Aspen Group Reports Acceleration of Revenue Growth to 46% and Record Revenue of $15.2 Million for First Quarter Fiscal Year 2021
Aspen Group, Inc. (ASPU) reported financial results for Q1 FY2021, showing significant improvement. Revenue rose by 46% year-over-year to $15.2 million, with gross profit up 56% at $9.0 million. The net loss narrowed to $0.9 million or $0.04 per share, compared to $2.1 million or $0.11 per share previously. Adjusted EBITDA reached $1.3 million, and enrollments surged 22% to a record 2,351 students. The company raised its full-year revenue guidance to exceed 35% growth, aiming for $66 million.
- Revenue growth of 46% year-over-year to $15.2 million.
- Gross profit increased by 56% to $9.0 million.
- Record enrollments of 2,351 students, up 22%.
- Adjusted EBITDA improved to $1.3 million.
- Raised full-year revenue guidance to meet or exceed 35% growth.
- Net loss was $0.9 million, though improved from $2.1 million.
- Operating income loss of $0.4 million, despite improvement.
(All first quarter fiscal year 2021 compares to first quarter fiscal year 2020)
- Net loss narrowed to (
$0.9 million ) or ($0.04) per share, improving from ($2.1 million ) or ($0.11) per share - Adjusted Net Income* and Adjusted EPS* of
$0.1 million and$0.00 per share versus ($1.4 million ) and ($0.08) per share - EBITDA* improved to break even –
$0.0 million versus ($1.0 million ); Adjusted EBITDA* improved to$1.3 million versus ($0.1 million ) - Enrollments increased
22% to a quarterly record of 2,351 students; Bookings increased34% to$36.1 million - Raises full year fiscal 2021 revenue guidance to meet or exceed
35% growth, or$66 million
NEW YORK, Sept. 14, 2020 (GLOBE NEWSWIRE) -- Aspen Group, Inc. (Nasdaq: ASPU) (“AGI”), an education technology holding company, today announced financial results for its first quarter fiscal year 2021 ended July 31, 2020, highlighted by revenue of
First Quarter Fiscal Year 2021 Summary Results
(Note that the Company is now providing Adjusted Net Income and Adjusted EPS, Non-GAAP financial measures, for fiscal year 2021)2
| Fiscal Year Quarter Comparison | ||||||||
| $ in millions, except per share data (rounding differences may occur) | Q1 FY’21 | Q1 FY’20 | % Better/ (Worse) | |||||
| Revenue | $ | 15.2 | $ | 10.4 | 46 | % | ||
| GAAP Gross Profit1 | $ | 9.0 | $ | 5.8 | 56 | % | ||
| GAAP Gross Margin (%) | 59 | % | 56 | % | 300 bps | |||
| Operating Income (Loss) | $ | (0.4 | ) | $ | (1.6 | ) | 78 | % |
| Net Income (Loss) | $ | (0.9 | ) | $ | (2.1 | ) | 55 | % |
| Earnings (Loss) per Share | $ | (0.04 | ) | $ | (0.11 | ) | 64 | % |
| Adjusted Net Income (Loss)2 | $ | 0.1 | $ | (1.4 | ) | NM | ||
| Adjusted Earnings (Loss) per Share2 | $ | 0.00 | $ | (0.08 | ) | NM | ||
| Cash Used in Operations | $ | (0.6 | ) | $ | (1.7 | ) | 62 | % |
| EBITDA2 | $ | 0.0 | $ | (1.0 | ) | NM | ||
| Adjusted EBITDA2 | $ | 1.3 | $ | (0.1 | ) | NM | ||
1 GAAP gross profit calculation includes marketing and promotional costs, instructional costs & services and amortization expense.
2 See reconciliations of GAAP to Non-GAAP financial measures under “Non-GAAP–Financial Measures” below.
Michael Mathews, Chairman & CEO of Aspen Group, commented, “Aspen’s team delivered another quarter of record financial and enrollment results. In our seasonally weakest quarter, revenue growth accelerated
Mr. Mathews continued, “Finally, as we announced earlier today, Aspen Group is now debt free following the auto conversion of its
First Quarter Fiscal Year 2021 Financial and Operational Results versus First Quarter Fiscal Year 2020:
The table below shows, on a year-over-year basis, first quarter fiscal year 2021 Bookings increased
| First Quarter Bookings1 and Average Revenue Per Enrollment (ARPU)2 | ||||||||
| Q1 FY’20 Enrollments | Q1 FY’20 Bookings | Q1 FY’21 Enrollments | Q1 FY’21 Bookings | Percent Change Total Bookings & ARPU | ||||
| Aspen University | 1,415 | $ | 17,691,150 | 1,779 | $ | 25,880,400 | 46 | % |
| USU | 514 | $ | 9,159,480 | 572 | $ | 10,193,040 | 11 | % |
| Total | 1,929 | $ | 26,850,630 | 2,351 | $ | 36,073,440 | 34 | % |
| ARPU | $ | 13,919 | $ | 15,344 | 10 | % | ||
1Bookings are defined by multiplying LTV by new student enrollments for each operating unit.
