Grand Canyon Education (LOPE) FY2014 results: revenue $691 million, up 15.5% on the year
Grand Canyon Education, Inc. (LOPE) reported revenue of $691 million for fiscal 2014, the year ended 31 December 2014, up 15.5% on the year before. Net income was $111 million, up 25.7%, and diluted earnings per share $2.37. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2015.
Revenue
$691 million
+15.5% on the year
FY2009FY2014
Operating margin
26.2%
23.9% a year earlier
FY2009FY2014
Net income
$111 million
+25.7% on the year
FY2009FY2014
Diluted EPS
$2.37
+23.4% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
691
598
511
+15.5%
Operating income
181
143
114
+26.2%
Operating margin
26.2%
23.9%
22.3%
Interest expense
1.8
2.2
0.7
-19.7%
Pre-tax income
180
145
113
+24.0%
Income tax
68.2
56.2
44.0
+21.4%
Effective tax rate
38.0%
38.8%
38.8%
Net income
111
88.7
69.4
+25.7%
Net margin
16.1%
14.8%
13.6%
Diluted EPS
$2.37
$1.92
$1.53
+23.4%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
167
118
144
+41.0%
Capital expenditure
169
78.9
97.7
+113.6%
Free cash flow
-1.6
39.5
46.5
Free cash flow margin
-0.2%
6.6%
9.1%
Cash from investing
n/a
-172
-132
Cash from financing
n/a
4.8
71.3
Depreciation and amortisation
29.5
25.4
21.9
+15.9%
Share-based compensation
9.9
9.9
7.8
+0.1%
Buybacks
5.3
9.3
15.2
-42.6%
Diluted shares, weighted
47m
46m
45m
+1.9%
Shares outstanding at period end
47m
46m
45m
+1.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
476
345
234
+38.1%
Debt
86.5
93.1
99.7
-7.1%
Other liabilities
193
178
161
+8.3%
Total liabilities and equity
756
616
495
+22.7%
Fixed assets
478
340
269
+40.8%
Goodwill
2.9
2.9
2.9
0.0%
Investments
169
108
n/a
+55.5%
Cash and equivalents
65.2
55.8
105
+16.9%
Receivables
7.6
7.2
8.0
+5.4%
Other assets
33.1
102
110
-67.5%
Total assets
756
616
495
+22.7%
10-K for the year ended 31 December 2014, filed 18 February 2015: the filing.