PHOENIX, May 2, 2023
/PRNewswire/ -- Grand Canyon Education, Inc. (NASDAQ: LOPE),
("GCE" or the "Company"), is a publicly traded education services
company that currently provides services to 27 university partners.
GCE provides 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 today announced financial results for the quarter ended
March 31, 2023.
For the three months ended March 31,
2023:
- Service revenue was $250.1
million for the first quarter of 2023, an increase of
$6.0 million, or 2.5%, as compared to
service revenue of $244.1 million for
the first quarter of 2022. The increase year over year in
service revenue was primarily due to an increase in GCU traditional
campus enrollments of 6.6% and an increase in revenue per student
year over year, partially offset by a decrease in students in a
university partner's Occupational Therapy Assistants ("OTA")
program of 19.9%. The increase in revenue per student between
years is primarily due to the service revenue impact of the growth
in the GCU traditional campus enrollments between years which has a
higher revenue per student due to room, board and other ancillary
revenues and the higher revenue per student at off-campus classroom
and laboratory sites. Service revenue per student for
Accelerated Bachelor of Science in Nursing ("ABSN") program
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 March 31,
2023 was negatively impacted by the timing of the Spring
semester for the ground traditional campus. The Spring
semester started two days later in 2023 and extended four more days
into April, which had the effect of shifting $4.5 million in service revenue from the first
quarter of 2023 to the second quarter of 2023.
- Partner enrollments totaled 112,588 at March 31, 2023 as compared to 110,217 at
March 31, 2022. University
partner enrollments at our off-campus classroom and laboratory
sites were 4,315, a decrease of 4.0% over enrollments at
March 31, 2022, which includes 360
and 283 GCU students at March 31,
2023 and 2022, respectively. This growth rate has slowed
over the past year primarily due to the 19.9% decline in OTA
students. We opened one new off-campus classroom and
laboratory site in the three months ended March 31, 2023 increasing the total number of
these sites to 36 at March 31, 2023
and we anticipate opening three to four more in 2023 which we hope,
along with the program change discussed earlier, will re-accelerate
the ABSN student enrollment growth. Enrollments at GCU
increased to 108,633 at March 31,
2023, an increase of 2.5% over enrollments at March 31, 2022. Enrollments for GCU ground
students were 22,568 at March 31,
2023 up from 21,281 at March 31,
2022 primarily due to a 6.6% increase in traditional ground
students between years. GCU online enrollments were 86,065 at
March 31, 2023, up from 84,722 at
March 31, 2022.
- Operating income for the three months ended March 31, 2023 was $74.5
million, a decrease of $3.0
million as compared to $77.5
million for the same period in 2022. The operating margin
for the three months ended March 31,
2023 was 29.8%, compared to 31.7% for the same period in
2022.
- Income tax expense for the three months ended March 31, 2023 was $17.0
million, a decrease of $2.6
million, as compared to income tax expense of $19.6 million for the three months ended
March 31, 2022. This decrease was the
result of a decrease in our effective tax rate between periods and
a slight decrease in our taxable income. Our effective tax rate was
22.3% during the first quarter of 2023 compared to 25.2% during the
first quarter of 2022. In the first quarter of 2023, the effective
tax rate was impacted by excess tax benefits of $0.9 million as compared to only $0.1 million in the first quarter of 2022. In the
first quarter of 2023 the effective tax rate was favorably impacted
by state income tax refunds, while in the first quarter of 2022 the
effective tax rate was unfavorably impacted by state audits.
- Net income increased 2.6% to $59.6
million for the first quarter of 2023, compared to
$58.1 million for the same period in
2022. As adjusted net income was $61.3
million and $60.1 million for
the first quarters of 2023 and 2022, respectively.
- Diluted net income per share was $1.94 and $1.66 for
the first quarters of 2023 and 2022, respectively. As adjusted
diluted net income per share was $2.00 and $1.72 for
the first quarters of 2023 and 2022, respectively.
- Adjusted EBITDA decreased 4.2% to $86.6
million for the first quarter of 2023, compared to
$90.4 million for the same period in
2022.
Liquidity and Capital Resources
Our liquidity position, as measured by cash and cash equivalents
and investments increased by $12.8
million between December 31,
2022 and March 31, 2023, which
was largely attributable to cash flows from operations exceeding
share repurchases and capital expenditures during the three months
ended March 31, 2023. Our
unrestricted cash and cash equivalents and investments were
$194.5 million and $181.7 million at March
31, 2023 and December 31,
2022, respectively.
