Grand Canyon Education (LOPE) FY2018 results: revenue $846 million, down 13.2% on the year
Grand Canyon Education, Inc. (LOPE) reported revenue of $846 million for fiscal 2018, the year ended 31 December 2018, down 13.2% on the year before. Net income was $229 million, up 12.6%, and diluted earnings per share $4.73. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2019.
Revenue
$846 million
-13.2% on the year
FY2011FY2018
Operating margin
30.5%
29.0% a year earlier
FY2011FY2018
Net income
$229 million
+12.6% on the year
FY2011FY2018
Diluted EPS
$4.73
+12.1% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
846
974
873
-13.2%
Operating income
258
283
237
-8.7%
Operating margin
30.5%
29.0%
27.2%
Interest expense
1.5
2.2
1.3
-29.2%
Pre-tax income
287
284
236
+1.2%
Income tax
58.0
80.2
87.6
-27.7%
Effective tax rate
20.2%
28.3%
37.1%
Net income
229
203
149
+12.6%
Net margin
27.1%
20.9%
17.0%
Diluted EPS
$4.73
$4.22
$3.15
+12.1%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
199
305
238
-34.7%
Capital expenditure
94.5
114
178
-16.8%
Free cash flow
105
191
59.5
-45.3%
Free cash flow margin
12.4%
19.6%
6.8%
Cash from investing
-238
-152
-216
Cash from financing
-26.8
-35.7
10.7
Depreciation and amortisation
35.5
53.6
44.8
-33.7%
Share-based compensation
19.5
12.7
12.3
+53.8%
Buybacks
24.8
11.3
20.1
+119.1%
Diluted shares, weighted
48m
48m
47m
+0.4%
Shares outstanding at period end
48m
48m
48m
+0.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
1,214
986
774
+23.1%
Debt
59.9
66.6
98.3
-10.1%
Other liabilities
50.5
251
221
-79.9%
Total liabilities and equity
1,324
1,304
1,092
+1.6%
Fixed assets
111
922
856
-88.0%
Goodwill
2.9
2.9
2.9
0.0%
Investments
n/a
89.3
138
Cash and equivalents
120
153
46.0
-21.6%
Receivables
46.8
10.9
9.5
+329.3%
Other assets
1,043
125
40.3
+736.3%
Total assets
1,324
1,304
1,092
+1.6%
10-K for the year ended 31 December 2018, filed 20 February 2019: the filing.