Grand Canyon Education Inc (LOPE)

Debt-to-assets ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	—	—	—	—	—	70,760	50,354	51,866	53,755	—	58,057	66,344	74,630	82,916	91,202	99,488	107,774	211,060	207,888	199,994
Total assets	US$ in thousands	930,463	863,156	846,217	874,021	832,749	784,544	787,303	918,386	1,222,740	1,680,460	1,846,970	1,885,030	1,844,580	1,800,560	1,790,280	1,731,600	1,690,290	1,760,670	1,677,520	1,619,470
Debt-to-assets ratio		0.00	0.00	0.00	0.00	0.00	0.09	0.06	0.06	0.04	0.00	0.03	0.04	0.04	0.05	0.05	0.06	0.06	0.12	0.12	0.12

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $—K ÷ $930,463K
= 0.00

Based on the data provided, Grand Canyon Education Inc has consistently maintained a debt-to-assets ratio of 0.00 across all quarters in the period indicated. This indicates that the company has been operating with no debt relative to its total assets. A debt-to-assets ratio of 0.00 suggests that the company is primarily financed by equity rather than debt. From a financial risk perspective, having a low or zero debt-to-assets ratio can be positive as it indicates lower financial leverage and lower interest expenses. It also implies a higher level of financial stability and flexibility for the company. However, it's worth noting that a zero debt-to-assets ratio can also indicate that the company may not be taking full advantage of leverage to potentially enhance returns. Overall, the consistent zero debt-to-assets ratio for Grand Canyon Education Inc reflects a conservative approach to capital structure management.