LOPE FY 2023 Earnings Report — Grand Canyon Education, Inc. Revenue & Financial Results | Market Cap Arena

Grand Canyon Education, Inc.LOPE

FY 2023 Earnings

Reported February 13, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$961M	—	$911M	—	5.4%
Op. Income	$249M	—	$238M	—	4.9%
Gross Margin	52.4%	—	53.5%	—	-1.1pp
Net Margin	21.3%	—	20.3%	—	1.1pp
EPS (Diluted)	$6.80	—	$5.73	—	18.7%
Free Cash Flow	$198M	—	$185M	—	7.0%

Revenue Flow

Item	Amount
REVENUE	$961M
Cost of Revenue	$457M
GROSS PROFIT	$504M
R&D Expenses	$0
Selling & Marketing	$203M
General & Administrative	$43M
SG&A Expenses	$246M
Other Expenses	$8M
Operating Expenses	$254M
Cost & Expenses	$712M
OPERATING INCOME	$249M
Interest Income	$10M
Interest Expense	$33.0K
Other Income/Expenses	$10M
INCOME BEFORE TAX	$260M
Income Tax Expense	$55M
Net Income from Continuing Ops	$205M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$205M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$205M
D&A	$32M
EBIT	$260M
EBITDA	$292M
EPS	$7
EPS Diluted	$7

Income Statement

Item	Amount
REVENUE	$961M
Cost of Revenue	$457M
GROSS PROFIT	$504M
R&D Expenses	$0
Selling & Marketing	$203M
General & Administrative	$43M
SG&A Expenses	$246M
Other Expenses	$8M
Operating Expenses	$254M
Cost & Expenses	$712M
OPERATING INCOME	$249M
Interest Income	$10M
Interest Expense	$33.0K
Other Income/Expenses	$10M
INCOME BEFORE TAX	$260M
Income Tax Expense	$55M
Net Income from Continuing Ops	$205M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$205M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$205M
D&A	$32M
EBIT	$260M
EBITDA	$292M
EPS	$7
EPS Diluted	$7

Cash Flow Statement

Item	Amount
Net Income	$205M
Depreciation & Amortization	$32M
Stock-Based Compensation	$13M
Deferred Income Tax	$402.0K
Other Non-Cash Items	-$442.0K
Change in Working Capital	-$6M
OPERATING CASH FLOW	$244M
Capital Expenditure	-$45M
Acquisitions (Net)	$0
Purchases of Investments	-$99M
Sales/Maturities of Investments	$64M
Other Investing Activities	-$897.0K
NET CASH FROM INVESTING	-$80M
Net Debt Issuance	$0
Common Stock Repurchased	-$137M
Common Dividends Paid	$0
Other Financing Activities	$0
NET CASH FROM FINANCING	-$137M
FREE CASH FLOW	$198M
Net Change in Cash	$26M

Balance Sheet

Item	Amount
Cash & Equivalents	$146M
Short-Term Investments	$98M
Net Receivables	$80M
Inventory	$0
Other Current Assets	$13M
TOTAL CURRENT ASSETS	$338M
PP&E (Net)	$262M
Goodwill	$161M
Intangible Assets	$168M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$2M
TOTAL NON-CURRENT ASSETS	$593M
TOTAL ASSETS	$930M
Account Payables	$18M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$31M
TOTAL CURRENT LIABILITIES	$97M
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$27M
Other Non-Current Liabilities	$410.0K
TOTAL NON-CURRENT LIABILITIES	$115M
TOTAL LIABILITIES	$212M
Common Stock	$540.0K
Additional Paid-In Capital	$323M
Retained Earnings	$2.2B
Treasury Stock	-$1.8B
Accum. Other Comp. Income	-$57.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$718M
Minority Interest	$0
TOTAL EQUITY	$718M
TOTAL LIABILITIES & EQUITY	$930M
Total Debt	$99M
Net Debt	-$47M