GRAND CANYON EDUCATION, INC. REPORTS FOURTH QUARTER 2023 RESULTS
- Strong financial performance in Q4 2023 with service revenue increasing by 7.6% year-over-year to $278.3 million.
- Operating income rose to $97.8 million, and net income increased by 13.6% to $80.7 million.
- Adjusted EBITDA saw an 8.5% increase for Q4 2023.
- Full year 2023 showed service revenue reaching $960.9 million, with operating income at $249.3 million.
- Net income for the full year 2023 grew by 11.0% to $205.0 million.
- Optimistic guidance for 2024 includes expectations of growth in service revenue, operating margin, and diluted EPS.
- The company's effective tax rate decreased, leading to improved profitability.
- Grand Canyon Education, Inc. demonstrated strong financial health and growth potential in the education services sector.
- None.
Insights
The reported increase in Grand Canyon Education, Inc.'s service revenue and net income for both the quarterly and annual periods reflects a robust financial performance, which is particularly significant given the competitive nature of the post-secondary education sector. The growth in revenue is attributed to an increase in enrollments at Grand Canyon University (GCU), which suggests successful student acquisition and retention strategies. The consistent operating margin of 35.1% for the quarter and a slight decrease from 26.1% to 25.9% for the year indicate efficient operational control, despite the revenue recognition timing shift due to the academic calendar.
Investors should note the increase in diluted net income per share, which represents a stronger return on investment. However, the forward-looking guidance suggests a variable performance throughout the upcoming quarters, with a notably lower operating margin forecast for Q2 2024. This fluctuation could be due to seasonal factors or planned investments in infrastructure or services. The company's liquidity position appears strong, with an increase in cash and cash equivalents, indicating sound financial health and potential for future investments or shareholder returns.
The education services sector is highly dependent on enrollment rates and the ability to scale services efficiently. Grand Canyon Education's reported increase in enrollments, particularly in online programs, demonstrates the company's effectiveness in capitalizing on the growing trend of online education. This is a critical driver of service revenue and suggests that GCE's technological solutions and infrastructure are well-aligned with market demands.
However, the slight decrease in enrollments at off-campus classroom and laboratory sites could indicate a shift in student preferences or increased competition. This warrants monitoring as it could impact future revenue streams. The company's strategic expansion with new off-campus sites aligns with efforts to capture more of the market share. The stability of the operating margin, despite these investments, is indicative of a strong business model.
An analysis of Grand Canyon Education's tax strategy reveals a decreasing effective tax rate, from 22.8% to 19.9% for the quarter and from 23.1% to 21.1% for the year. This reduction is attributed to discrete tax items and excess tax benefits, which have positively impacted net income. Investors should recognize the importance of effective tax management as it directly enhances profitability. The company's projection of a higher effective tax rate in the upcoming quarters, however, could suggest a normalization of tax benefits or changes in tax legislation that should be factored into future earnings expectations.
For the three months ended December 31, 2023:
- Service revenue for the three months ended December 31, 2023 was
$278.3 million $19.6 million 7.6% , as compared to service revenue of$258.7 million 8.0% over enrollments at December 31, 2022 and an increase in revenue per student year over year. The increase in revenue per student between years is primarily due to the service revenue impact of the increased room, board and other ancillary revenues at GCU in the fourth quarter of 2023 as compared to the prior year period. In addition, service revenue per student for Accelerated Bachelor of Science in Nursing students at off-campus classroom and laboratory sites generates a significantly higher revenue per student than we earn under our agreement with GCU, as these agreements generally provide us with a higher revenue share percentage, the partners have higher tuition rates than GCU and the majority of their students take more credits on average per semester. The increase in revenue per student in the three months ended December 31, 2023 was negatively impacted by the timing of the Fall semester for the ground traditional campus. The Fall semester started one day earlier in 2023 than in 2022, which had the effect of shifting$1.2 million - Partner enrollments totaled 121,250 at December 31, 2023 as compared to 112,955 at December 31, 2022. University partner enrollments at our off-campus classroom and laboratory sites were 4,481, a decrease of
