Grand Canyon Education, Inc. Reports Fourth Quarter And Full Year 2017 Results

Grand Canyon Education, Inc. Reports Fourth Quarter And Full Year 2017 Results

PR Newswire

PHOENIX, Feb. 21, 2018 /PRNewswire/ – Grand Canyon Education, Inc. (NASDAQ: LOPE), a comprehensive regionally accredited university that offers over 225 graduate and undergraduate degree programs and certificates across nine colleges both online and on ground at its over 275 acre campus in Phoenix, Arizona, today announced financial results for the quarter and year ended December 31, 2017.

Grand Canyon Education, Inc. Reports Fourth Quarter and Full Year 2017 Results

For the three months ended December 31, 2017:

  • 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 at December 31, 2016, as ground enrollment increased 9.2% to 18,842 at December 31, 2017, from 17,262 at December 31, 2016 and online enrollment increased 10.5% to 71,455 at December 31, 2017, from 64,646 at December 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 ended December 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 on December 22, 2017.  The Act reduces the corporate federal tax rate from a maximum of 35% to a flat 21% rate effective January 1, 2018.  Therefore, the University’s net deferred tax liability was required to be revalued as of December 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 December 31, 2017:

  • Net revenue increased 11.5% to $974.1 million for the year ended December 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 ended December 31, 2017 was 29.0%, compared to 27.2% for the same period in 2016.  Operating income and operating margin for the year ended December 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 ended December 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 on December 22, 2017, the corporate federal tax rate was reduced from a maximum of 35% to a flat 21% rate effective January 1, 2018.  The University’s net deferred tax liability was revalued as of December 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 ended December 31, 2017, compared to $148.5 million for the same period in 2016. 
  • Diluted net income per share was $4.22 for the year ended December 31, 2017, compared to $3.15 for the same period in 2016. 
  • Adjusted EBITDA increased 16.6% to $354.6 million for the year ended December 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 December 31, 2017 and 2016 primarily through cash provided by operating activities. Our unrestricted cash and cash equivalents and investments were $242.7 million and $108.6 million at December 31, 2017 and December 31, 2016, respectively. Our restricted cash and cash equivalents at December 31, 2017 and December 31, 2016 were $94.5 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, provided 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.  We did not renew our revolving line of credit at December 31, 2017 as we do not believe we need this additional liquidity at this time.

Net cash provided by operating activities for the years ended December 31, 2017 and 2016 was $304.9 million and $237.8 million, respectively. Cash provided by operations in 2017 and 2016 resulted from our increased net income plus non-cash charges for provision for bad debts, depreciation and amortization, timing of income tax and employee related payments and student deposits and changes in other working capital.

Net cash used in investing activities was $152.1 million and $216.0 million for the years ended December 31, 2017 and 2016, respectively. Our cash used in investing activities is primarily related to the purchase of short-term investments and capital expenditures, partially offset by proceeds from the sale or maturity of short-term investments. Purchases of short-term investments, net of proceeds of these investments, was $28.8 million for the year ended December 31, 2017.  Proceeds from investment, net of purchases of short-term investments, was $20.8 million for the year ended December 31, 2016. Capital expenditures were $113.6 million and $178.3 million for the years ended December 31, 2017 and 2016, respectively. In 2017, capital expenditures primarily consisted of the construction of an additional dormitory, other ground campus building projects and land acquisitions adjacent to our campus 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.  Included in off-site development for 2017 is $10.4 million we spent to finish the off-site student services center and parking garage that is in close proximity to our ground traditional campus.  Employees that worked in two leased office buildings in the Phoenix area were relocated to this new building by the end of 2016.  In 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 $60.7 million primarily related to the off-site student services center and parking garage.

