Grand Canyon Education(US:LOPE)2025-02-19 21:05Revenue and Income - Service revenue for Q4 2024 was $292.6 million, a 5.1% increase from $278.3 million in Q4 2023, driven by a 5.0% increase in enrollments at Grand Canyon University to 123,149[4] - For the full year 2024, service revenue was $1,033.0 million, a 7.5% increase from $960.9 million in 2023, primarily due to increased enrollments at GCU[5] - Total revenue for the year ended December 31, 2024, reached $1,033,002,000, up 7.5% from $960,899,000 in 2023[23] - Operating income for Q4 2024 was $100.0 million, a 2.3% increase from $97.8 million in Q4 2023, with an operating margin of 34.2%[4] - Operating income for Q4 2024 was $100,027,000, compared to $97,799,000 in Q4 2023, reflecting a growth of 2.5%[23] - Net income for Q4 2024 was $81.9 million, a 1.4% increase from $80.7 million in Q4 2023, with diluted net income per share rising to $2.84 from $2.71[4] - Net income for the year ended December 31, 2024, was $226,234,000, an increase of 10.4% from $204,985,000 in 2023[28] - Basic earnings per share for Q4 2024 was $2.86, up from $2.73 in Q4 2023, representing a growth of 4.8%[23] - Non-GAAP diluted income per share for Q4 2024 was $2.95, up from $2.77 in Q4 2023, indicating a growth of 6.5%[35] Enrollment and Partner Performance - Partner enrollments totaled 127,155 at December 31, 2024, up from 121,250 at December 31, 2023, with off-campus classroom and laboratory site enrollments increasing by 9.8%[4] - The company reported net cash provided by operating activities of $289,958,000 for the year ended December 31, 2024, compared to $243,662,000 in 2023[28] Adjusted EBITDA - Adjusted EBITDA for the full year 2024 increased by 12.5% to $340.0 million compared to $302.3 million in 2023[5] - Adjusted EBITDA for Q4 2024 was $116,572,000, an increase from $110,932,000 in Q4 2023, representing a growth of 4.7%[34] - The company reported a total of $340,013,000 in Adjusted EBITDA for the year ended December 31, 2024, compared to $302,302,000 in 2023, marking a year-over-year increase of 12.5%[34] Cash and Assets - Cash and cash equivalents as of December 31, 2024, were $324,623,000, significantly higher than $146,475,000 at the end of 2023[26] - Total assets increased to $1,018,425,000 as of December 31, 2024, compared to $930,463,000 in 2023, marking an increase of 9.5%[26] Liabilities and Expenses - Total liabilities rose to $234,572,000 as of December 31, 2024, compared to $212,449,000 in 2023, an increase of 10.4%[26] - Capital expenditures for the year ended December 31, 2024, were $37,248,000, down from $44,537,000 in 2023[28] - Income tax expense for Q4 2024 was $22,073,000, compared to $20,054,000 in Q4 2023, reflecting an increase of 10.1%[34] - The company recognized $4,500,000 in contributions in lieu of state income taxes for the year ended December 31, 2024, up from $3,500,000 in 2023[34] - The total interest expense for the year ended December 31, 2024, was $4,000, compared to $33,000 in 2023, showing a significant decrease[34] Share Repurchase and Guidance - The company announced a $200.0 million increase in its share repurchase program, bringing the total authorization to $2,245.0 million[6] - For Q1 2025, the company expects adjusted diluted EPS to be between $2.50 and $2.52, including a $0.06 impact from non-cash amortization of intangible assets[8] - The full year 2025 diluted EPS guidance is between $8.43 and $8.82, with service revenue expected between $1,074.5 million and $1,097.0 million[12] Other Financial Metrics - The effective tax rate for the year ended December 31, 2024 was 22.3%, up from 21.1% in 2023, due to higher state income taxes[5] - The company incurred $1,133,000 in severance costs for the year ended December 31, 2024, which was not present in 2023[35] - The company reported a loss on fixed asset disposal of $102,000 for the year ended December 31, 2024, down from $741,000 in 2023[35] - The company’s core operating performance is measured by Adjusted EBITDA, which excludes unusual, non-routine, or non-recurring expenses[32]