Grand Canyon Education, Inc. Reports First Quarter 2023
Results and Full Year Outlook 2023
2023 Outlook
Q2 2023:
- Service revenue of between $206.0
million and $209.0
million;
- Operating margin of between 14.8% and 15.7%;
- Effective tax rate of 24.9%;
- Diluted EPS of between $0.79 and
$0.85; and
- 30.4 million diluted shares.
The diluted EPS guidance includes non-cash amortization of
intangible assets net of taxes of $1.6
million, which equates to a $0.05 impact on diluted EPS.
Q3 2023:
- Service revenue of between $215.5
million and $223.0
million;
- Operating margin of between 15.8% and 18.1%;
- Effective tax rate of 24.9%;
- Diluted EPS of between $0.88 and
$1.04; and
- 30.1 million diluted shares.
The diluted EPS guidance includes non-cash amortization of
intangible assets net of taxes of $1.6
million, which equates to a $0.05 impact on diluted EPS.
Q4 2023:
- Service revenue of between $268.5
million and $283.0
million;
- Operating margin of between 33.5% and 36.4%;
- Effective tax rate of 24.0%;
- Diluted EPS of between $2.33 and
$2.66; and
- 29.8 million diluted shares.
The diluted EPS guidance includes non-cash amortization of
intangible assets net of taxes of $1.6
million, which equates to a $0.05 impact on diluted EPS.
Full Year 2023:
- Service revenue of between $940.1
million and $965.1
million;
- Operating margin of between 24.4% and 26.0%;
- Effective tax rate of 23.8%;
- Diluted EPS between $5.94 and
$6.49; and
- 30.2 million diluted shares.
- The diluted EPS guidance includes non-cash amortization of
intangible assets net of taxes of $6.4
million, which equates to a $0.21 impact on diluted EPS.
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:
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 occurrence of
any event, change or other circumstance that could give rise to the
termination of any of our 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 education services 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; competition from other education services companies
in our geographic region and market sector, including competition
for students, qualified executives and other personnel; the pace of
growth of our university partners' enrollment and its effect on the
pace of our own growth; 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; the impact of any natural disasters or public
health emergencies; 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, 2022, as updated
in our subsequent reports filed with the Securities and Exchange
Commission on Form 10Q 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 first quarter 2023
results and full year 2023 outlook during a conference call
scheduled for today, May 2, 2023 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: Q1 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 27 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, Phoenix, AZ 85017,
www.gce.com.
GRAND CANYON
EDUCATION, INC. Consolidated Income
Statements (Unaudited)
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
|
2023
|
|
2022
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
|
250,125
|
|
$
|
244,133
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Technology and academic
services
|
|
|
37,512
|
|
|
36,306
|
|
Counseling services and
support
|
|
|
73,349
|
|
|
67,513
|
|
Marketing and
communication
|
|
|
52,894
|
|
|
50,851
|
|
General and
administrative
|
|
|
9,788
|
|
|
9,893
|
|
Amortization of
intangible assets
|
|
|
2,105
|
|
|
2,105
|
|
Total costs and
expenses
|
|
|
175,648
|
|
|
166,668
|
|
Operating
income
|
|
|
74,477
|
|
|
77,465
|
|
Interest
expense
|
|
|
(19)
|
|
|
—
|
|
Investment interest and
other
|
|
|
2,153
|
|
|
205
|
|
Income before income
taxes
|
|
|
76,611
|
|
|
77,670
|
|
Income tax
expense
|
|
|
17,047
|
|
|
19,592
|
|
Net
income
|
|
$
|
59,564
|
|
$
|
58,078
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
Basic income per
share
|
|
$
|
1.96
|
|
$
|
1.67
|
|
Diluted income per
share
|
|
$
|
1.94
|
|
$
|
1.66
|
|
Basic weighted
average shares outstanding
|
|
|
