GRAND CANYON EDUCATION, INC.
Cash Flow Statement
| Line Item | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $203.3M | $148.5M | $131.4M | $111.5M | $88.7M | $69.4M | $50.5M | $35.2M |
| Depreciation & Amortization | $53.6M | $44.8M | $35.7M | $29.5M | $25.4M | $21.9M | $17.0M | $12.1M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | — | — | — | — | $9.9M | $7.8M | $6.5M | $5.0M |
| Net Cash from Operating Activities | $304.9M | $237.8M | $185.1M | $167.0M | $118.4M | $144.2M | $88.0M | $40.4M |
| Investing Activities | ||||||||
| Capital Expenditures | $113.6M | $178.3M | $204.7M | $168.6M | $78.9M | $97.7M | $80.5M | $62.6M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-152.1M | $-216.0M | — | — | $-172.5M | $-131.5M | $-75.1M | $-68.1M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $11.3M | $20.1M | $15.6M | $5.3M | $9.3M | $15.2M | $23.1M | $782.0K |
| Net Cash from Financing Activities | $-35.7M | $10.7M | — | — | $4.8M | $71.3M | $-25.3M | — |
| Net Change in Cash | $117.1M | $22.9M | $-42.2M | $9.4M | $-49.3M | $83.9M | $-12.4M | $-28.9M |
| Free Cash Flow | $191.3M | $59.5M | $-19.6M | $-1.7M | $39.5M | $46.5M | $7.4M | $-22.2M |