Grand Canyon Education (LOPE) Q1 FY2024 earnings: revenue $275 million, up 9.8% on the year

Grand Canyon Education, Inc. (LOPE) reported revenue of $275 million for Q1 FY2024, the quarter ended 31 March 2024, up 9.8% on the same quarter a year earlier. Net income was $68 million, up 14.2% on the year, and diluted earnings per share $2.29. The figures are the company's own, from the 10-Q it filed with the SEC on 7 May 2024.

Revenue$275 millionup 9.8%

Net income$68 millionup 14.2%

Diluted EPS$2.29

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	275	278	n/a	n/a
Operating income	84.5	97.8	n/a	n/a
Operating margin	30.8%	35.1%	n/a
Interest expense	0.0	0.0	n/a	n/a
Pre-tax income	88.2	101	n/a	n/a
Income tax	20.2	20.1	n/a	n/a
Effective tax rate	22.9%	19.9%	n/a
Net income	68.0	80.7	n/a	n/a
Net margin	24.8%	29.0%	n/a
Diluted EPS	$2.29	$2.71	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	85.0	116	n/a	n/a
Capital expenditure	9.0	10.4	n/a	n/a
Free cash flow	76.0	106	n/a	n/a
Free cash flow margin	27.7%	38.1%	n/a
Cash from investing	-5.3	-9.9	n/a	n/a
Cash from financing	-30.0	-16.8	n/a	n/a
Share-based compensation	3.5	3.2	n/a	n/a
Buybacks	30.0	16.8	n/a	n/a
Diluted shares, weighted	30m	30m	n/a	n/a
Shares outstanding at period end	30m	30m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	759	718	n/a	n/a
Debt	n/a	0.0	n/a	n/a
Operating lease liabilities	86.0	88.3	n/a	n/a
Other liabilities	190	124	n/a	n/a
Total liabilities and equity	1,036	930	n/a	n/a
Fixed assets	172	170	n/a	n/a
Goodwill	161	161	n/a	n/a
Intangible assets	166	168	n/a	n/a
Investments	94.5	98.0	n/a	n/a
Cash and equivalents	196	146	n/a	n/a
Receivables	112	78.8	n/a	n/a
Other assets	134	108	n/a	n/a
Total assets	1,036	930	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	222	278	275	227	238	293	289	247	261	308	309	264
Operating income	41.5	97.8	84.5	42.7	48.2	100	88.0	51.8	18.0	108	95.5	58.2
Operating margin	19%	35%	31%	19%	20%	34%	30%	21%	7%	35%	31%	22%
Interest expense	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	44.3	101	88.2	46.8	52.3	104	91.4	55.0	21.7	112	98.5	60.9
Tax rate	19%	20%	23%	26%	21%	21%	22%	24%	25%	22%	23%	25%
Net income	35.7	80.7	68.0	34.9	41.5	81.9	71.6	41.5	16.3	86.7	75.3	45.9
Net margin	16%	29%	25%	15%	17%	28%	25%	17%	6%	28%	24%	17%
Diluted EPS	$1.19	$2.71	$2.29	$1.19	$1.42	$2.84	$2.52	$1.48	$0.58	$3.14	$2.80	$1.75
Operating cash flow	-29.9	116	85.0	98.6	-29.4	136	67.6	124	-48.6	130	88.2	109
Capital expenditure	16.6	10.4	9.0	9.0	9.6	9.7	8.9	8.6	9.7	7.6	8.1	10.7
Free cash flow	-46.4	106	76.0	89.6	-39.0	126	58.7	115	-58.3	123	80.1	97.9
Buybacks	33.7	16.8	30.0	38.7	39.6	64.8	77.9	47.4	39.5	100	128	75.3
Shares outstanding	30m	30m	30m	30m	29m	29m	28m	28m	28m	27m	27m	26m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 7 May 2024, accession 0001558370-24-007046: the filing on EDGAR. All of Grand Canyon Education, Inc.'s filings: EDGAR company page.

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