2Average Revenue Per Enrollment (ARPU) is defined by dividing total Bookings by total enrollments.
Revenues increased
GAAP gross profit increased by
Net loss was
Adjusted Net Income (Loss), a non-GAAP financial measure, was
EBITDA, a non-GAAP financial measure, was breakeven,
AU generated EBITDA of
Liquidity
For the quarter ended July 31, 2020, the Company reported cash and cash equivalents of
With the automatic conversion of the Company’s
Conference Call:
Aspen Group, Inc. will host a conference call to discuss its first quarter fiscal year 2021 results and business outlook on Monday, September 14, 2020, at 4:30 p.m. (ET). Aspen Group, Inc. will issue a press release reporting results after the market closes on that day. The conference call can be accessed by dialing toll-free (844) 452-6823 (U.S.) or (731) 256-5216 (International), passcode 8489959. Subsequent to the call, a transcript of the audiocast will be available from the Company’s website at www.aspu.com. There will also be a seven day dial-in replay which can be accessed by dialing toll-free (855) 859-2056 (U.S.) or (404) 537-3406 (International), passcode 8489959.
*Non-GAAP – Financial Measures:
This press release includes both financial measures in accordance with Generally Accepted Accounting Principles, or GAAP, as well as non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as supplemental to, and should not be considered as alternatives to net income (loss), operating income (loss), and cash flow from operating activities, liquidity or any other financial measures. They may not be indicative of the historical operating results of AGI nor are they intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as substitutes for performance measures calculated in accordance with GAAP.
Our management uses and relies on Adjusted Net Income (Loss), Adjusted Earnings (Loss) Per Share, EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. We believe that management, analysts and shareholders benefit from referring to the following non-GAAP financial measures to evaluate and assess our core operating results from period-to-period after removing the impact of items that affect comparability. Our management recognizes that the non-GAAP financial measures have inherent limitations because of the excluded items described below.
We have included a reconciliation of our non-GAAP financial measures to the most comparable financial measures calculated in accordance with GAAP. We believe that providing the non-GAAP financial measures, together with the reconciliation to GAAP, helps investors make comparisons between AGI and other companies. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance.
Investors should pay close attention to the specific definition being used and to the reconciliation between such measure and the corresponding GAAP measure provided by each company under applicable SEC rules.
AGI defines Adjusted Net Income (Loss) as net earnings (loss) from operations adding back non-recurring charges and stock-based compensation expense as reflected in the table below. Included are
The following table presents a reconciliation of net loss and earnings (loss) per share to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share:
| Three Months Ended July 31, | |||||||
| 2020 | 2019 | ||||||
| Earnings (loss) per share | $ | (0.04 | ) | $ | (0.11 | ) | |
| Weighted average number of common stock outstanding** | 22,094,409 | 18,733,317 | |||||
| Net loss | $ | (943,196 | ) | $ | (2,075,282 | ) | |
| Add back: | |||||||
| Non-recurring charges | 543,384 | 132,949 | |||||
| Stock-based compensation | 487,110 | 498,417 | |||||
| Adjusted Net Income (Loss) | $ | 87,298 | $ | (1,443,916 | ) | ||
| Adjusted Earnings (Loss) per Share | $ | 0.00 | $ | (0.08 | ) | ||
**Same share count used for GAAP and non-GAAP financial measures.
AGI defines Adjusted EBITDA as earnings (or loss) from operations before the items in the table below. Included are
The following table presents a reconciliation of net loss to EBITDA and Adjusted EBITDA:
| Three Months Ended July 31, | |||||||
| 2020 | 2019 | ||||||
| Net loss | $ | (943,196 | ) | $ | (2,075,282 | ) | |
| Interest expense, net | 455,223 | 420,067 | |||||
| Taxes | (1,900 | ) | 90,277 | ||||
| Depreciation and amortization | 490,624 | 606,574 | |||||
| EBITDA | 751 | (958,364 | ) | ||||
| Bad debt expense | 400,000 | 240,899 | |||||
| Non-recurring charges, excluding non-recurring interest expense of | 419,437 | 132,949 | |||||
| Stock-based compensation | 487,110 | 498,417 | |||||
| Adjusted EBITDA | $ | 1,307,298 | $ | (86,099 | ) | ||
Definitions
Bookings – is defined by multiplying LTV by new student enrollments for each operating unit.