3.3% over enrollments at December 31, 2022, which includes 510 and 320 GCU students at December 31, 2023 and 2022, respectively. We opened six new off-campus classroom and laboratory sites in the year ended December 31, 2022 and five sites in the year ended December 31, 2023 increasing the total number of these sites to 40 at December 31, 2023. Enrollments for GCU ground students were 25,209 at December 31, 2023 up from 24,943 at December 31, 2022. GCU online enrollments were 92,070 at December 31, 2023, up from 83,696 at December 31, 2022, an increase of10.0% between years. - Operating income for the three months ended December 31, 2023 was
$97.8 million $7.1 million $90.7 million 35.1% . The fourth quarter operating margin was negatively impacted on a year over year basis by the timing difference between years in the start of the Fall semester for GCU's ground traditional campus. - Income tax expense for the three months ended December 31, 2023 was
$20.1 million $0.9 million 4.4% , as compared to income tax expense of$21.0 million 19.9% during the fourth quarter of 2023 compared to22.8% during the fourth quarter of 2022. The decrease in our effective tax rate between periods was primarily driven by other discrete tax items recorded in the respective periods. - Net income increased
13.6% to$80.7 million $71.0 million $82.5 million $72.7 million - Diluted net income per share was
$2.71 $2.30 $2.77 $2.36 - Adjusted EBITDA increased
8.5% to$110.9 million $102.2 million
For the year ended December 31, 2023:
- Service revenue for the year ended December 31, 2023 was
$960.9 million $49.6 million 5.4% , as compared to service revenue of$911.3 million 8.0% over enrollments at December 31, 2022. - Operating income for the year ended December 31, 2023 was
$249.3 million $11.8 million $237.5 million 25.9% , compared to26.1% for the same period in 2022. - Income tax expense for the year ended December 31, 2023 was
$54.7 million $0.7 million 1.4% , as compared to income tax expense of$55.4 million 21.1% during the year ended December 31, 2023 compared to23.1% during the year ended December 31, 2022. The decrease in our effective tax rate between periods is attributable to other discrete tax items recorded in the respective periods and higher excess tax benefits of$0.9 million $0.1 million $3.5 million $5.0 million - Net income increased
11.0% to$205.0 million $184.7 million $212.2 million $192.1 million - Diluted net income per share was
$6.80 $5.73 $7.04 $5.96 - Adjusted EBITDA increased
3.8% to$302.3 million $291.3 million
Liquidity and Capital Resources
Our liquidity position, as measured by cash and cash equivalents and investments increased by
2024 Outlook
Q1 2024:
- Service revenue of between
$271.5 million $273.0 million - Operating margin of between
29.8% and30.0% ; - Effective tax rate of
23.4% ; - Diluted EPS of between
$2.15 $2.18 - 29.7 million diluted shares.
The diluted EPS guidance includes non-cash amortization of intangible assets net of taxes of
Q2 2024:
- Service revenue of between
$221.0 million $224.0 million - Operating margin of between
16.1% and17.0% ; - Effective tax rate of
24.9% ; - Diluted EPS of between
$0.98 $1.04 - 29.4 million diluted shares.
The diluted EPS guidance includes non-cash amortization of intangible assets net of taxes of
Q3 2024:
- Service revenue of between
$236.5 million $244.0 million - Operating margin of between
20.4% and22.2% ; - Effective tax rate of
24.9% ; - Diluted EPS of between
$1.30 $1.46 - 29.1 million diluted shares.
The diluted EPS guidance includes non-cash amortization of intangible assets net of taxes of
Q4 2024:
- Service revenue of between
$287.0 million $299.0 million - Operating margin of between
34.9% and37.0% ; - Effective tax rate of
22.8% ; - Diluted EPS of between
$2.75 $3.03 - 28.9 million diluted shares.
The diluted EPS guidance includes non-cash amortization of intangible assets net of taxes of
Full Year 2024:
- Service revenue of between
$1,016.0 million $1,040.0 million - Operating margin of between
26.1% and27.4% ; - Effective tax rate of
23.7% ; - Diluted EPS between
$7.17 $7.69 - 29.3 million diluted shares.
The diluted EPS guidance includes non-cash amortization of intangible assets net of taxes of
Forward-Looking Statements
This news release contains "forward-looking statements" which include information relating to future events, future financial performance, strategies expectations, competitive environment, regulation, and availability of resources. These forward-looking statements include, without limitation, statements regarding: proposed new programs; whether regulatory, economic, or business developments or other matters may or may not have a material adverse effect on our financial position, results of operations, or liquidity; projections, predictions, expectations, estimates, and forecasts as to our business, financial and operating results, and future economic performance; and management's goals and objectives and other similar expressions concerning matters that are not historical facts. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions, the negative of these expressions, as well as statements in future tense, identify forward-looking statements.
Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause our actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements include, but are not limited to: legal and regulatory actions taken against our university partners that impact their businesses and that directly or indirectly reduce the service revenue we can earn under our master services agreements; the occurrence of any event, change or other circumstance that could give rise to the termination of any of the key university partner agreements; our ability to properly manage risks and challenges associated with strategic initiatives, including potential acquisitions or divestitures of, or investments in, new businesses, acquisitions of new properties and new university partners, and expansion of services provided to our existing university partners; our failure to comply with the extensive regulatory framework applicable to us either directly as a third-party service provider or indirectly through our university partners, including Title IV of the Higher Education Act and the regulations thereunder, state laws and regulatory requirements, and accrediting commission requirements; the harm to our business, results of operations, and financial condition, and harm to our university partners resulting from epidemics, pandemics, or public health crises; the ability of our university partners' students to obtain federal Title IV funds, state financial aid, and private financing; potential damage to our reputation or other adverse effects as a result of negative publicity in the media, in the industry or in connection with governmental reports or investigations or otherwise, affecting us or other companies in the education services sector; risks associated with changes in applicable federal and state laws and regulations and accrediting commission standards, including pending rulemaking by the United States Department of Education applicable to us directly or indirectly through our university partners; competition from other education service companies in our geographic region and market sector, including competition for students, qualified executives and other personnel; our expected tax payments and tax rate; our ability to hire and train new, and develop and train existing employees; the pace of growth of our university partners' enrollment and its effect on the pace of our own growth; fluctuations in our revenues due to seasonality; our ability to, on behalf of our university partners, convert prospective students to enrolled students and to retain active students to graduation; our success in updating and expanding the content of existing programs and developing new programs in a cost-effective manner or on a timely basis for our university partners; risks associated with the competitive environment for marketing the programs of our university partners; failure on our part to keep up with advances in technology that could enhance the experience for our university partners' students; our ability to manage future growth effectively; the impact of any natural disasters or public health emergencies; general adverse economic conditions or other developments that affect the job prospects of our university partners' students; and other factors discussed in reports on file with the Securities and Exchange Commission, including as set forth in Part I, Item 1A of our Annual Report on Form 10-K for period ended December 31, 2023, as updated in our subsequent reports filed with the Securities and Exchange Commission on Form 10-Q or Form 8-K.
Forward-looking statements speak only as of the date the statements are made. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
Conference Call
Grand Canyon Education, Inc. will discuss its fourth quarter 2023 results and full year 2024 outlook during a conference call scheduled for today, February 13, 2024 at 4:30 p.m. Eastern time (ET).
Live Conference Dial-In:
Those interested in participating in the question-and-answer session should follow the conference dial-in instructions below. Participants may register for the call here to receive the dial-in numbers and unique PIN to access the call seamlessly. Please dial in at least ten minutes prior to the start of the call. Journalists are invited to listen only.
Webcast and Replay:
Investors, journalists and the general public may access a live webcast of this event at: Q4 2023 Grand Canyon Education Inc. Earnings Conference Call. A webcast replay will be available approximately two hours following the conclusion of the call at the same link.
About Grand Canyon Education, Inc.
Grand Canyon Education, Inc. ("GCE"), incorporated in 2008, is a publicly traded education services company that currently provides services to 25 university partners. GCE is uniquely positioned in the education services industry in that its leadership has over 30 years of proven expertise in providing a full array of support services in the post-secondary education sector and has developed significant technological solutions, infrastructure and operational processes to provide superior services in these areas on a large scale. GCE provides services that support students, faculty and staff of partner institutions such as marketing, strategic enrollment management, counseling services, financial services, technology, technical support, compliance, human resources, classroom operations, content development, faculty recruitment and training, among others. For more information about GCE visit the Company's website at www.gce.com.
