability to properly manage risks and challenges associated with potential acquisitions of, or investments in, new businesses, acquisitions of new properties, or the expansion of our campus to new locations; our ability to hire and train new, and develop and train existing, faculty and employees; the pace of growth of our enrollment; our ability to convert prospective students to enrolled students and to retain active students; our success in updating and expanding the content of existing programs and developing new programs in a cost-effective manner or on a timely basis; industry competition, including competition for qualified executives and other personnel; risks associated with the competitive environment for marketing our programs; failure on our part to keep up with advances in technology that could enhance the online experience for our students; the extent to which obligations under our loan agreement, including the need to comply with restrictive and financial covenants and to pay principal and interest payments, limits our ability to conduct our operations or seek new business opportunities; our ability to manage future growth effectively; general adverse economic conditions or other developments that affect job prospects in our core disciplines; and other factors discussed in reports on file with the Securities and Exchange Commission.
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.
(more)
Grand Canyon Education, Inc. Reports First Quarter 2015 Results
Conference Call
Grand Canyon Education, Inc. will discuss its first quarter 2015 results and 2015 outlook during a conference call scheduled for today, April 29, 2015 at 4:30 p.m. Eastern time (ET). To participate in the live call, investors should dial 877-577-1769 (domestic and Canada) or 706-679-7806 (international), passcode 19605453 at 4:25 p.m. (ET). The Webcast will be available on the Grand Canyon Education, Inc. Web site at www.gcu.edu.
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 19605453. It will also be archived at www.gcu.edu in the investor relations section for 60 days.
About Grand Canyon Education, Inc.
Grand Canyon Education, Inc. is a comprehensive regionally accredited university that offers over 160 graduate and undergraduate degree programs across eight colleges both online and on ground at our 200+ acre campus in Phoenix, Arizona, and at facilities we lease and at facilities owned by third party employers. Our undergraduate programs are designed to be innovative and meet the future needs of employers while providing students with the needed critical thinking and effective communication skills developed through a Christian, liberal arts foundation. Approximately 69,600 students were enrolled as of March 31, 2015. For more information about Grand Canyon Education, Inc., please visit http://www.gcu.edu.
Grand Canyon Education, Inc. is regionally accredited by The Higher Learning Commission, Grand Canyon University, 3300 W. Camelback Road, Phoenix, AZ 85017, www.gcu.edu.
###
Grand Canyon Education, Inc. Reports First Quarter 2015 Results
GRAND CANYON EDUCATION, INC.
Consolidated Income Statements
(Unaudited)
| Three Months Ended March 31, |
||||||||
| 2015 | 2014 | |||||||
| (In thousands, except per share data) |
||||||||
| Net revenue |
$ | 194,127 | $ | 167,432 | ||||
| Costs and expenses: |
||||||||
| Instructional costs and services |
78,687 | 70,678 | ||||||
| Admissions advisory and related, including $505 and $805 to related parties for the three months ended March 31, 2015 and 2014, respectively |
28,333 | 26,261 | ||||||
| Advertising |
20,031 | 16,712 | ||||||
| Marketing and promotional |
1,694 | 1,791 | ||||||
| General and administrative |
9,396 | 8,554 | ||||||
|
|
|
|
|
|||||
| Total costs and expenses |
138,141 | 123,996 | ||||||
|
|
|
|
|
|||||
| Operating income |
55,986 | 43,436 | ||||||
| Interest expense |
(375 | ) | (523 | ) | ||||
| Interest and other income |
257 | 137 | ||||||
|
|
|
|
|
|||||
| Income before income taxes |
55,868 | 43,050 | ||||||
| Income tax expense |
21,689 | 16,762 | ||||||
|
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|
|
|
|||||
| Net income |
$ | 34,179 | $ | 26,288 | ||||
|
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| Earnings per share: |
||||||||
| Basic income per share |
$ | 0.75 | $ | 0.58 | ||||
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|
|||||
| Diluted income per share |
$ | 0.72 | $ | 0.56 | ||||
|
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|
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| Basic weighted average shares outstanding |
45,789 | 45,205 | ||||||
|
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|
|
|
|||||
| Diluted weighted average shares outstanding |
47,201 | 46,841 | ||||||
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Grand Canyon Education, Inc. Reports First Quarter 2015 Results
GRAND CANYON EDUCATION, INC.
Adjusted EBITDA
Adjusted EBITDA is defined as net income plus interest expense net of interest income, 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 Arizona school tuition organizations in lieu of the payment of state income taxes; (iii) share-based compensation and (iv) one-time, unusual charges or gains, such as litigation and regulatory reserves, impairment charges and asset write-offs, exit or lease termination costs. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our operating performance. We also make certain compensation decisions based, in part, on our operating performance, as measured by Adjusted EBITDA, and our loan agreement requires us to comply with covenants that include performance metrics substantially similar to Adjusted EBITDA. All of the adjustments made in our calculation of Adjusted EBITDA are adjustments to items that management does not consider to be reflective of our core operating performance. Management considers our core operating performance to be that which can be affected by our managers in any particular period through their management of the resources that affect our underlying revenue and profit generating operations during that period. Royalty expenses paid to our former owner, contributions made to Arizona school tuition organizations in lieu of the payment of state income taxes, share-based compensation, one time unusual charges or gains such as estimated litigation and regulatory reserves, exit costs, contract and lease termination fees are not considered reflective of our core performance.