Net cash used in financing activities was $35.7 million for the year ended December 31, 2017.  Net cash provided by financing activities was $10.7 million for the year ended December 31, 2016. During 2017, $25.0 million was used to repay our revolving line of credit, $1.5 million was used to purchase treasury stock in accordance with the University’s share repurchase program and $9.8 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 $6.8 million, partially offset by proceeds from the exercise of stock options of $7.4 million.   During 2016, net cash provided by financing activities consisted of net proceeds received from the revolving line of credit of $25.0 million and proceeds from the exercise of stock options of $13.2 million, partially offset by $15.4 million used to purchase treasury stock in accordance with the University’s share repurchase program and $4.7 million used to purchase common shares withheld in lieu of income taxes resulting from restricted share awards and principal payments on notes payable, repayments on our notes payable and capital lease payments totaled $7.2 million.

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 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 or divestitures of, or investments in, new businesses, acquisitions of new properties, or the development of new campuses; our expected tax payments and tax rate, including the effect of the Tax Cuts and Jobs Act of 2017; 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 to graduation; 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 fourth quarter and full year 2017 results and 2018 outlook during a conference call scheduled for today, February 21, 2018 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 1769938 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 1769938. 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 225 graduate and undergraduate degree programs and certificates across nine colleges both online and on ground at our over 275 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 90,300 students were enrolled as of December 31, 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




December 31,


Year Ended




December 31,



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

GRAND CANYON EDUCATION, INC.

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 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, a non-GAAP financial measure, 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




December 31,


Year Ended




December 31, 



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.


Consolidated Balance Sheets


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


LIABILITIES AND STOCKHOLDERS’ EQUITY:


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


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

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)

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.


Consolidated Statements of Cash Flows


(Unaudited)



Year Ended




December 31,



(In thousands)



2017



2016


Cash flows provided by operating activities:

Net income

$ 203,319

$ 148,514

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

Depreciation and amortization

54,228

45,683

Deferred income taxes

(5,160)

8,432

Other, including fixed asset impairments

3,883

1,161

Changes in assets and liabilities:

Accounts receivable

(19,848)

(20,598)

Prepaid expenses and other

(2,399)

(1,715)

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


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


Supplemental disclosure of cash flow information

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

Grand Canyon Education, Inc. Reports Fourth Quarter and Full Year 2017 Results

The following is a summary of our student enrollment at December 31, 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)

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.

 

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SOURCE Grand Canyon Education, Inc.

UQAT to be first university to host the Quebec Aboriginal Science Fair, in March

UQAT to be first university to host the Quebec Aboriginal Science Fair, in March

Canada NewsWire

VAL-D’OR, QC, Feb. 21, 2018 /CNW Telbec/ - This March, the Université du Québec en Abitibi-Témiscamingue (UQAT) campus in Val-d’Or will host the 18th edition of the Quebec Aboriginal Science Fair (QASF), an event organized in partnership with the Quebec Aboriginal Science and Engineering Association (QASEA). From March 20 to 22, 2018, approximately 90 young scientists from some 20 communities and their chaperons will visit the UQAT campus in Val-d’Or.

Algonquin performer Samian will be the ambassador of the 18th edition of the Quebec Aboriginal Science Fair at UQAT. (CNW Group/Université du Québec en Abitibi-Témiscamingue (UQAT))

With Science, A Real FasciNATION! as its theme, this scientific competition is open to students from Grade 5 to Secondary 5. Invitations were sent to 56 Aboriginal communities in Quebec, from Nunavik to the Gaspé, and several schools have already expressed interest in participating again, this year.

UQAT seized the opportunity to host this important scientific competition, which usually takes place in Aboriginal communities. “It is a great honor, and it is with pride that we welcome the Quebec Aboriginal Science Fair to UQAT. Indeed, this very powerful event is a unique opportunity to shine a spotlight on Aboriginal youth from across Quebec,” asserts Mr. Denis Martel, UQAT President.

SAMIAN, Event Ambassador
Algonquin performer Samian agreed to be the ambassador for this edition, and will be on hand to meet the youths in person, during the Science Fair. Samian had no hesitation about his involvement: “This type of event is a unique opportunity to develop the full potential of our youth, to promote and share our cultures, and especially, to build relationships. As spokesperson for the 18th edition, I invite youths from all communities (Nations) in Quebec to participate in science projects, and register before March 12, 2018,” says Samian.

