LOPE FY 2013 Earnings Report — Grand Canyon Education, Inc. Revenue & Financial Results | Market Cap Arena

Grand Canyon Education, Inc.LOPE

FY 2013 Earnings

Reported February 20, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2013	Prior Q	FY 2012	QoQ Change	YoY Change
Revenue	$598M	—	$511M	—	17.0%
Op. Income	$143M	—	$114M	—	25.6%
Gross Margin	57.5%	—	56.9%	—	0.6pp
Net Margin	14.8%	—	13.6%	—	1.2pp
EPS (Diluted)	$1.92	—	$1.53	—	25.5%
Free Cash Flow	$25M	—	$39M	—	-36.5%

Revenue Flow

Item	Amount
REVENUE	$598M
Cost of Revenue	$254M
GROSS PROFIT	$344M
R&D Expenses	$0
Selling & Marketing	$67M
General & Administrative	$134M
SG&A Expenses	$201M
Other Expenses	$0
Operating Expenses	$201M
Cost & Expenses	$455M
OPERATING INCOME	$143M
Interest Income	$4M
Interest Expense	$2M
Other Income/Expenses	$2M
INCOME BEFORE TAX	$145M
Income Tax Expense	$56M
Net Income from Continuing Ops	$89M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$89M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$89M
D&A	$25M
EBIT	$147M
EBITDA	$173M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$598M
Cost of Revenue	$254M
GROSS PROFIT	$344M
R&D Expenses	$0
Selling & Marketing	$67M
General & Administrative	$134M
SG&A Expenses	$201M
Other Expenses	$0
Operating Expenses	$201M
Cost & Expenses	$455M
OPERATING INCOME	$143M
Interest Income	$4M
Interest Expense	$2M
Other Income/Expenses	$2M
INCOME BEFORE TAX	$145M
Income Tax Expense	$56M
Net Income from Continuing Ops	$89M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$89M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$89M
D&A	$25M
EBIT	$147M
EBITDA	$173M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$89M
Depreciation & Amortization	$25M
Stock-Based Compensation	$10M
Deferred Income Tax	$5M
Other Non-Cash Items	$12M
Change in Working Capital	-$23M
OPERATING CASH FLOW	$118M
Capital Expenditure	-$93M
Acquisitions (Net)	-$79M
Purchases of Investments	-$169M
Sales/Maturities of Investments	$61M
Other Investing Activities	$108M
NET CASH FROM INVESTING	-$172M
Net Debt Issuance	-$7M
Common Stock Repurchased	-$9M
Common Dividends Paid	$0
Other Financing Activities	$21M
NET CASH FROM FINANCING	$5M
FREE CASH FLOW	$25M
Net Change in Cash	-$49M

Balance Sheet

Item	Amount
Cash & Equivalents	$56M
Short-Term Investments	$108M
Net Receivables	$11M
Inventory	$70M
Other Current Assets	$89M
TOTAL CURRENT ASSETS	$264M
PP&E (Net)	$340M
Goodwill	$3M
Intangible Assets	$0
Long-Term Investments	-$518.0K
Tax Assets	$5M
Other Non-Current Assets	$5M
TOTAL NON-CURRENT ASSETS	$352M
TOTAL ASSETS	$616M
Account Payables	$24M
Short-Term Debt	$7M
Deferred Revenue	$100M
Other Current Liabilities	$67M
TOTAL CURRENT LIABILITIES	$166M
Long-Term Debt	$86M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$12M
Other Non-Current Liabilities	$7M
TOTAL NON-CURRENT LIABILITIES	$106M
TOTAL LIABILITIES	$271M
Common Stock	$489.0K
Additional Paid-In Capital	$133M
Retained Earnings	$260M
Treasury Stock	-$48M
Accum. Other Comp. Income	$358.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$345M
Minority Interest	$0
TOTAL EQUITY	$345M
TOTAL LIABILITIES & EQUITY	$616M
Total Debt	$94M
Net Debt	$38M