$5.3 B

LOPE Mkt cap, 20-Sep-2018

$512.5 M

Grand Canyon Education Revenue Q2, 2018
Grand Canyon Education Net income (Q2, 2018)119.7 M
Grand Canyon Education EBIT (Q2, 2018)148.6 M
Grand Canyon Education Cash, 30-Jun-2018221.6 M

Grand Canyon Education Income Statement

Annual

usdFY, 2010FY, 2013FY, 2014FY, 2015FY, 2016

Revenue

385.6 m598.3 m691.1 m778.2 m873.3 m

Revenue growth, %

15%13%12%

Sales and marketing expense

21 m

General and administrative expense

10.3 m

Operating expense total

31.3 m

EBIT

143.3 m180.8 m210.4 m76.7 m

EBIT margin, %

24%26%27%9%

Interest expense

889 k2.2 m1.8 m1.2 m497 k

Pre tax profit

144.9 m53.5 m62 m76.4 m

Income tax expense

22.2 m56.2 m68.2 m77.6 m28.4 m

Net Income

88.7 m111.5 m131.4 m148.5 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Revenue

152.4 m167.4 m158.6 m175.1 m194.1 m174.7 m193.4 m227 m191.3 m210.4 m248.2 m218.3 m275.7 m512.5 m

Sales and marketing expense

15.5 m16.7 m15.8 m16.5 m20 m18.4 m19.4 m21.1 m22.1 m23.9 m24.6 m24.8 m25.7 m53.3 m

General and administrative expense

9 m8.6 m9 m11.6 m9.4 m9.5 m12.5 m10.7 m8.8 m13.4 m9.9 m10.1 m11.3 m23.3 m

Operating expense total

115.1 m124 m120.7 m129.1 m138.1 m132.5 m144.4 m158.3 m146.5 m163.4 m171.6 m163.2 m185.6 m363.9 m

EBIT

37.3 m43.4 m37.9 m46 m56 m42.3 m49 m68.7 m44.7 m47.1 m76.6 m55.1 m90.1 m148.6 m

EBIT margin, %

24%26%24%26%29%24%25%30%23%22%31%25%33%29%

Interest expense

528 k523 k356 k576 k375 k146 k313 k329 k158 k344 k580 k495 k346 k403 k

Interest income

981 k2.5 m

Pre tax profit

38.3 m43.1 m37.7 m45.4 m55.9 m42.2 m48.9 m70.4 m44.9 m44.4 m76.1 m55.3 m90.7 m150.7 m

Income tax expense

15.7 m16.8 m14.7 m16.4 m21.7 m16.5 m15.5 m26.7 m17.3 m15.2 m20.1 m15.5 m17 m31 m

Net Income

22.5 m26.3 m23.1 m29 m34.2 m25.8 m33.3 m43.7 m27.6 m29.2 m55.9 m39.8 m73.7 m119.7 m

Grand Canyon Education Balance Sheet

Annual

usdY, 2009Y, 2010Y, 2011Y, 2012Y, 2013Y, 2014Y, 2015FY, 2016

Cash

62.6 m33.6 m21.2 m105.1 m55.8 m65.2 m23 m46 m

Accounts Receivable

7.2 m7.6 m8.3 m10 m

Inventories

Current Assets

263.7 m267 m221.3 m230.1 m

PP&E

339.6 m478.2 m667.5 m855.5 m

Goodwill

2.9 m2.9 m2.9 m2.9 m

Total Assets

616.1 m755.7 m898.4 m1.1 b

Accounts Payable

24.2 m22.7 m34.1 m24.8 m

Short-term debt

89 k91 k697 k697 k

Current Liabilities

165.6 m178.7 m188.5 m226.8 m

Long-term debt

Total Debt

697 k

Total Liabilities

318.8 m

Additional Paid-in Capital

132.9 m158.5 m177.2 m212.6 m

Retained Earnings

259.5 m371 m502.4 m650.9 m

Total Equity

344.8 m476.2 m610.3 m773.7 m

Debt to Equity Ratio

0 x

Debt to Assets Ratio

0 x

Financial Leverage

1.8 x1.6 x1.5 x1.4 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Cash

106.8 m39.1 m20.2 m56.5 m86.2 m50.7 m78.2 m48.8 m44.6 m75.1 m88.5 m66.3 m242.8 m221.6 m

Accounts Receivable

7.4 m8.5 m8.3 m6.7 m8.2 m9.5 m7.5 m9.1 m10.4 m9 m10.9 m9.5 m

Current Assets

252.5 m277.9 m261.1 m275.2 m278.1 m231.1 m263.2 m226.1 m200.2 m232.1 m277.9 m272.8 m435.4 m1.3 b

PP&E

328.4 m365.5 m416.2 m469.3 m527.7 m588.3 m639.6 m725.1 m794 m832.7 m870.3 m888.2 m950.2 m112.2 m