Eager Aboriginal Scientists
Some 20 judges will be in attendance at this 18th edition, among which are several Aboriginal scientists who come from the Attikamekw, Huron-Wendat, Innu, and Algonquin Nations.  More specifically, during the fair, the youths will present their science projects. Besides the jury, who will evaluate these projects, groups of students from schools in Val-d’Or and surrounding communities may visit the fair. At the close of the event, a banquet will be held, at which prizes will be awarded to stand-out projects in different categories. Up to 4 QASF winners may represent the Aboriginal Québec Autochtone region at the Canada-Wide Science Fair  (CWSF). They will compete with 500 of the best young Canadian scientists at the secondary to CEGEP level.  The CWSF takes place this year in Ottawa during the week of May 14. ”We want our youth to take their place in the sciences and the Quebec Aboriginal Science Fair brings them together and motivates them to show their aptitude, knowledge, and creativity in scientific fields,” declared Marc Lalande, QASEA’s President-Treasurer.

Enthusiastic Partners
This event is made possible thanks to our financial partners and sponsors: the First Nations of Quebec and Labrador Health and Social Services Commission, Indigenous Services Canada, the Natural Sciences and Engineering Research Council of Canada, the ministère de l’Éducation et de l’Enseignement supérieur, the Secrétariat aux affaires autochtones, as well as our presenting sponsor, Hydro-Québec, SNC-Lavalin, Pageau, Morel et associés Inc., the Ordre des Ingénieurs du Québec, the RBA Financial Group and the Native Commercial Credit Corporation.

About the Quebec Aboriginal Science and Engineering Association (QASEA)
QASEA is a not-for-profit organization whose mission is to promote sciences and engineering to Aboriginal youth attending school in First Nations and Inuit Communities in Quebec. QASEA achieves its mission through the Aboriginal Science Fair Program, which enables youth to share scientific results, or conduct scientific experiments and to participate as finalists in the Quebec Aboriginal Science Fair, an event held since 1998.   

 

SOURCE Université du Québec en Abitibi-Témiscamingue (UQAT)

View original content with multimedia: http://www.newswire.ca/en/releases/archive/February2018/21/c5679.html

UNCF Raising Funds for HBCUs with Six Events in Six Different Cities on February 24

WASHINGTON (PRWEB) February 21, 2018

February 24 is a big day for UNCF as communities across the nation come together for a great cause–raising funds for students and HBCUs (historically black colleges and universities). Fundraising events in Birmingham, Dallas, Indianapolis, Los Angeles, San Francisco and Seattle are designed to raise public awareness and generate large corporate and individual donations to support deserving area students. The events garner support from a diverse group of elected officials and community influencers, including honorable hosts Mayor Randall L. Woodfin, Mayor Mike Rawlings and Mayor Joseph H. Hogsett –all who support UNCF’s mission of investing in better futures by getting students to and through college.

“Events such as these, stress the importance of HBCUs,” said Michael L. Lomax, president and CEO of UNCF. “HBCUs not only provide a college education for 300,000 students every year, but they are a powerful economic engine: locally, through the jobs they create and the expenditures they make in the cities where they are located, and nationally, through the students they educate and prepare for an information-age workforce.”

With the release of UNCF’s new publication, HBCUs Make America Strong: The Positive Economic Impact of Historically Black Colleges and Universities, we know graduates from the nation’s historically black colleges and universities generate $14.8 billion annually in total economic impact. In Alabama alone, graduates of HBCUs and member institutions such as Tuskegee University and Talladega College helped contribute $1.5 billion in total economic impact and generate 15,062 jobs for their local economy. Graduates from the nine HBCUs in Texas, including member institutions Huston-Tillotson University and Wiley College, produced $1.3 billion in total economic impact and 11,490 jobs.

