GRAND CANYON EDUCATION, INC. PHOENIX, Aug. 1, 2017 /PRNewswire/ -- Grand Canyon Education, Inc. (NASDAQ: LOPE), a comprehensive regionally accredited university that offers over 220 graduate and undergraduate degree programs and certificates across nine colleges both online and on ground at its over 270 acre campus in Phoenix, Arizona, today announced financial results for the quarter ended June 30, 2017.
For the three months ended June 30, 2017:
-- Net revenue increased 14.1% to $218.3 million for the second quarter of
2017, compared to $191.3 million for the second quarter of 2016.
-- End-of-period enrollment increased 10.5% to 74,485 at June 30, 2017,
from 67,424 at June 30, 2016, as ground enrollment increased 10.8% to
6,015 at June 30, 2017, from 5,430 at June 30, 2016 and online
enrollment increased 10.4% to 68,470 at June 30, 2017, from 61,994 at
June 30, 2016. Ground enrollment at June 30, 2017 includes
traditional-aged students that are taking Summer school classes which is
a small percentage of our traditional-aged student body. As of March 31,
2017 ground enrollment had increased 12.0% over the prior year. The
Spring semester ends near the end of April each year.
-- Operating income for the three months ended June 30, 2017 was $55.1
million, an increase of 23.1% as compared to $44.7 million for the same
period in 2016. The operating margin for the three months ended June 30,
2017 was 25.2%, compared to 23.4% for the same period in 2016. The
majority of our traditional ground students do not attend courses during
the summer months (May through August), which affects our results for
our second and third fiscal quarters. Since a significant amount of our
campus costs are fixed, the lower revenue resulting from the decreased
ground student enrollment has historically contributed to lower
operating margins during those periods. We expect quarterly fluctuations
in operating results to continue as a result of these seasonal patterns.
-- The tax rate in the three months ended June 30, 2017 was 28.0% compared
to 38.4% in the same period in 2016. The lower effective tax rate year
over year is due to our 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. The tax rate would have been 37.4% for the three
months ended June 30, 2017, excluding the impact of the recognition of
excess tax benefits from share-based compensation awards that vested or
settled in 2017.
-- Net income increased 44.2% to $39.8 million for the second quarter of
2017, compared to $27.6 million for the same period in 2016.
-- Diluted net income per share was $0.83 for the second quarter of 2017,
compared to $0.59 for the same period in 2016.
-- Adjusted EBITDA increased 23.3% to $72.1 million for the second quarter
of 2017, compared to $58.4 million for the same period in 2016.
For the six months ended June 30, 2017:
-- Net revenue increased 11.5% to $466.5 million for the six months ended
June 30, 2017, compared to $418.2 million for the same period in 2016.
-- Operating income for the six months ended June 30, 2017 was $131.7
million, an increase of 16.1% as compared to $113.4 million for the same
period in 2016. The operating margin for the six months ended June 30,
2017 was 28.2%, compared to 27.1% for the same period in 2016. Operating
income and the operating margin for the six months ended June 30, 2016,
excluding legal and other professional fees incurred related to the
proposed conversion back to a not for profit status, was $114.6 million
and 27.4%, respectively.
-- The University recognized $1.8 million in interest and other income
during the six months ended June 30, 2016 on its proportional share of
equity interest income related to our ownership interest in LoudCloud.
-- The tax rate for the six months ended June 30, 2017 was 27.1% compared
to 38.2% in the same period in 2016. The lower effective tax rate year
over year is due to our 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. Our restricted stock vests in March each year so the
favorable benefit is greatest in the first quarter each year. The tax
rate would have been 37.6% for the six months ended June 30, 2017,
excluding the impact of the recognition of excess tax benefits from
share-based compensation awards that vested or settled in 2017.
-- Net income increased 34.3% to $95.8 million for the six months ended
June 30, 2017, compared to $71.3 million for the same period in 2016.
-- Diluted net income per share was $1.99 for the six months ended June 30,
2017, compared to $1.52 for the same period in 2016.
-- Adjusted EBITDA increased 16.4% to $165.0 million for the six months
ended June 30, 2017, compared to $141.7 million for the same period in
2016.