Goodwill

2.9 m2.9 m2.9 m2.9 m2.9 m2.9 m2.9 m2.9 m2.9 m2.9 m2.9 m2.9 m2.9 m2.9 m

Total Assets

594.1 m655.3 m688.5 m755.5 m815.6 m828.9 m912.6 m960.7 m1 b1.1 b1.2 b1.2 b1.4 b1.4 b

Accounts Payable

22.9 m28 m33.3 m32.9 m34.3 m36.4 m41.5 m38 m39.3 m28.9 m24.1 m22.5 m36.1 m35.4 m

Short-term debt

89 k90 k90 k91 k92 k518 k495 k160 k160 k160 k

Current Liabilities

174.4 m169.3 m179.9 m218.3 m202.4 m189.5 m238.8 m222.7 m233.1 m266.1 m235.1 m204.9 m261.7 m223.8 m

Total Debt

89 k90 k90 k91 k92 k518 k495 k160 k160 k160 k

Total Liabilities

279.8 m274.4 m281.3 m316 m302.4 m285.6 m333 m316.5 m324.7 m355.5 m328.7 m296.3 m341 m299.7 m

Additional Paid-in Capital

128.4 m146.9 m151.5 m154.6 m165.7 m170.2 m173.3 m186.8 m195.3 m203.5 m218.7 m224.7 m237.1 m241.2 m

Retained Earnings

285.8 m308.9 m337.9 m405.2 m430.9 m464.3 m546.1 m573.7 m602.9 m706.8 m746.6 m926.7 m972.9 m

Total Equity

314.3 m380.9 m407.3 m439.5 m513.2 m543.3 m579.6 m644.2 m680.3 m716.8 m826.5 m872.2 m1.1 b1.1 b

Financial Leverage

1.9 x1.7 x1.7 x1.7 x1.6 x1.5 x1.6 x1.5 x1.5 x1.5 x1.4 x1.3 x1.3 x1.3 x

Grand Canyon Education Cash Flow

Annual

usdFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

88.7 m111.5 m131.4 m148.5 m

Depreciation and Amortization

25.4 m29.5 m35.7 m45.7 m

Accounts Receivable

(19 m)(15 m)(17 m)(20.3 m)

Accounts Payable

8.6 m(2.4 m)5 m(4.8 m)

Cash From Operating Activities

118.4 m167 m173.9 m218.3 m

Cash From Investing Activities

(172.5 m)(161 m)(200.9 m)(216 m)

Cash From Financing Activities

4.8 m3.4 m(15.2 m)20.7 m

Interest Paid

2.2 m1.8 m1.2 m1.2 m

Income Taxes Paid

59.9 m48.8 m75.6 m66.2 m

Free Cash Flow

197.4 m335.6 m378.6 m40 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Net Income

62.6 m26.3 m49.4 m78.4 m34.2 m60 m93.3 m43.7 m71.3 m100.5 m55.9 m95.8 m73.7 m119.7 m

Depreciation and Amortization

18.6 m6.9 m14 m21.4 m8.2 m16.4 m25.4 m10.5 m21.2 m32.7 m13.3 m26.9 m13.9 m28 m

Accounts Receivable

(14.9 m)(4 m)(8.4 m)(11.9 m)(3.1 m)(8 m)(13.3 m)(3.7 m)(8.7 m)(14.9 m)(3.4 m)(8.8 m)(3.6 m)(7.8 m)

Accounts Payable

1.9 m(1.7 m)(1.2 m)(3 m)(165 k)(1.1 m)1.4 m(7 m)(2.4 m)(3.8 m)1 m(1.7 m)563 k(1.4 m)

Cash From Operating Activities

101.8 m53.7 m89.4 m156.7 m68.2 m81.7 m169 m96.3 m114 m214.5 m109.7 m133.7 m119 m143.7 m

Cash From Investing Activities

(104.5 m)(76.3 m)(130.1 m)(159.9 m)(46 m)(94.7 m)(152.9 m)(56 m)(106.7 m)(166 m)(48.6 m)(86.7 m)(38.5 m)(67.4 m)

Cash From Financing Activities

4.5 m5.9 m5 m3.8 m(1.3 m)(1.5 m)(3.1 m)(14.5 m)14.2 m3.7 m(33.1 m)(32.2 m)(12.8 m)(14.7 m)

Interest Paid

1.6 m535 k916 k1.3 m386 k534 k849 k332 k481 k791 k674 k1.2 m321 k379 k

Income Taxes Paid

44.1 m372 k14.9 m29.2 m6.8 m40 m54.4 m1.7 m40.2 m50.8 m438 k31.7 m375 k44.2 m

Free Cash Flow

42.6 m26.5 m7.4 m15.5 m22.5 m(30.2 m)(696 k)46.5 m(1.6 m)56.9 m87.9 m83.2 m83.8 m64.8 m

Grand Canyon Education Ratios

USDY, 2018

Financial Leverage

1.3 x
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Grand Canyon Education Operating Metrics

FY, 2014FY, 2015FY, 2016

Online Courses People Enrolled

55.06 k59.31 k64.65 k

Students

67.80 k74.50 k81.90 k
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