30,461
|
|
|
34,806
|
|
Diluted weighted
average shares outstanding
|
|
|
30,638
|
|
|
34,901
|
|
GRAND CANYON
EDUCATION, INC. Consolidated Balance
Sheets
|
|
|
|
As of
March 31,
|
|
As of December
31,
|
(In thousands,
except par value)
|
|
2023
|
|
2022
|
ASSETS:
|
|
|
(Unaudited)
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
105,040
|
|
$
|
120,409
|
Investments
|
|
|
89,483
|
|
|
61,295
|
Accounts receivable,
net
|
|
|
102,571
|
|
|
77,413
|
Income taxes
receivable
|
|
|
2,964
|
|
|
2,788
|
Other current
assets
|
|
|
15,828
|
|
|
11,368
|
Total current
assets
|
|
|
315,886
|
|
|
273,273
|
Property and equipment,
net
|
|
|
150,391
|
|
|
147,504
|
Right-of-use
assets
|
|
|
70,320
|
|
|
72,719
|
Amortizable intangible
assets, net
|
|
|
174,695
|
|
|
176,800
|
Goodwill
|
|
|
160,766
|
|
|
160,766
|
Other assets
|
|
|
1,963
|
|
|
1,687
|
Total
assets
|
|
$
|
874,021
|
|
$
|
832,749
|
LIABILITIES AND
STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
21,801
|
|
$
|
20,006
|
Accrued compensation
and benefits
|
|
|
21,124
|
|
|
36,412
|
Accrued
liabilities
|
|
|
31,661
|
|
|
22,473
|
Income taxes
payable
|
|
|
26,568
|
|
|
12,167
|
Deferred
revenue
|
|
|
9,678
|
|
|
—
|
Current portion of
lease liability
|
|
|
8,818
|
|
|
8,648
|
Total current
liabilities
|
|
|
119,650
|
|
|
99,706
|
Deferred income taxes,
noncurrent
|
|
|
28,049
|
|
|
26,195
|
Other long-term
liabilities
|
|
|
429
|
|
|
436
|
Lease liability, less
current portion
|
|
|
66,643
|
|
|
68,793
|
Total
liabilities
|
|
|
214,771
|
|
|
195,130
|
Commitments and
contingencies
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
Preferred stock, $0.01
par value, 10,000 shares authorized; 0 shares issued and
outstanding
at March 31, 2022 and December 31, 2022
|
|
|
—
|
|
|
—
|
Common stock, $0.01 par
value, 100,000 shares authorized; 53,966 and 53,830 shares
issued
and 30,823 and 31,058 shares outstanding at March 31, 2023 and
December 31, 2022,
respectively
|
|
|
540
|
|
|
538
|
Treasury stock, at
cost, 23,143 and 22,772 shares of common stock at March 31, 2023
and
December 31, 2022, respectively
|
|
|
(1,752,844)
|
|
|
(1,711,423)
|
Additional paid-in
capital
|
|
|
312,677
|
|
|
309,310
|
Accumulated other
comprehensive loss
|
|
|
(414)
|
|
|
(533)
|
Retained
earnings
|
|
|
2,099,291
|
|
|
2,039,727
|
Total stockholders'
equity
|
|
|
659,250
|
|
|
637,619
|
Total liabilities
and stockholders' equity
|
|
$
|
874,021
|
|
$
|
832,749
|
GRAND CANYON
EDUCATION, INC.
Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
|
Three Months Ended
|
|
|
March 31,
|
(In thousands)
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
Cash flows provided by operating
activities:
|
|
|
|
|
|
|
Net income
|
|
$
|
59,564
|
|
$
|
58,078
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
3,369
|
|
|
3,190
|
Depreciation and
amortization
|
|
|
5,537
|
|
|
5,724
|
Amortization of
intangible assets
|
|
|
2,105
|
|
|
2,105
|
Deferred income
taxes
|
|
|
1,816
|
|
|
1,480
|
Other, including fixed
asset impairments
|
|
|
410
|
|
|
719
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
Accounts receivable
from university partners
|
|
|
(25,158)
|
|
|
(31,943)
|
Other
assets
|
|
|
(4,625)
|
|
|
(5,312)
|
Right-of-use assets
and lease liabilities
|
|
|
419
|
|
|
179
|
Accounts
payable
|
|
|
1,953
|
|
|
5,427
|
Accrued
liabilities
|
|
|
(6,294)
|
|
|
2,377
|
Income taxes
receivable/payable
|
|
|
14,225
|
|
|
16,074
|
Deferred
revenue
|
|
|
9,678
|
|
|
12,162
|
Net cash provided by operating
activities
|
|
|
62,999
|
|
|
70,260
|
Cash flows used in investing
activities:
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(8,587)
|
|
|
(6,784)
|
Additions of
amortizable content
|
|
|
(244)
|
|
|
(95)
|
Purchases of
investments
|
|
|
(52,556)
|
|
|
(62,834)
|
Proceeds from sale or
maturity of investments
|
|
|
24,253
|
|
|
—
|
Net cash used in investing
activities
|
|
|
(37,134)
|
|
|
(69,713)
|
Cash flows used in financing
activities:
|
|
|
|
|
|
|
Repurchase of common
shares and shares withheld in lieu of income taxes
|
|
|