Attended by prominent individuals and supporters, these events also pay homage to members of the community who are trailblazers, continuing the fight for all students to be afforded the opportunity of a high-quality education. Congresswoman Eddie Bernice Johnson and Seattle Seahawks wide receiver Doug Baldwin are among some of the honorees spotlighted for being beacons of hope for the nation’s future leaders.

“Our mission will be amplified through these incredible events taking place on this extraordinary night across the nation,” said Maurice Jenkins, executive vice president of development, UNCF. “With the support of our mayors and the community, these events will have a significant impact on educating the next generation of leaders through the unrestricted funds raised.”

Read more about these signature fundraisers below:

Birmingham

Join Mayor Randall L. Woodfin at the Mayor’s Masked Ball at the Sheraton Birmingham Hotel beginning at 6:30 p.m. Close to 900 guests are scheduled to attend, including Senator Doug Jones, masters of ceremonies pastor John and Aventer Gray of OWN’s hit series “The Book of John Gray” and many more. Masked award recipients, include former Mayor William A. Bell, Al Denson and Marcell Dareus of the Jacksonville Jaguars. The event will feature dinner, dancing and students from member institution Miles College conducting on-site interviews of key attendees. Entertainment will be provided by Just a Few Cats, featuring Alvin Garrett and Logan the Entertainer. Visit http://www.uncf.org/birmingham for more information.

Dallas

Mayor Mike Rawlings hosts the Mayor’s Masked Ball on February 24 at the Hyatt Regency Dallas beginning at 6 p.m. More than 800 guests will attend the signature fundraising event chaired by Texas State Senator Royce West, including Representative Eddie Bernice Johnson, Mayor Harry LaRosiliere, City of Plano; Mayor Curtistene McCowan, City of DeSoto; Mayor George Fuller, City of McKinney; Mayor Robert Dye, City of Farmers Branch and many area business, civic and education leaders. The event will kick off with a reception and silent auction, followed by dinner and entertainment by the R&B band, Taylor Pace Orchestra. “Entertainment Tonight” correspondent, Nischelle Turner, is the celebrity mistress of ceremonies. Hunt Consolidated, Inc. is the presenting sponsor. For more information or to purchase a ticket to the ball, which are $300 each, please visit http://www.uncf.org/dallasmmb


Indianapolis

Join Mayor Joseph H. Hogsett on February 24 as he bowls at the 14th annual UNCF Indianapolis Bowling for Scholars Bowl-A-Thon sponsored by UPS at the Woodland Bowl! We are expecting over 300 guests who will have a fun afternoon of bowling for great prizes and the bragging rights of being either the top bowler, top fundraising corporation and or top fundraising team! Get a team together and strike one for students in the Indianapolis area. Come out and dance to the groove of DJ Smoove as he gets everyone dancing on the lanes. Register to create a team of 4 – 6 bowlers or join a team. The registration fee is $25 per bowler. Each team member collects pledges from friends, family or corporations (a minimum of $125 per team).

A special prize will go out to the highest scoring female and male bowler in addition to the highest scoring female and male teens for each game. Commemorative t-shirts will be given to all registered participants. Each bowler participant will receive a raffle ticket; door prizes will be awarded periodically throughout the event!

Just Announced: Celebrity DJ Monie Love!

Monie Love, English rapper, radio personality and newest addition to the Radio One family and to the Indianapolis community, will emcee the event!! She is a well-respected figure in British hip-hop and made an impact with American hip-hop audiences as a protégé of American emcee Queen Latifah, as well as through her membership in the late-1980s/early-1990s hip-hop group Native Tongues. Love was one of the first BritHop artists to be signed and distributed worldwide by a major record label. Love was born in the Battersea area of Wandsworth, London. She is the daughter of a London-based, jazz musician father. To learn more about attending, visit: http://www.uncf.org/indianapolis