Grand Canyon Education, Inc., 2600 W. Camelback Road,
GRAND CANYON EDUCATION, INC. Consolidated Income Statements (Unaudited) | ||||||||||||
Three Months Ended | Year Ended | |||||||||||
December 31, | December 31, | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
(In thousands, except per share data) | ||||||||||||
Service revenue | $ | 278,284 | $ | 258,700 | $ | 960,899 | $ | 911,306 | ||||
Costs and expenses: | ||||||||||||
Technology and academic services | 39,227 | 38,357 | 154,870 | 150,493 | ||||||||
Counseling services and support | 82,754 | 72,540 | 302,319 | 273,313 | ||||||||
Marketing and communication | 46,003 | 44,853 | 202,800 | 196,090 | ||||||||
General and administrative | 10,397 | 10,168 | 43,235 | 45,491 | ||||||||
Amortization of intangible assets | 2,104 | 2,104 | 8,419 | 8,419 | ||||||||
Total costs and expenses | 180,485 | 168,022 | 711,643 | 673,806 | ||||||||
Operating income | 97,799 | 90,678 | 249,256 | 237,500 | ||||||||
Interest expense | (6) | 3 | (33) | (2) | ||||||||
Investment interest and other | 2,970 | 1,327 | 10,452 | 2,621 | ||||||||
Income before income taxes | 100,763 | 92,008 | 259,675 | 240,119 | ||||||||
Income tax expense | 20,054 | 20,981 | 54,690 | 55,444 | ||||||||
Net income | $ | 80,709 | $ | 71,027 | $ | 204,985 | $ | 184,675 | ||||
Earnings per share: | ||||||||||||
Basic income per share | $ | 2.73 | $ | 2.32 | $ | 6.83 | $ | 5.75 | ||||
Diluted income per share | $ | 2.71 | $ | 2.30 | $ | 6.80 | $ | 5.73 | ||||
Basic weighted average shares outstanding | 29,555 | 30,669 | 29,991 | 32,131 | ||||||||
Diluted weighted average shares outstanding | 29,761 | 30,835 | 30,147 | 32,237 | ||||||||
GRAND CANYON EDUCATION, INC. Consolidated Balance Sheets | ||||||
As of December 31, | As of December 31, | |||||
(In thousands, except par value) | 2023 | 2022 | ||||
ASSETS: | (Unaudited) | |||||
Current assets | ||||||
Cash and cash equivalents | $ | 146,475 | $ | 120,409 | ||
Investments | 98,031 | 61,295 | ||||
Accounts receivable, net | 78,811 | 77,413 | ||||
Income taxes receivable | 1,316 | 2,788 | ||||
Other current assets | 12,889 | 11,368 | ||||
Total current assets | 337,522 | 273,273 | ||||
Property and equipment, net | 169,699 | 147,504 | ||||
Right-of-use assets | 92,454 | 72,719 | ||||
Amortizable intangible assets, net | 168,381 | 176,800 | ||||
Goodwill | 160,766 | 160,766 | ||||
Other assets | 1,641 | 1,687 | ||||
Total assets | $ | 930,463 | $ | 832,749 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||||
Current liabilities | ||||||
Accounts payable | $ | 17,676 | $ | 20,006 | ||
Accrued compensation and benefits | 31,358 | 36,412 | ||||
Accrued liabilities | 26,725 | 22,473 | ||||
Income taxes payable | 10,250 | 12,167 | ||||
Current portion of lease liability | 11,024 | 8,648 | ||||
Total current liabilities | 97,033 | 99,706 | ||||
Deferred income taxes, noncurrent | 26,749 | 26,195 | ||||
Other long-term liabilities | 410 | 436 | ||||
Lease liability, less current portion | 88,257 | 68,793 | ||||
Total liabilities | 212,449 | 195,130 | ||||
Commitments and contingencies | ||||||
Stockholders' equity | ||||||
Preferred stock, | — | — | ||||
Common stock, | 540 | 538 | ||||
Treasury stock, at cost, 24,017 and 22,772 shares of common stock at December 31, 2023 | (1,849,693) | (1,711,423) | ||||
Additional paid-in capital | 322,512 | 309,310 | ||||
Accumulated other comprehensive loss | (57) | (533) | ||||
Retained earnings | 2,244,712 | 2,039,727 | ||||
Total stockholders' equity | 718,014 | 637,619 | ||||
Total liabilities and stockholders' equity | $ | 930,463 | $ | 832,749 | ||
GRAND CANYON EDUCATION, INC. Consolidated Statements of Cash Flows (Unaudited) | ||||||
Year Ended | ||||||
December 31, | ||||||
(In thousands) | 2023 | 2022 | ||||
Cash flows provided by operating activities: | ||||||
Net income | $ | 204,985 | $ | 184,675 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Share-based compensation | 13,204 | 12,642 | ||||
Depreciation and amortization | 23,554 | 22,758 | ||||
Amortization of intangible assets | 8,419 | 8,419 | ||||
Deferred income taxes | 402 | 401 | ||||
Other, including fixed asset disposals | (442) | 853 | ||||
Changes in assets and liabilities: | ||||||
Accounts receivable from university partners | (1,398) | (7,350) | ||||