Lifetime Value ("LTV") – is calculated as the weighted average total amount of tuition and fees paid by every new student that enrolls in the Company’s universities, after giving effect to attrition.
Average Revenue per Enrollment ("ARPU") – is defined by dividing total bookings by total enrollments.
Marketing Efficiency Ratio ("MER") – is defined as revenue per enrollment divided by cost per enrollment.
EBITDA Margin – is defined as EBITDA divided by revenues. We believe EBITDA margin is useful for management, analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. EBITDA margin has certain limitations in that it does not take into account the impact to our consolidated statement of operations of certain expenses.
Adjusted EBITDA Margin – is defined as Adjusted EBITDA divided by revenues. We believe Adjusted EBITDA margin is useful for management, analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. Adjusted EBITDA margin has certain limitations in that it does not take into account the impact to our consolidated statement of operations of certain expenses.
NM – Not meaningful.
Subsequent to the call, a transcript of the audiocast will be available from the Company’s website at ir.aspen.edu.
For additional information on the financial statements and performance, please refer to the Aspen Group, Inc. Form 10-Q for the first quarter of fiscal year 2021 and Q1 2021 Financial Results Presentation published on our website.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including the Company being on a path to profitability, expected fiscal 2021 revenue, our estimates as to Lifetime Value and the future impact of bookings. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the continued demand of nursing students for the new programs, student attrition, national and local economic factors including the substantial impact of the COVID-19 pandemic on the economy, and the competitive impact from the trend of major non-profit universities using online education and consolidation among our competitors. Other risks are included in our filings with the SEC including our Form 10-K for the year ended April 30, 2020, and prospectus supplement dated August 31, 2020. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
About Aspen Group, Inc.:
Aspen Group, Inc. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again.
Investor Relations Contact:
Kim Rogers
Managing Director
Hayden IR
385-831-7337
Kim@HaydenIR.com
ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| July 31, 2020 | April 30, 2020 | ||||||
| (Unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 15,899,293 | $ | 14,350,554 | |||
| Restricted cash | 3,060,269 | 3,556,211 | |||||
| Accounts receivable, net of allowance of | 14,662,231 | 14,326,791 | |||||
| Prepaid expenses | 993,541 | 941,671 | |||||
| Other receivables | — | 23,097 | |||||
| Other current assets | 113,123 | 173,090 | |||||
| Total current assets | 34,728,457 | 33,371,414 | |||||
| Property and equipment: | |||||||
| Computer equipment and hardware | 690,114 | 649,927 | |||||
| Furniture and fixtures | 1,007,099 | 1,007,099 | |||||
| Leasehold improvements | 892,279 | 867,024 | |||||
| Instructional equipment | 301,842 | 301,842 | |||||
| Software | 6,792,594 | 6,162,770 | |||||
| 9,683,928 | 8,988,662 | ||||||
| Less accumulated depreciation | (3,314,448 | ) | (2,841,019 | ) | |||
| Total property and equipment, net | 6,369,480 | 6,147,643 | |||||
| Goodwill | 5,011,432 | 5,011,432 | |||||
| Intangible assets, net | 7,900,000 | 7,900,000 | |||||
| Courseware, net | 102,560 | 111,457 | |||||
| Accounts receivable - net of allowance of | 45,329 | 45,329 | |||||
| Long term contractual accounts receivable | 8,713,018 | 6,701,136 | |||||
| Debt issue cost, net | 43,056 | 182,418 | |||||
| Operating lease right of use asset, net | 7,264,584 | 6,412,851 | |||||
| Deposits and other assets | 150,406 | 355,831 | |||||
| Total assets | $ | 70,328,322 | $ | 66,239,511 | |||
(Continued)
ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (CONTINUED)
| July 31, 2020 | April 30, 2020 | ||||||
| (Unaudited) | |||||||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 1,764,714 | $ | 1,505,859 | |||