Los Angeles

The seventh annual Los Angeles UNCF Mayor's Masked Ball will be held at the J.W. Marriott at LA Live. Hosted by legendary actress and producer Dawnn Lewis, UNCF will bring together more than 500 local leaders, educators and advocates, including special guests, Herb Wesson, president of the Los Angeles City Council (Lincoln University), Estelle, Terrence J. (North Carolina A&T), DeWanda Wise, Aldis Hodge, Selita Ebanks, Laura Govan, Edwin Hodge, Rev. Shane Harris, National Action Network president, transgender activist Ashlee Marie Preston, Wendy Raquel Robinson (Howard University) and producer and writer, Janine Sherman Barrois (Howard University) to honor those whose commitments to making an impact inspire us all. This year, we will honor two wonderful local leaders, activist Dr. La-Doris McClaney, and civic leader Lena L. Kennedy and meet the scholars whose lives have been changed and celebrate the cause of education. Mesmerizing singer MAJOR will headline the event along with performances from the Fernando Pullum youth choir and orchestra. The event is made possible with the support of leading sponsor Delta Air Lines and many more. To purchase a ticket or for more information, please visit: http://www.uncf.org/losangeles

San Francisco

UNCF “A Mind Is…” Gala presented by Dignity Health is one of San Francisco’s signature fundraising galas and premier social events of the year that supports underserved minority students in the Bay Area and across the country. Approximately 500 attendees representing the Bay Area who exemplify significant contributions of time, talent and resources to support UNCF’s mission and work will come together to support education equality. UNCF will recognize the extraordinary contributions of Raymond C. Marshall, Esq., partner, Sheppard Mullin, LLP as Individual of the Year and Walmart as Corporation of The Year. Cheryl Hurd, NBC news reporter will host the event, which will feature a VIP reception, live auction, dinner and dancing. Entertainment will be provided by Grammy-nominated singer Angie Stone. For more information, visit: http://www.uncf.org/sanfrancisco

Seattle

The mission of the 12th annual UNCF “A Mind Is…” Gala, presented by Alaska Airlines, is to recognize the corporations, foundations and individuals in the Pacific Northwest who have made a commitment to support minority education. Held at the Hyatt Regency Lake Washington, the event spotlights students, donors and UNCF member schools.

The evening will feature Dr. Frederick D. Patterson Awards, UNCF Portfolio Project Scholarship Presentation and Dessert Frenzy, featuring locally owned dessert catering company, Dianne’s Delights. The evening will also include dinner, silent/live auctions, and entertainment by Josephine Howell Productions.

Honorees include Cathy Gibson, Seattle Rotary #4 2016 president (Individual of the year) and Dr. Albert Black, professor emeritus, University of Washington (Lifetime Achievement Award). Presenting sponsors include Alaska Airlines, Seattle Seahawks and Verizon. Visit http://www.uncf.org/seattle for more information.

These signature fundraisers culminate the end of a successful campaign geared toward shedding light on the lack of resources available for minorities to get to and through college. Visit: UNCF Events to view images from past celebrations.

To help provide resources for the next generation of leaders, please visit uncf.org or contact your local UNCF office.

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About UNCF

UNCF (United Negro College Fund) is the nation’s largest and most effective minority education organization. To serve youth, the community and the nation, UNCF supports students’ education and development through scholarships and other programs, strengthens its 37 member colleges and universities, and advocates for the importance of minority education and college readiness. UNCF institutions and other historically black colleges and universities are highly effective, awarding nearly 20 percent of African American baccalaureate degrees. UNCF awards more than $100 million in scholarships annually and administers more than 400 programs, including scholarship, internship and fellowship, mentoring, summer enrichment, and curriculum and faculty development programs. Today, UNCF supports more than 60,000 students at more than 1,100 colleges and universities across the country. Its logo features the UNCF torch of leadership in education and its widely recognized motto, “A mind is a terrible thing to waste.”® Learn more at UNCF.org, or for continuous updates and news, follow UNCF on Twitter at @UNCF.

Read the full story at http://www.prweb.com/releases/2018/02/prweb15233232.htm