Other assets | (1,639) | (2,604) | ||||
Right-of-use assets and lease liabilities | 2,105 | 1,193 | ||||
Accounts payable | (3,109) | (3,894) | ||||
Accrued liabilities | (1,974) | (1,023) | ||||
Income taxes receivable/payable | (445) | 4,759 | ||||
Deferred revenue | — | (10) | ||||
Net cash provided by operating activities | 243,662 | 220,819 | ||||
Cash flows used in investing activities: | ||||||
Capital expenditures | (44,537) | (35,232) | ||||
Additions of amortizable content | (897) | (397) | ||||
Purchases of investments | (98,853) | (171,549) | ||||
Proceeds from sale or maturity of investments | 63,815 | 110,039 | ||||
Net cash used in investing activities | (80,472) | (97,139) | ||||
Cash flows used in financing activities: | ||||||
Repurchase of common shares and shares withheld in lieu of income taxes | (137,124) | (604,212) | ||||
Net cash used in financing activities | (137,124) | (604,212) | ||||
Net increase (decrease) in cash and cash equivalents and restricted cash | 26,066 | (480,532) | ||||
Cash and cash equivalents and restricted cash, beginning of period | 120,409 | 600,941 | ||||
Cash and cash equivalents and restricted cash, end of period | $ | 146,475 | $ | 120,409 | ||
Supplemental disclosure of cash flow information | ||||||
Cash paid for interest | $ | 33 | $ | 2 | ||
Cash paid for income taxes | $ | 59,026 | $ | 48,573 | ||
Supplemental disclosure of non-cash investing and financing activities | ||||||
Purchases of property and equipment included in accounts payable | $ | 1,909 | $ | 1,131 | ||
ROU Asset and Liability recognition | $ | 19,735 | $ | 15,067 | ||
Excise tax on treasury stock repurchases | $ | 1,146 | $ | — | ||
GRAND CANYON EDUCATION, INC.
Adjusted EBITDA (Non-GAAP Financial Measure)
Adjusted EBITDA is defined as net income plus interest expense, less interest income and other gain (loss) recognized on investments, plus income tax expense, and plus depreciation and amortization (EBITDA), as adjusted for (i) contributions to private
We believe Adjusted EBITDA allows us to compare our current operating results with corresponding historical periods and with the operational performance of other companies in our industry because it does not give effect to potential differences caused by variations in capital structures (affecting relative interest expense, including the impact of write-offs of deferred financing costs when companies refinance their indebtedness), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses), the book amortization of intangibles (affecting relative amortization expense), and other items that we do not consider reflective of underlying operating performance. We also present Adjusted EBITDA because we believe it is frequently used by securities analysts, investors, and other interested parties as a measure of performance.
In evaluating Adjusted EBITDA, investors should be aware that in the future we may incur expenses similar to the adjustments described above. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by expenses that are unusual, non-routine, or non-recurring. Adjusted EBITDA has limitations as an analytical tool in that, among other things it does not reflect:
- cash expenditures for capital expenditures or contractual commitments;
- changes in, or cash requirements for, our working capital requirements;
- interest expense, or the cash required to replace assets that are being depreciated or amortized; and
- the impact on our reported results of earnings or charges resulting from the items for which we make adjustments to our EBITDA, as described above and set forth in the table below.
In addition, other companies, including other companies in our industry, may calculate these measures differently than we do, limiting the usefulness of Adjusted EBITDA as a comparative measure. Because of these limitations, Adjusted EBITDA should not be considered as a substitute for net income, operating income, or any other performance measure derived in accordance with and reported under GAAP, or as an alternative to cash flow from operating activities or as a measure of our liquidity. We compensate for these limitations by relying primarily on our GAAP results and only use Adjusted EBITDA as a supplemental performance measure.
