← Grand Canyon Education, Inc.

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income From Continuing Operations — — — — — — $184.7m $205.0m $226.2m $216.2m
Net Income (Loss) Attributable to Parent $148.5m $203.3m $229.0m $259.2m $257.2m $260.3m $184.7m $205.0m $226.2m $216.2m
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest — — $229.0m $259.2m $257.2m $260.3m $184.7m $205.0m $226.2m $216.2m
Depreciation, Depletion and Amortization $45.7m $54.2m $35.5m $18.4m $20.8m $21.4m $22.1m $23.1m $27.8m $31.2m
Amortization of Intangible Assets — — — $8.2m $8.4m $8.4m $8.4m $8.4m $8.4m $8.4m
Amortization Cash Flow — — — — — — $8.4m $8.4m $8.4m $8.4m
Amortization Of Intangibles — — — — — — $8.4m $8.4m $8.4m $8.4m
Depreciation Amortization Depletion — — — — — — $31.2m $32.0m $36.6m $39.9m
Deferred Income Tax Expense (Benefit) $8.9m ($5.3m) ($11.5m) $2.3m $3.1m $5.7m $233k $554k ($222k) $14.9m
Deferred Income Tax — — — — — — $401k $402k ($165k) $14.7m
Deferred Tax — — — — — — $401k $402k ($165k) $14.7m
Share-based Payment Arrangement, Expense $12.3m $12.7m $19.5m $10.3m $10.7m $11.5m $12.6m $13.2m $14.2m $13.6m
Operating Lease, Impairment Loss — — — — — — — — — $1.1m
Income Tax Expense (Benefit) $87.6m $80.2m $58.0m $58.3m $75.9m $70.9m $55.4m $54.7m $65.1m $63.7m
Interest Expense Nonoperating — — — — — — — — $4k —
Operating Lease, Expense — — — — — — — $11.4m — —
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Accounts Receivable $20.3m $19.8m $51.5m ($766k) $13.2m $2.9m $7.3m $1.4m $4.1m $1.3m
Debt Securities, Available-for-sale, Realized Gain (Loss) — — — — — — — — $57k —
Equity Securities, FV-NI, Gain (Loss) — — — — — — — — — ($500k)
General and Administrative Expense $43.2m $43.8m $30.0m $44.3m $43.4m $41.8m $45.5m $43.2m $46.3m $47.4m
Goodwill $2.9m $2.9m $2.9m $160.8m $160.8m $160.8m $160.8m $160.8m $160.8m $160.8m
Litigation Settlement Loss — — — — — — — — — $35.0m
Proceeds from Stock Options Exercised $13.2m $7.4m $4.6m $3.8m $883k $2.7m — — — —
Financing Receivable, Credit Loss, Expense (Reversal) — — — — — ($5.0m) — — — —
Beginning Cash Position — — — — — — $600.9m $120.4m $146.5m $324.6m
Cash Flow From Continuing Financing Activities — — — — — — ($604.2m) ($137.1m) ($173.2m) ($264.8m)
Cash Flow From Continuing Investing Activities — — — — — — ($97.1m) ($80.5m) $61.4m ($221.6m)
Change In Account Payable — — — — — — ($3.9m) ($3.1m) $9.7m ($3.5m)
Change In Accrued Expense — — — — — — ($1.0m) ($2.0m) $4.3m $2.2m
Change In Other Current Assets — — — — — — ($2.6m) ($1.6m) $1.2m ($4.2m)
Change In Other Working Capital — — — — — — $5.9m $1.7m $934k ($6.4m)
Change In Payable — — — — — — ($3.9m) ($3.1m) $9.7m ($3.5m)
Change In Payables And Accrued Expense — — — — — — ($4.9m) ($5.1m) $13.9m ($1.3m)
Change In Receivables — — — — — — ($7.3m) ($1.4m) ($4.1m) ($1.3m)
Change In Working Capital — — — — — — ($8.9m) ($6.5m) $11.9m ($13.2m)
Changes In Account Receivables — — — — — — ($7.3m) ($1.4m) ($4.1m) ($1.3m)
Changes In Cash — — — — — — ($480.5m) $26.1m $178.1m ($212.9m)