(41,234)
|
|
|
(399,555)
|
Net cash used in financing
activities
|
|
|
(41,234)
|
|
|
(399,555)
|
Net decrease in cash and cash equivalents and
restricted cash
|
|
|
(15,369)
|
|
|
(399,008)
|
Cash and cash equivalents and restricted cash,
beginning of period
|
|
|
120,409
|
|
|
600,941
|
Cash and cash equivalents and restricted cash, end of
period
|
|
$
|
105,040
|
|
$
|
201,933
|
Supplemental disclosure of cash flow
information
|
|
|
|
|
|
|
Cash paid for
interest
|
|
$
|
19
|
|
$
|
—
|
Cash paid for income
taxes
|
|
$
|
230
|
|
$
|
306
|
Supplemental disclosure of non-cash investing and
financing activities
|
|
|
|
|
|
|
Purchases of property
and equipment included in accounts payable
|
|
$
|
973
|
|
$
|
1,442
|
ROU Asset and Liability
recognition
|
|
$
|
—
|
|
$
|
1,980
|
Excise tax on treasury
stock repurchases
|
|
$
|
187
|
|
$
|
—
|
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 Arizona school tuition
organizations in lieu of the payment of state income taxes; (ii)
share-based compensation, and (iii) unusual charges or gains, such
as litigation and regulatory reserves, impairment charges and asset
write-offs, and exit or lease termination costs. We present
Adjusted EBITDA because we consider it to be an important
supplemental measure of our operating performance. We also
make certain compensation decisions based, in part, on our
operating performance, as measured by Adjusted EBITDA. All of
the adjustments made in our calculation of Adjusted EBITDA are
adjustments to items that management does not consider to be
reflective of our core operating performance. Management
considers our core operating performance to be that which can be
affected by our managers in any particular period through their
management of the resources that affect our underlying revenue and
profit generating operations during that period and does not
consider the items for which we make adjustments (as listed above)
to be reflective of our core performance.
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
|
|
|
|
March 31,
|
|
|
|
2023
|
|
2022
|
|
|
|
(Unaudited, in thousands)
|
|
Net income
|
|
$
|
59,564
|
|
$
|
58,078
|
|
Plus: interest
expense
|
|
|
19
|
|
|
—
|
|
Less: investment
interest and other
|
|
|
(2,153)
|
|
|
(205)
|
|
Plus: income tax
expense
|
|
|
17,047
|
|
|
19,592
|
|
Plus: amortization of
intangible assets
|
|
|
2,105
|
|
|
2,105
|
|
Plus: depreciation and
amortization
|
|
|
5,537
|
|
|
5,724
|
|
EBITDA
|
|
|
82,119
|
|
|
85,294
|
|
Plus: loss on fixed
asset disposal
|
|
|
81
|
|
|
661
|
|
Plus: share-based
compensation
|
|
|
3,369
|
|
|
3,190
|
|
Plus: litigation and
regulatory reserves
|
|
|
1,073
|
|
|
1,271
|
|
Adjusted
EBITDA
|
|
$
|
86,642
|
|
$
|
90,416
|
|
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 ended March 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
|
|
|
|
March 31,
|
|
|
|
2023
|
|
2022
|
|
|
(Unaudited, in
thousands except per share data)
|
GAAP Net
income
|
|
$
|
59,564
|
|
$
|
58,078
|
|
Amortization of
intangible assets
|
|
|
2,105
|
|
|
2,105
|
|
Loss on disposal of
fixed assets
|
|
|
81
|
|
|
661
|
|
Income tax effects of
adjustments(1)
|
|
|
(486)
|
|
|
(698)
|
|
As Adjusted, Non-GAAP
Net income
|
|
$
|
61,264
|
|
$
|
60,146
|
|
|
|
|
|
|
|
|
|
GAAP Diluted income per
share
|
|
$
|
1.94
|
|
$
|
1.66
|
|
Amortization of
intangible assets (2)
|
|
|
0.06
|
|
|
0.05
|
|
Loss on disposal of
fixed assets (3)
|
|
|
0.00
|
|
|
0.01
|
|
As Adjusted, Non-GAAP
Diluted income per share
|
|
$
|
2.00
|
|
$
|
1.72
|
|
____________________
|
(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 $0.02 and $0.02 for the three months ended March 31,
2023 and 2022, respectively.
|
(3)
|
The loss on disposal of
fixed assets per diluted share is net of an income tax benefit of
nil for both the three months ended March 31, 2023 and
2022.
|
Investor Relations Contact:
Daniel E. Bachus
Chief Financial Officer
Grand Canyon Education, Inc.
602-639-6648
Dan.bachus@gce.com
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SOURCE Grand Canyon Education