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, and you should not consider it in isolation, or 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. Some of these limitations are that it does not reflect:
| • | cash expenditures for capital expenditures or contractual commitments; |
| • | changes in, or cash requirement 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 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 March 31, |
||||||||
| 2015 | 2014 | |||||||
| (Unaudited, in thousands) | ||||||||
| Net income |
$ | 34,179 | $ | 26,288 | ||||
| Plus: interest expense net of interest income |
118 | 386 | ||||||
| Plus: income tax expense |
21,689 | 16,762 | ||||||
| Plus: depreciation and amortization |
8,080 | 6,855 | ||||||
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|
|||||
| EBITDA |
64,066 | 50,291 | ||||||
|
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|
|||||
| Plus: royalty to former owner |
74 | 74 | ||||||
| Plus: prepaid royalty impairment and fixed asset write-offs |
— | 1,087 | ||||||
| Plus: estimated litigation and regulatory reserves |
191 | 27 | ||||||
| Plus: share-based compensation |
2,603 | 2,204 | ||||||
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|
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| Adjusted EBITDA |
$ | 66,934 | $ | 53,683 | ||||
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Grand Canyon Education, Inc. Reports First Quarter 2015 Results
GRAND CANYON EDUCATION, INC.
Consolidated Balance Sheets
| (In thousands, except par value) |
March 31, 2015 |
December 31, 2014 |
||||||
| (Unaudited) | ||||||||
| ASSETS: | ||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
$ | 86,156 | $ | 65,238 | ||||
| Restricted cash, cash equivalents and investments |
57,875 | 67,840 | ||||||
| Investments |
101,015 | 100,784 | ||||||
| Accounts receivable, net |
6,689 | 7,605 | ||||||
| Deferred income taxes |
6,106 | 6,149 | ||||||
| Other current assets |
20,240 | 19,429 | ||||||
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|
|||||
| Total current assets |
278,081 | 267,045 | ||||||
| Property and equipment, net |
527,729 | 478,170 | ||||||
| Prepaid royalties |
3,577 | 3,650 | ||||||
| Goodwill |
2,941 | 2,941 | ||||||
| Other assets |
3,242 | 3,907 | ||||||
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| Total assets |
$ | 815,570 | $ | 755,713 | ||||
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| LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||||||||
| Current liabilities |
||||||||
| Accounts payable |
$ | 34,316 | $ | 22,715 | ||||
| Accrued compensation and benefits |
18,216 | 23,995 | ||||||
| Accrued liabilities |
14,804 | 13,533 | ||||||
| Income taxes payable |
15,544 | 4,906 | ||||||
| Student deposits |
58,949 | 69,584 | ||||||
| Deferred revenue |
53,407 | 36,868 | ||||||
| Due to related parties |
420 | 403 | ||||||
| Current portion of capital lease obligations |
92 | 91 | ||||||
| Current portion of notes payable |
6,618 | 6,616 | ||||||
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| Total current liabilities |
202,366 | 178,711 | ||||||
| Capital lease obligations, less current portion |
383 | 406 | ||||||
| Other noncurrent liabilities |
4,245 | 4,513 | ||||||
| Deferred income taxes, noncurrent |
17,166 | 15,974 | ||||||
| Notes payable, less current portion |
78,221 | 79,877 | ||||||
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|
|||||
| Total liabilities |
302,381 | 279,481 | ||||||
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| Commitments and contingencies |
||||||||
| Stockholders’ equity |
||||||||
| Preferred stock, $0.01 par value, 10,000 shares authorized; 0 shares issued and outstanding at March 31, 2015 and December 31, 2014 |
— | — | ||||||
| Common stock, $0.01 par value, 100,000 shares authorized; 50,164 and 49,746 shares issued and 47,068 and 46,744 shares outstanding at March 31, 2015 and December 31, 2014, respectively |
502 | 497 | ||||||
| Treasury stock, at cost, 3,096 and 3,002 shares of common stock at March 31, 2015 and December 31, 2014, respectively |
(57,948 | ) | (53,770 | ) | ||||
| Additional paid-in capital |
165,734 | 158,549 | ||||||
| Accumulated other comprehensive loss |
(269 | ) | (35 | ) | ||||
| Retained earnings |
405,170 | 370,991 | ||||||
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|
|||||
| Total stockholders’ equity |
513,189 | 476,232 | ||||||
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|
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| Total liabilities and stockholders’ equity |
$ | 815,570 | $ | 755,713 | ||||
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Grand Canyon Education, Inc. Reports First Quarter 2015 Results
GRAND CANYON EDUCATION, INC.