The following table provides a reconciliation of net income to Adjusted EBITDA, which is a non-GAAP measure for the periods indicated:
Three Months Ended | Year Ended | |||||||||||
December 31, | December 31, | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
(Unaudited, in thousands) | (Unaudited, in thousands) | |||||||||||
Net income | $ | 80,709 | $ | 71,027 | $ | 204,985 | $ | 184,675 | ||||
Plus: interest expense | 6 | (3) | 33 | 2 | ||||||||
Less: investment interest and other | (2,970) | (1,327) | (10,452) | (2,621) | ||||||||
Plus: income tax expense | 20,054 | 20,981 | 54,690 | 55,444 | ||||||||
Plus: amortization of intangible assets | 2,104 | 2,104 | 8,419 | 8,419 | ||||||||
Plus: depreciation and amortization | 6,560 | 5,735 | 23,554 | 22,758 | ||||||||
EBITDA | 106,463 | 98,517 | 281,229 | 268,677 | ||||||||
Plus: contributions in lieu of state income taxes | — | — | 3,500 | 5,000 | ||||||||
Plus: loss on fixed asset disposal | 166 | 94 | 741 | 1,249 | ||||||||
Plus: litigation and regulatory reserves | 1,057 | 452 | 3,628 | 3,768 | ||||||||
Plus: share-based compensation | 3,246 | 3,158 | 13,204 | 12,642 | ||||||||
Adjusted EBITDA | $ | 110,932 | $ | 102,221 | $ | 302,302 | $ | 291,336 | ||||
Non-GAAP Net Income and Non-GAAP Diluted Income Per Share
The Company believes the presentation of non-GAAP net income and non-GAAP diluted income per share information that excludes amortization of intangible assets and loss on disposal of fixed assets allows investors to develop a more meaningful understanding of the Company's performance over time. Accordingly, for the three-months and years ended December 31, 2023 and 2022, the table below provides reconciliations of these non-GAAP items to GAAP net income and GAAP diluted income per share, respectively:
Three Months Ended | Year Ended | |||||||||||
December 31, | December 31, | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
(Unaudited, in thousands except per share data) | ||||||||||||
GAAP Net income | $ | 80,709 | $ | 71,027 | $ | 204,985 | $ | 184,675 | ||||
Amortization of intangible assets | 2,104 | 2,104 | 8,419 | 8,419 | ||||||||
Loss on disposal of fixed assets | 166 | 94 | 741 | 1,249 | ||||||||
Income tax effects of adjustments(1) | (452) | (501) | (1,929) | (2,232) | ||||||||
As Adjusted, Non-GAAP Net income | $ | 82,527 | $ | 72,724 | $ | 212,216 | $ | 192,111 | ||||
GAAP Diluted income per share | $ | 2.71 | $ | 2.30 | $ | 6.80 | $ | 5.73 | ||||
Amortization of intangible assets (2) | 0.06 | 0.06 | 0.22 | 0.20 | ||||||||
Loss on disposal of fixed assets (3) | 0.00 | 0.00 | 0.02 | 0.03 | ||||||||
As Adjusted, Non-GAAP Diluted income per share | $ | 2.77 | $ | 2.36 | $ | 7.04 | $ | 5.96 | ||||
(1) | The income tax effects of adjustments are based on the effective income tax rate applicable to adjusted (non-GAAP) results. | |||||||||
(2) | The amortization of acquired intangible assets per diluted share is net of an income tax benefit of | |||||||||
(3) | The loss on disposal of fixed assets per diluted share is net of an income tax benefit of | |||||||||
Investor Relations Contact:
Daniel E. Bachus
Chief Financial Officer
Grand Canyon Education, Inc.
602-639-6648
Dan.bachus@gce.com
View original content:https://www.prnewswire.com/news-releases/grand-canyon-education-inc-reports-fourth-quarter-2023-results-302061042.html
SOURCE Grand Canyon Education
FAQ
What was Grand Canyon Education, Inc.'s (LOPE) service revenue for the three months ended December 31, 2023?
How did the operating income for Grand Canyon Education, Inc. (LOPE) change for the three months ended December 31, 2023, compared to the same period in 2022?
What was the net income for Grand Canyon Education, Inc. (LOPE) for the fourth quarter of 2023?
What was the adjusted EBITDA for Grand Canyon Education, Inc. (LOPE) for the fourth quarter of 2023?
What was the service revenue for Grand Canyon Education, Inc. (LOPE) for the year ended December 31, 2023?
What was the operating income for Grand Canyon Education, Inc. (LOPE) for the year ended December 31, 2023?
What was the net income for Grand Canyon Education, Inc. (LOPE) for the year ended December 31, 2023?
What is Grand Canyon Education, Inc.'s (LOPE) outlook for Q1 2024 in terms of service revenue and operating margin?
