LOPE FY 2014 Earnings Report — Grand Canyon Education, Inc. Revenue & Financial Results | Market Cap Arena

Grand Canyon Education, Inc.LOPE

FY 2014 Earnings

Reported February 18, 2015

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$691M	—	$598M	—	15.5%
Op. Income	$181M	—	$143M	—	26.2%
Gross Margin	58.2%	—	57.5%	—	0.7pp
Net Margin	16.1%	—	14.8%	—	1.3pp
EPS (Diluted)	$2.37	—	$1.92	—	23.4%
Free Cash Flow	-$2M	—	$25M	—	-106.6%

Revenue Flow

Item	Amount
REVENUE	$691M
Cost of Revenue	$289M
GROSS PROFIT	$402M
R&D Expenses	$0
Selling & Marketing	$73M
General & Administrative	$148M
SG&A Expenses	$221M
Other Expenses	$0
Operating Expenses	$221M
Cost & Expenses	$510M
OPERATING INCOME	$181M
Interest Income	$684.0K
Interest Expense	$2M
Other Income/Expenses	-$1M
INCOME BEFORE TAX	$180M
Income Tax Expense	$68M
Net Income from Continuing Ops	$111M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$111M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$111M
D&A	$29M
EBIT	$181M
EBITDA	$211M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$691M
Cost of Revenue	$289M
GROSS PROFIT	$402M
R&D Expenses	$0
Selling & Marketing	$73M
General & Administrative	$148M
SG&A Expenses	$221M
Other Expenses	$0
Operating Expenses	$221M
Cost & Expenses	$510M
OPERATING INCOME	$181M
Interest Income	$684.0K
Interest Expense	$2M
Other Income/Expenses	-$1M
INCOME BEFORE TAX	$180M
Income Tax Expense	$68M
Net Income from Continuing Ops	$111M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$111M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$111M
D&A	$29M
EBIT	$181M
EBITDA	$211M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$111M
Depreciation & Amortization	$29M
Stock-Based Compensation	$10M
Deferred Income Tax	$3M
Other Non-Cash Items	$11M
Change in Working Capital	$3M
OPERATING CASH FLOW	$167M
Capital Expenditure	-$169M
Acquisitions (Net)	$169M
Purchases of Investments	-$115M
Sales/Maturities of Investments	$123M
Other Investing Activities	-$169M
NET CASH FROM INVESTING	-$161M
Net Debt Issuance	-$7M
Common Stock Repurchased	-$5M
Common Dividends Paid	$0
Other Financing Activities	$15M
NET CASH FROM FINANCING	$3M
FREE CASH FLOW	-$2M
Net Change in Cash	$9M

Balance Sheet

Item	Amount
Cash & Equivalents	$65M
Short-Term Investments	$101M
Net Receivables	$8M
Inventory	$74M
Other Current Assets	$93M
TOTAL CURRENT ASSETS	$267M
PP&E (Net)	$478M
Goodwill	$3M
Intangible Assets	$0
Long-Term Investments	-$2M
Tax Assets	$6M
Other Non-Current Assets	$4M
TOTAL NON-CURRENT ASSETS	$489M
TOTAL ASSETS	$756M
Account Payables	$23M
Short-Term Debt	$7M
Deferred Revenue	$106M
Other Current Liabilities	$83M
TOTAL CURRENT LIABILITIES	$179M
Long-Term Debt	$80M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$16M
Other Non-Current Liabilities	$5M
TOTAL NON-CURRENT LIABILITIES	$101M
TOTAL LIABILITIES	$279M
Common Stock	$497.0K
Additional Paid-In Capital	$159M
Retained Earnings	$371M
Treasury Stock	-$54M
Accum. Other Comp. Income	-$35.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$476M
Minority Interest	$0
TOTAL EQUITY	$476M
TOTAL LIABILITIES & EQUITY	$756M
Total Debt	$87M
Net Debt	$22M