Balance Sheet and Cash Flow
The University financed its operating activities and capital expenditures during the six months ended June 30, 2017 and 2016 primarily through cash provided by operating activities. Our unrestricted cash and cash equivalents and investments were $155.7 million and $108.6 million at June 30, 2017 and December 31, 2016, respectively. Our restricted cash and cash equivalents at June 30, 2017 and December 31, 2016 were $79.4 million and $84.9 million, respectively. In December 2012, we entered into a new credit agreement, which increased our term loan to $100 million with a maturity date of December 2019. Additionally, this facility, as amended in January 2016, provides a revolving line of credit in the amount of $150 million through December 2017 to be utilized for working capital, capital expenditures and other general corporate purposes. Indebtedness under the credit facility is secured by our assets and is guaranteed by certain of our subsidiaries. No amounts were drawn on the revolver as of June 30, 2017.
Net cash provided by operating activities for the three months ended June 30, 2017 was $133.7 million as compared to $112.5 million for the six months ended June 30, 2016. The increase in cash generated from operating activities between the six months ended June 30, 2016 and the six months ended June 30, 2017 is primarily due to increased net income and non-cash charges such as depreciation expense as well as changes in other working capital such as accrued liabilities and deferred revenue.
Net cash used in investing activities was $86.7 million and $104.2 million for the six months ended June 30, 2017 and 2016, 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 $26.8 million for the six months ended June 30, 2017. Proceeds from investment, net of purchases of short term investments was $33.9 million for the six months ended June 30, 2016. Capital expenditures were $50.5 million and $115.6 million for the six months ended June 30, 2017 and 2016, respectively. During the six-month period for 2017, capital expenditures primarily consisted of ground campus building projects such as the construction of an additional dormitory to support our growing traditional student enrollment, land acquisitions adjacent to our campus, and purchases of computer equipment, other internal use software projects and furniture and equipment to support our increasing employee headcount. Included in off-site development for 2017 is $9.4 million we spent to finish the building and parking garage in close proximity to our ground traditional campus. Employees that work in two leased office buildings in the Phoenix area were relocated to this new building by the end of 2016. During the six-month period for 2016, capital expenditures primarily consisted of ground campus building projects that started in late 2015 such as three more apartment style residence halls, a 170,000 square foot classroom building for our College of Science, Engineering and Technology, a student service center, and a fourth parking structure, as well as land purchases adjacent to or near our Phoenix campus, and purchases of computer equipment, other internal use software projects and furniture and equipment to support our increasing employee headcount. Included in off-site development during 2016 is $24.8 million related to the off-site office building and parking garage. In addition, during the first six months of 2016, we received a $1.8 million distribution related to our ownership interest in LoudCloud upon its sale to a third party.
Net cash used in financing activities was $32.2 million for the six months ended June 30, 2017. Net cash provided by financing activities was $8.7 million for the six months ended June 30, 2016. During the six-month period for 2017, $25.0 million was used to repay the revolving line of credit, $9.7 million was 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 totaled $3.4 million, which amounts were partially offset by proceeds from the exercise of stock options of $5.9 million. During the six-month period for 2016, net cash provided by financing activities consisted of proceeds received from the revolving line of credit of $25.0 million and proceeds from the exercise of stock options of $7.0 million, partially offset by $14.6 million was used to purchase treasury stock in accordance with the University's share repurchase program and $4.6 million was used to purchase common shares withheld in lieu of income taxes resulting from restricted share awards while principal payments on notes payable and capital leases totaled $3.8 million and debt issuance costs for the increase in our revolving line of credit totaled $0.2 million.
2017 Outlook by Quarter
Q3 2017: Net revenue of $231.0
million; Target Operating
Margin 24.0%; Diluted EPS
of $0.75 using 48.5 million
diluted shares; student
counts of 90,200
Q4 2017: Net revenue of $266.9
million; Target Operating
Margin 31.7%; Diluted EPS
of $1.08 using 48.8 million
diluted shares; student
counts of 88,900
Full Year 2017: Net revenue of $964.4
million; Target Operating
Margin 28.2%; Diluted EPS
of $3.82 using 48.4 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 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 postsecondary education sector; risks associated with changes in applicable federal and state laws and regulations and accrediting commission standards, including pending rulemaking by the Department of Education; competition from other universities in our geographic region and market sector, including competition for students, qualified executives and other personnel; our ability to properly manage risks and challenges associated with strategic initiatives, including the expansion of our campus, potential acquisitions of, or investments in, new businesses, acquisitions of new properties, or the development of new campuses; 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 of our students; 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.
Conference Call
Grand Canyon Education, Inc. will discuss its second quarter 2017 results and 2017 outlook during a conference call scheduled for today, August 1, 2017 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 56996869 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 56996869. 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 220 graduate and undergraduate degree programs and certificates across nine colleges both online and on ground at our over 270 acre campus in Phoenix, Arizona, at leased facilities and at facilities owned by third party employers of our students. We are committed to providing an academically rigorous educational experience with a focus on professionally relevant programs that meet the objectives of our students. 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-oriented, liberal arts foundation. We offer master and doctoral degrees in contemporary fields that are designed to provide students with the capacity for transformational leadership in their chosen industry, emphasizing the immediate relevance of theory, application, and evaluation to promote personal and organizational change. Approximately 74,500 students were enrolled as of June 30, 2017. 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.