| Accrued expenses | 1,127,992 | 537,413 | |||||
| Deferred revenue | 4,766,853 | 3,712,994 | |||||
| Due to students | 1,891,502 | 2,371,844 | |||||
| Operating lease obligations, current portion | 1,542,754 | 1,683,252 | |||||
| Other current liabilities | 288,033 | 545,711 | |||||
| Total current liabilities | 11,381,848 | 10,357,073 | |||||
| Convertible notes, net of discount of | 8,590,172 | 8,449,146 | |||||
| Operating lease obligations, less current portion | 6,677,566 | 5,685,335 | |||||
| Total liabilities | 26,649,586 | 24,491,554 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity: | |||||||
| Preferred stock, | |||||||
| 0 issued and 0 outstanding at July 31, 2020 and April 30, 2020 | — | — | |||||
| Common stock, | |||||||
| 22,377,744 issued and 22,361,077 outstanding at July 31, 2020 | |||||||
| 21,770,520 issued and 21,753,853 outstanding at April 30, 2020 | 22,378 | 21,771 | |||||
| Additional paid-in capital | 92,378,584 | 89,505,216 | |||||
| Treasury stock (16,667 shares) | (70,000 | ) | (70,000 | ) | |||
| Accumulated deficit | (48,652,226 | ) | (47,709,030 | ) | |||
| Total stockholders’ equity | 43,678,736 | 41,747,957 | |||||
| Total liabilities and stockholders’ equity | $ | 70,328,322 | $ | 66,239,511 | |||
ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended July 31, | |||||||
| 2020 | 2019 | ||||||
| Revenues | $ | 15,165,562 | $ | 10,357,982 | |||
| Operating expenses: | |||||||
| Cost of revenues (exclusive of depreciation and amortization shown separately below) | 5,847,523 | 4,353,058 | |||||
| General and administrative | 8,793,756 | 6,796,251 | |||||
| Bad debt expense | 400,000 | 240,899 | |||||
| Depreciation and amortization | 490,624 | 606,574 | |||||
| Total operating expenses | 15,531,903 | 11,996,782 | |||||
| Operating loss | (366,341 | ) | (1,638,800 | ) | |||
| Other income (expense): | |||||||
| Other (expense) income, net | (123,298 | ) | 22,802 | ||||
| Interest expense | (455,457 | ) | (423,689 | ) | |||
| Total other expense, net | (578,755 | ) | (400,887 | ) | |||
| Loss before income taxes | (945,096 | ) | (2,039,687 | ) | |||
| Income tax (benefit) expense | (1,900 | ) | 35,595 | ||||
| Net loss | $ | (943,196 | ) | $ | (2,075,282 | ) | |
| Net loss per share - basic and diluted | $ | (0.04 | ) | $ | (0.11 | ) | |
| Weighted average number of common stock outstanding - basic and diluted | 22,094,409 | 18,733,317 | |||||
ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
Three Months Ended July 31, 2020 and 2019
(Unaudited)
| Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||
| Shares | Amount | |||||||||||||||||||||||||
| Balance at April 30, 2020 | 21,770,520 | $ | 21,771 | $ | 89,505,216 | $ | (70,000 | ) | $ | (47,709,030 | ) | $ | 41,747,957 | |||||||||||||
| Stock-based compensation | — | — | 487,110 | — | — | 487,110 | ||||||||||||||||||||
| Common stock issued for stock options exercised for cash | 415,175 | 415 | 1,269,567 | — | — | 1,269,982 | ||||||||||||||||||||
| Common stock issued for warrants exercised for cash | 192,049 | 192 | 1,081,600 | — | — | 1,081,792 | ||||||||||||||||||||
| Modification charge for warrants exercised | — | — | 25,966 | — | — | 25,966 | ||||||||||||||||||||
| Amortization of warrant based cost | — | — | 9,125 | — | — | 9,125 | ||||||||||||||||||||
| Net loss | — | — | — | — | (943,196 | ) | (943,196 | ) | ||||||||||||||||||
| Balance at July 31, 2020 | 22,377,744 | $ | 22,378 | $ | 92,378,584 | $ | (70,000 | ) | $ | (48,652,226 | ) | $ | 43,678,736 | |||||||||||||
| Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||
| Shares | Amount | |||||||||||||||||||||||||
| Balance at April 30, 2019 | 18,665,551 | $ | 18,666 | $ | 68,562,727 | $ | (70,000 | ) | $ | (42,049,965 | ) | $ | 26,461,428 | |||||||||||||
| Stock-based compensation | — | — | 498,417 | — | — | 498,417 | ||||||||||||||||||||
| Common stock issued for cashless stock options exercised | 101,894 | 102 | (102 | ) | — | — | — | |||||||||||||||||||
| Common stock issued for stock options exercised for cash | 21,876 | 22 | 45,168 | — | — | 45,190 | ||||||||||||||||||||
| Common stock issued for cashless warrant exercise | 19,403 | 19 | (19 | ) | — | — | — | |||||||||||||||||||
