Grand Canyon Education (LOPE) FY2013 results: revenue $598 million, up 17.0% on the year
Grand Canyon Education, Inc. (LOPE) reported revenue of $598 million for fiscal 2013, the year ended 31 December 2013, up 17.0% on the year before. Net income was $89 million, up 27.7%, and diluted earnings per share $1.92. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2014.
Revenue
$598 million
+17.0% on the year
FY2009FY2013
Operating margin
23.9%
22.3% a year earlier
FY2009FY2013
Net income
$89 million
+27.7% on the year
FY2009FY2013
Diluted EPS
$1.92
+25.5% on the year
FY2009FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
598
511
427
+17.0%
Operating income
143
114
82.2
+25.6%
Operating margin
23.9%
22.3%
19.3%
Interest expense
2.2
0.7
0.7
+221.0%
Pre-tax income
145
113
81.5
+27.7%
Income tax
56.2
44.0
31.0
+27.8%
Effective tax rate
38.8%
38.8%
38.0%
Net income
88.7
69.4
50.5
+27.7%
Net margin
14.8%
13.6%
11.8%
Diluted EPS
$1.92
$1.53
$1.12
+25.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
118
144
88.0
-17.9%
Capital expenditure
78.9
97.7
80.5
-19.2%
Free cash flow
39.5
46.5
7.4
-15.1%
Free cash flow margin
6.6%
9.1%
1.7%
Cash from investing
-172
-132
-75.1
Cash from financing
4.8
71.3
-25.3
-93.3%
Depreciation and amortisation
25.4
21.9
17.0
+16.0%
Share-based compensation
9.9
7.8
6.5
+27.2%
Buybacks
9.3
15.2
23.1
-39.0%
Diluted shares, weighted
46m
45m
45m
+1.9%
Shares outstanding at period end
46m
45m
44m
+3.0%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
345
234
163
+47.3%
Debt
93.1
99.7
21.6
-6.6%
Other liabilities
178
161
133
+10.5%
Total liabilities and equity
616
495
318
+24.5%
Fixed assets
340
269
190
+26.2%
Goodwill
2.9
2.9
2.9
0.0%
Investments
108
n/a
n/a
Cash and equivalents
55.8
105
21.2
-46.9%
Receivables
7.2
8.0
11.8
-9.2%
Other assets
102
110
92.0
-7.0%
Total assets
616
495
318
+24.5%
10-K for the year ended 31 December 2013, filed 20 February 2014: the filing.