Grand Canyon Education (LOPE) FY2019 results: revenue $779 million, down 7.9% on the year
Grand Canyon Education, Inc. (LOPE) reported revenue of $779 million for fiscal 2019, the year ended 31 December 2019, down 7.9% on the year before. Net income was $259 million, up 13.2%, and diluted earnings per share $5.37. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$779 million
-7.9% on the year
FY2012FY2019
Operating margin
34.1%
30.5% a year earlier
FY2012FY2019
Net income
$259 million
+13.2% on the year
FY2012FY2019
Diluted EPS
$5.37
+13.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
779
846
974
-7.9%
Operating income
265
258
283
+2.7%
Operating margin
34.1%
30.5%
29.0%
Interest expense
11.3
1.5
2.2
+636.4%
Pre-tax income
318
287
284
+10.6%
Income tax
58.3
58.0
80.2
+0.6%
Effective tax rate
18.4%
20.2%
28.3%
Net income
259
229
203
+13.2%
Net margin
33.3%
27.1%
20.9%
Diluted EPS
$5.37
$4.73
$4.22
+13.5%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
306
199
305
+53.9%
Capital expenditure
22.4
94.5
114
-76.3%
Free cash flow
284
105
191
+171.6%
Free cash flow margin
36.5%
12.4%
19.6%
Cash from investing
-406
-238
-152
Cash from financing
40.1
-26.8
-35.7
Depreciation and amortisation
18.4
35.5
53.6
-48.2%
Share-based compensation
10.3
19.5
12.7
-47.2%
Buybacks
43.9
24.8
11.3
+77.4%
Diluted shares, weighted
48m
48m
48m
-0.3%
Shares outstanding at period end
48m
48m
48m
-0.2%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,443
1,214
986
+18.9%
Debt
141
59.9
66.6
+135.2%
Operating lease liabilities
25.5
n/a
n/a
Other liabilities
80.4
50.5
251
+59.2%
Total liabilities and equity
1,690
1,324
1,304
+27.7%
Fixed assets
120
111
922
+7.8%
Goodwill
161
2.9
2.9
+5,366.4%
Intangible assets
202
n/a
n/a
Investments
n/a
n/a
89.3
Cash and equivalents
122
120
153
+1.6%
Receivables
48.9
46.8
10.9
+4.5%
Other assets
1,037
1,043
125
-0.6%
Total assets
1,690
1,324
1,304
+27.7%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.