| Amortization of warrant based cost | — | — | 9,440 | — | — | 9,440 | ||||||||||||||||||||
| Amortization of restricted stock issued for service | — | — | 30,597 | — | — | 30,597 | ||||||||||||||||||||
| Restricted Stock Issued for Services, subject to vesting | 104,803 | 105 | (105 | ) | — | — | — | |||||||||||||||||||
| Cumulative effect of Adoption of ASC 842 | — | — | — | — | (136,745 | ) | (136,745 | ) | ||||||||||||||||||
| Net loss | — | — | — | — | (2,075,282 | ) | (2,075,282 | ) | ||||||||||||||||||
| Balance at July 31, 2019 | 18,913,527 | $ | 18,914 | $ | 69,146,123 | $ | (70,000 | ) | $ | (44,261,992 | ) | $ | 24,833,045 | |||||||||||||
ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Three Months Ended July 31, | |||||||
| 2020 | 2019 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (943,196 | ) | $ | (2,075,282 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Bad debt expense | 400,000 | 240,899 | |||||
| Depreciation and amortization | 490,624 | 606,574 | |||||
| Stock-based compensation | 487,110 | 498,417 | |||||
| Warrants issued for services | 9,125 | 9,440 | |||||
| Loss on asset disposition | — | 20,240 | |||||
| Amortization of debt discounts | 141,026 | 65,702 | |||||
| Amortization of debt issue costs | 139,362 | 29,662 | |||||
| Modification charge for warrants exercised | (25,966 | ) | — | ||||
| Non-cash payments to investor relations firm | — | 30,597 | |||||
| Other adjustments, net | 10,587 | — | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (2,747,322 | ) | (1,535,420 | ) | |||
| Prepaid expenses | (51,870 | ) | (136,022 | ) | |||
| Other receivables | 23,097 | 710 | |||||
| Other current assets | 59,966 | — | |||||
| Deposits and other assets | 205,425 | 67,032 | |||||
| Accounts payable | 258,855 | (110,890 | ) | ||||
| Accrued expenses | 590,579 | (73,663 | ) | ||||
| Lease liabilities, net of right of use assets | — | 26,993 | |||||
| Due to students | (480,342 | ) | 417,131 | ||||
| Deferred revenue | 1,053,859 | 224,172 | |||||
| Other current liabilities | (257,678 | ) | 8,625 | ||||
| Net cash used in operating activities | (636,759 | ) | (1,685,083 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchases of courseware and accreditation | (3,050 | ) | (2,275 | ) | |||
| Purchases of property and equipment | (659,168 | ) | (629,983 | ) | |||
| Net cash used in investing activities | (662,218 | ) | (632,258 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from stock options exercised and warrants exercised | 2,351,774 | 45,190 | |||||
| Net cash provided by financing activities | 2,351,774 | 45,190 | |||||
(Continued)
ASPEN GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Unaudited)
| Three Months Ended July 31, | |||||||
| 2020 | 2019 | ||||||
| Net increase (decrease) in cash and cash equivalents | $ | 1,052,797 | $ | (2,272,151 | ) | ||
| Cash, restricted cash, and cash equivalents at beginning of period | 17,906,765 | 9,967,752 | |||||
| Cash, restricted cash, and cash equivalents at end of period | $ | 18,959,562 | $ | 7,695,601 | |||
| Supplemental disclosure cash flow information | |||||||
| Cash paid for interest | $ | 199,178 | $ | 324,861 | |||
| Cash paid for income taxes | $ | — | $ | — | |||
| Supplemental disclosure of non-cash investing and financing activities | |||||||
| Common stock issued for services | $ | — | $ | 178,447 | |||
| Right-of-use lease asset offset against operating lease obligations | $ | 851,733 | $ | 8,196,106 | |||
The following table provides a reconciliation of cash and restricted cash reported within the unaudited consolidated balance sheets that sum to the same such amounts shown in the unaudited consolidated statements of cash flows:
| July 31, 2020 | July 31, 2019 | ||||||
| Cash and cash equivalents | $ | 15,899,293 | $ | 7,243,580 | |||
| Restricted cash | 3,060,269 | 452,021 | |||||
| Total cash and restricted cash | $ | 18,959,562 | $ | 7,695,601 | |||
FAQ
What were Aspen Group's earnings for Q1 FY2021?
How much did Aspen Group's revenue grow year-over-year in Q1 FY2021?
What is the adjusted EBITDA for Aspen Group in Q1 FY2021?
What is Aspen Group's updated revenue guidance for FY2021?
How many students enrolled at Aspen Group in Q1 FY2021?
