GRAND CANYON EDUCATION, INC.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $216.2M | $226.2M | $205.0M | $184.7M | $260.3M | $257.2M | $259.2M | $229.0M |
| Depreciation & Amortization | $31.2M | $27.8M | $23.1M | $22.1M | $21.4M | $20.8M | $18.4M | $35.5M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | $8.4M | $8.4M | $8.4M | $8.4M | $8.4M | $8.4M | $8.2M | — |
| Stock-Based Compensation | — | — | — | — | — | — | — | — |
| Net Cash from Operating Activities | $273.5M | $290.0M | $243.7M | $220.8M | $313.1M | $308.8M | $306.3M | $199.1M |
| Investing Activities | ||||||||
| Capital Expenditures | $34.8M | $37.2M | $44.5M | $35.2M | $28.9M | $29.4M | $22.4M | $94.5M |
| Business Acquisitions | — | — | — | — | — | — | $361.2M | — |
| Net Cash from Investing Activities | $-221.6M | $61.4M | $-80.5M | $-97.1M | $951.0M | $-19.4M | $-405.9M | $-238.2M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $264.8M | $173.2M | $137.1M | $604.2M | $803.8M | $134.0M | $43.9M | $24.8M |
| Net Cash from Financing Activities | $-264.8M | $-173.2M | $-137.1M | $-604.2M | $-908.9M | $-166.3M | $40.1M | $-26.8M |
| Net Change in Cash | $-212.9M | $178.1M | $26.1M | $-480.5M | $355.2M | $123.2M | $-59.4M | $-66.0M |
| Free Cash Flow | $238.6M | $252.7M | $199.1M | $185.6M | $284.2M | $279.4M | $284.0M | $104.6M |