Consolidated Income Statements
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2017 2016 2017 2016
---- ---- ---- ----
(In thousands, except per share data)
------------------------------------
Net revenue $218,301 $191,279 $466,507 $418,237
Costs and expenses:
Instructional
costs and
services 95,030 84,599 197,604 179,253
Admissions
advisory
and
related 31,085 28,866 63,057 58,410
Advertising 24,776 22,149 49,407 43,256
Marketing
and
promotional 2,264 2,108 4,724 4,350
General and
administrative 10,058 8,809 19,999 19,529
------ ----- ------ ------
Total costs
and
expenses 163,213 146,531 334,791 304,798
------- ------- ------- -------
Operating
income 55,088 44,748 131,716 113,439
Interest
expense (495) (158) (1,075) (487)
Interest
and other
income 739 293 741 2,341
--- --- --- -----
Income
before
income
taxes 55,332 44,883 131,382 115,293
Income tax
expense 15,485 17,257 35,623 44,002
------ ------ ------ ------
Net income $39,847 $27,626 $95,759 $71,291
======= ======= ======= =======
Earnings per share:
Basic
income per
share $0.85 $0.60 $2.04 $1.56
===== ===== ===== =====
Diluted
income per
share $0.83 $0.59 $1.99 $1.52
===== ===== ===== =====
Basic
weighted
average
shares
outstanding 47,151 46,004 46,949 45,813
====== ====== ====== ======
Diluted
weighted
average
shares
outstanding 48,192 46,990 48,131 46,925
====== ====== ====== ======
GRAND CANYON EDUCATION, INC.
Adjusted EBITDA
Adjusted EBITDA 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 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, and 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 and does not consider the items for which we make adjustments (as listed above) to be 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 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 Six Months Ended
June 30, June 30,
-------- --------
2017 2016 2017 2016
---- ---- ---- ----
(Unaudited, in thousands)
Net income $39,847 $27,626 $95,759 $71,291
Plus: interest
expense 495 158 1,075 487
Less: interest
income and other (739) (293) (741) (2,341)
Plus: income tax
expense 15,485 17,257 35,623 44,002
Plus:
depreciation and
amortization 13,515 10,704 26,708 21,097
------ ------ ------ ------
EBITDA 68,603 55,452 158,424 134,536
------ ------ ------- -------
Plus: royalty to
former owner 74 74 148 148
Plus: asset
impairment and
other fixed
asset write-
offs 92 12 214 67
Plus: costs
related to
proposed
conversion back
to a non-profit
status - (31) - 1,136
Plus: estimated
litigation and
regulatory
reserves 10 - 10 -
Plus: share-
based
compensation 3,298 2,933 6,229 5,831
----- ----- ----- -----
Adjusted EBITDA $72,077 $58,440 $165,025 $141,718
======= ======= ======== ========
GRAND CANYON EDUCATION, INC
Consolidated Balance Sheets
ASSETS: June 30, December 31,
(In thousands, except par
value) 2017 2016
------------------------- ---- ----
Current assets (Unaudited)
Cash and cash equivalents $66,282 $45,976
Restricted cash and cash
equivalents 79,440 84,931
Investments 89,414 62,596
Accounts receivable, net 10,933 9,999
Income tax receivable 4,546 4,686
Other current assets 22,156 21,880
------ ------
Total current assets 272,771 230,068
Property and equipment, net 888,184 855,528
Prepaid royalties 2,911 3,059
Goodwill 2,941 2,941
Other assets 1,756 897
----- ---
Total assets $1,168,563 $1,092,493
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY:
Current liabilities
Accounts payable $22,489 $24,824
Accrued compensation and
benefits 19,913 19,697
Accrued liabilities 20,641 21,283
Income taxes payable 3,636 2,734
Student deposits 79,520 85,881
Deferred revenue 52,004 40,739
Current portion of notes
payable 6,665 31,636
----- ------
Total current liabilities 204,868 226,794
Other noncurrent liabilities 1,433 1,689
Deferred income taxes,
noncurrent 26,778 23,708
Notes payable, less current
portion 63,270 66,616
------ ------
Total liabilities 296,349 318,807
------- -------
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.01 par
value, 10,000 shares
authorized; 0 shares issued
and outstanding at June 30,
2017 and December 31, 2016 - -
Common stock, $0.01 par
value, 100,000 shares
authorized; 52,168 and
51,509 shares issued and
48,053 and 47,559 shares
outstanding at June 30, 2017
and December 31, 2016,
respectively 522 515
Treasury stock, at cost,
4,115 and 3,950 shares of
common stock at June 30,
2017 and December 31, 2016,
respectively (99,051) (89,394)
Additional paid-in capital 224,735 212,559
Accumulated other
comprehensive loss (608) (910)
Retained earnings 746,616 650,916
------- -------
Total stockholders' equity 872,214 773,686
------- -------
Total liabilities and
stockholders' equity $1,168,563 $1,092,493
========== ==========
GRAND CANYON EDUCATION, INC.
Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
--------
(In thousands) 2017 2016
------------- ---- ----
Cash flows provided by operating activities:
Net income $95,759 $71,291
Adjustments to reconcile net income to net cash provided by
operating activities:
Share-based compensation 6,229 5,831
Provision for bad debts 7,830 7,963
Depreciation and amortization 26,856 21,245
Deferred income taxes 3,372 2,478
Other 214 (1,682)
Changes in assets and liabilities:
Accounts receivable (8,764) (8,745)
Prepaid expenses and other (1,413) 1,221
Accounts payable (1,708) (2,386)
Accrued liabilities and employee
related liabilities (439) 11,481
Income taxes receivable/payable 1,042 835
Deferred rent (222) (535)
Deferred revenue 11,265 9,344
Student deposits (6,361) (5,877)
------ ------
Net cash provided by operating
activities 133,660 112,464
------- -------
Cash flows used in investing activities:
Capital expenditures (50,491) (115,615)
Purchases of land, building and golf
course improvements related to off-
site development (9,374) (24,769)
Proceeds received from note
receivable - 501
Return of equity method investment - 1,749
Purchases of investments (52,181) (23,525)
Proceeds from sale or maturity of
investments 25,363 57,449
------ ------
Net cash used in investing activities (86,683) (104,210)
------- --------
Cash flows (used in) provided by financing activities:
Principal payments on notes payable
and capital lease obligations (3,400) (3,831)
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 (9,657) (19,227)
Net proceeds from exercise of stock
options 5,895 6,972
----- -----
Net cash (used in) provided by
financing activities (32,162) 8,720
------- -----
Net increase in cash and cash
equivalents and restricted cash 14,815 16,974
Cash and cash equivalents and
restricted cash, beginning of period 130,907 98,420
------- ------
Cash and cash equivalents and
restricted cash, end of period $145,722 $115,394
======== ========
Supplemental disclosure of cash flow information
Cash paid for interest $1,167 $481
Cash paid for income taxes $31,718 $40,176
Supplemental disclosure of non-cash investing and financing
activities
Purchases of property and equipment
included in accounts payable $7,118 $19,798
Tax benefit of Spirit warrant
intangible $ - $127
Shortfall tax expense from share-
based compensation $ - $257
The following is a summary of our student enrollment at June 30, 2017 and 2016 by degree type and by instructional delivery method:
2017(1) 2016(1)
------ ------
# of Students % of Total # of Students % of Total
------------- ---------- ------------- ----------
Graduate degrees(2) 35,702 47.9% 31,136 46.2%
Undergraduate degree 38,783 52.1% 36,288 53.8%
------ ---- ------ ----
Total 74,485 100.0% 67,424 100.0%
====== ===== ====== =====
2017(1) 2016(1)
------ ------
# of Students % of Total # of Students % of Total
------------- ---------- ------------- ----------
Online(3) 68,470 91.9% 61,994 91.9%
Ground(4) 6,015 8.1% 5,430 8.1%
----- --- ----- ---
Total 74,485 100.0% 67,424 100.0%
====== ===== ====== =====
(1) Enrollment at June 30, 2017 and
2016 represents individual
students who attended a course
during the last two months of
the calendar quarter. Included
in enrollment at June 30, 2017
and 2016 are students pursuing
non-degree certificates of
1,190 and 1,048, respectively.
(2) Includes 7,324 and 6,739 students
pursuing doctoral degrees at
June 30, 2017 and 2016,
respectively.
(3) As of June 30, 2017 and 2016,
50.3% and 48.6%, respectively,
of our working adult students
(online and professional studies
students) were pursuing graduate
degrees.
(4) Includes both our traditional on-
campus ground students attending
our Summer semester, as well as
our professional studies
students.
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SOURCE Grand Canyon Education, Inc.