End Cash Position — — — — — — $120.4m $146.5m $324.6m $111.8m
Financing Cash Flow — — — — — — ($604.2m) ($137.1m) ($173.2m) ($264.8m)
Free Cash Flow — — — — — — $185.2m $198.2m $252.3m $238.6m
Investing Cash Flow — — — — — — ($97.1m) ($80.5m) $61.4m ($221.6m)
Net Business Purchase And Sale — — — — — $0 — $0 $0 ($500k)
Net Intangibles Purchase And Sale — — — — — — ($397k) ($897k) ($412k) ($60k)
Other Non Cash Items — — — — — — $853k ($442k) $1.2m $2.3m
Proceeds From Stock Option Exercised — — — — — $2.7m $0 $0 — —
Provisionand Write Offof Assets — — — — — ($5.0m) $0 $0 — —
Purchase Of Business — — — — — $0 — $0 $0 ($1.0m)
Purchase Of Intangibles — — — — — — ($397k) ($897k) ($412k) ($60k)
Repurchase Of Capital Stock — — — — — — ($604.2m) ($137.1m) ($173.2m) ($264.8m)
Sale Of Business — — — — — — — $0 $0 $500k
Stock Based Compensation — — — — — — $12.6m $13.2m $14.2m $13.6m
Net Cash Provided by (Used in) Operating Activities $218.3m $304.9m $199.1m $306.3m $308.8m $313.1m $220.8m $243.7m $290.0m $273.5m
Cash flows from investing activities:
Capital Expenditure — — — — — — ($35.6m) ($45.4m) ($37.7m) ($34.9m)
Capital Expenditure Reported $178.3m $113.6m $94.5m $22.4m $29.4m $28.9m ($35.2m) ($44.5m) ($37.2m) ($34.8m)
Payments to Acquire Businesses, Net of Cash Acquired — — — $361.2m — — — — — —
Net Investment Purchase And Sale — — — — — — ($61.5m) ($35.0m) $99.0m ($186.2m)
Purchase Of Investment — — — — — — ($171.5m) ($98.9m) ($48.6m) ($241.7m)
Sale Of Investment — — — — — — $110.0m $63.8m $147.6m $55.5m
Net Cash Provided by (Used in) Investing Activities ($216.0m) ($152.1m) ($238.2m) ($405.9m) ($19.4m) $951.0m ($97.1m) ($80.5m) $61.4m ($221.6m)
Cash flows from financing activities:
Net Issuance Payments Of Debt — — — — — ($107.8m) $0 $0 — —
Net Long Term Debt Issuance — — — — — ($107.8m) $0 $0 — —
Long Term Debt Payments — — — — — ($107.8m) $0 $0 — —
Repayment Of Debt — — — — — ($107.8m) $0 $0 — —
Net Common Stock Issuance — — — — — — ($604.2m) ($137.1m) ($173.2m) ($264.8m)
Payments for Repurchase of Common Stock $20.1m $11.3m $24.8m $43.9m $134.0m $803.8m $604.2m $137.1m $173.2m $264.8m
Common Stock Payments — — — — — — ($604.2m) ($137.1m) ($173.2m) ($264.8m)
Net Cash Provided by (Used in) Financing Activities $20.7m ($35.7m) ($26.8m) $40.1m ($166.3m) ($908.9m) ($604.2m) ($137.1m) ($173.2m) ($264.8m)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect $32.5m $117.1m ($66.0m) ($59.4m) $123.2m $355.2m ($480.5m) $26.1m $178.1m ($212.9m)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $32.5m $117.1m $182.0m $122.6m $245.8m $600.9m $120.4m $146.5m $324.6m $111.8m
Restricted Cash and Investments, Current $84.9m — — — — — — — — —
Supplemental disclosure of cash flow information:
Change In Cash Supplemental As Reported — — — — — — ($480.5m) $26.1m $178.1m ($212.9m)
Interest Paid, Excluding Capitalized Interest, Operating Activities $1.2m $2.3m $1.5m $11.5m $4.3m $3.7m $2k $33k $4k $0
Income Taxes Paid, Net $66.2m $69.6m $78.2m $59.9m $68.4m $61.9m $48.6m $59.0m $65.3m $53.9m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.