Consolidated Statements of Cash Flows
(Unaudited)
| Three Months Ended March 31, |
||||||||
| (In thousands) |
2015 | 2014 | ||||||
| Cash flows provided by operating activities: |
||||||||
| Net income |
$ | 34,179 | $ | 26,288 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Share-based compensation |
2,603 | 2,204 | ||||||
| Excess tax benefits from share-based compensation |
(2,816 | ) | (6,419 | ) | ||||
| Provision for bad debts |
3,968 | 3,795 | ||||||
| Depreciation and amortization |
8,154 | 6,929 | ||||||
| Deferred income taxes |
1,001 | 1,150 | ||||||
| Prepaid royalty impairment |
— | 966 | ||||||
| Other |
— | 121 | ||||||
| Changes in assets and liabilities: |
||||||||
| Restricted cash, cash equivalents and investments |
9,965 | 13,534 | ||||||
| Accounts receivable |
(3,052 | ) | (3,962 | ) | ||||
| Prepaid expenses and other |
(283 | ) | 957 | |||||
| Due to/from related parties |
17 | 62 | ||||||
| Accounts payable |
(165 | ) | (1,702 | ) | ||||
| Accrued liabilities and employee related liabilities |
(4,526 | ) | (6,419 | ) | ||||
| Income taxes receivable/payable |
13,508 | 15,104 | ||||||
| Deferred rent |
(268 | ) | (260 | ) | ||||
| Deferred revenue |
16,539 | 13,884 | ||||||
| Student deposits |
(10,635 | ) | (12,561 | ) | ||||
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| Net cash provided by operating activities |
68,189 | 53,671 | ||||||
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| Cash flows used in investing activities: |
||||||||
| Capital expenditures |
(45,737 | ) | (27,214 | ) | ||||
| Purchases of investments |
(10,710 | ) | (62,711 | ) | ||||
| Proceeds from sale or maturity of investments |
10,479 | 13,665 | ||||||
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|
|||||
| Net cash used in investing activities |
(45,968 | ) | (76,260 | ) | ||||
|
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|||||
| Cash flows (used in) provided by financing activities: |
||||||||
| Principal payments on notes payable and capital lease obligations |
(1,676 | ) | (1,672 | ) | ||||
| Repurchase of common shares including shares withheld in lieu of income taxes |
(4,178 | ) | (4,243 | ) | ||||
| Excess tax benefits from share-based compensation |
2,816 | 6,419 | ||||||
| Net proceeds from exercise of stock options |
1,735 | 5,390 | ||||||
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|
|||||
| Net cash (used in) provided by financing activities |
(1,303 | ) | 5,894 | |||||
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|||||
| Net increase (decrease) in cash and cash equivalents |
20,918 | (16,695 | ) | |||||
| Cash and cash equivalents, beginning of period |
65,238 | 55,824 | ||||||
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| Cash and cash equivalents, end of period |
$ | 86,156 | $ | 39,129 | ||||
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| Supplemental disclosure of cash flow information |
||||||||
| Cash paid for interest |
$ | 386 | $ | 535 | ||||
| Cash paid for income taxes |
$ | 6,800 | $ | 372 | ||||
| Supplemental disclosure of non-cash investing and financing activities |
||||||||
| Purchases of property and equipment included in accounts payable |
$ | 17,611 | $ | 5,438 | ||||
| Tax benefit of Spirit warrant intangible |
$ | 65 | $ | 65 | ||||
| Shortfall tax expense from share-based compensation |
$ | 11 | $ | 9 | ||||
Grand Canyon Education, Inc. Reports First Quarter 2015 Results
The following is a summary of our student enrollment at March 31, 2015 and 2014 by degree type and by instructional delivery method:
| 2015(1) | 2014(1) | |||||||||||||||
| # of Students | % of Total | # of Students | % of Total | |||||||||||||
| Graduate degrees(2) |
27,767 | 39.9 | % | 23,770 | 38.6 | % | ||||||||||
| Undergraduate degree |
41,785 | 60.1 | % | 37,831 | 61.4 | % | ||||||||||
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|||||||||
| Total |
69,552 | 100.0 | % | 61,601 | 100.0 | % | ||||||||||
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|||||||||
| 2015(1) | 2014(1) | |||||||||||||||
| # of Students | % of Total | # of Students | % of Total | |||||||||||||
| Online(3) |
57,450 | 82.6 | % | 51,944 | 84.3 | % | ||||||||||
| Ground(4) |
12,102 | 17.4 | % | 9,657 | 15.7 | % | ||||||||||
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|||||||||
| Total |
69,552 | 100.0 | % | 61,601 | 100.0 | % | ||||||||||
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| (1) | Enrollment at March 31, 2015 and 2014 represents individual students who attended a course during the last two months of the calendar quarter. Included in enrollment at March 31, 2015 and 2014 are students pursuing non-degree certificates of 864 and 801, respectively. |
| (2) | Includes 5,792 and 4,619 students pursuing doctoral degrees at March 31, 2015 and 2014, respectively. |
| (3) | As of March 31, 2015 and 2014, 46.6% and 44.0%, respectively, of our working adult students (online and professional studies students) were pursuing graduate degrees. |
| (4) | Includes both our traditional on-campus ground students, as well as our professional studies students. |